CHRN 10-K

ChronoScale Holdings Corp (CHRN)

10-K 2026-02-23 For: 2025-12-31

View Original

Added on April 07, 2026

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.001 par value	EKSO	Nasdaq Stock Market LLC
		(Nasdaq Capital Market)

	Part I
Item 1	Business	4
Item 1A	Risk Factors	11
Item 1B	Unresolved Staff Comments	27
Item 1C	Cybersecurity	27
Item 2	Properties	27
Item 3	Legal Proceedings	27
Item 4	Mine Safety Disclosures	27
	Part II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	28
Item 6	Reserved	28
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	36
Item 8	Financial Statements and Supplementary Data	37
Item 9	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	69
Item 9A	Controls and Procedures	69
Item 9B	Other Information	69
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	69
	Part III
Item 10	Directors, Executive Officers and Corporate Governance	70
Item 11	Executive Compensation	70
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	70
Item 13	Certain Relationships and Related Transactions and Director Independence	70
Item 14	Principal Accountant Fees and Services	70
	Part IV
Item 15	Exhibits, Financial Statements and Financial Statement Schedules	71
Item 16	10-K Summary	75
	Signatures	76

•	the federal Anti-Kickback Statute, which makes it illegal for any person, including a medical device manufacturer and DME suppliers (or a party acting on its behalf), to knowingly and willfully solicit, receive, offer or pay any remuneration (including any kickback, bribe or certain rebate), directly or indirectly, overtly or covertly, in cash or in kind, or in return for, that is intended to induce or reward referrals, including the purchase, recommendation, order of a medical device or DME for which payment may be made under a federal healthcare program, such as Medicare or Medicaid. Violations are subject to civil and criminal fines and penalties for each violation, plus imprisonment and exclusion from government healthcare programs. In addition, the government may assert that a claim that includes items or services resulting from a violation of the federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the federal civil False Claims Act (“FCA”);
•	the federal civil and criminal false claims laws, including the FCA, which prohibit individuals or entities from, among other things, knowingly presenting, or causing to be presented, to the federal government, claims for payment or approval that are false, fictitious or fraudulent; knowingly making, using or causing to be made or used, a false statement or record material to a false or fraudulent claim or obligation to pay or transmit money or property to the federal government; or knowingly concealing or knowingly and improperly avoiding or decreasing an obligation to pay money to the federal government. Manufacturers can be held liable under the FCA even when they do not submit claims directly to government payers if they are deemed to “cause” the submission of false or fraudulent claims. DME companies that submit claims directly to payers may also be liable under the FCA for the direct submission of such claims. The FCA also permits a private individual acting as a “whistleblower” to bring actions on behalf of the federal government alleging violations of the FCA and to share in any monetary recovery. When an entity is determined to have violated the FCA, the government may impose civil fines and penalties for each false claim, plus treble damages, and exclude the entity from participation in Medicare, Medicaid and other federal healthcare programs;
•	the federal civil monetary penalties laws, which impose civil fines for, among other things, the offering or transfer or remuneration to a Medicare or state healthcare program beneficiary if the person knows or should know it is likely to influence the beneficiary’s selection of a particular provider, practitioner, or supplier of services reimbursable by Medicare or a state health care program, unless an exception applies;
•	the Health Insurance Portability and Accountability Act (“HIPAA”), which created additional federal criminal statutes that prohibit knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit program or obtain, by means of false or fraudulent pretenses, representations, or promises, any of the money or property owned by, or under the custody or control of, any healthcare benefit program, regardless of the payer (e.g., public or private) and knowingly and willfully falsifying, concealing or covering up by any trick or device a material fact or making any materially false statements in connection with the delivery of, or payment for, healthcare benefits, items or services relating to healthcare matters. Similar to the federal Anti-Kickback Statute, a person or entity can be found guilty of violating HIPAA without actual knowledge of the statute or specific intent to violate it;
•	HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act (the "HITECH Act”), and their respective implementing regulations, impose requirements on certain covered healthcare providers, health plans, and healthcare clearinghouses as well as their respective business associates that perform services for them that involve the use, or disclosure of, individually identifiable health information, relating to the privacy, security and transmission of individually identifiable health information. The HITECH Act also created tiers of civil monetary penalties, amended HIPAA to make civil and criminal penalties directly applicable to business associates, and gave state attorneys general new authority to file civil actions for damages or injunctions in federal courts to enforce the federal HIPAA laws and seek attorneys’ fees and costs associated with pursuing federal civil actions;
•	the federal Physician Payments Sunshine Act and its implementing regulations require manufacturers of drugs, devices, biological and medical supplies for which payment is available under Medicare, Medicaid or the Children’s Health Insurance Program (with certain exceptions) to report annually to CMS, under the Open Payments Program, information related to payments or other transfers of value made to physicians (defined to include doctors, dentists, optometrists, podiatrists and chiropractors), physician assistants, nurse practitioners, clinical nurse specialists, certified registered nurse anesthetists, and teaching hospitals, as well as ownership and investment interests held by physicians and their immediate family members; and
•	analogous state and foreign law equivalents of each of the above federal laws, such as anti-kickback and false claims laws which may apply to items or services reimbursed by any third-party payer, including commercial insurers or patients; state laws that require device companies to comply with the industry’s voluntary compliance guidelines and the applicable compliance guidance promulgated by the federal government or otherwise restrict payments that may be made to healthcare providers and other potential referral sources; state and local laws that require the licensure of sales representatives; state laws that require device manufacturers to report information related to payments and other transfers of value to physicians and other healthcare providers or marketing expenditures and pricing information; data privacy and security laws and regulations in foreign jurisdictions that may be more stringent than those in the United States (such as the European Union, which adopted the General Data Protection Regulation, which became effective in May 2018); state laws governing the privacy and security of health information in certain circumstances, many of which differ from each other in significant ways and may not have the same effect, thus complicating compliance efforts; and state laws related to insurance fraud in the case of claims involving private insurers.

	Issuing Status
	Issued		Pending
License Status	Patents		Applications
Exclusively licensed to the Company		12		—
Co-owned with a third party, exclusively licensed to the Company		4		—
Co-owned with a third party		3		—
Sole ownership by the Company		55		3
Total		74		3

•	Our proposed business combination with Applied Digital Corporation’s cloud computing business, Applied Digital Cloud, may not be completed on the terms or timeline currently contemplated or at all, which could have a material adverse effect on our business, financial condition and results of operations. We are incurring material costs in connection with our evaluation of strategic transactions, including such proposed business combination, which impacts our liquidity, prospects and our ability to survive as a standalone business, especially if no strategic transaction is consummated.
•	If we fail to manage the complex and lengthy reimbursement process, our business and operating results could be adversely affected.
•	The markets in which our products are sold are highly competitive and continue to develop, and important assumptions about the potential market for our current and future products may be inaccurate.
•	If we or our third-party manufacturers are unable to produce our products at a satisfactory quality, in a timely manner, in sufficient quantities or at an acceptable cost, our business could be negatively impacted.
•	Shortages in the materials used to manufacture our products and supply chain disruptions, including as a result of changes in trade policies, could impact our future results.
•	Coverage policies and reimbursement levels of third-party payers, including Medicare or Medicaid, may impact sales of our products.
•	The acquisition and integration of other companies, businesses, or technologies could result in operating difficulties, dilution, and other harmful consequences.
•	We may not be able to enhance our product offerings through our research and development efforts.
•	We have incurred significant losses to date and anticipate continuing to incur losses in the future, and we may not achieve or maintain profitability.
•	Our promissory note agreement imposes certain financial and operational restrictions on us, limiting the discretion of our management in operating our business.
•	Protecting our intellectual proprietary rights can be costly, and our success in doing so is not certain.
•	If we fail to obtain or maintain necessary regulatory clearances or approvals for our medical device products, or if clearances or approvals for future products or modifications to existing products are delayed or not issued, our commercial operations would be harmed.
•	Modifications to our current and our future products may require new 510(k) clearances or premarket approvals, or may require us to cease marketing or recall the modified products until clearances are obtained.
•	Our failure to meet strict post-market regulatory requirements with respect to our products could require us to pay fines, incur other costs or even close our facilities.
•	If we do not continue to satisfy the Nasdaq continued listing requirements, our common stock could be delisted from Nasdaq.
•	We might not be able to continue as a going concern.

•	we expect to have limited cash resources available to fund our ongoing operations, even after giving effect to our recent fundraising efforts. In such circumstances, our available liquidity would be insufficient to sustain operations for the next twelve months;
•	incurring substantial costs related to the Business Combination, such as financial advisory, legal, accounting and other professional services fees that have already been incurred or will continue to be incurred until and following the Closing;
•	we may experience negative reactions from the financial markets, including negative impacts on our stock price, and it is uncertain when, if ever, the price of the shares would return to the prices at which the shares currently trade;
•	the requirement in the Contribution Agreement that, unless the Contribution Agreement is terminated in accordance with its terms, we shall pay, at the Closing, all fees and expenses of the parties, including the fees and expenses of advisers, counsel, accountants and other experts, if any, as well as all other out-of-pocket expenses incurred by such parties in connection with the negotiation, preparation, execution, and delivery of the Contribution Agreement. If the Contribution Agreement is terminated in accordance with its terms, each party shall be responsible for its own expenses, and APLD Intermediate and Contributor shall be responsible for any expenses incurred by Cloud;
•	limitations on our ability to attract and retain key personnel;
•	reputational harm, including relationships with investors, customers, and business partners due to the adverse perception of any failure to successfully complete the Business Combination; and
•	potential disruption to our business and distraction of our workforce and management team to pursue other opportunities that could be beneficial to us, in each case without realizing any of the benefits of having the Business Combination completed.

•	identify the product features that people with lower extremity impairment, their caregivers, and healthcare providers are seeking in a medical device that restores mobility and successfully incorporate those features into our products;
•	identify the product features that people with lower extremity impairment or other similar indications require while the products are used at home as well as what items are valuable to the clinics that provide them rehabilitation;
•	develop and introduce proposed products in sufficient quantities and in a timely manner;
•	adequately protect our intellectual property and avoid infringing upon the intellectual property rights of third-parties;
•	demonstrate the safety, efficacy, and health benefits of proposed products; and
•	obtain the necessary regulatory clearances and approvals for proposed products.

•	subject our facility to an adverse inspectional finding or Form 483, or other compliance or enforcement notice, communication or correspondence;
•	issue warning or untitled letters that would result in adverse publicity or may require corrective advertising;
•	impose civil or criminal penalties;
•	suspend or withdraw regulatory clearances or approvals;
•	refuse to clear or approve pending applications or supplements to approved applications submitted by us;
•	impose restrictions on our operations, including closing our sub-assembly suppliers’ facilities;
•	seize or detain products; or
•	require a product recall.

	Years ended December 31,
	2025			2024			Change			% Change

Revenue	$	12,799		$	17,925		$	(5,126	)		(29	)%
Cost of revenue		5,954			8,414			(2,460	)		(29	)%
Gross profit		6,845			9,511			(2,666	)		(28	)%
Gross profit %		53	%		53	%

Operating expenses:
Sales and marketing		7,154			7,308			(154	)		(2	)%
Research and development		3,031			3,874			(843	)		(22	)%
General and administrative		9,986			8,789			1,197			14	%
Total operating expenses		20,171			19,971			200			1	%

Loss from operations		(13,326	)		(10,460	)		(2,866	)		27	%

Other income (expense), net:
Interest expense, net		(309	)		(269	)		(40	)		15	%
Gain on revaluation of warrant liabilities		1			474			(473	)		(100	)%
Loss on modification of warrant		—			(109	)		109			(100	)%
Unrealized gain (loss) on foreign exchange		1,965			(965	)		2,930			(304	)%
Other expense, net		(26	)		(1	)		(25	)		*
Total other income (expense), net		1,631			(870	)		2,501			(287	)%

Net loss	$	(11,695	)	$	(11,330	)	$	(365	)		3	%

	Payments Due By Period
	Total		Less than one year		1-3 Years		3-5 Years
B. Riley Promissory Note	$	2,400	$	2,400	$	—	$	—
Parker Hannifin Promissory Note		2,187		1,250		937		—
Facility operating leases		630		467		152		11
Purchase obligations		874		874		—		—
Total	$	6,091	$	4,991	$	1,089	$	11

	•	the provision for credit losses on accounts receivable;
	•	the valuation of inventory, which impacts gross profit margins;

	•	the estimates made regarding the recoverability of our net deferred tax asset, which impacts our financial condition;
	•	the fair value of the tangible and intangible assets acquired and liabilities assumed in our business combination;
	•	future warranty costs;
	•	accounting for leases; and
	•	useful lives assigned to long-lived assets.

	Page Number
Report of Independent Registered Public Accounting Firm	38

Consolidated Balance Sheets as of December 31, 2025 and 2024	40

Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2025 and 2024	41

Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2025 and 2024	42

Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024	43

Notes to Consolidated Financial Statements	44

	*December 31,*
	*2025*			*2024*
Assets
Current assets:
Cash	$	1,169		$	4,493
Restricted cash		—			2,000
Accounts receivable, net of allowances of $27 and $33, respectively		7,308			7,238
Inventories		4,822			4,571
Prepaid expenses and other current assets		750			541
Total current assets		14,049			18,843
Property and equipment, net		1,288			1,577
Right-of-use assets		532			788
Intangible assets, net		3,500			4,580
Goodwill		431			431
Other assets		311			433
Total assets	$	20,111		$	26,652

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	1,431		$	1,552
Accrued liabilities		1,779			2,352
Deferred revenues, current		1,727			1,956
Convertible promissory note, net		2,008			—
Notes payable, current		1,250			1,250
Lease liabilities, current		441			427
Total current liabilities		8,636			7,537
Deferred revenues		1,414			1,920
Notes payable, net		798			3,854
Lease liabilities		147			452
Warrant liabilities		—			1
Other non-current liabilities		89			181
Total liabilities		11,084			13,945
Commitments and contingencies (Note 15)
Stockholders' equity:
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and 2024		—			—
Common stock, $0.001 par value; 141,429 shares authorized; 3,559 and 1,480 shares issued and outstanding as of December 31, 2025 and 2024, respectively		37			22
Additional paid-in capital		272,078			262,203
Accumulated other comprehensive (loss) income		(692	)		957
Accumulated deficit		(262,396	)		(250,475	)
Total stockholders' equity		9,027			12,707
Total liabilities and stockholders' equity	$	20,111		$	26,652

	*Years ended December 31,*
	*2025*			*2024*
Revenue	$	12,799		$	17,925
Cost of revenue		5,954			8,414
Gross profit		6,845			9,511

Operating expenses:
Sales and marketing		7,154			7,308
Research and development		3,031			3,874
General and administrative		9,986			8,789
Total operating expenses		20,171			19,971

Loss from operations		(13,326	)		(10,460	)

Other income (expense), net:
Interest expense, net		(309	)		(269	)
Gain on revaluation of warrant liabilities		1			474
Loss on modification of warrant		—			(109	)
Unrealized gain (loss) on foreign exchange		1,965			(965	)
Other expense, net		(26	)		(1	)
Total other income (expense), net		1,631			(870	)

Net loss		(11,695	)		(11,330	)
Foreign currency translation adjustments		(1,649	)		801
Comprehensive loss	$	(13,344	)	$	(10,529	)

Net loss per share applicable to common shareholders, basic and diluted	$	(4.91	)	$	(8.43	)
Weighted average number of shares outstanding, basic and diluted		2,426			1,344

	*December 31,*
	*2025*		*2024*
Raw materials	$	3,593	$	3,551
Work in progress		102		177
Finished goods		1,127		843
Inventories	$	4,822	$	4,571

	*Year Ended December 31, 2025*			*Year Ended December 31, 2024*
Beginning balance	$	3,876		$	4,162
Deferral of revenue		1,746			3,331
Recognition of deferred revenue		(2,481	)		(3,617	)
Ending balance	$	3,141		$	3,876

	*Total*
Device revenue	$	9,241
Service and support		2,918
Subscriptions		358
Parts and other		282
	$	12,799

	*Total*
Device revenue	$	13,323
Service and support		3,121
Subscriptions		527
Parts and other		954
	$	17,925

											*Accumulated*
	*Convertible*								*Additional*		*Other*						*Total*
	*Preferred Stock*				*Common Stock*				*Paid-in*		*Comprehensive*			*Accumulated*			*Stockholders’*
	*Shares*		*Amount*		*Shares*		*Amount*		*Capital*		*Income (Loss)*			*Deficit*			*Equity*
Balance as of December 31, 2023		—	$	—		990	$	15	$	251,580	$	156		$	(239,145	)	$	12,606
Net loss		—		—		—		—		—		—			(11,330	)		(11,330	)
Issuance of common stock and warrants under:
Equity financing, net		—		—		411		6		9,014		—			—			9,020
Exercise of Pre-Funded Warrants		—		—		22		—		—		—			—			—
Issuance of common stock under:
Equity incentive plan		—		—		46		1		—		—						1
Matching contribution to 401(k) plan		—		—		11		—		237		—						237
Stock-based compensation		—		—		—		—		1,372		—			—			1,372
Foreign currency translation adjustments		—		—		—		—		—		801			—			801
Balance as of December 31, 2024		—	$	—		1,480		22		262,203		957			(250,475	)		12,707
Net loss		—		—		—		—		—		—			(11,695	)		(11,695	)
Issuance of common stock and warrants under:
Equity financing, net		—		—		1,661		12		7,940		—			—			7,952
Deemed dividend in connection with warrant inducement		—		—		—		—		226		—			(226	)		—
Exercise of Pre-Funded Warrants		—		—		171		2		—		—			—			2
Issuance of common stock under:
Equity incentive plan		—		—		210		—		—		—			—			—
Matching contribution to 401(k) plan		—		—		37		1		235		—			—			236
Stock-based compensation		—		—		—		—		1,474		—			—			1,474
Foreign currency translation adjustments		—		—		—		—		—		(1,649	)		—			(1,649	)
Balance as of December 31, 2025		—	$	—		3,559	$	37	$	272,078	$	(692	)	$	(262,396	)	$	9,027

	*Accumulated Other*
	*Comprehensive*
	*Income*
Balance as of December 31, 2023	$	156
Net unrealized gain on foreign currency translation		801
Balance as of December 31, 2024		957
Net unrealized loss on foreign currency translation		(1,649	)
Balance as of December 31, 2025	$	(692	)

	*Total*		*Level 1*		*Level 2*		*Level 3*
December 31, 2025
Liabilities
Warrant liabilities	$	—	$	—	$	—	$	—

December 31, 2024
Liabilities
Warrant liabilities	$	1	$	—	$	—	$	1

	*Warrant*
	*Liability*
Balance as of December 31, 2023	$	366
Gain on revaluation of warrants issued in 2021, June 2020, December 2019, and May 2019 equity financings		(474	)
Loss on modification of warrant		109
Balance as of December 31, 2024	$	1
Gain on revaluation of warrants issued in 2021, June 2020, December 2019, and May 2019 equity financings		(1	)
Balance as of December 31, 2025		—

	*December 31, 2025*			*December 31, 2024*
Deferred extended maintenance and support	$	2,907		$	3,669
Deferred device and advances		234			207
Total deferred revenues		3,141			3,876
Less current portion		(1,727	)		(1,956	)
Deferred revenues, non-current	$	1,414		$	1,920

	*Estimated*		*December 31,*
	*Life (Years)*		*2025*			*2024*
Company-owned device fleet		1-5	$	2,606		$	2,572
Molds and other tools		5-10		1,500			1,424
Machinery and equipment		3-7		437			380
Leasehold improvement		Lease term		194			194
Software		3-5		191			234
Furniture and office equipment		3-7		114			114
				5,042			4,918
Accumulated depreciation and amortization				(3,754	)		(3,341	)
Property and equipment, net			$	1,288		$	1,577

	*December 31, 2025*										*December 31, 2024*
	*Gross Carrying Amount*		*Accumulated Amortization*			*Impairment*			*Net Carrying Amount*		*Gross Carrying Amount*		*Accumulated Amortization*			*Impairment*		*Net Carrying Amount*
Developed technology	$	2,310	$	(887	)		—		$	1,423	$	2,310	$	(598	)	$	—	$	1,712
Trade name		2,310		N/A			(570	)		1,740		2,310		N/A			—		2,310
Intellectual property		460		(29	)		(180	)		251		460		(6	)		—		454
Customer relationships		140		(54	)		—			86		140		(36	)		—		104
Total intangible assets	$	5,220	$	(970	)	$	(750	)	$	3,500	$	5,220	$	(640	)	$	—	$	4,580

Fiscal Year	*Amount*
2026	$	330
2027		330
2028		330
2029		330
2030		307
Thereafter		133
Total	$	1,760

	*December 31, 2025*
Principal	$	2,000
Less: unamortized debt premium and Exit Fee		8
Net carrying amount	$	2,008

	*Year Ended*
	*December 31, 2025*
Contractual interest expense	$	60
Accretion of debt discount and Exit Fee		83
Total interest expense	$	143

Period	*Amount*
2026	$	1,250
2027		937
Total principal payments		2,187
Less debt discount		(139	)
Note payable, net	$	2,048

Current portion		1,250
Long-term portion		798
Note payable, net	$	2,048

	*Operating*
Period	*Leases*
2026	$	467
2027		78
2028		37
2029		37
2030		11
Total lease payments		630
Less: imputed interest		(42	)
Present value of lease liabilities	$	588

Lease liabilities, current	$	441
Lease liabilities		147
Total lease liabilities	$	588

Weighted-average remaining term (in years)		1.8
Weighted-average discount rate		8.3	%

	*Exercise*		*Remaining term*
Source	*Price*		*(Years)*		*December 31, 2024*		*Issued*		*Expired*			*Exercised*			*December 31, 2025*
Oct 2025 Placement Agent Warrant	$	4.81		4.8		—		15		—			—			15
Inducement Warrant *	$	6.36		4.2		—		700		—			—			700
Pre-Funded Warrant	$	—		—		171		—		—			(171	)		—
Series A Warrants	$	15.00		3.7		400		—		—			(327	)		73
Series B Warrants	$	15.00		—		400		—		(73	)		(327	)		—
2021 Warrants	$	192.19		0.1		18		—		—			—			18
June 2020 Investor Warrants	$	77.70		—		9		—		(9	)		—			—
June 2020 Placement Agent Warrants	$	84.65		—		3		—		(3	)		—			—
December 2019 Warrants	$	121.50		—		37		—		(37	)		—			—
						1,038		715		(122	)		(825	)		806

	*December 31, 2025*			*December 31, 2024*
Current share price	$	8.64		$	9.15
Conversion price	$	192.19		$	192.19
Risk-free interest rate		3.73	%		3.94	%
Expected term (years)		0.11			1.11
Volatility of stock		211.0	%		106.7	%

Original share pool			9
2015 increase			7
2017 increase			4
December 2017 increase (ratified in June 2018)			20
2019 increase			16
March 2020 increase			22
December 2020 increase			53
2022 increase			37
2023 increase			80
2024 increase			67
2025 increase			153
Total shares authorized for grant as of December 31, 2025			468

	*Shares Available*
	*For Grant*
Available as of December 31, 2024		47
Share pool increase		153
Granted		(207	)
Forfeited		6
Expired		1
Available as of December 31, 2025		—

				*Weighted*
	*Number of*			*Average Grant-*
	*Shares*			*Date Fair Value*
Unvested as of December 31, 2024		68		$	18.27
Granted		207		$	5.36
Vested		(183	)	$	9.13
Forfeited		(6	)	$	9.88
Unvested as of December 31, 2025		86		$	7.22

						*Weighted*
				*Weighted*		*Average*
				*Average*		*Remaining*		*Aggregate*
	*Options*			*Exercise*		*Contractual*		*Intrinsic*
	*Outstanding*			*Price*		*Life (Years)*		*Value*
Outstanding at beginning of year		12		$	471.74
Forfeited		—		$	—
Expired		(1	)	$	1,796.39
Outstanding at end of year		11		$	344.11		2.46	$	—
Vested and expected to vest		11		$	344.11		2.46	$	—
Exercisable at year end		11		$	344.00		2.46	$	—

	Options Outstanding						Options Exercisable
			Weighted-Average
Range of			Remaining		Weighted				Weighted
Exercise	Number of		Contractual Life		Average		Number of		Average
Prices	Options		(Years)		Price		Options		Price
$85.50 - $85.50		3		4.04		85.50		3		85.50
$137.25 - $395.85		4		2.94	$	250.36		4	$	250.18
$402.75 - $812.25		3		2.32	$	475.43		3	$	475.67
$900.00 - $2,945.25		1		0.58	$	1,100.94		1	$	1,100.94
		11		2.86	$	344.11		11	$	344.00

	*Year Ended December 31,*
	*2025*
U.S. federal statutory income tax rate	$	(2,456	)	21.0	%
State tax, net of federal tax effect		—		—
Foreign tax effects:
Changes in valuation allowances (Germany)		553		(4.7	)
Changes in valuation allowances (Other Foreign Jurisdictions)		(22	)	0.2
Prior year true-ups (Germany)		(293	)	2.5
Other		(47	)	0.4
Change in valuation allowance		2,194		(18.8	)
Imputed interest income		154		(1.3	)
Unrealized gain		(394	)	3.4
Stock-based compensation		427		(3.7	)
Prior year true-ups		(157	)	1.3
Other		41		(0.3	)
Total tax expense (benefit)	$	—		—	%