Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ 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 EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38819 SUPER LEAGUE ENTERPRISE, INC. (Exact name of registrant as specified in its charter) Delaware 47-1990734 (State or other ...

For the fiscal year ended December 31, 2025 or UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (Exact name of registrant as specified in its charter) Nevada 99-0360497 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 10500 University Center Dr., Suite 110 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ 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: 001-37823 TUHURA BIOSCIENCES, INC. (Exact name of registrant as specified in its charter) Nevada 99-0360497 (State or other jurisdiction ...

Funding and Financial Performance - Cloudastructure raised over $35 million in funding under Regulation A, enabling the establishment of a sales, marketing, and support structure, leading to early success in the property management space[28]. - The company went public on Nasdaq under the ticker symbol CSAI in January 2025, securing contracts with six of the top ten property management companies on NMHC's 2025 NMHC 50 list[28]. - For the fiscal year ended December 31, 2025, the company incurred a net loss of approximately $8.5 million, compared to a net loss of approximately $6.5 million for the fiscal year ended December 31, 2024[142]. - As of December 31, 2025, the company had an accumulated deficit of approximately $49.3 million[151]. - The company derives a significant portion of its revenues from a limited number of customers, with Hasta Capital and RV Mobile Power each accounting for approximately 17% of revenues for the year ended December 31, 2025[159]. - The company raised additional capital through the sale of Series 1 and Series 2 Convertible Preferred Stock, generating gross proceeds of $6.3 million and $11.0 million, respectively, during 2025[152]. - The company anticipates sustaining operating losses for the foreseeable future as it expands its team and continues research and development[143]. - The company is required to maintain stockholders' equity of at least $2.5 million for continued listing on the Nasdaq Capital Market, with stockholders' equity reported at approximately $8.9 million as of December 31, 2025[155]. - The company may need to raise substantial additional capital to finance operations, which could lead to dilution of existing stockholders[148]. - The company has historically relied on financing activities, raising over $35 million since inception, primarily through equity offerings[152]. Market and Industry Insights - The global physical security market is projected to grow from approximately $182.5 billion in 2025 to about $366.2 billion by 2034, reflecting a compound annual growth rate (CAGR) of just over 8%[73]. - The AI in video surveillance industry is expected to expand from approximately $3.9 billion in 2024 to roughly $12.5 billion by 2030, with a CAGR of 21.3% driven by advancements in computer vision capabilities[76]. - The global proptech market is estimated to reach approximately $44.9 billion in 2025, with a projected CAGR of 15% from 2025 to 2032, reaching about $119.5 billion by 2032[81]. - The company focuses on multi-family and commercial property markets, which are expected to account for about 56% of proptech spending in 2025[82]. Product and Service Offerings - In 2025, Cloudastructure's Remote Guarding services deterred an average of over 98% of all threatening activity for customers, showcasing the effectiveness of its AI-driven security solutions[31]. - The platform processes over 9 million video feeds per day, combining human oversight with intelligent automation to enhance operational efficiency and risk mitigation[36]. - Cloudastructure's Remote Guarding service allows a single guard to effectively oversee up to 50 cameras, significantly more than the typical six cameras managed by traditional systems[31]. - Cloudastructure's innovative Remote Guarding software has become a defining differentiator, enabling 24/7 human oversight integrated with AI-driven systems[35]. - Remote Guarding services can provide savings of 400% or more compared to traditional on-site physical guard services[70]. - The company operates under a cloud services delivery model, pricing products and services on a per camera per year basis, which is expected to generate greater recurring revenue compared to competitors[70]. Strategic Partnerships and Expansion - The company is expanding into new verticals, including transportation, logistics, construction, and critical infrastructure, integrating emerging security technologies[41]. - The partnership with a financing partner in 2025 is expected to accelerate market penetration and reduce sales friction, enhancing the attractiveness of its capital-light growth model[43]. - The company aims to increase pricing power for its cloud-based solutions as additional AI capabilities are added[44]. - The company has secured contracts with 6 of the top 10 property management firms, aiming to standardize its AI security solutions across their portfolios[88]. Compliance and Regulatory Challenges - The company is subject to evolving privacy and data protection laws, including the California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA), which impose additional compliance obligations[102]. - The CPRA established a new California data protection agency, increasing regulatory scrutiny and potential compliance costs for the company[102]. - Compliance with privacy and data security laws may require changes to the company's business model and could reduce demand for its software solutions[116]. - The company faces significant competition for skilled personnel, which may impact its ability to execute its business plan and harm operating results[113]. - The trading price volatility of the company's Class A common stock may affect its ability to attract and retain qualified personnel[115]. Corporate Governance and Stockholder Matters - The company has never declared or paid cash dividends and intends to retain all available funds for business growth[210]. - The company is classified as an emerging growth company, allowing it to take advantage of reduced disclosure requirements, which may affect the attractiveness of its Class A common stock to investors[182]. - The company may issue additional shares of Class A common stock in connection with financing arrangements, which could lead to significant dilution for existing stockholders[175]. - The company may face delisting from Nasdaq if it fails to regain compliance with listing requirements, which could adversely affect stockholder confidence and trigger defaults under existing agreements[164]. - The company intends to monitor the closing bid price and consider available options for regaining compliance[218]. Risks and Uncertainties - AI integration into products presents risks, including potential reputational harm and liability if algorithms are flawed or datasets are biased[120]. - Public perceptions regarding privacy and the effectiveness of cloud-based video surveillance solutions could impact customer satisfaction and market acceptance[123]. - The absence of a systematic analysis for potential business disruptions could pose risks to operations and financial results[197]. - The company may incur additional costs if exclusive-forum provisions in its charter are found unenforceable in other jurisdictions[188]. - The company faces high competition in the security industry, with major competitors like Avigilon and Tyco Integrated Security holding significant market shares[121]. Operational Structure and Workforce - As of December 31, 2025, the company had 52 full-time equivalent employees and 2 part-time employees, with a good relationship with employees[96]. - The company outsources key functions including software development and legal services, and is transitioning more services to its own computers to reduce costs[97]. - The company completed acquisitions of Visionful Holding Inc. and Infrastructure Proving Grounds, Inc. in 2022, but is not currently utilizing these assets in core operations[99]. Stock Market and Trading Information - The Class A common stock began trading on Nasdaq under the symbol "CSAI" on January 30, 2025, following a direct listing[208]. - The company has sold over 1,300,000 shares of Class A common stock since its listing on Nasdaq in January 2025, which may impact the market price of its shares[171]. - The direct listing process may lead to increased volatility in the trading price of Class A common stock due to the absence of a traditional underwritten offering[189]. - The market price of the company's Class A common stock may be volatile and subject to fluctuations due to various risk factors, including liquidity and market conditions[168].

(Mark One) ☒ 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 001-40201 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K 1177 Avenue of the Americas 5th Floor New York, New York 10036 (Address of principa ...

Revenue and Financial Performance - For the fiscal year ended December 31, 2025, Kissimmee Bay accounted for 61% of total club revenue, while Remington accounted for 39%[41]. - Total revenue decreased by $333,984 or 10% from $3,298,361 in 2024 to $2,964,377 in 2025, primarily due to declines across all revenue streams[148]. - Revenue from golf operations fell by $268,802 or 11% to $2,174,376, driven by a 12% decrease in one-time green fees and a 4% decrease in annual membership dues[149]. - One-time green fees accounted for 64% of total revenue in 2025, with a 12% decline attributed to a 9% decrease in total rounds played[151]. - Membership dues totaled $290,177 and $303,541 for the years ended December 31, 2025 and 2024, respectively, representing approximately 10% and 9% of total revenues[52]. - Food and beverage revenue decreased from $648,738 to $614,997, accounting for approximately 21% and 20% of total revenue for the fiscal years ended December 31, 2025 and 2024, respectively[56]. - The net loss for the year ended December 31, 2025, was $3,677,030, an increase of $3,493,330 or 1,902% compared to a net loss of $183,700 for the year ended December 31, 2024, primarily due to a revenue decrease of $333,984 and an increase in operating costs of $3,890,183[170]. Operations and Customer Engagement - A total of 51,000 rounds of golf were played at Kissimmee Bay and approximately 23,000 rounds at Remington for the twelve months ended December 31, 2025[31][34]. - The company aims to enhance customer loyalty and increase revenue from golf operations by leveraging the quality of its golf courses and amenities[24]. - The golf country clubs are designed to appeal to a wide-ranging population, capturing a greater share of discretionary leisure spending[40]. - The company has maintained a membership of 100 at Kissimmee Bay and 30 at Remington as of December 31, 2025[31][34]. - The company plans to enhance customer loyalty and increase revenue in the greater Orlando Florida region over the next twelve months[138]. Renovations and Facilities - Renovation projects for both clubs were completed in 2025, including the installation of 19 new TiffEagle greens at Remington and extensive renovations to Kissimmee Bay's clubhouse[41]. - The company recognizes the need for substantial upgrades to its clubhouse and banquet facilities to align with the quality of its golf courses and improve competitiveness[63]. - The company upgraded the greens at both Remington and Kissimmee Bay in the third quarter of 2024 to enhance the golfing experience and attract more golfers[65]. Seasonality and Market Trends - The peak season for operations is historically from January through mid-April, while the slow season occurs during Florida's summers from June through September[44]. - The golf country clubs experience significant seasonality, with peak season from January to mid-April, hosting over 200 golfers per day for approximately 90 consecutive days[71]. Marketing and Brand Strategy - The company utilizes digital media marketing channels, including social media and Google Ads, to drive traffic to its websites and maintain visibility during peak seasons[68][71]. - The company partners with golf wholesale vendors, Tee Times USA and Golfpac Travel, to attract a significant percentage of golfers during peak season[69]. - The company has one registered trademark and four pending trademark applications with the USPTO, aimed at enhancing brand recognition and market share[90][91]. Employee and Operational Structure - The company employs approximately 47 full-time employees, with 26 in Golf Operations, 14 in Food and Beverage, and 7 in Pro Shop[82][83]. - The company has not encountered any material cybersecurity risks that have affected its operations as of the report date[109]. - The company identified material weaknesses in internal control over financial reporting, including inadequate segregation of duties and insufficient financial reporting personnel[203]. Financial Position and Cash Flow - Cash and cash equivalents increased to $28,668,169 as of December 31, 2025, a rise of 6,171% from $457,142 as of December 31, 2024[171]. - Total current assets reached $29,082,061 as of December 31, 2025, reflecting a significant increase of 2,484% from $1,125,272 as of December 31, 2024[171]. - The Company recorded income tax benefits of $91,412 for the year ended December 31, 2025, compared to income tax expenses of $20,936 for the year ended December 31, 2024[169]. - The company expects to meet its cash flow needs through stable banking relationships, monitoring accounts receivable, and diversifying its customer base[199]. - The company believes its current cash levels and cash flows from operations will be sufficient to meet anticipated cash needs for at least the next twelve months[202]. Legal and Compliance - The company is subject to various federal, state, and local regulations, including those related to labor standards, food and beverage sales, and environmental compliance[74][75][78]. - The company believes it is in substantial compliance with applicable laws and regulations governing its operations, including health and safety standards[76][81]. - There are no active legal proceedings against the company as of the report date[114]. Future Plans and Growth - The company plans to expand its portfolio through regional country club acquisitions[140]. - The company aims to achieve a net margin of approximately 20% in its food and beverage services, particularly at Kissimmee Bay, which focuses on popular comfort food items[54].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ 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: 001-43111 IDEA ACQUISITION CORP. (Exact name of registrant as specified in its charter) | (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ 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 001-40591 HCW Biologics Inc. (Exact name of registrant as specified in its Charter) (State or other jurisdiction of incorporation or orga ...

Revenue Performance - Revenues for Q4 2025 were $27,010, a significant decrease from $394,804 in Q4 2024, and annual revenues dropped from $2.6 million in 2024 to $54,232 in 2025[11] - Revenues for the three months ended December 31, 2024, were $394.8 million, a significant increase compared to $27.0 million for the same period in 2025[23] - Net revenues for the year ended December 31, 2024, reached $959.4 million, up from $10.8 million in 2025, indicating strong growth[23] Expenses - R&D expenses increased by 27% in Q4 2025 to $1.3 million compared to $1.0 million in Q4 2024, while annual R&D expenses decreased by 15% from $6.4 million in 2024 to $5.4 million in 2025[12] - G&A expenses for Q4 2025 were $1.5 million, down 26% from $2.0 million in Q4 2024, but increased by 13% for the year from $6.8 million in 2024 to $7.7 million in 2025[13] - Total operating expenses for the three months ended December 31, 2024, were $3.24 billion, compared to $4.47 billion in 2025, reflecting a decrease in expenses[23] Net Income/Loss - The net gain for Q4 2025 was $2.2 million, a turnaround from a net loss of $3.4 million in Q4 2024; however, the annual net loss decreased from $30.0 million in 2024 to $6.5 million in 2025[15] - The net loss for the three months ended December 31, 2024, was $3.37 billion, compared to a net profit of $719.2 million in 2025[23] - The company reported a net loss per share of $3.19 for the three months ended December 31, 2024, compared to a loss of $1.02 in 2025[23] Financial Position - Cash and cash equivalents as of December 31, 2024, were $4.67 million, down from $1.95 million in 2025, indicating a decrease in liquidity[25] - Total assets decreased from $30.24 million in 2024 to $24.52 million in 2025, showing a decline in overall asset value[25] - Total liabilities increased significantly from $37.01 million in 2024 to $21.76 million in 2025, indicating a shift in financial obligations[25] - The accumulated deficit grew from $100.56 million in 2024 to $108.52 million in 2025, reflecting ongoing financial challenges[25] Business Development - The company received a $3.5 million upfront licensing fee for HCW11-006, with $2.9 million net after taxes, and is eligible for additional milestone payments and royalties[7] - HCW9302, the lead product candidate, is currently in a Phase 1 clinical trial for alopecia areata, with preliminary human data expected in the first half of 2026[5] - The company launched two proprietary fusion protein molecules as commercial-ready reagents to support the production of cell-based immunotherapeutics during 2025[9] - HCW Biologics is focusing on business development programs and has entered into two licensing agreements for its proprietary molecules[19] Compliance and Concerns - The Nasdaq Hearings Panel confirmed the company regained compliance with listing rules, but it faces ongoing scrutiny regarding its stock price following a reverse stock split[17] - The company has substantial doubt about its ability to continue as a going concern for at least 12 months without additional funding[16] Shareholder Impact - The weighted average shares outstanding increased from 1,057,542 in 2024 to 3,384,062 in 2025, indicating potential dilution of shares[23]

Revenue Performance - The Company reported Gamma Knife revenue of $9,185,000 for the year ended December 31, 2025, representing 32.7% of total revenue, down from $9,716,000 and 34.3% in 2024[41]. - Total revenue for the year ended December 31, 2025, was $28,082,000, a decrease of 0.9% compared to $28,340,000 in 2024[212]. - Revenue from the leasing segment decreased by $3,076,000 in 2025 due to a decrease in PBRT volumes and the expiration of three Gamma Knife contracts[212]. - Direct patient service segment revenue increased by $2,973,000 in 2025, driven by the single-unit facility in Puebla, Mexico, and three recently acquired facilities in Rhode Island[212]. - Revenue from LINAC business for 2025 was $11,528,000, representing a 35.4% increase from $8,517,000 in 2024, with the number of LINAC sessions rising to 28,147[213]. - PBRT revenue for 2025 was $7,369,000, a decrease of 26.0% from $9,952,000 in 2024, with the number of PBRT fractions performed dropping to 4,056[214]. - Revenue sharing arrangements accounted for approximately 36% of total revenue in 2025, down from 47% in 2024[197]. - The Company recognized direct patient service revenues of approximately $15,529,000 in 2025, up from $12,556,000 in 2024[200]. Acquisitions and Expansions - The Company acquired a 60% interest in the RI Companies for $2,850,000, which operate three radiation therapy cancer centers in Rhode Island, enhancing its direct patient service business model[24]. - The Company began treating patients at its stand-alone radiation therapy facility in Puebla, Mexico, in July 2024, following the acquisition of the RI Companies[31]. - The Company signed a Joint Venture Agreement to establish Instituto Gamma Knife San Javier Mexico S.A.P.I. de C.V. in Guadalajara, Mexico, with a 70% ownership interest, expected to begin treating patients in mid to late 2026[26]. - The Company completed the RI Acquisition on May 7, 2024, acquiring 60% of the equity interests of the RI Companies, which operate three radiation therapy facilities[169]. Financial Obligations and Compliance - The Company entered into a five-year $22,000,000 credit agreement with Fifth Third Bank, which includes a $9,500,000 term loan and a $7,000,000 revolving line of credit[50]. - As of September 30, 2025, the Company was not in compliance with the minimum unrestricted domestic cash requirement of $5,000,000[55]. - The Company received a limited waiver from Fifth Third regarding its failure to comply with the maximum funded debt-to-EBITDA ratio covenant as of June 30, 2025[54]. - The Company faces substantial doubt about its ability to continue as a going concern due to potential defaults under its credit agreements[64]. - As of December 31, 2025, the Company was not in compliance with the minimum fixed-charge coverage ratio, the maximum funded debt-to-EBITDA ratio, and the Minimum Cash Covenant required by the Credit Agreement[115]. - The Company received notice from Fifth Third on December 10, 2025, asserting that an event of default had occurred under the Credit Agreement due to the failure to satisfy the Minimum Cash Covenant for the fiscal quarter ended September 30, 2025[114]. - The Company is currently in discussions with Fifth Third regarding a waiver and an amendment to the Credit Agreement, but there are no assurances regarding the outcome of such discussions[116]. Operational Challenges - The Company reported a decrease in Gamma Knife leasing volume by 19.2% from 624 procedures in 2024 to 504 in 2025, and a decrease in PBRT procedures by 21.1% from 5,139 to 4,056[186]. - The number of Gamma Knife procedures performed in 2025 decreased by 147, totaling 937 procedures, a decline of 13.6% compared to 1,084 in 2024[216]. - The decline in direct patient service volumes was attributed to downtime for upgrading the Gamma Knife in Peru[216]. - The Company has historically relied on Gamma Knife unit placement and PBRT systems for revenue, but plans to diversify its product mix to include other types of stereotactic radiosurgery equipment[123]. Market and Competitive Landscape - The Company operates a proton therapy system at Orlando Health, competing primarily with conventional LINAC-based radiation therapy, which remains the most common treatment method[68]. - There are currently fewer than 50 proton beam radiation therapy centers in the United States, with no direct competitors in the immediate Orlando area[68]. - The Company faces competition from alternative radiosurgery devices and conventional neurosurgery, which may impact its ability to secure future Gamma Knife procedures and profitability[138]. - The competitive market for the Company's services includes other companies providing alternative financing for Gamma Knife units, which may impact sales[137]. Regulatory and Compliance Issues - The Company believes it is in compliance with federal anti-kickback statutes and other regulations affecting its operations[84]. - The Company faces potential adverse effects from changes in government health care funding policies, which could impact reimbursement rates and service coverage[81]. - The Company has expanded its accounting staff to address material weaknesses in internal controls over financial reporting, but there is no assurance of successful remediation[130]. - The Company believes it is in substantial compliance with the various rules and regulations affecting its businesses[94]. Cybersecurity and Risk Management - Cybersecurity risks are a significant concern, with the Company implementing various policies to safeguard its IT infrastructure and data[157]. - The Company's IT Manager is responsible for managing cybersecurity risks and ensuring compliance with security policies and regulations[162]. - The Company has identified cybersecurity risks and is committed to investing in and strengthening its cybersecurity infrastructure[166]. Employee and Governance Information - The Company had a workforce of 44 full-time employees in the United States and 38 full-time employees across its facilities in Peru, Ecuador, and Mexico as of December 31, 2025[97]. - Officers and directors collectively own approximately 23.8% of the Company's outstanding common stock, which may influence corporate governance and strategic decisions[152]. - The Company does not anticipate paying dividends in the foreseeable future, relying on market price appreciation for shareholder returns[155].