Financial Position - As of December 31, 2025, Omeros Corporation reported cash, cash equivalents, and short-term investments totaling $171.8 million, an increase from $90.1 million in 2024[359]. - The total assets of Omeros Corporation increased to $325.6 million in 2025, up from $277.1 million in 2024, reflecting a growth of approximately 17.5%[369]. - The company's total current liabilities decreased slightly to $78.1 million in 2025 from $79.5 million in 2024, indicating improved management of short-term obligations[369]. - Omeros Corporation's accumulated deficit increased to $913.7 million in 2025 from $910.3 million in 2024, showing ongoing challenges in achieving profitability[369]. - Omeros Corporation's total shareholders' equity deficit improved to $(121.2) million in 2025 from $(182.6) million in 2024, indicating a positive trend in financial health[369]. Revenue and Expenses - Total costs and expenses for 2025 were $122.8 million, a decrease of 26.4% from $166.9 million in 2024[372]. - The net loss for 2025 was $3.35 million, significantly improved from a net loss of $156.8 million in 2024[372]. - Research and development expenses decreased to $81.3 million in 2025 from $119.5 million in 2024, a reduction of 32%[372]. - The company reported a gain of $237.6 million from the sale of zaltenibart in 2025[372]. Cash Flow and Investments - Cash and cash equivalents at the end of 2025 were $9.66 million, up from $3.4 million at the end of 2024[378]. - The company reported net cash used in operating activities of $116.1 million in 2025, compared to $148.8 million in 2024, indicating improved cash flow management[378]. - The company received an upfront cash payment of $240.0 million from Novo Nordisk and is eligible for up to $1.8 billion in potential development and commercial milestones, plus tiered royalties on net sales[387]. Debt Management - The repayment of the Term Loan in November 2025 led to the de-recognition of the associated embedded derivative, impacting the financial statements as of December 31, 2025[360]. - The company repaid the $67.1 million Term Loan on November 25, 2025, resulting in a net non-cash gain on extinguishment of $17.0 million[482]. - The outstanding principal amount of the Term Loan was $67.1 million as of December 31, 2024, with a fair value of $69.53 million[484]. - The effective interest rate on the Term Loan was recognized at 3.38% due to premium amortization[486]. Clinical Development and Approvals - YARTEMLEA® received FDA approval on December 23, 2025, for treating hematopoietic stem cell transplant-associated thrombotic microangiopathy[382]. - Commercial distribution and sales of YARTEMLEA commenced in January 2026[384]. - The company has completed Phase 1 clinical trials for OMS1029, a long-acting antibody targeting MASP-2, and is preparing to initiate Phase 2 clinical development[390]. Tax and Regulatory Matters - The effective tax rate for the year ended December 31, 2025, was 72.0%, influenced by changes in valuation allowance and unrecognized tax benefits[534]. - The company did not pay any federal or foreign income taxes during 2025, with cash income taxes paid of $0.2 million in both 2025 and 2024, down from $3.3 million in 2023[536]. - The company maintains a full valuation allowance on its net U.S. deferred tax assets, primarily due to cumulative losses and forecasted losses in the near term[532]. Shareholder Activities - The company has a sales agreement to sell shares of its common stock in an "at the market" equity offering facility for up to $150.0 million[397]. - The company approved a new share repurchase program allowing for the repurchase of up to $100,000,000 of common stock[516]. - The company repurchased 1.8 million shares at an average price of $2.54 per share for a total of $4.7 million in 2023[515]. Other Financial Metrics - The company assessed the Credit Agreement as a troubled debt restructuring, recording a $29.3 million premium to term debt on its consolidated balance sheet[427]. - The total amount of gross unrecognized tax benefits as of December 31, 2025, was $4.4 million, with accrued interest and penalties of $1.5 million included[533]. - The company has various programs in preclinical research and development, indicating ongoing innovation efforts[392].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 for the Fiscal Year Ended December 31, 2025 o Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 For the transition period from to Commission File Number 001-39029 MEDIACO HOLDING INC. (Exact name of registrant as specified in its charter) Indiana (State of incorporation or organization) 84-24 ...

Financial Performance - Beeline's total net revenues for the year ended December 31, 2025, were $7.77 million, a significant increase from $1.11 million in 2024[311]. - Beeline Loans generated revenues of $6.39 million in 2025, compared to $0.92 million in 2024, reflecting strong growth in the mortgage lending segment[311]. - The net loss from continuing operations for 2025 was $22.67 million, up from a loss of $2.39 million in 2024, primarily due to the inclusion of Beeline's results[312]. - For the year ended December 31, 2025, Beeline Loans reported net revenues of $6.4 million, a significant increase from $0.9 million in 2024, while Beeline Title Holdings reported net revenues of $1.4 million compared to $0.2 million in 2024[323][333]. - Total net loss from continuing operations for the year ended December 31, 2025, was $22.7 million, compared to a loss of $2.4 million in 2024, reflecting the inclusion of Beeline's results for 2025[323][337]. - The company reported a net loss of $23.4 million, compared to a net loss of $13.1 million in 2024[348]. - Adjusted EBITDA for 2025 was $(11.8) million, a decline from $(4.5) million in 2024, indicating worsening operational performance[348]. - The net loss attributable to common stockholders for 2025 was $31,513 million, compared to a loss of $11,483 million in 2024, reflecting a deterioration of approximately 175%[397]. - The company reported a loss from operations of $19,541 million in 2025, up from a loss of $5,184 million in 2024, marking an increase of about 276%[397]. - The total comprehensive loss for 2025 was $23,395 million, compared to $13,110 million in 2024, representing an increase of approximately 78%[397]. Revenue and Growth - Beeline Loans originated $170.2 million in residential mortgage loans for the year ended December 31, 2025, up from $57.0 million in the period from October 8, 2024, to December 31, 2024[324]. - The company anticipates that interest rates, housing supply, and affordability will remain key factors influencing future mortgage origination volumes[291]. - The company is expanding its B2B SaaS strategy, which is subject to macroeconomic conditions, to leverage mortgage origination opportunities[291]. - Beeline Labs launched BlinkQC, a SaaS platform aimed at automating pre-close quality control reviews for mortgage loan files, with expected gross margins of approximately 50%[302][303]. - Beeline Title closed a fractional sale of home real estate with TYTL, marking a significant milestone in blockchain-driven real estate finance, generating $22,009 in revenue from this business[299][301]. Expenses and Losses - Compensation, commissions, and benefits expenses for Beeline Loans were $6.7 million for the year ended December 31, 2025, compared to $1.0 million in the previous period[330]. - Marketing and advertising expenses for the corporate segment increased to $0.2 million in 2025 from $0.01 million in 2024[340]. - General and administrative expenses for the corporate segment were $5.4 million for the year ended December 31, 2025, compared to $1.8 million in 2024[338]. - Beeline Loans reported a loss from operations of $9.2 million for the year ended December 31, 2025, compared to a loss of $1.9 million in the previous period[324]. - The company incurred stock compensation expenses of $2,916,000 in 2025, compared to no such expenses in 2024, indicating increased investment in employee incentives[402]. Cash Flow and Financing - Net cash used in operating activities for 2025 was $22.1 million, significantly higher than $4.3 million in 2024, primarily due to increased net loss from continuing operations[350]. - The company raised $24.9 million from financing activities in 2025, primarily from $22.8 million in net equity transactions and $8.4 million in borrowings[352]. - The company sold 5,694,515 shares of common stock for proceeds of $7.0 million under the ELOC Agreement during 2025[357]. - The company expanded its warehouse lines to $25.0 million in October 2025, tripling its previous line to support anticipated revenue growth[359]. - The company plans to continue raising capital through equity to meet internal cash requirements, dependent on operational success[361]. Assets and Liabilities - Beeline Holdings, Inc. reported total assets of $70.2 million as of December 31, 2025, an increase from $66.5 million in 2024, representing a growth of approximately 2.6%[394]. - The company's accumulated deficit rose to $125.7 million in 2025, compared to $94.2 million in 2024, indicating a deterioration of approximately 33.5%[394]. - Total current assets increased to $19.4 million in 2025 from $10.0 million in 2024, marking a significant increase of 93.5%[394]. - The total liabilities decreased to $16.6 million in 2025 from $17.5 million in 2024, a reduction of approximately 5.1%[394]. - The company has incurred recurring losses and negative cash flows from operations since its inception, raising substantial doubt about its ability to continue as a going concern[383]. Strategic Initiatives - Beeline's proprietary technology aims to enhance efficiency and reduce costs in loan processing, positioning the company favorably against traditional methods[287]. - The company tracks performance metrics such as margin and net gain-on-sale of loans to optimize financial performance and assess progress toward strategic objectives[292]. - The company plans to open the BlinkQC platform to over 1,000 banks and independent mortgage banks in 2026[415]. - Management believes that BlinkQC will represent a potential source of incremental revenue for the Company[415]. - The company may need additional funding sources in the future, and there are no assurances that business plans will be successful[416].

Financial Reporting and Compliance - The company presents Non-GAAP Net Loss for supplemental informational purposes, which is not intended to substitute GAAP financial measures[18]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of certain reporting exemptions[20]. - The company will remain an emerging growth company until its annual gross revenues exceed $1.07 billion or until December 31, 2027, whichever comes first[22]. - The company has opted out of the extended transition period for complying with new accounting standards, requiring it to comply on the same timeline as non-emerging growth companies[20]. - The company is not required to comply with auditor attestation requirements under the Sarbanes-Oxley Act[21]. - The company’s financial information is prepared in accordance with U.S. GAAP, with all figures presented in U.S. dollars[15]. - The company’s reporting currency is the U.S. dollar, and it has undergone a reverse share split at a ratio of 30:1[16]. Forward-Looking Statements and Risks - The company’s forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially[28]. - Important factors affecting future results include limited operating history and capital requirements[29]. - The company discusses risks in detail under the "Risk Factors" section of the Annual Report[30]. - The company acknowledges that forward-looking statements are based on reasonable expectations but cannot guarantee future results or performance[31]. Market Data and Research - Market data and industry forecasts used in the report are sourced from reliable market research databases and publicly available information[33]. - The company relies on third-party sources for industry forecasts and market research, which are considered reliable based on management's industry knowledge[33]. - Statements regarding agreements and contracts in the report are summaries and do not provide a complete description of all terms[34].

Security Services and Technology - The company has handled over 1.28 million security service requests, including upwards of 10,000 emergencies and lifesaving situations[24] - The Bond Preventative Personal Security Platform offers 14 distinct services, with eight being preventative in nature[28] - The average response time of Personal Security Agents is within 4 seconds[22] - The Bond Command Centers are operational in 28 countries, providing 24/7 support to members[42] - The Bond application allows members to connect with Personal Security Agents via video, chat, and audio calls for immediate assistance[29] - The company has developed a Drone First Responder service that has been operational for two years in Coral Gables, FL, enhancing response times for members[52] - The company utilizes sophisticated data analytics to optimize staffing of Personal Security Agents, ensuring response times are in seconds[49] - The company’s technology is designed to provide pre-emergency services, differentiating it from competitors that only offer panic button solutions[62][63] - The company provides a cloud-based Preventative Personal Security Platform powered by AI, offering remote protective services via a phone app[197] - The company continues to develop its proprietary AI capabilities to assist in identifying potential anomalies for further review[198] Market Potential and Business Model - The company aims to enhance personal security for approximately 140 million Americans who feel unsafe walking alone at night[25] - The personal security market is projected to reach $338.23 billion by 2030, indicating significant growth potential for the company[58] - The company aims to potentially reach 100 million end users within 10 years, which could generate $5 billion in annual revenues at a hypothetical low subscription rate of $50 per user per year[61] - The business model creates favorable economics with a low cost of sales and high profit margin[24] - The company offers a subscription-based service, primarily through annual payments, targeting both B2B and B2C markets[56][60] - The company emphasizes scalability in its subscription-based business model, with most costs not increasing linearly with revenue growth, particularly in Command Center operations[212] - The company’s revenue is primarily generated from B2B services, indicating a strong focus on institutional clients for security solutions[215] Financial Performance and Funding - The company raised approximately $42 million under Regulation D of the Securities Act by early 2019 to develop its technology platform[20] - The company plans to raise up to $300 million through the Equity Line SPA, which may lead to significant dilution for existing shareholders if stock prices decline[120] - For the fiscal years ended December 31, 2025 and 2024, the company incurred losses of approximately $10,549,000 and approximately $11,017,000, respectively, highlighting a history of operating losses[123] - As of December 31, 2025, the company had approximately $599,000 in cash and a working capital deficit of approximately $4,062,000, indicating that anticipated operating requirements exceed available capital resources[117] - The company has primarily funded its operations through equity financing, venture debt, and internal cash flows, indicating a reliance on external financing for growth[128] - The company may not be able to continue as a going concern without additional financing, raising doubts about its ability to achieve business objectives[127] Regulatory and Compliance Risks - The company is subject to evolving privacy regulations, such as the California Consumer Privacy Act, which may impact its operations and compliance efforts[71] - The company is subject to various data privacy laws, including the GDPR, which imposes significant compliance requirements and risks, potentially leading to financial penalties and reputational damage[74] - Compliance with privacy and data security regulations may increase operational costs and impede the deployment of new products and services, adversely affecting overall demand[81] - The evolving regulatory landscape regarding privacy and data security may require the company to adapt its business practices, potentially increasing costs and operational burdens[81] - Compliance with the Sarbanes-Oxley Act will require a report on internal control over financial reporting, which could be costly and challenging[101] Operational Challenges - The company faces challenges in attracting and retaining skilled personnel due to competition from other technology firms, which may hinder its ability to execute business plans[78] - The company relies on third-party suppliers and subcontractors for hardware and software solutions, and any failure in their performance could materially impact business operations and financial condition[83] - The company depends on AWS for cloud infrastructure, and any disruption in AWS services could negatively affect business operations and user experience[93] - The cost of insurance is a significant expense and is subject to market fluctuations, which could impact the company's financial position if coverage is inadequate[91] - The company has implemented quality controls to detect defects in its platform, but human error and resource constraints may still lead to significant operational issues[92] Cybersecurity and Risk Management - The company faces potential risks related to cybersecurity, including threats from various actors that could disrupt operations and lead to significant financial losses[149] - The company has implemented a structured Information Security Management System (ISMS) certified in accordance with ISO 27001 to manage cybersecurity risks[162] - A Cybersecurity Incident Response Plan (CIRP) is in place to define roles and responsibilities for responding to cybersecurity threats[163] - The company has established procedures and tools for identifying and mitigating cybersecurity risks associated with third-party service providers[164] - The company may incur additional costs and face reputational harm due to security incidents, which could deter customers and negatively impact growth[155] Shareholder and Stock Information - The company has a total of 1,216 holders of record for its Common Stock as of March 31, 2026[176] - The company has never declared or paid dividends on its Common Stock and intends to retain all available funds for business growth[177] - The company’s stock may be less attractive to investors due to its emerging growth status, potentially resulting in higher volatility in stock price[141] Strategic Growth and Acquisitions - The company is currently in hyper-growth mode, expanding as fast as it invests in marketing and sales resources[24] - The company is focused on expanding its services through partnerships with corporations and consumer brands, which may subsidize the service for their customers[57] - Strategic acquisitions may not yield favorable terms or outcomes, potentially resulting in unanticipated costs and integration challenges[96] - The company must maintain a strong brand identity and user satisfaction to attract and retain users, which requires significant marketing investment[112] - User dissatisfaction with service levels could harm the company's reputation and brand development efforts[113]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38022 MATINAS BIOPHARMA HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware No. 46-3011414 (State or other jurisdict ...

Acquisition and Business Strategy - On November 21, 2025, the company acquired substantially all assets and liabilities of Molecule.ai, a pharmaceutical software company focused on AI-driven molecular discovery and early-stage drug development[18]. - The acquisition of Molecule.ai aims to leverage AI-driven platforms for molecular discovery and early-stage drug development, improving efficiency and decision-making in drug development[102]. - The company has committed to winding down the Clinical Trials of Ropidoxuridine as part of its strategic realignment following the acquisition[102]. - The company is still evaluating the business impacts from the discontinuance of the Clinical Trials and the acquisition of Molecule.ai, which could materially affect its plans and financial position[23]. - The Molecule.ai platform includes a unified inference engine, an API-first integration layer, and a modular model framework to enhance drug discovery processes[19]. - The platform aims to integrate property prediction, biological context, multi-step reasoning, and agentic automation to accelerate early discovery while ensuring scientific reliability[21]. Financial Performance - The company reported a net loss of approximately $11.7 million and no revenues for the year ended December 31, 2025, with a working capital deficit of approximately $7.5 million[41]. - General and administrative expenses surged by 307% to $5,672,794 in 2025, primarily due to $3.5 million in investor relations advertising costs[112]. - The company reported a net loss of $11.7 million for the year ended December 31, 2025, with no revenue generated during the same period[115]. - Net loss for 2025 was $11,721,669, compared to a net loss of $9,144,797 in 2024, indicating a 28% increase in losses[169]. - The company has not generated any revenues since inception and does not expect to achieve positive cash flows from operating activities in the near future[183]. Stockholder Equity and Compliance - The company had stockholders' equity of $2,254,446 as of December 31, 2025, which was below the Nasdaq requirement of $2.5 million[34]. - Stockholders' equity reported for the fiscal quarter ended September 30, 2025, was $1,394,161, indicating non-compliance with the Stockholders' Equity Requirement[56]. - The company raised approximately $2.5 million through a private placement on November 4, 2025, which is believed to have regained compliance with the Stockholders' Equity Requirement[56]. - Following a $5.75 million equity financing in March 2025, Nasdaq acknowledged compliance with the Listing Rule 5550(b)(1)[53]. - The company faced risks of delisting from Nasdaq if it fails to meet continued listing requirements, which could adversely affect stock price and liquidity[58]. Capital Raising and Financing Activities - The company completed a public offering on March 12, 2025, raising gross proceeds of approximately $5.7 million[124]. - The company completed a private placement on June 20, 2025, raising gross proceeds of approximately $4.3 million from the sale of 21,924 shares of common stock and pre-funded warrants[125]. - The company raised $5.0 million in March 2025 and $3.9 million in June 2025 through equity offerings, contributing to its liquidity position[184]. - The company executed a 1-for-25 reverse stock split on June 16, 2025, to maintain compliance with Nasdaq's minimum bid price requirement[105]. Cash Flow and Liquidity - Cash used in operating activities for the year ended December 31, 2025, was $9.5 million, a 29% increase from $7.3 million in 2024, primarily due to a net loss of $11.7 million[130][132]. - As of December 31, 2025, cash and cash equivalents totaled $334,005, a decrease of 82.6% from $1,920,144 on December 31, 2024[193]. - The company has a working capital deficit of approximately $7.5 million as of December 31, 2025, raising concerns about its ability to continue as a going concern[115]. - The liquidity of the company's common stock may be limited, potentially affecting the ability of stockholders to sell shares and impacting stock price volatility[75]. Research and Development - Research and development expenses for Ropidoxuridine were $4,054,831 for the fiscal year ended December 31, 2025, compared to $3,618,796 for the fiscal year ended December 31, 2024[25]. - Research and development expenses increased to $4,054,831 in 2025 from $3,618,796 in 2024, a rise of 12%[169]. - Research and development expenses are charged to expense as incurred, including product development and clinical expenses, but specific figures for these expenses were not disclosed[206]. Market and Stock Performance - The stock price has been extremely volatile since trading commenced on Nasdaq, influenced by various market factors[60]. - The company does not expect to pay cash dividends in the foreseeable future, with returns dependent solely on market value increases[70]. - The company has not paid any dividends on its common stock since inception and expects to retain earnings for business development in the foreseeable future[94].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number: 000-41218 Zapata Quantum, Inc. (Exact name of registrant as specified in charter) (State or other jurisdiction of incorpora ...

Drug Development and Clinical Trials - The company is developing HyBryte™, a novel photodynamic therapy for cutaneous T-cell lymphoma (CTCL), with patient enrollment for the second Phase 3 study (FLASH2) starting in December 2024 and top-line results anticipated in the second half of 2026[14]. - The first Phase 3 FLASH study demonstrated a statistically significant treatment response with 16% of patients achieving at least a 50% reduction in their index lesions compared to 4% in the placebo group[33]. - The company plans to expand the development of synthetic hypericin (SGX302) into psoriasis, following positive proof-of-concept results from a small Phase 1/2 pilot study[15]. - Dusquetide (SGX945) is being developed for the treatment of aphthous ulcers in Behçet's Disease, with a Phase 2 clinical trial planned based on previous validation of its biological activity[15]. - The Phase 3 trial of SGX942 for oral mucositis in head and neck cancer showed a 56% reduction in the median duration of severe oral mucositis from 18 days in the placebo group to 8 days in the treatment group[24]. - The confirmatory Phase 3 trial will enroll approximately 80 subjects and evaluate the efficacy and safety of HyBryte™ over 18 weeks[39]. - The ongoing Phase 3 study of HyBryte™ has enrolled 66 patients as of February 2026, with a planned interim analysis in Q2 2026[64]. - The Phase 2a trial of SGX302 for mild-to-moderate psoriasis showed a mean drop of approximately 50% in the Psoriasis Activity and Severity Index score over 18 weeks[74]. - SGX945 demonstrated a 40% improvement in the mean number of ulcers compared to placebo in a Phase 2a study, with a sustained 32% improvement at Week 8 after treatment cessation[85]. - SGX942 reduced the median duration of severe oral mucositis (SOM) by 50% from 18 days to 9 days in a Phase 2 study[98]. Market Potential - The potential worldwide market for HyBryte™ is estimated to exceed $250 million for the treatment of CTCL[66]. - The potential worldwide market for SGX302 is estimated to exceed $1 billion for the treatment of mild-to-moderate psoriasis[77]. - The global psoriasis treatment market was valued at approximately $15 billion in 2020 and is projected to reach as much as $40 billion by 2027[80]. - The potential worldwide market for SGX945 is estimated to exceed $200 million for the treatment of aphthous ulcers in Behçet's Disease (BD)[91]. - The potential worldwide market for SGX942 is estimated to exceed $500 million for the treatment of oral mucositis[109]. Regulatory Designations and Funding - HyBryte™ has received Orphan Drug and Fast Track designations from the FDA, providing market exclusivity and expedited review benefits[40]. - A $2.6 million Orphan Products Development grant was awarded to support expanded treatment evaluation for early-stage CTCL[46]. - The company has received government grant and contract funding to support its vaccine programs, including those targeting filoviruses and COVID-19[16]. - The company is pursuing additional government funding for its Specialized BioTherapeutics and Public Health Solutions programs through grants and contracts[23]. - A $9.4 million NIAID grant supported the development of thermo-stable ricin (RiVax®) and anthrax vaccines using ThermoVax® technology[115]. Technology and Innovation - The development of the heat stabilization platform technology, ThermoVax®, continues in combination with various vaccine programs, supported by U.S. government funding[23]. - ThermoVax® technology aims to eliminate the need for cold chain production and storage for Alum-adjuvanted vaccines, potentially reducing costs associated with refrigerated conditions[114]. - The thermostabilized RiVax® formulation enhances stability, allowing storage for at least 1 year at temperatures up to 40 degrees C (104 degrees F)[138]. - The second Phase 1b clinical trial of RiVax® indicated that the Alum-adjuvanted formulation induced greater ricin neutralizing antibody levels compared to the adjuvant-free version[137]. Competitive Landscape - The company faces competition from larger pharmaceutical and biotechnology companies with greater resources[187]. - There are currently no FDA approved therapies for front-line, early stage (I-IIA) CTCL, with existing treatments primarily managing symptoms[188]. - The only approved drug for oral mucositis in hematological cancer is palifermin, with no approved drugs for solid tumors[191]. - The only approved drug for Behçet's Disease (BD) is apremilast, which is associated with high costs and significant side effects[194]. Intellectual Property - The company holds several patents related to HyBryte™, including U.S. patent 8,629,302, expected to expire in September 2030[204]. - The company has Orphan Drug designations for HyBryte™ and SGX945, providing seven years of post-approval marketing exclusivity in the U.S.[205]. - SGX94 has composition of matter patents expiring between 2028 and 2034, protecting its unique mechanism of action[206]. - ThermoVax® is covered by U.S. patents expiring between 2028 and 2030, focusing on thermostable vaccine compositions[207]. Collaboration and Partnerships - The company is pursuing strategic alternatives, including merger/acquisition strategies, and to acquire or in-license new clinical-stage compounds for development[23]. - An agreement with SciClone provides access to clinical data for SGX942 in exchange for exclusive commercialization rights in China, Hong Kong, and Macau[183].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Commission file number 001-35521 CLEARSIGN TECHNOLOGIES CORPORATION (Exact name of registrant as specified in its charter) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Delaware (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year end ...