agpu20260331

agpu20260331_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ 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: 001-36790

	Axe Compute Inc.
	(Exact name of registrant as specified in its charter)

Delaware		33-1007393
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

91 43rd Street, Suite 110 Pittsburgh, Pennsylvania		15201
(Address of principal executive offices)		(Zip Code)

(412) 432-1500

(Registrant’s telephone number, including area code)

	N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	AGPU	NASDAQ Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

As of May 11, 2026, the registrant had 10,404,641 shares of common stock, par value $0.01 per share outstanding.

AXE COMPUTE INC.

TABLE OF CONTENTS

	Page
PART I. FINANCIAL INFORMATION	4

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	5

CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2026 AND DECEMBER 31, 2025	5

CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025	6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025	7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025	8

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	9

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	27

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	36

ITEM 4. CONTROLS AND PROCEDURES	37

PART II. OTHER INFORMATION	37

ITEM 1. LEGAL PROCEEDINGS	37

ITEM 1A. RISK FACTORS	37

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	37

ITEM 3. DEFAULTS UPON SENIOR SECURITIES	37

ITEM 4. MINE SAFETY DISCLOSURES	37

ITEM 5. OTHER INFORMATION	37

ITEM 6. EXHIBITS	38

SIGNATURES	39

PART I. FINANCIAL INFORMATION

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, certain information in this Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). All statements, other than statements of historical facts, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position and our business outlook, business trends and other information, may be forward-looking statements. You can identify these forward-looking statements by the words "believes," "intends," "expects," “might,” "may," "will," "should," "plans," "projects," "contemplates," "intends," "budgets," “potential,” "predicts," "estimates," "anticipates," “future,” “goal,” and variations of such words or similar expressions. These statements are based on our beliefs, as well as assumptions we have used based upon information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties, and assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will result or be achieved, and actual future results may differ materially from what is expressed in or indicated by the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A, under the heading “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on March 31, 2026, and under “Part II, Item 1A., Risk Factors” in this Quarterly Report on Form 10-Q, if and as such risk factors may be updated from time to time in our periodic filings with the SEC. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and a reader, whether investing in our common stock or not, should not place undue reliance on these forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. There can be no assurance that (i) we have correctly measured or identified all of the factors affecting our business or the extent of these factors’ likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct, or (iv) our strategy, which is based in part on this analysis, will be successful. All forward-looking statements in this Quarterly Report on Form 10-Q apply only as of the date of this Quarterly Report on Form 10-Q or as of the date they were made or as otherwise specified herein. We assume no obligation to revise or update any forward-looking statements for any reason, except as required by law.

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AXE COMPUTE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	6,925,244		$	10,790,850
Accounts receivable		659,325			32,120
Prepaid expense and other assets		337,955			280,904
Digital assets		20,233,245			24,439,598
Digital asset receivable		9,436,590			7,226,475
Total current assets		37,592,359			42,769,947

Digital asset receivable, net of current portion		5,929,022			8,258,681
Property and equipment, net		216,856			223,128
Lease right-of-use assets		1,336,597			1,487,703
Other long-term assets		147,742			148,887
Total assets	$	45,222,576		$	52,888,346

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,345,926		$	1,840,608
Note payable		27,210			107,951
Accrued expenses and other liabilities		1,387,359			1,520,518
Contract liabilities		786,316			144,076
Lease liability		680,470			653,743
Total current liabilities		4,227,281			4,266,896

Lease liability – net of current portion		724,535			904,495
Total liabilities	$	4,951,816		$	5,171,391
Contingencies (Note 8)

Stockholders’ equity:
Preferred stock, 20,000,000 shares authorized inclusive of designated below
Series B Convertible Preferred Stock, $.01 par value, 2,300,000 shares authorized, 79,246 shares outstanding as of March 31, 2026 and December 31, 2025		792			792
Common stock, $.01 par value, 200,000,000 shares authorized, 5,539,267 and 4,083,173 shares outstanding as of March 31, 2026, and December 31, 2025, respectively		55,393			40,832
Additional paid-in capital		461,444,992			461,196,805
Accumulated deficit		(421,230,417	)		(413,521,474	)
Total stockholders’ equity		40,270,760			47,716,955

Total liabilities and stockholders’ equity	$	45,222,576		$	52,888,346

See accompanying notes to unaudited condensed consolidated financial statements.

AXE COMPUTE INC.

CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS

(Unaudited)

	Three Months Ended March 31,
	2026			2025
Revenue	$	35,311		$	110,310

Gains (losses) on digital assets		(4,296,268	)		-

Operating costs and expenses:
Cost of revenues	$	6,770		$	45,118
General and administrative		2,905,122			1,828,200
Research and development		547,445			520,406
Sales and marketing		8,387			3,633
Total operating costs and expenses		3,467,724			2,397,357

Total operating (loss)	$	(7,728,681	)	$	(2,287,047	)

Other income		20,628			3,428
Other expense		(890	)		(1,797	)
Loss from continuing operations		(7,708,943	)		(2,285,416	)
Loss from discontinued operations		-			(157,457	)
Net (loss)	$	(7,708,943	)	$	(2,442,873	)

Loss per common share, basic and diluted:
Loss from continuing operations	$	(0.36	)	$	(4.79	)
Loss from discontinued operations		-			(0.33	)
Net (loss) per common share, basic and diluted	$	(0.36	)	$	(5.12	)


Weighted average shares used in computation – basic and diluted		21,184,617			476,835

See accompanying notes to unaudited condensed consolidated financial statements.

AXE COMPUTE INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 and 2025

(Unaudited)

	Series B Preferred				Common Stock				Additional Paid-In			Accumulated
	Shares		Amount		Shares		Amount		Capital			Deficit			Total
Balance at December 31, 2025		79,246	$	792		4,083,173	$	40,832	$	461,196,805		$	(413,521,474	)	$	47,716,955
Share-based compensation related to instruments granted to employees		-		-		-		-		111,358			-			111,358
Issuance of common stock, net, in connection with restricted stock units vesting		-		-		13,242		132		(17,576	)		-			(17,444	)
Issuance of shares to non-employees		-		-		23,613		237		168,597			-			168,833
Issuance of shares pursuant to pre-funded warrant exercises		-		-		1,419,239		14,192		(14,192	)		-			-
Net loss		-		-		-		-		-			(7,708,943	)		(7,708,943	)
Balance at March 31, 2026		79,246	$	792		5,539,267	$	55,394	$	461,444,992		$	(421,230,417	)	$	40,270,760

	Series B Preferred				Common Stock				Additional Paid-In		Accumulated
	Shares		Amount		Shares		Amount		Capital		Deficit			Total
Balance at December 31, 2024		79,246	$	792		444,475	$	4,445	$	180,218,424	$	(180,426,271	)	$	(202,610	)
Issuance of shares pursuant to warrant exercises		-		-		95,601		956		1,533,426		-			1,534,382
Issuance of shares pursuant to Registered Direct Offering, net of issuance costs		-		-		24,223		242		465,063		-			465,305
Issuance of shares pursuant to Renovaro Extension Agreement		-		-		31,153		312		499,688		-			500,000
Net loss		-		-		-		-		-		(2,442,873	)		(2,442,873	)
Balance at March 31, 2025		79,246	$	792		595,452	$	5,955	$	182,716,601	$	(182,869,144	)	$	(145,796	)

See accompanying notes to unaudited condensed consolidated financial statements.

AXE COMPUTE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended
	March 31,
	2026			2025
Cash flow from continuing operating activities:
Net loss	$	(7,708,943	)	$	(2,442,873	)
Less: (loss) from discontinued operations		-			(157,457	)
Net loss from continuing operations		(7,708,943	)		(2,285,416	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		28,416			32,611
Amortization of operating lease right-of-use assets		151,106			133,455
Share-based compensation		111,358			-
Cost of booking compute using digital assets		32,002			-
Gains/losses on digital assets		4,296,268			-

Changes in assets and liabilities:
Accounts receivable		(627,205	)		(25,674	)
Prepaid expense and other assets		(59,424	)		77,578
Accounts payable		(494,682	)		169,955
Accrued expenses and other		35,674			1,179,275
Contract liabilities		642,240			(72,500	)
Operating lease liability		(153,233	)		(195,124	)
Net cash (used in) continuing operating activities:		(3,746,423	)		(985,840	)

Cash flow from continuing investing activities:
Purchase of property and equipment		(21,000	)		-
Net cash (used in) continuing investing activities:		(21,000	)		-

Cash flow from continuing financing activities:
Proceeds from issuance of common stock and warrants		14,193			2,579,386
Costs to issue common stock and warrants		(14,192	)		(79,699	)
Payments for taxes related to net share settlement of restricted stock units		(17,443	)
Repayment of note payable		(80,741	)		-
Net cash (used in) provided by continuing financing activities		(98,183	)		2,499,687

Discontinued operations:
Net cash provided by operating activities		-			229,494
Net cash provided by investing activities		-			625,000
Net cash provided by financing activities		-			-
Net cash provided by discontinued operations		-			854,494

Net (decrease) increase in cash		(3,865,606	)		2,368,341
Cash and cash equivalents from continuing operations at beginning of period		10,790,850			611,822
Cash and cash equivalents from discontinued operations at beginning of period		-			122,851
Less: Cash from discontinued operations at end of period		-			(15,426	)
Cash and cash equivalents from continuing operations at end of period	$	6,925,244		$	3,087,588

Supplemental disclosure for cash flow information:
Cash payments for interest	$	890		$	1,797

Non-cash transactions:
Common stock issued to settle accrued compensation	$	168,833			-
Shares issued for vested RSUs, net of shares withheld for taxes		132			-
Realized gain on prepayment using digital assets		(2,374	)		-

See accompanying notes to unaudited condensed consolidated financial statements.

AXE COMPUTE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – COMPANY INFORMATION

Nature of Operations

Axe Compute Inc. (“Axe Compute” or the “Company”) provides customers with access to graphics processing unit (“GPU”) compute capacity for artificial intelligence (“AI”) and other high-performance computing workloads through a distributed network model, including infrastructure made available through the Aethir network. The Company operates a digital asset treasury (the “Treasury Strategy”) focused on the Aethir token (“ATH”), the native utility token of the Aethir network. Collectively, these activities are referred to as the Compute Services and Treasury Management operating segment. The Company has operated this segment since late 2025 when it undertook a significant strategic shift by adopting the Treasury Strategy and began expanding its business strategy to include the GPU compute business.

The Company maintains its legacy oncology drug discovery solutions business, which was previously conducted under the Predictive Oncology Inc. name. Current operations in this business are limited, and in February 2026, the Company announced that it is exploring strategic alternatives, including a potential sale or other disposition. However, the Company’s Board of Directors has not committed to a specific course of action. Historically, this business applied AI to support the discovery and development of cancer therapies, with the objective of improving treatment effectiveness and patient outcomes. The business leveraged AI capabilities to provide actionable insights about drug compounds to improve the drug discovery process and increase the probability of drug compound success. Accordingly, the oncology drug discovery solutions business did not meet the criteria under Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) 205-20, Discontinued Operations to be classified as discontinued operations and held for sale, and therefore is reflected as continuing operations within these condensed consolidated financial statements.

For further discussion of the Company’s operating segments as of and for the three months ended March 31, 2026, see Note 14 – Segment Information.

Aethir Treasury Strategy

On September 29, 2025, the Company announced the launch of its Treasury Strategy focused on ATH. Aethir is a leading decentralized physical infrastructure network developed by DCI Foundation, a Panama foundation company (“DCI”), that provides a decentralized GPU network, connecting producers and consumers of GPU compute power at enterprise scale, supporting applications such as artificial intelligence computation, gaming and cloud workloads. ATH, the native token of the Aethir network, is a utility token used for GPU rentals, staking, validation and the provision of network rewards on the Aethir network. ATH functions as a proxy for a unit of GPU compute power and serves as a medium of exchange and unit of incentives for participants in the Aethir network. Participants in the Aethir network can generate yield or other rewards by staking or lending ATH or by otherwise serving as a source of ATH liquidity.

Pursuant to the Treasury Strategy, the Company intends to continue acquiring additional ATH in the open market and intends to earn yield on its ATH treasury holdings by engaging in ATH staking and other activities, though the Company had not yet commenced any staking activities as of March 31, 2026. As a holder of ATH, the Company accrues unrealized gains or losses from any appreciation or depreciation, as applicable, in the value of ATH tokens, which trade on various cryptocurrency exchanges.

The Treasury Strategy is overseen by the Cryptocurrency Subcommittee of the Company’s board of directors. The Company’s management is focusing its resources on the Treasury Strategy and a significant portion of the Company’s balance sheet will be allocated to holding ATH pursuant to its Treasury Strategy.

Currently the Treasury Strategy is primarily dedicated to ATH, and the Company does not intend to allocate treasury assets to other digital assets in the near term. As a result, the Company’s assets will be highly concentrated in a single digital asset. Adverse developments specific to ATH, its protocol, or its network could have a disproportionate impact on the Company’s financial condition and results of operations.

The Company’s Treasury Strategy is intended to bring value to its stockholders through the following:

●

utilizing proceeds from equity and debt financings to purchase and hold ATH;

●

staking the majority of the ATH in the Company’s treasury to earn a staking yield and turn the treasury into a productive asset;

●

purchasing locked ATH at a discount to the current spot price; and

●

selling the Company’s ATH holdings, whether on the open market, through block trades, or other negotiated transactions, for various reasons and at various times, including, in order to fund its working capital and general corporate needs.

●

entering into arrangements with customers as a GPU compute services provider where the Company procures GPU compute capacity and resells that capacity to downstream customers.

Refer to the subheading “Risks and Uncertainties” below for further discussion regarding risks related to the Company’s Treasury Strategy.

Liquidity

Since the adoption of the Company’s Treasury Strategy, the Company has raised capital through private investment in public equity (“PIPE”) transactions and at-the-market (“ATM”) sales of shares of common stock. The Company has deployed the majority of the cash proceeds from these transactions to acquire ATH. Additional details regarding these equity offerings are included in Note 11 – Stockholders’ Equity. These capital raises have strengthened the Company’s liquidity position, and the $6.9 million of cash and cash equivalents remaining as of March 31, 2026, together with $20.2 million of digital assets, represent readily accessible sources of liquidity. The Company believes its sources of liquidity will be sufficient to allow the Company to fund its planned operations for at least the next twelve months from the date of this Quarterly Report on Form 10-Q.

Reverse Stock Split

On September 19, 2025, the Company’s stockholders approved an amendment to the Company’s certificate of incorporation, as amended, to effect a one-for-fifteen reverse stock split of the Company’s common stock. On September 29, 2025, the Company completed a one-for-fifteen reverse stock split that was effective for trading purposes on September 30, 2025 (the “Reverse Stock Split”). All numbers of shares and per-share amounts in this report have been adjusted to reflect the Reverse Stock Split.

As a result of the Reverse Stock Split, every 15 shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock, without any change in the par value per share. No fractional shares were issued as a result of the Reverse Stock Split and any fractional shares that would otherwise have resulted from the Reverse Stock Split were rounded up to the nearest whole share. The Reverse Stock Split did not change the total number of authorized shares of common stock or preferred stock.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The Company has prepared the condensed consolidated financial statements and related unaudited financial information in the notes in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim condensed consolidated financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments, which in the opinion of management, are necessary to present fairly the Company’s position, the results of its operations, and its cash flows for the interim periods. These interim condensed consolidated financial statements reflect all intercompany eliminations. These interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and the notes thereto contained in the Annual Report on Form 10-K filed with the SEC on March 31, 2026.

As of and for the three months ended March 31, 2026, and 2025, the Company had two wholly owned subsidiaries, Helomics Corporation and Skyline Medical Inc. (“Skyline Medical”). On March 14, 2025, the Company sold the Skyline Medical business pursuant to an asset purchase agreement with DeRoyal Industries, Inc.; however, Skyline Medical remained a wholly owned subsidiary of Axe Compute following the transaction, with its activities limited to wind-down efforts that were substantially completed as of December 31, 2025. The condensed consolidated financial statements include the accounts of the Company and these wholly owned subsidiaries, with all intercompany transactions and balances eliminated, as of and for the three months ended March 31, 2026 and 2025.

Discontinued Operations

In March 2025, the Company disposed of its former Eagan operating segment. Disposal groups that meet the discontinued operations criteria provided in ASC 205-20-45 are classified as discontinued operations. Assets and liabilities of discontinued operations are presented separately in the Company’s condensed consolidated balance sheets and results of discontinued operations are reported as a separate component of net loss in the Company’s condensed consolidated statements of net loss for all periods presented, resulting in changes to the presentation of certain prior period amounts. Results of discontinued operations are excluded from segment results for all periods presented. Cash flows from discontinued operations are also reported separately in the Company’s condensed consolidated statements of cash flows.

Refer to Note 3 – Discontinued Operations for additional discussion of discontinued operations. All other notes to these condensed consolidated financial statements present the results of continuing operations and exclude amounts related to discontinued operations for all periods presented.

Accounting Policies and Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and during the reporting period. Actual results could materially differ from those estimates. Estimates are used in the following areas, among others: variable consideration associated with revenue recognition, stock-based compensation expense, fair value of derivatives including embedded derivatives, fair value of digital assets, fair value of long-lived assets for impairment analyses, the valuation allowance included in the deferred income tax calculation, and accrued expenses.

Note 2 to the annual consolidated financial statements contained in the Annual Report on Form 10-K filed with the SEC on March 31, 2026, describes the significant accounting policies and estimates used in preparation of the consolidated financial statements. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2026, with the exception of the items noted below.

Revenues from GPU Compute Services

Revenue from the Company’s GPU Compute Services segment is generated from subscription-based arrangements with enterprise, research, and commercial customers under master services agreements and related order forms. These arrangements provide customers with continuous access to specified GPU compute resources (including GPU type, quantity, and configuration) at designated data center locations over defined service periods, which may range from month-to-month to multi-year terms. Certain contracts also include ancillary storage services, which are accounted for as separate performance obligations when distinct.

The Company procures GPU compute capacity from third-party node operators and decentralized cloud infrastructure platforms and resells that capacity to its customers. The Company has concluded that it acts as a principal in these arrangements, as it controls the GPU compute services prior to transferring to the customer, including directing the use of, and obtaining substantially all benefits from, the underlying capacity. Additionally, the Company bears inventory risk and has full discretion regarding the pricing of contracts with customers. Accordingly, revenue is recognized on a gross basis.

GPU compute and related storage services are each considered a series of distinct services that are substantially the same and are satisfied over time, as customers simultaneously receive and consume the benefits of these services as they are provided. Revenue is recognized over time using an output method that faithfully depicts the Company’s performance. For fixed-fee arrangements, revenue is recognized on a straight-line basis over the applicable service period, as the customer receives a consistent level of benefit throughout the term. Usage-based fees, including overage charges based on GPU-hours consumed in excess of contractual limits, are recognized as revenue in the period in which the usage occurs.

The transaction price primarily consists of fixed monthly subscription fees, which are generally non-cancellable and non-refundable during the contract term. Arrangements might include usage-based overages; however, for the period ending March 31, 2026, any variable consideration was immaterial. Variable consideration is included in revenue only to the extent it is probable that a significant reversal will not occur. For contracts with multiple performance obligations, such as combined GPU compute and storage services, the transaction price is allocated to performance obligations based on relative standalone selling prices. The Company has concluded that these arrangements do not contain significant financing components.

Risks and Uncertainties

Note 1 to the annual consolidated financial statements contained in the Annual Report on Form 10-K filed with the SEC on March 31, 2026, describes certain risks and uncertainties associated with the Company and relevant to the Company’s consolidated financial statements. There have been no additional risks and uncertainties identified by Management in the three months ended March 31, 2026.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the FASB. Recently issued ASUs not listed below either were assessed and determined to be not applicable or are currently expected to have no impact on the consolidated financial statements of the Company.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires more detailed disclosures related to certain costs and expenses. The guidance requires entities to disclose amounts of certain expense categories included in expense captions presented on the face of the income statement, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The disclosure requirements may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures.

NOTE 3 – DISCONTINUED OPERATIONS

On March 14, 2025, the Company entered into an asset purchase agreement (the “APA”) and closed the transactions contemplated therein with DeRoyal Industries, Inc., a Tennessee corporation (“DeRoyal”), to sell and assign to DeRoyal assets and liabilities exclusively related to the business of providing products for automated, direct-to-drain medical fluid disposal, including the Company’s STREAMWAY® product line (the “Eagan Business”). These assets were operated by the Company’s wholly owned subsidiary, Skyline Medical, and were previously reported in the Company’s Eagan operating segment. The purchased assets exclusively related to the Eagan Business included but were not limited to cash, certain accounts receivable, inventories, patents, fixed assets, and real property leased by the Company and exclusively used in connection with the Eagan Business. The total purchase price for the assets was $625,000, plus the assumption of certain liabilities related to the Eagan Business including the lease for the office and warehouse space located at 2915 Commers Drive Suite 900 Eagan, MN 55121, certain accounts payable, and contract liabilities associated with the Eagan Business. The ongoing activities of the former Eagan operating segment are limited to wind down activities. As a result of these developments, the former Eagan operating segments have been reclassified to discontinued operations in these condensed consolidated financial statements for all periods presented.

The balance sheet as of March 31, 2026, does not include any assets and liabilities of discontinued operations. The following table presents a reconciliation of the carrying amounts of the major classes of assets and liabilities to the current assets and liabilities of discontinued operations as presented in the Company’s condensed consolidated balance sheet as of March 31, 2025:

	March 31, 2025
Assets:
Cash	$	15,426
Accounts receivable, net		54,038
Prepaid expense and other assets		28,183
Total current assets of discontinued operations		97,647

Other long-term assets		4,031
Total assets of discontinued operations	$	101,678

Liabilities:
Accounts payable	$	2,066
Accrued expenses and other liabilities		223,079
Lease liability		89,040
Total current liabilities of discontinued operations		314,185

Total liabilities	$	314,185

The statement of net loss as of March 31, 2026, does not include any discontinued operation activity. The following table provides details about the major classes of line items constituting the loss from discontinued operations presented in the Company’s condensed consolidated statement of net loss for the three months ended March 31, 2025:

	For the three months ended March 31,
	2025
Revenue	$	157,179
Cost of sales		122,800
Gross profit from discontinued operations		34,379

Operating expenses:
General and administrative		103,238
Research and development		122,826
Sales and marketing		130,318
Total operating expenses		356,382
Total operating (loss) from discontinued operations		(322,003	)
Gain on disposal of discontinued operations		172,451
Other (expense)		(7,905	)
Net (loss) from discontinued operations	$	(157,457	)

The gain on disposal of discontinued operations for the three months ended March 31, 2025, represents the gain on assets sold and liabilities assumed by DeRoyal.

NOTE 4 – CONTRACTS WITH CUSTOMERS

The Company records a receivable when it has an unconditional right to receive consideration based on contract terms. As of March 31, 2026 and December 31, 2025, accounts receivable totaled $0.7 million and $0.03 million, respectively. The allowance for accounts receivable balance was $0 as of both March 31, 2026, and December 31, 2025.

The Company’s accounts receivable balance was concentrated among one customer as of March 31, 2026. One customer accounted for approximately 79% of total accounts receivable. The Company monitors the creditworthiness of its customers on an ongoing basis and believes that its credit risk is limited due to the financial strength and payment history of these customers. Management does not expect any material losses from these receivable concentrations and has not recorded an allowance for doubtful accounts, as all receivables are considered highly collectible.

Advance payments received in excess of revenues recognized and prepayment amounts are classified as contract liabilities until the appropriate revenue recognition criteria have been met. The Company has recorded contract liabilities related to Drug Discovery Services and Compute Services. As of March 31, 2026, the Company had contract liabilities of $0.8 million, of which $0.1 million related to Drug Discovery Services and $0.7 million related to Compute Services. As of December 31, 2025, the Company had contract liabilities of $0.1 million, all of which related to Drug Discovery Services.

During the three months ended March 31, 2026, no revenue was recorded relating to the contract liabilities as of December 31, 2025. The Company’s contract liabilities as of March 31, 2026, represent its remaining performance obligations for Drug Discovery Services and Compute Services that will be recognized as revenue over time as the services are delivered.

NOTE 5 – DIGITAL ASSETS

The Company’s digital assets, as presented on the condensed consolidated balance sheets for the periods indicated, consist primarily of ATH. ATH qualifies for recurring fair-value measurement under ASC 350-60, Intangibles — Goodwill and Other — Accounting for and Disclosure of Crypto Assets, with changes in fair value recognized in earnings in accordance with ASC 820, Fair Value Measurement, based on quoted (unadjusted) prices on the principal market of the Company for ATH (Level 1 inputs). The following table summarizes the number of units held, cost basis, and fair value of ATH as of March 31, 2026 and December 31, 2025:

	Units Held		Cost Basis		Fair Value
March 31, 2026		2,832,954,016	$	100,951,597	$	20,233,245
December 31, 2025		2,837,163,868	$	101,258,178	$	24,439,334

Cost basis represents the purchase price of digital assets, including transaction fees, if any, at the time of acquisition or upon receipt. Fair value represents quoted prices for the digital assets in the Company’s principal market at 11:59 p.m. Eastern Time on each reporting date in accordance with the Company’s crypto-asset valuation policy.

The following table represents a reconciliation of digital assets held, for ATH specific activity:

	For the Quarter Ended March 31, 2026
Fair Value, December 31, 2025	$	24,439,334
ATH used in operations		(32,088	)
Unrealized gain / (loss)		(4,174,001	)
Fair Value, March 31, 2026	$	20,233,245

Side Letter

In connection with private placement transactions completed in October 2025 to support the Treasury Strategy, the Company entered into a side letter agreement (the “Side Letter”) with DCI, effective October 7, 2025. Pursuant to the Side Letter, for each ATH token purchased by the Company in the open market, whether through centralized or decentralized exchanges operating on the Ethereum Network, DCI will grant the Company additional ATH tokens equal to 20% of the number of tokens purchased (the “Bonus ATH”), to be delivered within 30 days of the related purchase. The Bonus ATH is not subject to restrictions upon receipt.

The Company accounts for the Side Letter as a derivative instrument. As of March 31, 2026 and December 31, 2025, respectively, no derivative asset was recognized, as all Bonus ATH associated with open market purchases made during the period had been received from DCI.

For the three months ended March 31, 2026, the Company did not receive any Bonus ATH as there were no open market purchases of ATH made during the period. The cost basis of the ATH received in prior periods pursuant to the Side Letter and subsequent fair value adjustments thereto are recorded within “Gains (losses) on digital assets” on the condensed consolidated statements of operation.

Digital asset receivable

A portion of the Company’s ATH holdings consists of contractual rights to receive ATH tokens that are subject to time-based vesting and transfer restrictions (“Locked ATH”). Locked ATH was obtained pursuant to Simple Agreements for Future Tokens (“SAFTs”) and is administered through an on-chain smart contract deployed on the Ethereum mainnet. Prior to vesting and claim, the Company does not have control of the underlying ATH tokens and is not able to transfer, sell, stake, pledge, or otherwise deploy such tokens.

The smart contract enforces the applicable vesting schedules and restricts access to the ATH tokens until the vesting conditions are satisfied. Upon satisfaction of the vesting conditions, the Company must affirmatively claim the unlocked ATH tokens through the smart contract interface, at which point the tokens are released from restriction and transferred to a Company-controlled wallet. Until such claim occurs, the Locked ATH represents a contractual right to receive ATH in the future rather than a digital asset held by the Company.

As of March 31, 2026, the Company held rights to receive ATH tokens that remain subject to vesting and claim requirements. The vesting period for these ATH tokens ranges from less than one month to approximately 3 years. These restrictions are specific to the underlying ATH tokens. Upon vesting and claim, the restrictions lapse and the Company obtains control of the ATH tokens, which may then be held, transferred to custodial accounts, staked, or otherwise deployed in accordance with the Company’s Treasury Strategy.

As of March 31, 2026, the Company recorded a digital asset receivable of $15.4 million related to the Locked ATH, consisting of a host receivable of $93.4 million, net of an embedded derivative liability measured at fair value of $78.0 million. The change in fair value of the embedded derivative of $0.1 million for the three months ended March 31, 2026, was recognized within “Gains (losses) on digital assets” in the condensed consolidated statements of net loss.

As of December 31, 2025, the Company recorded a digital asset receivable of $15.5 million related to the Locked ATH, consisting of a host receivable of $93.4 million, net of an embedded derivative liability measured at fair value of $77.9 million. The change in fair value of the embedded derivative of $77.9 million for the year ended December 31, 2025 was recognized within “Gains (losses) on digital assets” in the condensed consolidated statements of net loss.

NOTE 6 – FAIR VALUE MEASUREMENTS

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value as of March 31, 2026 and December 31, 2025, respectively. Fair value estimates do not necessarily represent the amounts that may be ultimately realized.

March 31, 2026	Fair Value		Level 1		Level 2		Level 3
Assets:
Digital assets	$	20,233,245	$	20,233,245	$	-	$	-
Embedded derivative related to digital asset receivable	$	78,013,025	$	-	$	-	$	78,013,025

December 31, 2025	Fair Value		Level 1		Level 2		Level 3
Assets:
Digital assets	$	24,439,598	$	24,439,598	$	-	$	-
Embedded derivative related to digital asset receivable	$	77,893,482					$	77,893,482

The embedded derivative related to the digital asset receivable must be remeasured at fair value each reporting period in accordance with ASC 815, Derivatives and Hedging. Because there is no directly observable market for illiquid, contractually restricted ATH tokens subject to a time-based vesting schedule, the embedded derivative related to digital asset receivable is classified as Level 3. The key unobservable input is the discount applied to reflect the lack of transferability and control during the restriction period. The discount is determined based on the remaining vesting period from each reporting period to the date on which the tokens become fully vested and available to claim, and is reduced ratably at each subsequent measurement date until it reaches zero at full vesting. As of the quarter ended March 31, 2026, applied discounts ranged from approximately 25% to 50%. As of December 31, 2025, applied discounts ranged from approximately 30% to 55%. Changes in fair value of the embedded derivative are recognized in the consolidated statements of net loss within "Gains (losses) on digital assets." There were no transfers into or out of Level 3 of the fair value hierarchy during the quarter ended March 31, 2026, or the year ended December 31, 2025.

NOTE 7 – PROPERTY AND EQUIPMENT, NET

The Company’s property and equipment, net consisted of the following:

	As of March 31, 2026			As of December 31, 2025
Computers, software, and office equipment	$	170,350		$	170,350
Leasehold improvements		166,847			166,847
Laboratory equipment		1,713,230			1,692,230
Total		2,050,427			2,029,427
Less: Accumulated depreciation		(1,833,571	)		(1,806,299	)
Total Property and equipment, net	$	216,856		$	223,128

Depreciation expense, recorded within general and administrative expenses of continuing operations, was $27,272and $31,467 for the three months ended March 31, 2026 and 2025, respectively.

No impairment charges related to property and equipment held and used in continuing operations were incurred during the three months ended March 31, 2026 and 2025, respectively.

NOTE 8 – CONTINGENCIES

In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes, or claims. In accordance with ASC 450, Contingencies (“ASC 450”), the Company accrues a liability for legal contingencies when it is probable that a liability has been incurred, and the amount of the loss can be reasonably estimated. If there is at least a reasonable possibility that a loss may be incurred, ASC 450 requires disclosure of a loss contingency.

There have been no material changes to the Company’s contingencies as disclosed in the Form 10-K for the year ended December 31, 2025.

NOTE 9 – LEASES

The Company’s corporate offices and other offices are located in Pittsburgh, Pennsylvania. The leases are effective through February 29, 2028.

Lease expense under operating lease arrangements, recorded within general and administrative expenses of continuing operations, was $196,168 and $189,273 for the three months ended March 31, 2026 and 2025, respectively.

The following table summarizes the operating lease asset and liabilities recorded as of March 31, 2026 and December 31, 2025:

	March 31, 2026			December 31, 2025
Operating lease right-of-use asset, gross	$	2,922,365		$	2,922,365
Accumulated amortization		(1,585,768	)		(1,434,662	)
Operating lease right-of-use asset, net		1,336,597			1,487,703

Short-term operating lease liabilities		680,470			653,743
Long-term operating lease liabilities		724,535			904,495
Total operating lease liabilities	$	1,405,005		$	1,558,238

Weighted average remaining lease term – operating leases in years		1.92			2.16
Weighted average discount rate – operating leases		13	%		13	%

The Company’s operating lease obligations as of March 31, 2026, which include expected lease extensions that are reasonably certain of renewal, were as follows:

2026 (remaining 9 months)	$	605,427
2027		827,909
2028		139,023
Total lease payments		1,572,359
Less: interest		(167,354	)
Present value of lease liabilities	$	1,405,005

NOTE 10 – NOTE PAYABLE

In June 2025, the Company purchased director and officer insurance policies with a policy period ending June 2026 and financed $264,048 of its total premium by entering into a note payable with a finance provider that requires ten monthly installment payments through April 2026. The note is secured by a first priority lien on the financed policies. The short-term note bears interest at an annual percentage rate of 6.6% over the life of the note. As of March 31, 2026, and December 31, 2025, the outstanding balance of the note was $27,210 and $107,951 including interest, respectively.

NOTE 11 – STOCKHOLDERS’ EQUITY

Registered Direct Offering

On February 18, 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with several institutional and accredited investors for the sale by the Company of 24,223 shares (the “Registered Direct Offering Shares”) of the Company’s common stock, par value $0.01 per share, at a purchase price of $22.50 per share, in a registered direct offering. The offering closed on February 19, 2025. The gross proceeds to the Company from the offering were approximately $545,000, before deducting the placement agent’s fees and other offering expenses. The Registered Direct Offering Shares were offered and sold by the Company pursuant to an effective shelf registration statement on Form S-3 (File No. 333-279123).

The Company agreed to pay H.C. Wainwright & Co., LLC (“Wainwright”), as placement agent, an aggregate fee equal to 7.0% of the gross proceeds received by the Company from the sale of the securities in the offering as well as a management fee equal to 1.0% of such gross proceeds, and $15,000 for fees and expenses of legal counsel. The Company also issued to Wainwright, or its designees, warrants to purchase up to 7.0% of the aggregate number of shares of the Company’s common stock sold in the transactions, or warrants to purchase up to an aggregate of 1,698 shares of the Company’s common stock (the “Registered Direct Offering Placement Agent Warrants”). The Registered Direct Offering Placement Agent Warrants are exercisable for five years from the commencement of sales in the offering and have an exercise price equal to 125% of the purchase price of shares of the Company’s common stock sold in the offering, or $28.13 per share. The Registered Direct Offering Placement Agent Warrants and the shares issuable upon exercise of the Registered Direct Offering Placement Agent Warrants were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and in reliance on similar exemptions under applicable state laws.

Renovaro Subscription Agreement

On March 13, 2025, the Company executed a share subscription agreement with Renovaro, pursuant to the Extension Agreement dated February 28, 2025, that amended the previous LOI between the parties. Pursuant to the share subscription agreement, Renovaro subscribed to purchase and the Company sold to Renovaro 31,153 unregistered shares of the Company’s common stock at a price of $16.05 per share for a total purchase price of $500,000. The closing of this share issuance occurred on March 17, 2025.

At The Market Offering

On May 3, 2024, the Company entered into an at-the-market (“ATM”) sales agreement with Wainwright, under which it may issue and sell shares of its common stock, with Wainwright acting as sales agent and receiving a 3.0% commission on gross proceeds. The Company subsequently filed a shelf registration statement and prospectus supplement.

On April 18, 2025, in accordance with the terms of the Sales Agreement, the Company filed a prospectus supplement to the May 2024 Shelf Registration Statement relating to the offer and sale of up to an additional $1,491,000 of shares of the Company’s common stock.

On June 2, 2025, in accordance with the terms of the Sales Agreement, the Company determined to further increase the number of shares it may sell under the Sales Agreement, from the approximately $1,352,000 remaining as of May 31, 2025 up to an aggregate of $3,398,000, and the Company filed an additional prospectus supplement with the SEC on June 2, 2025.

On October 29, 2025, in accordance with the terms of the Sales Agreement, the Company determined to further increase the number of shares it may sell under the Sales Agreement, from the approximately $2,292,000 remaining as of September 30, 2025 up to an aggregate of $18,330,000, and the Company filed an additional prospectus supplement with the SEC on October 29, 2025.

As of March 31, 2026, approximately $18,330,000 remained available to the Company for sales under the Sales Agreement.

During the three months ended March 31, 2026, there were no shares of common stock issued or sold under the Sales Agreement.

Standby Equity Purchase Agreement

On July 1, 2025, the Company entered into a standby equity purchase agreement (the “SEPA”) with YA II PN, LTD., a Cayman Islands exempt limited company (“Yorkville”). Pursuant to the SEPA, the Company has the right to sell to Yorkville up to $10 million in shares of its common stock, subject to certain limitations and conditions set forth in the SEPA, from time to time during the term of the SEPA. Sales of the shares of common stock to Yorkville under the SEPA, and the timing of any such sales, are at the Company’s option, and the Company is under no obligation to sell any shares of common stock to Yorkville under the SEPA. In connection with the execution of the SEPA, the Company issued 8,033 shares of its common stock to Yorkville as consideration for its commitment to purchase the Company’s common stock pursuant to the SEPA.

The Company has the right, but not the obligation, from time to time at its discretion until the first day of the month following the 36-month period after the date of the SEPA, to direct Yorkville to purchase a specified number of shares of the Company’s common stock (each such sale, an “Advance”) by delivering written notice to Yorkville (each, an “Advance Notice”). The per share purchase price for the shares of common stock, if any, that the Company elects to sell to Yorkville in an Advance pursuant to the SEPA will be determined by reference to the volume weighted average price of the Company’s common stock (the “VWAP”) and calculated in accordance with the SEPA, less a discount of 4.0%. The Company filed a registration statement on Form S-1 for the resale of up to 128,114 shares by Yorkville on July 18, 2025, which was declared effective by the SEC on July 28, 2025.

On September 19, 2025, the Company received approval from its stockholders to issue shares of its common stock to Yorkville under the SEPA in excess of 19.99% of the number of shares of common stock outstanding as of the date of the SEPA (the “Exchange Cap”). Yorkville is not obligated to purchase or acquire, and shall not purchase or acquire, any shares of common stock under the SEPA which, when aggregated with all other shares of the Company’s common stock then beneficially owned by Yorkville and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by Yorkville and its affiliates exceeding 4.99% of the then outstanding voting power or number of shares of the Company’s common stock.

As of March 31, 2026, the Company had sold no shares pursuant to the SEPA.

September 2025 Private Placements and Related Agreements

On September 29, 2025, the Company entered into a securities purchase agreement (the “Crypto SPA”) with certain accredited investors pursuant to which the Company agreed to sell and issue to such investors in a private placement (the “Crypto PIPE Offering”) pre-funded warrants (the “Crypto PIPE Warrants”). Also on September 29, 2025, the Company entered into a securities purchase agreement (the “Cash SPA,” and together with the Crypto SPA, the “September SPAs”), pursuant to which it agreed to sell and issue to certain accredited investors, in exchange for cash (the “Cash PIPE Offering,” and together with the Crypto PIPE Offering, the “PIPE Offerings”), the Company’s common stock and warrants (the “Cash PIPE Warrants”). The PIPE Offerings closed October 7, 2025 (the “Closing Date”).

Cash PIPE and Crypto PIPE

In the Cash PIPE Offering, the Company sold an aggregate of 4,366,703 shares of common stock (or pre-funded warrants at a nominal $0.01 exercise price per share to purchase shares of common stock, in lieu thereof) to certain accredited investors for $11.6265 per share. Aggregate Cash PIPE Offering proceeds were $50.8 million before issuance fees and expenses.

In the Crypto PIPE, the Company issued, to certain accredited investors, Crypto PIPE Warrants to purchase up to 14,903,393 shares of its common stock at a nominal $0.01 exercise price per share. As consideration for the Crypto PIPE Warrants, the Company received ATH from purchasers, including Locked ATH, with an aggregate notional value and discounted value of $292.7 million and $173.3 million, respectively.

The Crypto SPA was determined to meet the definition of a derivative in accordance with ASC 815. The settlement amount of the derivative was affected by changes in the USD value of ATH contributed by investors between the effective date of the Crypto SPA on September 29, 2025, and the Closing Date. Because the Crypto SPA obligated the Company to issue a fixed number of shares while the settlement value of those shares was indexed to the price of ATH, the Crypto SPA was classified as a derivative liability and the Company recorded a liability as of September 29, 2025, at its then-fair value with the offsetting entry to earnings. The derivative liability was remeasured as of October 7, 2025 immediately prior to settlement, resulting in a $52.7 million loss recognized within earnings and presented on the consolidated statement of net loss for the year ended December 31, 2025 within “Gain (loss) on derivative instruments.” The derivative liability was fully settled when the Crypto PIPE Offering closed on October 7, 2025, on which date the purchasers in the Crypto PIPE Offering tendered ATH to the Company and the Company issued the Crypto PIPE Warrants to purchasers.

There were 1,419,239 pre-funded warrants exercised for the three months ended March 31, 2026, and the total number of pre-funded warrants outstanding was 14,699,856 as of March 31, 2026, all of which were vested and exercisable and have no expiration date.

Wainwright Engagement Agreement

In connection with the PIPE Offerings, on October 7, 2025, the Company issued five-year warrants (the “Placement Agent Warrants”) to Wainwright, which was the exclusive placement agent for the transactions. The Placement Agent Warrants entitle Wainwright or its designees to purchase up to 218,335 shares of the Company’s common stock (the “Placement Agent Warrant Shares”), which number of Placement Agent Warrant Shares is equal to 5% of the shares of common stock and Cash Pre-Funded Warrants issued in the Cash PIPE, at an exercise price of $11.6265 per share. The Placement Agent Warrants had a grant date fair value of approximately $2.5 million, which were accounted for as an incremental offeri

SEC Form 10-Q filed by Axe Compute Inc.