Core Insights - Saucony is launching its AW25 collection from the Saucony SILO line, which emphasizes the blend of heritage, luxury, and performance in footwear design [1][2] - The collection will be available globally starting September 18, 2025, following its initial reveal at Paris Fashion Week in June [1][3] Product Details - The AW25 collection features two new silhouettes, Momentum and Trekker, alongside updated versions of popular styles, showcasing a balance of heritage and material innovation [3][5] - The design process involved collaborations with creative professionals, enhancing the storytelling aspect of the brand's legacy [2][3] Brand Background - Saucony, a division of Wolverine World Wide, Inc., is recognized for its innovative technologies and commitment to inspiring a running culture [4] - The brand has a long history, founded in 1898, and aims to blend innovation, style, and culture in its products [4]

Core Insights - Silo Pharma, Inc. has received a Japanese patent for its lead asset SPC-15, an intranasal treatment for post-traumatic stress disorder (PTSD), which enhances its intellectual property portfolio [1][2] - The company is collaborating with Columbia University for the development of SPC-15, which is a serotonin 5-HT4 receptor agonist aimed at treating stress-induced psychiatric disorders [2][3] - Silo Pharma's therapeutic focus includes addressing conditions such as PTSD, chronic pain, and central nervous system diseases, with a diverse portfolio of innovative programs [3] Patent and Intellectual Property - The Japan Patent Office granted patent number 7683882 to Columbia University for the invention titled "Prophylactic efficacy of serotonin 4 receptor agonists against stress," which is exclusively licensed to Silo [1] - This patent adds to Silo's international intellectual property portfolio, reinforcing the protection for SPC-15 [2] Product Development - SPC-15 is positioned for potential eligibility under the FDA's streamlined 505(b)(2) regulatory pathway, which could expedite its approval process [2] - The company is conducting preclinical studies in collaboration with Columbia University and holds exclusive global rights for the development and commercialization of SPC-15 [2] Company Overview - Silo Pharma is a diversified developmental-stage biopharmaceutical and cryptocurrency treasury company [3] - The company's portfolio includes other programs such as SP-26 for fibromyalgia and chronic pain, as well as preclinical assets targeting Alzheimer's disease and multiple sclerosis [3]

Core Viewpoint - Silo Pharma, Inc. has received a patent for its lead asset SPC-15, which is an intranasal treatment for post-traumatic stress disorder (PTSD), enhancing its intellectual property portfolio and supporting clinical trial development plans [1][2][3]. Company Overview - Silo Pharma is a diversified developmental-stage biopharmaceutical and cryptocurrency treasury company focused on addressing underserved conditions, including stress-induced psychiatric disorders, chronic pain, and central nervous system diseases [4]. - The company's portfolio includes innovative programs such as SPC-15 for PTSD, SP-26 for fibromyalgia and chronic pain, and preclinical assets targeting Alzheimer's disease and multiple sclerosis [4]. Product Details - SPC-15 is an intranasal serotonin 5-HT4 receptor agonist aimed at treating stress-induced psychiatric disorders like PTSD and anxiety [3]. - The product has potential eligibility for the FDA's streamlined 505(b)(2) regulatory pathway, which could accelerate its approval process [3]. - Silo Pharma collaborates with Columbia University for preclinical studies and holds exclusive global rights for the development and commercialization of SPC-15 [3].

Company Overview - Silo Pharma, Inc. is a diversified developmental-stage biopharmaceutical and cryptocurrency treasury company focused on addressing underserved conditions, including stress-induced psychiatric disorders, chronic pain, and central nervous system diseases [6] - The company's portfolio includes innovative programs such as SPC-15 for PTSD, SP-26 for fibromyalgia and chronic pain, and preclinical assets targeting Alzheimer's disease and multiple sclerosis [6] Alzheimer's Disease Therapeutic Development - Silo Pharma announced the publication of preclinical research for its Alzheimer's disease therapeutic, SPC-14, in the journal Alzheimer's Research & Therapy [1] - The study titled "Combinatorial targeting of NMDARs and 5-HT4Rs exerts beneficial effects in a mouse model of Alzheimer's disease" indicates that the combined administration of (R,S)-ketamine with prucalopride is a novel multi-modal therapeutic strategy to treat cognitive decline in Alzheimer's disease [2] - The results showed that the SPC-14 formulation improved cognitive decline by increasing memory retrieval in a fear conditioning model in mice, identifying SPC-14 as a promising drug combination for therapeutic use in Alzheimer's disease [3] Market Potential - The Alzheimer's disease treatment market is projected to grow to $30.8 billion by 2033, with a compound annual growth rate (CAGR) of 18.8% [4] - SPC-14 was developed under a sponsored research agreement with Columbia University, and Silo Pharma entered into an exclusive global license agreement with the university to further develop, manufacture, and commercialize SPC-14 [4] Therapeutic Mechanism - SPC-14 is a novel intranasal therapeutic that targets glutamate receptor NMDAR and serotonin type 4 receptor 5HT4 to treat cognitive and neuropsychiatric symptoms in Alzheimer's disease [5] - In preclinical studies, SPC-14 was effective against luteinizing hormone stress, attenuating learned helplessness, perseverative behavior, and hyponeophagia, which is a measure of anxiety [5]

Core Insights - Silo Pharma, Inc. announced the publication of preclinical research for its Alzheimer's disease therapeutic, SPC-14, in a leading scientific journal, Alzheimer's Research & Therapy [1][2] - The study indicates that the combination of (R,S)-ketamine and prucalopride is a novel therapeutic strategy for treating cognitive decline in Alzheimer's disease [2] - SPC-14 has shown promising results in improving cognitive decline in preclinical models, suggesting its potential as a therapeutic option for Alzheimer's disease [3] Company Overview - Silo Pharma is a diversified developmental-stage biopharmaceutical and cryptocurrency treasury company focused on addressing underserved conditions, including Alzheimer's disease [5] - The company has developed SPC-14 under a sponsored research agreement with Columbia University and has an exclusive global license to further develop and commercialize the product [4] - Silo's portfolio includes other innovative programs targeting conditions such as PTSD and chronic pain, indicating a broad therapeutic focus [5] Market Potential - The Alzheimer's disease treatment market is projected to grow to $30.8 billion by 2033, with a compound annual growth rate (CAGR) of 18.8% [4][7] - SPC-14 targets glutamate receptor NMDAR and serotonin type 4 receptor 5HT4, addressing cognitive and neuropsychiatric symptoms associated with Alzheimer's disease [4]

Core Insights - Silo Pharma, Inc. announced positive bioanalytical and safety/toxicology results for its SPC-15 intranasal spray formulation, meeting FDA safety standards for clinical trials [1][2] - The study demonstrated that SPC-15's intranasal administration has comparable systemic exposure to oral administration while showing no identified toxicities, supporting its potential as a PTSD therapeutic [2][3] - The company is pursuing a 505(b)(2) regulatory strategy to streamline the FDA approval process by leveraging existing safety and efficacy data from approved drugs [3] Company Developments - Silo is conducting an IND-enabling GLP-compliant toxicology study and evaluating clinical CRO sites for first-in-human trials of SPC-15 [4] - The company focuses on addressing underserved conditions, including PTSD, chronic pain, and CNS diseases, with a portfolio that includes SPC-15 and other innovative programs [5] Market Insights - The PTSD market size was valued at $1.8 billion in 2024 and is projected to reach $3.2 billion by 2034, driven by increased focus on mental health and personalized treatment solutions [5]

Company Overview - Silo Pharma, Inc. is a diversified developmental-stage biopharmaceutical and cryptocurrency treasury company focused on addressing underserved conditions, including stress-induced psychiatric disorders, chronic pain, and central nervous system diseases [6] - The company's portfolio includes innovative programs such as SPC-15 for PTSD, SP-26 for fibromyalgia and chronic pain, and preclinical assets targeting Alzheimer's disease and multiple sclerosis [6] Product Development - Silo Pharma announced positive bioanalytical and safety/toxicology results for its lead asset SPC-15, confirming that its intranasal spray formulation meets safety standards for clinical trials [1][2] - The preclinical study demonstrated that SPC-15, administered at clinical-representative doses, showed local and systemic safety with no toxicities identified, and systemic exposure was comparable to standard oral administration [2] - The company is conducting an IND-enabling GLP-compliant toxicology and toxicokinetic animal study of SPC-15, along with a device study of the formulation-specific microchip-based nasal spray system [4] Regulatory Strategy - The study data supports Silo's planned 505(b)(2) regulatory strategy for the SPC-15 program, which allows the use of previously established safety and efficacy data to streamline the FDA drug approval process and reduce development costs [3] Market Potential - The post-traumatic stress disorder market size reached $1.8 billion in 2024 and is expected to grow to $3.2 billion by 2034, driven by increasing focus on mental health support and the need for personalized treatments and integrated care solutions [5]

[PART I – FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Silo Pharma, Inc. and its subsidiary, including the Balance Sheets, Statements of Operations and Comprehensive Loss, Statements of Changes in Stockholders' Equity, and Statements of Cash Flows, along with detailed condensed notes explaining the company's organization, significant accounting policies, fair value measurements, intangible assets, stockholders' equity, concentrations, commitments, contingencies, and subsequent events [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202025%20(Unaudited)%20and%20December%2031%2C%202024) Consolidated Balance Sheets | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :----------------------------------- | :-------------------------- | :------------------ | | **ASSETS** | | | | Cash and cash equivalents | $4,333,672 | $3,905,799 | | Short-term investments | $1,926,297 | $3,174,724 | | Total Current Assets | $6,373,031 | $7,111,480 | | Total Assets | $6,652,507 | $7,411,840 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Total Current Liabilities | $1,049,897 | $1,655,997 | | Total Liabilities | $1,735,424 | $2,377,575 | | Total Stockholders' Equity | $4,917,083 | $5,034,265 | | Total Liabilities and Stockholders' Equity | $6,652,507 | $7,411,840 | [Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024%20(Unaudited)) Consolidated Statements of Operations and Comprehensive Loss | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | License Fee Revenue | $18,025 | $18,025 | $36,051 | $36,051 | | Gross Profit | $16,566 | $16,566 | $33,132 | $33,132 | | Total Operating Expenses | $1,265,117 | $1,019,340 | $2,375,804 | $1,915,419 | | Loss From Operations | $(1,248,551) | $(1,002,774) | $(2,342,672) | $(1,882,287) | | Total Other Income, Net | $44,258 | $70,995 | $106,942 | $148,841 | | Net Loss | $(1,204,293) | $(931,779) | $(2,235,730) | $(1,733,446) | | Basic and Diluted Net Loss Per Common Share | $(0.19) | $(0.31) | $(0.41) | $(0.59) | [Consolidated Statements of Changes in Stockholders' Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024%20(Unaudited)) - Total Stockholders' Equity decreased from **$5,034,265** as of December 31, 2024, to **$4,917,083** as of June 30, 2025, primarily due to net losses, partially offset by proceeds from common stock and warrant sales[20](index=20&type=chunk) - Common stock shares issued and outstanding increased significantly from **4,484,456** at December 31, 2024, to **8,651,128** at June 30, 2025, driven by sales of common stock and exercise of warrants[17](index=17&type=chunk)[20](index=20&type=chunk) [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024%20(Unaudited)) Consolidated Statements of Cash Flows | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | | Net Cash Used in Operating Activities | $(2,925,568) | $(1,569,982) | | Net Cash Provided by Investing Activities | $1,259,483 | $1,051,868 | | Net Cash Provided by Financing Activities | $2,093,958 | $1,500,106 | | Net Increase in Cash and Cash Equivalents | $427,873 | $981,992 | | Cash and Cash Equivalents - End of Period | $4,333,672 | $4,506,300 | [Condensed Notes to Consolidated Financial Statements](index=12&type=section&id=Condensed%20Notes%20to%20Consolidated%20Financial%20Statements%20(Unaudited)) [NOTE 1 – ORGANIZATION AND BUSINESS](index=12&type=section&id=NOTE%201%20%E2%80%93%20ORGANIZATION%20AND%20BUSINESS) Silo Pharma, Inc. is a diversified developmental-stage biopharmaceutical and cryptocurrency treasury company, incorporated in Nevada. Its therapeutic focus is on developing novel treatments for underserved conditions like PTSD, anxiety, fibromyalgia, and CNS diseases, including specific drug candidates SPC-15, SP-26, SPC-14, and SPU-16 - The Company is a diversified developmental-stage biopharmaceutical and cryptocurrency treasury company[29](index=29&type=chunk) - Therapeutic focus includes developing novel therapeutics for PTSD, stress-induced anxiety disorders, fibromyalgia, and central nervous system (CNS) diseases[29](index=29&type=chunk) - Key drug candidates in development are SPC-15 (intranasal for PTSD/anxiety), SP-26 (time-release ketamine implant for fibromyalgia), SPC-14 (intranasal for Alzheimer's), and SPU-16 (CNS-homing peptide for multiple sclerosis)[29](index=29&type=chunk) [NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=12&type=section&id=NOTE%202%20%E2%80%93%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This section outlines the significant accounting policies used in preparing the unaudited consolidated financial statements, including the basis of presentation, principles of consolidation, liquidity assessment, use of estimates, and specific policies for cash, investments, intangible assets, revenue recognition, stock-based compensation, income taxes, R&D, leases, and net loss per share. It also notes the company's single operating segment and recent accounting pronouncements - The Company operates as a single operating segment, focusing on clinical-stage biopharmaceutical development[56](index=56&type=chunk) - Research and development costs are expensed as incurred, totaling **$1,311,209** for the six months ended June 30, 2025, an increase from **$774,889** in the prior year[50](index=50&type=chunk) - The Company had positive working capital of **$5,323,134** as of June 30, 2025, mitigating going concern doubts and providing sufficient cash for at least twelve months[32](index=32&type=chunk)[33](index=33&type=chunk) [NOTE 3 – FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS](index=18&type=section&id=NOTE%203%20%E2%80%93%20FAIR%20VALUE%20OF%20FINANCIAL%20INSTRUMENTS%20AND%20FAIR%20VALUE%20MEASUREMENTS) This note details the Company's fair value measurements, classifying financial assets and liabilities into a three-level hierarchy. Short-term investments, primarily exchange-traded funds, are categorized as Level 1 measurements based on their redemption value. The note also summarizes the activity in short-term investments, showing a decrease in balance from the beginning of the period - Short-term investments, consisting of exchange-traded funds, are classified as Level 1 fair value measurements[67](index=67&type=chunk) Short-term Investments Activity | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | | Balance, beginning of period | $3,174,724 | $4,140,880 | | Purchases of short-term investments | $56,170 | $97,452 | | Sales at original cost | $(1,315,653) | $(1,149,320) | | Net realized gain (loss) on short-term investments | $3,911 | $(1,025) | | Unrealized gain | $7,145 | $14,253 | | Balance, end of period | $1,926,297 | $3,102,240 | [NOTE 4 – INTANGIBLE ASSETS](index=20&type=section&id=NOTE%204%20%E2%80%93%20INTANGIBLE%20ASSETS) This note details the Company's intangible assets, primarily an exclusive license agreement with Columbia University for $235,000, which was revised down from $247,400. The asset is amortized over 20 years, with amortization expense of $5,565 for the six months ended June 30, 2025 - Intangible assets primarily consist of an exclusive license agreement with Columbia University, initially costing **$247,400**, later revised to **$235,000**[69](index=69&type=chunk)[73](index=73&type=chunk) - The license is amortized over an estimated useful life of **20 years**[42](index=42&type=chunk)[73](index=73&type=chunk) Intangible Assets Summary | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | License Cost | $235,000 | $247,400 | | Less: Accumulated Amortization | $(11,750) | $(6,185) | | Net Intangible Assets | $223,250 | $241,215 | | Amortization Expense (Six Months) | $5,565 | $0 | [NOTE 5 – STOCKHOLDERS' EQUITY](index=22&type=section&id=NOTE%205%20%E2%80%93%20STOCKHOLDERS'%20EQUITY) This note details changes in stockholders' equity, including the Company's authorized shares, various common stock and warrant offerings in June and July 2024, and May 2025, which significantly increased outstanding shares and capital. It also covers the stock repurchase plan, stock option grants to executives and board members, and warrant activities - The Company's authorized shares consist of **100,000,000** common stock and **5,000,000** preferred stock[75](index=75&type=chunk) - Multiple offerings (June 2024, July 2024, May 2025) of common stock and warrants resulted in significant capital raises and an increase in outstanding common shares[76](index=76&type=chunk)[85](index=85&type=chunk)[95](index=95&type=chunk) - In May 2025, **400,000** incentive stock options were granted to executive officers and board members, valued at **$167,566**, vesting over one year[110](index=110&type=chunk) Stockholders' Equity Summary | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :-------------- | :---------------- | | Common Stock Shares Outstanding | 8,651,128 | 4,484,456 | | Additional Paid-in Capital | $22,407,075 | $20,296,088 | | Accumulated Deficit | $(17,500,421) | $(15,264,691) | | Total Stockholders' Equity | $4,917,083 | $5,034,265 | [NOTE 6 – CONCENTRATIONS](index=31&type=section&id=NOTE%206%20%E2%80%93%20CONCENTRATIONS) This note highlights the Company's significant customer and vendor concentrations, with one licensee accounting for 100% of total revenues and one licensor accounting for 100% of vendor license agreements for both the six months ended June 30, 2025 and 2024 - One licensee accounted for **100%** of total revenues from customer license fees for the six months ended June 30, 2025 and 2024[121](index=121&type=chunk) - One licensor accounted for **100%** of the Company's vendor license agreements related to biopharmaceutical operations for the six months ended June 30, 2025 and 2024[122](index=122&type=chunk) [NOTE 7 – COMMITMENTS AND CONTINGENCIES](index=32&type=section&id=NOTE%207%20%E2%80%93%20COMMITMENTS%20AND%20CONTINGENCIES) This note details the Company's commitments and contingencies, including employment agreements with key executives (Eric Weisblum, Daniel Ryweck, Dr. James Kuo) outlining salaries, bonuses, and severance terms. It also covers significant license agreements with the University of Maryland, Baltimore (UMB) and Columbia University, and customer license/sublicense agreements with Aikido Pharma Inc., specifying fees, royalties, and milestone payments. Future research and development commitments are also disclosed - Employment agreements with Eric Weisblum (CEO), Daniel Ryweck (CFO), and Dr. James Kuo (VP R&D) detail base salaries, potential bonuses, and severance provisions[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The Company has a Master License Agreement with UMB for CNS-homing peptides, involving license fees, milestone payments (up to **$1,900,000**), and tiered royalty payments[128](index=128&type=chunk)[133](index=133&type=chunk)[135](index=135&type=chunk) - An exclusive license agreement with Columbia University grants rights to patents for stress-induced affective disorders, requiring an initial license fee, annual fees, and royalties[140](index=140&type=chunk) - Customer license and sublicense agreements with Aikido Pharma Inc. generated **$34,375** in license fee revenues for the six months ended June 30, 2025, with deferred revenue balances of **$68,750** (current) and **$653,125** (long-term)[149](index=149&type=chunk)[152](index=152&type=chunk) Future Amounts Due Under Sponsored Study and Research Agreements | Year ended June 30, | Amount | | :------------------ | :------------- | | 2026 | $1,245,000 | | Total | $1,245,000 | [NOTE 8 – SUBSEQUENT EVENTS](index=40&type=section&id=NOTE%208%20%E2%80%93%20SUBSEQUENT%20EVENTS) This note describes subsequent events after June 30, 2025, including the termination of the Master License Agreement with UMB and the granting of an exclusive option for a new commercial license for CNS-homing peptides. Additionally, the Company entered into an asset purchase agreement with MAVS Holdings LLC to acquire web-based application software and domain names for $518,250, paid in common stock - On July 8, 2025, the Master License Agreement with UMB was terminated, and the Company received an exclusive option for a new commercial license for CNS-homing peptides, expiring March 31, 2026[154](index=154&type=chunk)[156](index=156&type=chunk) - On July 29, 2025, the Company acquired software and domain names from MAVS Holdings LLC for **$518,250**, paid by issuing **750,000** shares of common stock[157](index=157&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides an overview of Silo Pharma's business as a developmental-stage biopharmaceutical and cryptocurrency treasury company. It details the company's therapeutic product candidates, including SPC-15 for PTSD, SP-26 for fibromyalgia, SPC-14 for Alzheimer's, and SPU-16 for CNS disorders. The discussion also covers the company's recent entry into a cryptocurrency treasury strategy, a comparison of financial results for the three and six months ended June 30, 2025 and 2024, and an analysis of liquidity and capital resources [Overview](index=43&type=section&id=Overview) - Silo Pharma, Inc. is a diversified developmental-stage biopharmaceutical and cryptocurrency treasury company[160](index=160&type=chunk) - The company's therapeutic focus is on developing novel treatments for PTSD, stress-induced anxiety disorders, fibromyalgia, and CNS diseases[160](index=160&type=chunk) - Lead programs include SPC-15 (intranasal for PTSD/anxiety), SP-26 (ketamine implant for fibromyalgia), SPC-14 (intranasal for Alzheimer's), and SPU-16 (CNS-homing peptide for MS)[160](index=160&type=chunk) [Therapeutics](index=43&type=section&id=Therapeutics) - The Company seeks to acquire and develop intellectual property for rare diseases, including the use of psychedelic drugs like psilocybin and ketamine for depression, mental health, and neurological disorders[161](index=161&type=chunk) - Psilocybin therapy has shown promising results in academic studies for rapid reductions in depression symptoms[163](index=163&type=chunk) - The Company has license agreements with the University of Maryland, Baltimore, and Columbia University for various therapeutic developments[165](index=165&type=chunk) [Product Candidates](index=45&type=section&id=Product%20Candidates) - The Company is focusing on four product candidates: SPC-15, SP-26, SPC-14, and SPU-16[175](index=175&type=chunk) [SPC-15: Intranasal Treatment for PTSD and Anxiety Disorders](index=45&type=section&id=SPC-15%3A%20Intranasal%20Treatment%20for%20PTSD%20and%20Anxiety%20Disorders) SPC-15 is an intranasal serotonin 4 receptor agonist for PTSD and anxiety, with exclusive global development rights from Columbia University. It utilizes Medspray Pharma's nasal spray technology and is pursuing the FDA's 505(b)(2) pathway, with IND submission aimed for 2025 after preclinical studies - SPC-15 is an intranasal serotonin 4 (5-HT4) receptor agonist targeting PTSD and anxiety disorders[167](index=167&type=chunk) - The Company holds exclusive global rights from Columbia University for SPC-15 and uses Medspray Pharma BV's soft mist nasal spray technology for delivery[167](index=167&type=chunk)[168](index=168&type=chunk) - A pre-IND meeting with the FDA was held in September 2024, and an IND submission is targeted for 2025 following GLP-compliant studies[168](index=168&type=chunk)[169](index=169&type=chunk) [SP-26: Ketamine Implant for Fibromyalgia](index=45&type=section&id=SP-26%3A%20Ketamine%20Implant%20for%20Fibromyalgia) SP-26 is a novel ketamine-based injectable dissolvable polymer implant for chronic pain and fibromyalgia, currently in preclinical research. It aims to provide sustained relief with optimized dosage control, pursuing the FDA's 505(b)(2) regulatory pathway as a non-opioid alternative - SP-26 is a ketamine-based injectable dissolvable polymer implant for chronic pain and fibromyalgia, currently in preclinical research[171](index=171&type=chunk) - The Company filed a provisional patent application for SP-26 in March 2023 and intends to develop it via the FDA's 505(b)(2) regulatory pathway[172](index=172&type=chunk) - SP-26 aims to be a non-opioid alternative, improving dosage control compared to intravenous delivery for fibromyalgia, which affects approximately **4 million U.S. adults**[173](index=173&type=chunk) [SPC-14: Treatment for Alzheimer's Disease](index=45&type=section&id=SPC-14%3A%20Treatment%20for%20Alzheimer's%20Disease) SPC-14 targets glutamate receptor NDMAR and serotonin 5-HT4 for cognitive and neuropsychiatric symptoms in Alzheimer's disease, developed under a sponsored research agreement with Columbia University. The Company holds exclusive global rights and has extended research into its mechanism of action, showing efficacy against luteinizing hormone (LH) in attenuating learned helplessness and anxiety - SPC-14 targets glutamate receptor NDMAR and serotonin 5-HT4 for cognitive and neuropsychiatric symptoms in Alzheimer's disease[174](index=174&type=chunk) - Developed under a sponsored research agreement with Columbia University, the Company has exclusive global rights to develop and commercialize SPC-14[174](index=174&type=chunk) - SPC-14 has shown efficacy against luteinizing hormone (LH) in attenuating learned helplessness, preservative behavior, and hyponeophagia[176](index=176&type=chunk) [SPU-16: Treatment for CNS Disorders, Initial Indication for Multiple Sclerosis](index=47&type=section&id=SPU-16%3A%20Treatment%20for%20CNS%20Disorders%2C%20Initial%20Indication%20for%20Multiple%20Sclerosis) SPU-16 is a candidate for CNS disorders, initially targeting multiple sclerosis, based on intellectual property from the University of Maryland, Baltimore (UMB). The original Master License Agreement with UMB was terminated on July 8, 2025, and the Company now holds an exclusive option for a new commercial license for the related CNS-homing peptides, aiming to reduce toxicity and enhance therapeutic delivery - SPU-16 targets central nervous system (CNS) disorders, with an initial indication for multiple sclerosis[177](index=177&type=chunk) - The Master License Agreement with UMB for SPU-16 was terminated on July 8, 2025, replaced by an exclusive option for a new commercial license for the underlying intellectual property[179](index=179&type=chunk)[180](index=180&type=chunk) - SPU-16 is believed to offer a competitive advantage by using homing peptides to reduce toxicity and enhance therapeutic payload delivery[181](index=181&type=chunk) [Cryptocurrency Treasury Strategy](index=47&type=section&id=Cryptocurrency%20Treasury%20Strategy) - The Company's strategy changed in August 2025 to include a cryptocurrency treasury strategy focused on acquiring leading digital assets[182](index=182&type=chunk) [Recent Developments](index=47&type=section&id=Recent%20Developments) - On August 4, 2025, the Board approved the establishment of a cryptocurrency advisory board, appointing Corwin Yu as the initial member[183](index=183&type=chunk) - On August 5, 2025, the Company announced the launch of its cryptocurrency treasury strategy, focusing on leading digital assets like Bitcoin, Ethereum, and Solana[183](index=183&type=chunk)[184](index=184&type=chunk) [Results of Operations](index=47&type=section&id=Results%20of%20Operations) [Revenues](index=49&type=section&id=Revenues) The Company generated minimal and consistent revenues of $18,025 for the three months and $36,051 for the six months ended June 30, 2025 and 2024, primarily from the Aikido License and Sublicense Agreement, recognized over a 15-year term Revenues | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $18,025 | $18,025 | $36,051 | $36,051 | - Revenues are derived from the Aikido License and Sublicense Agreement, recognized over an estimated **15-year term**[187](index=187&type=chunk) [Cost of Revenues](index=49&type=section&id=Cost%20of%20Revenues) Cost of revenues remained consistent at $1,459 for the three months and $2,919 for the six months ended June 30, 2025 and 2024, consisting of amortized license fees related to the UMB License and Sublicense Agreement Cost of Revenues | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Cost of Revenues | $1,459 | $1,459 | $2,919 | $2,919 | - Cost of revenues primarily consists of amortized license fees from the UMB License and Sublicense Agreement[188](index=188&type=chunk) [Operating Expenses](index=49&type=section&id=Operating%20Expenses) Total operating expenses increased by 24.5% for both the three and six months ended June 30, 2025, primarily driven by a significant increase in research and development costs, partially offset by decreases in professional fees and other selling, general and administrative expenses Total Operating Expenses | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total Operating Expenses | $1,265,117 | $1,019,340 | $2,375,804 | $1,915,419 | - Total operating expenses increased by **$245,777 (24.5%)** for the three months and **$460,385 (24.5%)** for the six months ended June 30, 2025[198](index=198&type=chunk) [Compensation Expense](index=49&type=section&id=Compensation%20Expense) Compensation expense increased by 16.0% for the three months and 9.4% for the six months ended June 30, 2025, primarily due to increases in stock-based compensation and payroll expenses Compensation Expense | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Compensation Expense | $195,305 | $168,381 | $373,774 | $341,727 | - Increase in compensation expense was primarily due to a **$17,445** increase in stock-based compensation and higher payroll expenses[190](index=190&type=chunk)[191](index=191&type=chunk) [Professional Fees](index=49&type=section&id=Professional%20Fees) Professional fees decreased by 22.5% for the three months and 10.6% for the six months ended June 30, 2025, mainly due to reductions in investor relations and consulting fees, partially offset by increases in legal, accounting, and auditing fees Professional Fees | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Professional Fees | $299,592 | $386,465 | $573,416 | $641,067 | - Decrease in professional fees was primarily driven by a reduction in investor relations (**$92,460** for three months, **$45,215** for six months) and consulting fees (**$34,200** for three months, **$47,949** for six months)[191](index=191&type=chunk)[192](index=192&type=chunk) [Research and Development](index=49&type=section&id=Research%20and%20Development) Research and development expenses significantly increased by 82.6% for the three months and 69.2% for the six months ended June 30, 2025, reflecting increased costs associated with Investigator-sponsored Study Agreements and other research projects Research and Development | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and Development | $717,247 | $392,824 | $1,311,209 | $774,889 | - The increase in R&D expenses was due to higher costs related to Investigator-sponsored Study Agreements and other research projects with third-party vendors and universities[193](index=193&type=chunk) [Other Selling, General and Administrative Expenses](index=51&type=section&id=Other%20Selling%2C%20General%20and%20Administrative%20Expenses) Other selling, general and administrative expenses decreased by 26.1% for the three months and 25.6% for the six months ended June 30, 2025, primarily due to reduced advertising and promotion, proxy meeting fees, and filing fees Other Selling, General and Administrative Expenses | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Other Selling, General and Administrative Expenses | $52,973 | $71,670 | $117,405 | $157,736 | - The decrease was mainly attributed to a reduction in advertising and promotion (**$19,386** for three months, **$16,320** for six months), proxy meeting fees (**$19,000** for six months), and filing fees (**$9,891** for six months)[196](index=196&type=chunk)[197](index=197&type=chunk) [Loss from Operations](index=51&type=section&id=Loss%20from%20Operations) Loss from operations increased by 24.5% for both the three and six months ended June 30, 2025, primarily due to the overall increase in operating expenses, particularly research and development Loss from Operations | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Loss from Operations | $(1,248,551) | $(1,002,774) | $(2,342,672) | $(1,882,287) | - The increase in loss from operations was a direct result of the changes in operating expenses, particularly the rise in research and development costs[198](index=198&type=chunk) [Other Income](index=51&type=section&id=Other%20Income) Other income, net, decreased by 37.7% for the three months and 28.2% for the six months ended June 30, 2025, primarily due to a significant decrease in interest and dividend income, partially offset by an increase in net realized gain on short-term investments and reduced foreign currency transaction losses Other Income, Net | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Other Income, Net | $44,258 | $70,995 | $106,942 | $148,841 | - The decrease in other income was primarily due to a **$32,125** (three months) and **$58,474** (six months) decrease in interest and dividend income[199](index=199&type=chunk)[200](index=200&type=chunk) - This was partially offset by an increase in net realized gain on short-term investments (**$2,248** for three months, **$4,936** for six months) and a decrease in foreign currency transaction loss[199](index=199&type=chunk)[200](index=200&type=chunk) [Net Loss](index=51&type=section&id=Net%20Loss) Net loss increased by 29.2% for the three months and 29.0% for the six months ended June 30, 2025, reaching $1,204,293 and $2,235,730 respectively, primarily driven by the changes in operating expenses and other income Net Loss | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net Loss | $(1,204,293) | $(931,779) | $(2,235,730) | $(1,733,446) | | Net Loss Per Common Share (Basic and Diluted) | $(0.19) | $(0.31) | $(0.41) | $(0.59) | - The increase in net loss was primarily a result of the changes in operating expenses and other income discussed previously[202](index=202&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) - The Company had working capital of **$5,323,134**, short-term investments of **$1,926,297**, and cash and cash equivalents of **$4,333,672** as of June 30, 2025[203](index=203&type=chunk) - Working capital decreased by **$132,349 (2%)** from December 31, 2024, primarily due to a decrease in short-term investments, partially offset by an increase in cash and a decrease in current liabilities[204](index=204&type=chunk)[207](index=207&type=chunk) - The Company believes it has sufficient cash and liquid short-term investments to meet its obligations for a minimum of **twelve months** from the filing date[212](index=212&type=chunk)[216](index=216&type=chunk) [Cash Flows](index=53&type=section&id=Cash%20Flows) Cash flows from operating activities showed a significant increase in usage, while investing activities provided more cash, and financing activities also provided more cash, leading to a net increase in cash and cash equivalents for the six months ended June 30, 2025 Cash Flow Summary | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | | Net Cash Used in Operating Activities | $(2,925,568) | $(1,569,982) | | Net Cash Provided by Investing Activities | $1,259,483 | $1,051,868 | | Net Cash Provided by Financing Activities | $2,093,958 | $1,500,106 | | Net Increase in Cash and Cash Equivalents | $427,873 | $981,992 | [Net Cash Used in Operating Activities](index=53&type=section&id=Net%20Cash%20Used%20in%20Operating%20Activities) Net cash used in operating activities increased by 86.3% to $2,925,568 for the six months ended June 30, 2025, primarily due to a higher net loss and decreases in accounts payable and deferred revenue - Net cash used in operating activities increased by **$1,355,586 (86.3%)** to **$2,925,568** for the six months ended June 30, 2025[209](index=209&type=chunk) - This was primarily driven by a net loss of **$2,235,730**, a decrease in accounts payable and accrued expenses of **$593,700**, and a decrease in deferred revenue of **$36,051**[213](index=213&type=chunk) [Net Cash Provided by Investing Activities](index=53&type=section&id=Net%20Cash%20Provided%20by%20Investing%20Activities) Net cash provided by investing activities increased by 19.7% to $1,259,483 for the six months ended June 30, 2025, mainly from proceeds from the sale of short-term debt investments, partially offset by purchases - Net cash provided by investing activities increased by **$207,615 (19.7%)** to **$1,259,483** for the six months ended June 30, 2025[210](index=210&type=chunk) - This was primarily from proceeds of **$1,315,653** from the sale of short-term debt investments, offset by **$56,170** in purchases[213](index=213&type=chunk) [Net cash Provided by Financing Activities](index=53&type=section&id=Net%20cash%20Provided%20by%20Financing%20Activities) Net cash provided by financing activities increased by 39.6% to $2,093,958 for the six months ended June 30, 2025, driven by net proceeds from common stock and pre-funded warrant sales, and proceeds from warrant exercises - Net cash provided by financing activities increased by **$593,852 (39.6%)** to **$2,093,958** for the six months ended June 30, 2025[211](index=211&type=chunk) - This was due to **$1,593,897** from the sale of common stock and pre-funded warrants, and **$500,061** from the exercise of warrants[213](index=213&type=chunk) [Cash Requirements](index=53&type=section&id=Cash%20Requirements) The Company anticipates sufficient cash and cash equivalents, along with short-term investments, to meet its obligations for at least the next twelve months, with no other material capital expenditure commitments beyond research and development agreements - The Company believes its current cash, cash equivalents, and short-term investments are sufficient to meet obligations for a minimum of **twelve months**[212](index=212&type=chunk) - There are no other material commitments for capital expenditures beyond those for research and development agreements[214](index=214&type=chunk) [Liquidity](index=54&type=section&id=Liquidity) Despite a net loss of $2,235,730 and cash used in operations of $2,925,568 for the six months ended June 30, 2025, the Company maintains positive working capital of $5,323,134, with $4,333,672 in cash and cash equivalents, which mitigates going concern doubts and ensures sufficient liquidity for the next twelve months - The Company reported a net loss of **$2,235,730** and used **$2,925,568** in cash from operations for the six months ended June 30, 2025[215](index=215&type=chunk) - As of June 30, 2025, the Company had positive working capital of **$5,323,134** and cash and cash equivalents of **$4,333,672**[215](index=215&type=chunk) - This positive working capital mitigates substantial doubt about the Company's ability to continue as a going concern and provides sufficient cash for at least **twelve months**[216](index=216&type=chunk) [Off-Balance Sheet Arrangements](index=55&type=section&id=Off-Balance%20Sheet%20Arrangements) - The Company has no off-balance sheet arrangements[217](index=217&type=chunk) [Critical Accounting Estimates](index=55&type=section&id=Critical%20Accounting%20Estimates) [Stock-Based Compensation](index=55&type=section&id=Stock-Based%20Compensation) Stock-based compensation is recognized in financial statements based on ASC 718, measuring the grant-date fair value of equity awards over the vesting period, with forfeitures recognized as they occur - Stock-based compensation is accounted for under ASC 718, requiring recognition of the cost of services received in exchange for equity instruments over the vesting period[218](index=218&type=chunk) - The cost is measured based on the grant-date fair value of the award, and forfeitures are recognized as they occur[218](index=218&type=chunk) [Research and Development](index=55&type=section&id=Research%20and%20Development) Research and development costs are expensed as incurred in accordance with ASC 730-10, with significant estimates made regarding the percentage of completion for certain projects - Research and development costs are expensed when incurred, following ASC 730-10[219](index=219&type=chunk) - Significant estimates are made regarding the percentage of completion of certain research and development projects[219](index=219&type=chunk) [Recent Accounting Pronouncements](index=55&type=section&id=Recent%20Accounting%20Pronouncements) The FASB issued ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requiring more detailed disaggregation of expenses in the income statement. The Company does not expect this or other recent pronouncements to materially impact its consolidated financial statements - ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requires more detailed disaggregation of expenses in the income statement[220](index=220&type=chunk) - The Company does not expect the adoption of this new guidance or any other recently issued pronouncements to have a material impact on its consolidated financial statements[220](index=220&type=chunk)[221](index=221&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Silo Pharma, Inc. is not required to provide quantitative and qualitative disclosures about market risk - The Company is exempt from providing quantitative and qualitative disclosures about market risk as it is a 'smaller reporting company'[222](index=222&type=chunk) [Item 4. Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details the evaluation of the Company's disclosure controls and procedures and changes in internal control over financial reporting. The CEO and CFO determined that disclosure controls and procedures were effective as of June 30, 2025. Ongoing remediation efforts are being implemented to address previously identified material weaknesses, including enhancements to segregation of duties, monitoring controls, and bank reconciliation processes [Evaluation of Disclosure Controls and Procedures](index=55&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - The CEO and CFO evaluated the effectiveness of disclosure controls and procedures as of June 30, 2025, and determined they were effective[223](index=223&type=chunk) - Disclosure controls are designed to ensure timely recording, processing, summarizing, and reporting of information required by the Exchange Act[223](index=223&type=chunk) [Changes in Internal Control Over Financial Reporting](index=56&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) - During the six months ended June 30, 2025, the Company continued implementing remedial actions to address previously identified material weaknesses[224](index=224&type=chunk) - Remedial actions include enhancements to segregation of duties, monitoring controls, and bank reconciliation processes, along with reviewing and enhancing business policies[224](index=224&type=chunk) - Other than these ongoing remediation efforts, there were no material changes in internal control over financial reporting[224](index=224&type=chunk) [PART II – OTHER INFORMATION](index=57&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) Silo Pharma, Inc. is not currently a party to any material legal proceedings and is unaware of any pending or threatened legal actions that could significantly impact its business, operating results, cash flows, or financial condition - The Company is not currently involved in any material legal proceedings[226](index=226&type=chunk) - There are no known pending or threatened legal proceedings that are expected to have a material adverse effect on the Company's business or financial condition[226](index=226&type=chunk) [Item 1A. Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) This section updates the risk factors from the Annual Report, primarily focusing on new risks associated with the Company's cryptocurrency treasury strategy. Key risks include potential adverse impacts from central bank digital currencies, the classification of digital assets as securities, the possibility of being deemed an investment company, regulatory developments in crypto markets, liquidity issues with digital assets, and security breaches or cyberattacks - New risk factors primarily relate to the Company's cryptocurrency treasury strategy[228](index=228&type=chunk) - Risks include potential adverse impact from central bank digital currencies (CBDCs) and the possibility of digital assets being classified as 'securities' by regulators[229](index=229&type=chunk)[230](index=230&type=chunk) - There is a risk of being deemed an 'investment company' under the 1940 Act, which could significantly impact business operations[233](index=233&type=chunk)[237](index=237&type=chunk) - Digital assets are less liquid than cash and cash equivalents, posing risks during market instability or security breaches[240](index=240&type=chunk)[242](index=242&type=chunk) [Risks Relating to Investing in Digital Securities](index=57&type=section&id=Risks%20Relating%20to%20Investing%20in%20Digital%20Securities) - The launch of central bank digital currencies (CBDCs) could reduce demand for private-sector cryptocurrencies[229](index=229&type=chunk) - Any digital asset acquired by the Company may be classified as a 'security,' subjecting the Company to additional regulation and potential enforcement actions[230](index=230&type=chunk)[232](index=232&type=chunk) - If deemed an investment company under the 1940 Act, restrictions could make it impractical to continue current business segments[233](index=233&type=chunk)[237](index=237&type=chunk) - The Company faces risks from regulatory developments in crypto asset markets, which could adversely affect digital asset prices and the Company's common stock[238](index=238&type=chunk)[239](index=239&type=chunk) - Digital assets are less liquid than cash, and security breaches or cyberattacks could lead to partial or total loss of digital assets[240](index=240&type=chunk)[242](index=242&type=chunk) - The Company has limited history in generating staking revenues from digital assets and faces competition from other companies in this area[246](index=246&type=chunk)[249](index=249&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=61&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section states that the Company had no unregistered sales of equity securities during the quarter ended June 30, 2025, and did not repurchase any common stock during the same period - No unregistered sales of equity securities occurred during the quarter ended June 30, 2025[252](index=252&type=chunk) - The Company did not repurchase any common stock during the quarterly period ended June 30, 2025[253](index=253&type=chunk) [Item 3. Defaults Upon Senior Securities](index=62&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Silo Pharma, Inc. reported no defaults upon senior securities during the period - The Company reported no defaults upon senior securities[254](index=254&type=chunk) [Item 4. Mine Safety Disclosures](index=62&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Silo Pharma, Inc - Mine Safety Disclosures are not applicable to the Company[255](index=255&type=chunk) [Item 5. Other Information](index=62&type=section&id=Item%205.%20Other%20Information) This section details other significant information, including the establishment of a cryptocurrency advisory board and the launch of a cryptocurrency treasury strategy in August 2025. It also notes that no directors or executive officers adopted, modified, or terminated Rule 10b5-1 trading arrangements, and the Company received a Nasdaq deficiency notice for not meeting the minimum bid price requirement [Announcement of Cryptocurrency Treasury Strategy and Formation of Cypto Advisory Board](index=62&type=section&id=Announcement%20of%20Cryptocurrency%20Treasury%20Strategy%20and%20Formation%20of%20Cypto%20Advisory%20Board) - On August 4, 2025, the Board approved the establishment of a cryptocurrency advisory board, appointing Corwin Yu as the initial member[256](index=256&type=chunk) - On August 5, 2025, the Company announced the launch of a cryptocurrency treasury strategy focused on leading digital assets like Bitcoin, Ethereum, and Solana[256](index=256&type=chunk)[257](index=257&type=chunk) [Director and Officer Trading Arrangements](index=62&type=section&id=Director%20and%20Officer%20Trading%20Arrangements) - No directors or executive officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025[258](index=258&type=chunk) [Nasdaq Minimum Bid Price Deficiency Notice](index=62&type=section&id=Nasdaq%20Minimum%20Bid%20Price%20Deficiency%20Notice) - On June 27, 2025, the Company received a Nasdaq notice for non-compliance with the **$1.00** minimum bid price requirement[259](index=259&type=chunk) - The Company has **180 calendar days**, until December 24, 2025, to regain compliance and may consider options like a reverse stock split[259](index=259&type=chunk) [Item 6. Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including various warrant forms, a stock purchase agreement, a lockup agreement, certifications from the Principal Executive and Financial Officers, and Inline XBRL documents - Exhibits include forms for Prefunded Warrants, Series A-1 and A-2 Warrants, and Placement Agent Warrants[260](index=260&type=chunk) - A Stock Purchase Agreement and Lockup Agreement are also filed[260](index=260&type=chunk) - Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Sarbanes-Oxley Act are included[260](index=260&type=chunk) - Inline XBRL documents for the financial statements are provided[260](index=260&type=chunk) [SIGNATURES](index=64&type=section&id=SIGNATURES) - The report is signed by Eric Weisblum, Chairman and Chief Executive Officer, and Daniel Ryweck, Chief Financial Officer, on August 13, 2025[266](index=266&type=chunk)

Core Viewpoint - Silo Wellness Inc. has appointed Richard Craven as CEO to lead the company's strategic transition to Born Defense Inc., focusing on defense and national security investments guided by the Just War Doctrine [1][3]. Company Overview - Silo Wellness is transitioning its operations into Born Defense Inc., which will operate as a national security investment issuer committed to ethical defense finance [5]. - The restructured business model will focus on trade finance, strategic equity investments, and collateral-backed lending for pre-IPO and critical infrastructure ventures globally [5]. Leadership Background - Richard Craven brings extensive experience in financial structuring and defense-related enterprise development, having previously managed over £11.2 billion in assets and annual inflows exceeding £4 billion at a major retail investment platform [2]. - Craven has held CEO responsibilities in defense-related companies and has executed significant U.S. defense system procurement agreements [2][3]. Strategic Importance - The appointment of Craven is seen as crucial for navigating complex defense transactions and enhancing the company's global regulatory posture [3]. - The transition to Born Defense is expected to close later in 2025, pending regulatory and shareholder approval [3].

Core Insights - Silo Pharma, Inc. has launched a cryptocurrency treasury strategy focusing on leading digital assets such as Bitcoin, Ethereum, and Solana, aiming for opportunistic purchases and yield generation through staking while prioritizing capital preservation and token appreciation [1][2] - The company has appointed Corwin Yu, a seasoned technology and trading executive, as the head of its newly formed Crypto Advisory Board to lead this strategy [2] - Silo Pharma remains committed to its biopharmaceutical enterprise, particularly its lead asset, PTSD drug SPC-15, which is nearing the submission of an FDA investigational new drug application [3] Company Strategy - The cryptocurrency treasury strategy is expected to expand based on available capital and market conditions, indicating a flexible approach to digital asset investment [1] - The appointment of Corwin Yu is seen as a strategic move to leverage his extensive experience in cryptocurrency trading infrastructure and fund management [2] - The company is focused on innovative therapeutics for underserved conditions, with a diverse portfolio that includes programs targeting PTSD, fibromyalgia, Alzheimer's disease, and multiple sclerosis [3] Leadership and Expertise - Corwin Yu brings over 20 years of experience in institutional finance, having held leadership roles in various fintech and digital asset firms, which positions him well to guide Silo's cryptocurrency strategy [2] - His background includes founding and scaling digital asset trading platforms and overseeing cross-asset trading strategies, which will be beneficial for Silo's new initiatives [2] Commitment to Core Business - Despite the new focus on digital assets, Silo Pharma emphasizes its dedication to developing therapeutics for conditions like stress-induced psychiatric disorders and chronic pain [3] - The company is actively conducting research in collaboration with leading universities and laboratories to advance its therapeutic programs [3]