UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

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

For the fiscal year ended December 31, ~~2024~~2025

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

For the transition period from to

Commission file number: 001-37941

SENESTECH, INC.

(Exact name of registrant as specified in its charter)

Delaware						20-2079805
(State or other jurisdiction ofincorporation or organization)						(I.R.S. EmployerIdentification No.)
777 W. Pinnacle Peak Road, Suite B104Phoenix, AZ						85027
13430 North Dysart Road, Suite 105Surprise, AZ						85379
(Address of principal executive offices)						(Zip Code)

(928) 779-4143

(Registrant’s telephone number, including area code)

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

Title of each class

Trading symbol

Name of each exchange on
which registered

Common Stock, $0.001 par value

SNES

The Nasdaq Stock Market LLC (Nasdaq Capital Market)

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

NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes o No x

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 x No o

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 x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. o

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1b. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

The aggregate market value of the registrant’s common stock held by non-affiliates on June 30, ~~2024~~2025 (the last business day of the registrant’s most recently completed second fiscal quarter) as reported by the Nasdaq Capital Market on such date was approximately $219,~~968~~159,000. There were ~~515~~3,~~340~~764,143 shares of the registrant’s common stock outstanding on June 30, ~~2024~~2025.

As of March 11, ~~2025~~2026, there were 15,~~746~~303,~~930~~426 shares of the registrant’s common stock outstanding.

Documents Incorporated by Reference

Portions of the registrant’s definitive proxy statement ~~for~~to be filed with the ~~2025~~Securities and Exchange Commission (the “SEC”) subsequent to the date hereof pursuant to Regulation 14A in connection with the registrant’s 2026 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Annual Report on Form 10-K. Such proxy statement will be filed with the SEC not later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2025.

are incorporated by reference into Part III of this Form 10-K.

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SENESTECH, INC.

FORM 10-K

FOR THE YEAR ENDED DECEMBER 31, ~~2024~~2025

TABLE OF CONTENTS

Definitions		3
Cautionary Note Regarding Forward-Looking Statements		4
	PART I
Item 1	Business	65
Item 1A	Risk Factors	14
Item 1B	Unresolved Staff Comments	2826
Item 1C	Cybersecurity	2826
Item 2	Properties	2827
Item 3	Legal Proceedings	2827
Item 4	Mine Safety Disclosures	2827
	PART II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	2928
Item 6	Reserved	2928
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2928
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	3534
Item 8	Financial Statements and Supplementary Data	F-1
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	38
Item 9A	Controls and Procedures	38
Item 9B	Other Information	38
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	38
	PART III
Item 10	Directors, Executive Officers and Corporate Governance	39
Item 11	Executive Compensation	39
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	39
Item 13	Certain Relationships and Related Transactions, and Director Independence	39
Item 14	Principal ~~Accounting~~Accountant Fees and Services	39
	PART IV
Item 15	Exhibits, and Financial Statement Schedules	40
Item 16	Form 10-K Summary	4342
	SIGNATURES	4443

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Definitions

The abbreviations or acronym defined below are used throughout this Annual Report on Form 10-K:


Abbreviation or Acronym			Definition
ASC			Accounting Standards Codification
EPA			Environmental Protection Agency
ESA			The Endangered Species Act of 1973
Exchange Act			Securities Exchange Act of 1934, as amended
FIFRA			Federal Insecticide Fungicide and Rodenticide Act
U.S. GAAP			Generally accepted accounting principles in the United States
IPM			Integrated pest management
Nasdaq			The Nasdaq Stock Market LLC (Nasdaq Capital Market)
PCAOB			Public Company Accounting Oversight Board
PMP			Pest Management Provider
ROU			Right-of-use
RUP			Restricted use product
SEC			Securities and Exchange Commission
VCD			Vinylcyclohexene diepoxide

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

~~The~~This ~~statements contained in this~~ Annual Report on Form 10-K ~~that~~contains ~~are not historical are~~ forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained ~~or incorporated herein by reference~~ in this Annual Report on Form 10-K, including statements regarding ~~our~~ future events, operating results, ~~future~~ financial position, business strategy, ~~objectives,~~and ~~goals,~~the plans, ~~prospects, markets,~~ and ~~plans~~objectives ~~and~~of ~~objectives~~management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements bybecause ~~terms~~they contain words such as “~~anticipates~~anticipate,” “~~believes~~believe,” “~~estimates~~estimate,” “~~expects~~expect,” “~~intends~~intend,” “~~suggests~~suggest,” “~~targets~~target,” “~~contemplates~~contemplate,” “~~projects~~project,” “~~predicts~~predict,” “may,” “might,” “plan,” “would,” “should,” “could,” “can,” “potential,” “continue,” “objective,” or the negative of ~~those~~these ~~terms~~words, or similar ~~expressions~~terms ~~intended~~or ~~to identify forward-looking statements~~expressions. ~~However, not all forward-looking statements contain these identifying words. Specific forward-looking statements in this Annual Report on Form 10-K include statements regarding:~~

~~•our~~These ~~belief~~statements ~~the~~involve ~~most~~known ~~effective~~and unknown risks, ~~long-term~~uncertainties ~~way~~and other factors which may cause our actual results, performance or achievements to ~~manage~~be ~~rats~~materially isdifferent byfrom ~~using~~any afuture ~~combination~~results, ofperformance ~~tools~~or ~~that~~achievements ~~work~~expressed ~~together~~or toimplied ~~magnify~~by the ~~efficacy~~forward-looking ofstatements. ~~the~~Forward-looking ~~pest~~statements ~~management~~in ~~protocol;~~this Annual Report on Form 10-K include, but are not limited to, statements regarding:

•~~our~~the ~~belief~~size ~~that~~of ~~our~~the ~~field~~market ~~research~~for ~~demonstrates~~our ~~more~~products, ~~than~~and ~~90%~~our ~~reduction~~ability ~~in rat populations when added~~ to anserve ~~integrated~~that ~~pest management (“IPM”) with sustained population suppression~~market;

•our belief that weContraPest® ~~can~~or ~~achieve~~Evolve® ~~our~~are ~~goal~~novel ~~for fertility control to be standard tool utilized~~ in the pest ~~management~~control ~~in IPM programs across all verticals~~industry;

•~~our belief that maintaining a fertility control program reduces~~ the ~~reproduction~~success ~~and therefore the risk~~ of ~~future~~competing ~~population~~products ~~spikes~~that ofare ~~rodent~~or ~~populations,~~become ~~known as the rebound effect~~available;

•~~our~~existing ~~belief~~regulations ~~that~~and ~~the~~regulatory ~~size~~developments oftowards ~~the~~first ~~rat~~and ~~control~~second ~~market~~generation isanti-coagulant ~~sufficient~~rodenticides ~~for~~in ~~our~~the ~~near-term~~United ~~focus~~States and other jurisdictions;

•our belief that ~~ContraPest®~~Evolve orqualifies ~~EvolveTM~~for ~~are~~exemption ~~novel~~from inregistration as a minimum risk pesticide under Section 25(b) of the ~~pest~~United ~~control~~States ~~industry~~Environmental Protection Agency’s (the “EPA’s”) Federal Insecticide, Fungicide, and Rodenticide Act (“FIFRA”);

•our ~~belief~~ability ~~that~~to ~~the~~meet ~~use~~current ofand ~~Evolve~~anticipated ~~can~~demand ~~lead~~by toour ~~sustained~~internal ~~reductions~~production ~~of the rat populations~~capabilities;

•~~our~~the ~~belief~~success ~~that~~of ~~first and second generation anti-coagulant rodenticides will come under increased scrutiny for~~ non-~~target~~registered, ~~exposure~~online ~~and~~product ~~bioaccumulation~~sales ~~impacts~~advertising onrodent ~~non-target~~reproduction ~~species as they travel up the food chain and their use is being restricted or banned in select areas across the United States and globally~~control;

•our belief that the pest industry in the United States has demonstrated a reluctance to adopt new technologies;

•our belief that Evolve qualifies for exemption from registration as a minimum risk pesticide under the United States Environmental Protection Agency’s (the “EPA’s”) Federal Insecticide, Fungicide, and Rodenticide Act (“FIFRA”), Section 25(b);

•our belief that our internal production capabilities allow us to meet our current and anticipated demand through 2025 and beyond;

•our belief that ContraPest or Evolve consumption should not cause rats to become ill or change their behavior, which reduces risks of non-target species exposure;

•our belief that non-registered products being sold online that claims to control rodent reproduction are not competitive products;

•our plan to continue to utilize various forms of stock-based awards to hire, retain and motivate talented employees, consultants and directors;

•our expectation that our expenses may continue ~~and~~ to increase in connection with our ongoing activities, particularly as we advance our commercialization activities;

•our ability to ~~obtain~~gain ~~and~~market ~~maintain~~acceptance, ~~regulatory~~commercial ~~approval~~viability ~~for~~and ~~our~~profitability ~~product~~of ContraPest, Evolve and ~~product~~any ~~candidates~~other approved products;

•our ability to gain market acceptance, commercial viability and profitability of ContraPest, Evolve and other products;

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•our ability to market our products and establish an effective sales force and marketing infrastructure to generate significant revenue;

•the success of our research and development;

•~~our~~the ~~belief~~development ~~that~~of our ~~technology~~products ~~can~~for bemultiple ~~applied~~indications including application to ~~other~~non-Rodentia mammalian species;

•our ability to retain and attract key personnel to develop, operate and grow our business;

•our ability to meet our working capital needs;

•our ~~belief~~expectations ~~that~~regarding our ~~competitive~~ability ~~position~~to ~~could~~obtain beand ~~harmed~~maintain ifintellectual weproperty ~~fail~~protection tofor ~~obtain~~our orproducts ~~protect~~and our ability to operate our business without infringing on the intellectual property rights of others;

•our belief that our intellectual property rights may not adequately protect our business, or permit us to maintain our competitive advantage;

•our belief that our technology may be found to infringe third party intellectual property rights;

•our belief that product liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we may develop;

~~•our belief that reverse stock splits may decrease the liquidity of the shares of our common stock;~~4

~~•our~~Table ~~belief~~of ~~that raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates;~~Contents

•~~our~~the ~~belief~~effect that ~~our~~a ~~share~~reverse ~~price~~stock issplit ~~volatile,~~or ~~which~~other ~~could~~capital ~~subject~~restructuring usmay tohave ~~securities~~on ~~class~~the ~~action~~liquidity ~~litigation~~of ~~and~~the ~~your~~shares ~~investment~~of in our ~~securities~~common ~~could decline in value~~stock;

•~~our~~the ~~belief~~volatility ~~that if securities or industry analysts, or other sources~~ of ~~information,~~our dostock ~~not publish research~~price, orwhich ~~publish~~could ~~inaccurate~~subject orus ~~unfavorable~~to ~~research~~securities orclass ~~other~~action ~~information about our business, our stock price and trading volume could decline~~litigation;

•our estimates or expectations related to our revenue, cash flow, expenses, capital requirements and need for additional financing; and

•our ~~plans~~financial ~~for our business~~performance, including ~~for~~our ~~research~~ability ~~and~~to ~~development;~~fund operations.

•These forward-looking statements reflect our ~~financial~~management’s beliefs are not guarantees of future performance and involve known and unknown risks, uncertainties and situations that are difficult to predict and that may cause our own, or our industry’s, actual results to be materially different from the future results that are expressed or implied by these statements. Accordingly, actual results may differ materially from those anticipated or expressed in such statements as a result of a variety of factors, including those discussed in Item 1A — “Risk Factors” of Part I of in this Annual Report on Form 10-K. A number of factors could cause our ~~ability~~actual results to ~~fund~~differ ~~operations;~~materially ~~and~~from those indicated by the forward-looking statements. Such factors include, among others, the following:

•developments and projections relating to our projects, competitors and our industry, including legislative developments and impacts from those developments.

These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and situations that are difficult to predict and that may cause our own, or our industry’s, actual results to be materially different from the future results that are expressed or implied by these statements. Accordingly, actual results may differ materially from those anticipated or expressed in such statements as a result of a variety of factors, including those discussed in Item 1A-“Risk Factors” of Part II of in this Annual Report on Form 10-K. A number of factors could cause our actual results to differ materially from those indicated by the forward-looking statements. Such factors include, among others, the following:

•the successful commercialization of our products;

•market acceptance of our products;

•our financial performance, including our ability to fund operations;

•our ability to ~~regain and~~ maintain compliance with Nasdaq ~~Capital Market~~’s ~~(“Nasdaq’s”)~~ continued listing requirements;

•regulatory approval and regulation of our products; and

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•other factors and risks identified from time to time in our filings with the Securities and Exchange Commission (the “SEC”), including this Annual Report on Form 10-K.

All forward-looking statements included herein are based on information available to us as of the date hereof and speak only as of such date. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. The forward-looking statements contained in or incorporated by reference into this Annual Report on Form 10-K reflect our views as of the date of this Annual Report on Form 10-K about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ significantly from those expressed or implied in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, performance or achievements.

We are subject to the information requirements of the Exchange Act, and we file or furnish reports, proxy statements and other information with the SEC. Such reports and other information we file with the SEC are available free of charge at www.senestech.com as soon as practicable after such reports are available on the SEC’s website at www.sec.gov. The SEC’s website contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

PART I

ITEM 1. BUSINESS.

Overview

We have developed and are commercializing products for managing animal pest populations through fertility control and population management strategies. Our current products focus on rat and mouse populations, and are known as: ContraPest, Evolve Rat, and Evolve Mouse.

As far back as we can trace, rodents -have been foes to mankind. Today, they remain one of the most resilient and ineconomically ~~particular~~destructive ~~rats~~vertebrate ~~- have~~pests ~~been~~on ~~foes~~the planet. Rodents threaten human and animal health, food security, and infrastructure worldwide, and humanity has spent centuries attempting to ~~mankind~~mitigate the problems associated with their proliferation. Rodents pose threats to human and animal health, food security and infrastructure around the world, and wehumanity ~~have~~has spent centuries trying to mitigate the problems associated with these pests. Rodents are known to be reservoir hosts for at least 60 zoonotic diseases and the potential transmission of these diseases creates a global risk to public health and safety, as well as agriculture., ~~Through~~affecting ~~consumption~~crops, ~~and contamination~~livestock, ~~rats destroy at least 20% of the global~~ stored ~~food~~grain, ~~supply~~and ~~every~~farm ~~year~~workers. ~~Additionally,~~Diseases ~~rats~~such ~~cause~~as ~~over~~leptospirosis ~~$27~~and ~~billion~~salmonellosis indirectly ~~damage~~impact toreproductive ~~public~~efficiency ~~and private infrastructure annually~~ in ~~the~~livestock, ~~United~~contaminate ~~States~~feed ~~alone~~supplies, ~~by burrowing beneath foundations~~ and ~~gnawing~~increase onliability ~~electrical~~exposure ~~wiring,~~for ~~insulation,~~agricultural ~~fire-proofing systems and equipment~~operators.

Over the centuries, the most prevalent response to rodent infestations has been an attempt to eliminate them through the use of lethal tools such as traps and rodenticides. However, there are growing concerns about the environmental and ecological impact of rodenticides due to secondary exposure and bioaccumulation, including a push for safer and more humane products as consumer awareness increases. While some of these challenges are of recent concern, the efficacy of how rodent infestations respond has always been limited by their extraordinary reproductive rate.5

~~CONTRAPEST.~~Table ~~ContraPest, our initial product, is a liquid bait, containing the active ingredients 4-vinylcyclohexene diepoxide (“VCD”) and triptolide. ContraPest targets the reproductive systems~~ of both male and female rats, is a highly palatable formulation, does not cause illness or changed behavior in rats, and leads to significant reductions in fertility and rat populations. Accordingly, ContraPest is an additional tool to use as part of an IPM program.Contents

OnThrough ~~August~~consumption 2,and ~~2016~~contamination, ~~the~~rats ~~EPA~~destroy ~~granted~~at anleast ~~unconditional~~20% ~~registration~~of ~~for~~the ~~ContraPest~~global asstored afood ~~Restricted~~supply ~~Use~~every ~~Product~~year. ~~(“RUP”)~~Additionally, ~~requiring~~rats ~~purchase~~cause orover ~~application~~$27 ~~oversight~~billion byin adamage ~~licensed~~to ~~professional.~~public Onand ~~October~~private ~~18,~~infrastructure ~~2018,~~annually in the ~~EPA~~United ~~approved~~States ~~the~~alone ~~removal~~by ofburrowing ~~the~~beneath ~~RUP~~foundations ~~designation~~ and ~~ContraPest~~gnawing ~~was~~on ~~reclassified~~electrical aswiring, ainsulation, ~~general~~fire-~~use~~proofing ~~pesticide.~~systems Toand ~~date,~~equipment. ~~ContraPest~~Compounding isthe ~~registered~~problem, inrats ~~all~~reproduce 50rapidly. ~~states~~Even ~~(49~~intensive ~~states~~lethal ~~and~~control ~~the~~efforts ~~District~~are ofoften ~~Columbia~~undermined ~~have~~by ~~approved~~rapid ~~the~~population ~~RUP~~rebound, ~~designation)~~fueled ~~and~~by ~~two~~high ~~major U.S. territories~~fecundity, ~~Puerto~~early ~~Rico~~sexual maturity, and ~~the~~density-dependent Ucompensation.S. ~~Virgin Islands. On March 10~~Furthermore, ~~2022~~urbanization, ~~the~~climate ~~EPA~~variability, ~~granted~~and aaging ~~sub-label~~infrastructure ~~for~~are ~~ContraPest~~contributing ~~allowing~~to ~~for~~accelerated anrodent ~~alternative~~population ~~delivery~~growth ~~system~~and inheightened ainfestation ~~hanging~~pressures ~~bait~~globally, ~~station.~~including ~~This~~major ~~sub-label~~metropolitan isareas, ~~marketed~~thereby asincreasing ~~Elevate~~associated ~~Bait~~economic ~~System™~~costs and ~~was~~public ~~designed~~health ~~to target roof rat habitats and infestations~~risks.

~~EVOLVE.~~For ~~The Evolve product line~~centuries, ~~which began in~~ the ~~form~~dominant ofresponse ~~Evolve~~to ~~Rat,~~rodent ~~launched~~infestations inhas ~~January~~been ~~2024,~~eradication ~~and~~through islethal ~~currently~~means—primarily ~~our~~traps ~~lead~~and ~~product~~rodenticides. ~~Evolve~~Yet ~~Rat~~this approach is aincreasingly ~~soft~~under ~~bait~~scrutiny. ~~product~~Mounting ~~that~~evidence isof ~~novel~~non-target tosecondary ~~the~~poisoning ~~pest~~and ~~control~~bioaccumulation ~~industry~~has ~~and~~heightened ~~contains~~environmental ~~the~~and ~~active~~regulatory ~~ingredient~~concerns, ~~cottonseed~~driving ~~oil.~~demand ~~Evolve~~for ~~Rat~~ecologically-friendly ~~reduces~~alternatives ~~fertility~~as inpublic ~~both~~awareness ~~male and female rats~~grows. ~~Additionally,~~While ~~its~~ecological ~~palatable~~risks ~~formulation~~have ~~produces~~come ~~high~~into ~~acceptance~~sharper ~~for~~focus ~~sustained~~in ~~consumption~~recent ~~even~~years, ~~when~~a ~~other~~fundamental ~~sought-after~~limitation ~~food~~of ~~sources~~lethal ~~are~~management ~~present.~~is ,rodents’ ~~Evolve~~extraordinary ~~Rat~~reproductive ~~does~~capacity. ~~not~~Traditional ~~cause~~eradication ~~illness~~strategies infrequently ~~rats~~provide ~~and,~~only ~~therefore,~~temporary itsuppression ~~does~~rather ~~not~~than ~~change~~long-term ~~behavior~~population orcontrol, ~~result~~perpetuating ina ~~bait~~costly ~~aversion.~~cycle Byof ~~targeting the~~ reinfestation.

EVOLVE. The Evolve product line launched in January 2024 as Evolve Rat and is currently our primary revenue-generating product. Evolve Rat is a soft bait product that is novel to the pest control industry and contains the active ingredient cottonseed oil. Evolve Rat reduces fertility in both male and female rats. Additionally, its palatable formulation produces high acceptance for sustained consumption even when other sought-after food sources are present. Evolve Rat does not cause acute adverse effects in rats and, therefore, it does not change behavior or result in bait aversion. By targeting the reproductive systems of both male and female rats, and with palatability promoting continued consumption, the use of Evolve Rat can lead to a sustained reduction of the rat population.

Evolve Rat meets the EPA’s minimum risk pesticide conditions under Section 25(b) of FIFRA. Due to its classification, Evolve Rat is exempt from federal registration because it poses little to no risk to human health and the environment. Evolve Rat is also made from food ingredients with tolerance exemptions for both food and nonfood applications, which allows it to be used in agricultural applications. There are 10 states that accept the federal exemption for pesticide registration and require no additional determination or approval. In states that do not accept the federal exemption, we must obtain registration from the various state regulatory agencies. As of the date hereof, we are authorized to sell Evolve Rat in 48 states and territories.

In May 2024, we introduced Evolve Mouse, expanding the Evolve product line to address additional rodent species. Evolve Mouse is a modified version of our soft bait technology and contains the same active ingredient, cottonseed oil. Evolve Mouse limits reproduction of male and female mice and is also considered a minimum risk pesticide under Section 25(b) of FIFRA. As of the date hereof, we are authorized to sell Evolve Mouse in 37 states and territories.

We have also begun to market Evolve products internationally through distributors.

CONTRAPEST. ContraPest, our initial product, is a liquid bait containing the active ingredients 4-vinylcyclohexene diepoxide (“VCD”) and triptolide. ContraPest targets the reproductive systems of both male and female rats, is a highly palatable formulation, does not cause illness or changed behavior in rats, and leads to significant reductions in fertility and rat populations. Accordingly, ContraPest is an additional tool to use as part of an IPM program.

In August 2016, the EPA granted an unconditional registration for ContraPest as a Restricted Use Product (“RUP”), requiring purchase or application oversight by a licensed professional. In October 2018, the EPA approved the removal of the RUP designation and ContraPest was reclassified as a general-use pesticide. As of the date hereof, ContraPest is registered in all 50 states, the District of Columbia, and two major U.S. territories, Puerto Rico and the U.S. Virgin Islands, all of which have approved the removal of the RUP designation except the State of Connecticut. In March 2022, the EPA granted a sub-label for ContraPest allowing for an alternative delivery system in a hanging dispenser. This sub-label is marketed as Elevate Bait System™ and was designed to target roof rat habitats and hard to reach areas where traditional bait stations are impractical.

We are continuously enhancing Evolve and ContraPest to align with the unique needs and environments of our customers in our target verticals while simultaneously pursuing regulatory approvals and amendments to our existing U.S. registration to broaden its use and marketability. When regulatory and financial conditions permit, we plan to continue to seek regulatory approval for additional jurisdictions beyond the United States.

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reproductive systems of both male and female rats, and with palatability promoting continued consumption, the use of Evolve can lead to sustained reductions of the rat population.

Evolve Rat meets the EPA’s minimum risk pesticide conditions under FIFRA, Section 25(b). Due to its classification, Evolve is exempt from federal registration because it poses little to no risk to human health and the environment. Evolve is also made from food ingredients with tolerance exemptions for both food and nonfood applications, which allows it to be used in agricultural application. There are 10 states that accept the federal exemption for pesticide registration and require no additional determination or approval. In states that do not accept the federal exemption, we must obtain registration from the various state regulatory agencies. To date, we are authorized to sell Evolve in 48 states.

In May 2024, we launched Evolve Mouse, our latest iteration of the Evolve product line. Evolve Mouse is a modified version of our soft bait technology and contains the active ingredient, cottonseed oil. Evolve Mouse limits reproduction of male and female mice and is also considered a minimum risk pesticide under the EPA’s FIFRA, Section 25(b). To date, we are authorized to sell Evolve Mouse in 35 states.

We are continuously enhancing ContraPest and Evolve to align with the unique needs and environments of our customers in our target verticals while simultaneously pursuing regulatory approvals and amendments to our existing U.S. registration to broaden its use and marketability. When regulatory and financial conditions permit, we will seek regulatory approval for additional jurisdictions beyond the United States.

Current Challenges in Pest Control Methodologies

Under ~~ideal~~optimal conditions, theoretical models suggest that a ~~female~~single ~~rat~~breeding ~~can~~pair ~~yield~~of rats could produce up to 15,000 descendants in approximately 12 months. ~~Lethal~~Rodents ~~control~~reach ~~measures~~sexual ~~such~~maturity asbetween ~~traps~~approximately ~~and~~six ~~rodenticides~~to ~~are~~nine ~~often~~weeks atof ~~the~~age. ~~forefront~~Female rats can give birth to six litters per year with an average of ~~rat~~five ~~control~~to ~~programs~~ten offspring each. ~~However,~~Female ~~this~~mice ~~reproduction~~can ~~rate,~~produce ~~along~~up to ten litters per year with ~~intelligence~~an ~~and~~average ~~genetic~~of ~~resistance~~five to ~~the~~six ~~active~~offspring. ~~ingredients~~This inprolific ~~rodenticides,~~breeding can ~~negatively~~cause ~~impact~~populations ~~results~~to ofrebound ~~traditional~~quickly ~~mitigation~~even ~~efforts~~after implementing a lethal control program.

~~Rodents~~Traditional ~~reach~~lethal ~~sexual~~control ~~maturity~~methods ~~between~~and ~~approximately~~fertility ~~six~~control toapproaches ~~nine~~operate ~~weeks~~through fundamentally different mechanisms and may present different risk profiles, timelines, and regulatory considerations. The relative effectiveness of ~~age~~any approach depends on environmental conditions, population dynamics, and implementation practices. ~~Female~~Lethal ~~rats~~control ~~can~~measure ~~give~~such ~~birth~~as totraps ~~six~~and ~~litters~~rodenticides ~~per~~are ~~year~~often ~~with~~at anthe ~~average~~forefront of ~~five~~rat tocontrol ~~ten~~programs. ~~offspring~~Published ~~each~~ecological research indicates that lethal population control measure may be followed by compensatory reproductive responses. ~~Female~~These ~~mice~~responses can ~~produce~~include upearlier tosexual ~~ten~~maturity, ~~litters~~increased ~~per~~litter ~~year~~sizes, ~~with~~higher anbreeding ~~average~~frequency, ofand ~~five~~recolonization tofrom ~~six~~surrounding ~~offspring~~areas. This ~~prolific~~phenomenon, ~~breeding~~often ~~can~~described ~~cause~~as ~~populations~~density-dependent reproduction, has been documented in wildlife and population ecology literature. The extent to ~~rebound~~which ~~quickly~~such ~~even~~efforts ~~after~~occur ~~implementing~~can avary ~~lethal~~based ~~control~~on ~~program~~species, environmental conditions, and management practices.

Rodent behavior, either learned or innate, can negatively affect pest control efforts. ~~Neophobia, or the fear and avoidance of new objects, is an innate behavior that often impacts control efforts.~~ Rats avoid bait stations, loose bait, or traps until they are confident that these new objects pose no danger. Rodents will sample new foods and baits to establish palatability and determine if there are any negative side effects, which reduces the likelihood of ingesting a lethal dose of rodenticide. If the rodenticide causes illness in rodents but they survive, they will develop conditioned aversion and avoid such substance in the future.

Resistance to traditional rodenticides creates challenges for rodent control programs. ~~Rodents,~~Some ~~like~~rats ~~all~~can ~~animals,~~be ~~are~~born ~~hard-wired~~with a genetic mutation making them resistant to ~~survive~~certain rodenticides due to prolonged use of anticoagulants in rodent management. ~~Further~~Multiple published studies have documented increasing resistance in certain rodent populations to both first-generation and second-generation anticoagulant rodenticides. Such resistance can reduce product efficacy and, in some ~~rats~~cases, ~~can~~may becontribute ~~born~~to ~~with~~prolonged control efforts, increased risk of secondary exposure to non-target species, and heightened regulatory scrutiny. Fertility control products operate through a ~~genetic~~non-lethal ~~mutation~~mechanism ~~making~~of ~~them~~action ~~resistant~~and therefore are not subject to ~~certain~~anticoagulant ~~rodenticides~~resistance dynamics. Studies show that resistance is increasing in commensal rodents as ~~resistance~~the gene can be passed onto offspring who will then carry this resistant trait into future generations.

Because of these factors, traditional rodenticide producers are continually challenged to develop new, more lethal chemicals to control future rat populations.

Rodenticides do not just affect their intended target but can also directly impact other species or transfer through the food chain. Animals that prey or scavenge on poisoned rats such as raptors, large cats, foxes, and other mammals of concern have significant levels of rodenticide present in their bodies due to persistence of the rodenticide in the rat tissue. The Center for Biological Diversity highlights that rodenticides can be lethal to any bird or mammal and their non-selective toxicity endangers various wildlife species. The United States Geological Survey notes that despite regulatory efforts to limit certain rodenticides, exposure and adverse effects in non-target predatory wildlife persist, indicating ongoing environmental risks.

Additionally, there is growing concern about the rise in reported cases of adverse effects that rodenticides have on children and pets due to accidental, direct exposure. The American Society for the Prevention of Cruelty to Animals (“ASPCA”) reports that these substances are highly toxic to cats and dogs leading to severe health issues such as internal bleeding, kidney failure, seizures, or even death. Studies show that anticoagulant rodenticides are the most reported substance causing pet ~~poisonings~~poisoning. ~~The~~America’s ~~American~~Poison ~~Association~~Centers’ 2024 annual report of the National Poison ~~Control~~Data ~~Centers~~System ~~reported~~(“NPDS”) ~~the~~lists ~~number~~a total of 2,999 human cases ~~between~~involving long-acting and warfarin-type anticoagulant rodenticides and 97% of these incidents included children under the age of five. In addition to direct exposure to humans, chemicals in rodenticides have also been found as contaminates in the food supply.

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2011 and 2015 was a cumulative total of 44,095 and 1,029 for long-acting superwarfarin-type and warfarin-type drugs, respectively, and 88% of these involved children under the age of five. In addition to direct exposure to humans, chemicals in rodenticides have also been found as contaminates in the food supply.

In November 2022, the EPA announced an update to its Endangered Species Act of 1973 (“ESA”) Workplan to expand the protection efforts for endangered species potentially affected by rodenticides. In November 2024, the EPA released its final Biological Evaluations for 11 rodenticide active ingredients, assessing their potential effects on approximately 90 endangered species and their critical habitats. These evaluations guide regulatory actions and implement mitigation measures to restrict or condition rodenticide use in areas where endangered species may be present to reduce exposure risks. Such measures include specifying distances between rodenticide application sites and critical habitat to create buffer zones, restricting application by limiting how and where rodenticides can be applied, and requiring training and certification for applicators that ensures safe and targeted use. In addition, they require rodenticide label updates to reflect new usage restrictions, mitigation measures and environmental protection guidelines, which can alter market preference to shift toward more attractive, non-lethal solutions.

Changes to the EPA’s review and registration policies could affect filings with the agency due to expanded test requirements for mammals, birds, reptiles, and critical habitats. ContraPest is not a traditional rodenticide and does not contain the active ingredients under this evaluation. While these requirements (or a subset) do not directly impact our registration, ContraPest is classified in the rodenticide category with the EPA, therefore, updates to ContraPest’s current registration or newly registered products with the agency in the future may be subject to stricter testing requirements or limitations on use. However, ContraPest, under its current registration, and the exemption status of Evolve as a 25b pesticide, offers a distinct competitive advantage in the rodent control market through its alternative non-lethal and environmentally benign products.

Integrated Pest Management and Fertility Control

The most effective, long-term way to manage rodents is byto ~~using~~use a combination of tools that work together to magnify the efficacy of the pest management protocol; IPM is based upon this concept. The EPA defines IPM as an effective and environmentally sensitive approach to pest management that relies on a combination of common-sense practices ~~through~~and ~~use of~~ current, comprehensive information on the life cycles of pests and their interaction with the environment. This approach considers the least hazardous and most economical option to people, property, and the environment. An effective IPM program should reduce the existing rat population, while preventing recurrence of the problem thus limiting continual application of hazardous chemicals such as lethal rodenticides.

Based on company field research, the addition of a fertility control product to an IPM program has demonstrated ~~improved efficacy of~~ more than 90% efficacy, with sustained population suppression. A fertility control program reduces the reproduction and therefore the risk of future population spikes, known in the industry as the rebound effect. Fertility control can also trigger the Allee Effect, which means that when a population becomes too small, it struggles to survive. This happens because it becomes harder for individuals to find mates and to reproduce. As a result, the population declines even faster, helping to suppress or even eliminate it. Accordingly, fertility control can reduce ~~the~~ reliance on poisons or their frequency of use, allowing for a pest control program that ~~focus~~focuses on maintenance only.

Updates to the EPA’s ESA Workplan issued in November 2024 emphasize a shift towards IPM strategies that promotes alternatives to traditional rodenticides, including non-lethal and ecologically-friendly solutions. This policy shift aligns with our fertility control products, ContraPest and Evolve. The EPA has indicated a willingness to collaborate with manufacturers and stakeholders to ensure compliance with recent ESA changes and to advance ecologically-friendly alternatives. As the first and only EPA registered liquid contraceptive bait for use on male and female Norway rats and roof rats, ContraPest was – and remains – a novel alternative in a market dominated by lethal rodenticides. At the time of ContraPest’s initial registration, the EPA granted waivers for several studies typically required for rodenticides, reflecting ContraPest’s low risk profile and use characteristics. While label restrictions may limit certain applications, ContraPest’s features align with the EPA’s IPM objectives and create opportunities to expand partnerships and adoption of non-lethal rodent control solutions.

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~~Updates~~(source: tocompany the EPA’s ESA Workplan in November 2024 strongly encourage a shift towards IPM that promotes alternatives to rodenticides, including non-lethal and environmentally safer solutions. This shift aligns with our fertility control products, ContraPest and Evolve. The EPA has indicated a willingness to collaborate with manufacturers and stakeholders to ensure compliance and explore safer alternatives given the recent ESA changes. As the first and only EPA registered liquid contraceptive bait for use on Norway rat and roof rat populations, ContraPest was – and remains – a novel product among a catalog of lethal rodenticides that have dominated the market. The EPA granted us waivers for several studies) typically required for new rodenticide products at the time ContraPest was initially registered because of its low risk profile and use characteristics. While there may be limitations to how and where ContraPest can be used, ContraPest’s product features align with the agency’s agenda to provide alternative IPM solutions and allows us the potential opportunity to further expand our partnerships.

Regulatory Outlook

In November 2022, the EPA announced an update to its ESA Workplan to expand the protection efforts for endangered species potentially affected by rodenticides. In November 2024, the EPA released its final Biological Evaluations for 11 rodenticide active ingredients, assessing their potential effects on approximately 90 endangered species and their critical habitats. These evaluations guide regulatory actions and the implementation of mitigation measures to restrict or condition

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~~(source:~~rodenticide ~~company~~use ~~studies)~~in areas where endangered species may be present to reduce exposure risks. Such measures include specifying distances between rodenticide application sites and critical habitat to create buffer zones, restricting application by limiting how and where rodenticides can be applied, and requiring training and certification for applicators that ensures safe and targeted use. In addition, they require rodenticide label updates to reflect new usage restrictions, mitigation measures, and environmental protection guidelines, which can alter market preference to shift toward more attractive, non-lethal solutions.

Changes to the EPA’s review and registration policies could affect filings with the EPA due to expanded test requirements for mammals, birds, reptiles, and critical habitats. ContraPest is not a traditional rodenticide and does not contain the active ingredients under this evaluation. While these requirements (or a subset) do not directly impact our registration, ContraPest is classified in the rodenticide category with the EPA, therefore, updates to ContraPest’s current registration or newly registered products with the agency in the future may be subject to stricter testing requirements or limitations on use. However, ContraPest, under its current registration, and the exemption status of Evolve as a minimum risk pesticide under Section 25(b) of FIFRA, offers a distinct competitive advantage in the rodent control market through its alternative non-lethal and environmentally benign products.

Other Applications

While our proprietary technology is predominantly effective on ~~rat species~~rats, ~~our~~it ~~technology~~may ~~can~~ be applied to mice and other mammalian species. We have explored and continue to evaluate ~~fertility~~the ~~control~~market inpotential ~~mice,~~for ~~feral~~fertility ~~dogs,~~control ~~and~~in other species., ~~This~~as ~~preliminary~~well ~~data~~as ~~indicates~~other ~~potential~~population ~~for~~management ~~the continued development of fertility control technology in general~~products. We believe that the size of the rat control market is sufficient for our near-term focus. Weand remain open to potentially to licensing our technology ~~for~~to our strategic partners to explore its applicability toin other mammalian species.

Business Strategy

Our goal is for fertility control to be a standard tool utilized in pest management in IPM programs across all verticals. We ~~will~~expect to achieve this through the following:

End User Awareness and Adoption.

~~Our~~We ~~focus~~seek isto ~~educating~~educate end users onregarding the rapid reproduction ~~rate~~capacity of rodents, ~~which~~and ~~draws attention to~~ the ~~complex~~challenges ~~issue~~associated ofwith ~~gaining~~managing ~~control~~infestations ofwithout anaddressing ~~infestation when you do not have control of~~ fertility. As ~~more~~additional ~~rodenticides~~rodenticide products come to market toand ~~address~~regulatory ~~rat~~and ~~populations~~environmental considerations, ~~attention~~including ~~will~~bioaccumulation bein ~~drawn~~non-target tospecies ~~the~~remain ~~impact~~areas ~~other~~of ~~rodenticides~~growing ~~may have on other species due to bioaccumulation~~concern, ~~and~~ the benefit of ContraPest and Evolve ~~having~~become aincreasingly ~~low~~advantageous ~~potential~~in ~~for~~rodent ~~bioaccumulation~~mitigation strategies. Our fertility control products align with the EPA’s recent push for non-lethal alternatives and reduced environmental impact.

Tailored Value Propositions.

While the general desire to achieve and maintain control of rat populations is universal among end users, each vertical has a specific pain point ~~which~~that may be improved through the use of fertility control. By working with our existing customers and conducting field research, we are understanding and leveraging unique opportunities in our sales strategies across verticals. Our approaches include, but are not limited to the following:

•Product Development. The needs of customers in each vertical vary due to environment and limitations, requiring ongoing innovation, exploration of additional ~~species~~products, and the pursuit of additional regulatory approvals for ContraPest and Evolve, both in the United States and globally.

•Strategic Partnerships. Alignment with industry leaders and organizations accelerates awareness, adoption, product innovation and development.

•Efficiencies. Through securing more reliable, affordable suppliers for our raw materials and continuous development of our manufacturing process, we expect to be able to increase profits while scaling production to meet rising product demand and the production of additional registered products.

Marketing and Sales Approach

ContraPest and Evolve are differentiated in what is otherwise a very crowded pest control market due to their non-lethal design and innovative approach that focuses on the biology of the pest. As first and second-generation anti-coagulant rodenticides come under increased scrutiny for non-target exposure and bioaccumulation impacts as they travel up the food chain, their use is being restricted or banned in select areas across the United States and globally. These increasing

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~~•Strategic~~restrictions ~~Partnerships.~~and ~~Alignment~~bans ~~with~~create ~~industry~~an ~~leaders~~opportunity to highlight the safety and ~~organizations~~efficacy ~~accelerate~~of ~~awareness,~~our ~~adoption,~~products ~~product~~as ~~innovation~~industry professionals seek alternatives tools to serve their customers and ~~development~~gain control of rat and mouse populations through nontraditional means.

~~•Efficiencies.~~Because ~~Through~~the ~~securing~~pest ~~more~~industry ~~reliable,~~in ~~affordable~~the ~~suppliers~~United ~~for~~States ~~our~~has ~~raw~~demonstrated ~~materials~~a reluctance to adopt new technologies, the marketing of fertility control has primarily focused on building awareness among end users and ~~continuous~~professionals, ~~development~~while ofdriving ~~our~~penetration ~~manufacturing~~across ~~process~~key distribution channels, weincluding ~~will~~agribusiness, bepest ~~able~~management, toindustrial, ~~increase~~retail, ~~profits~~international, ~~while~~and ~~scaling~~e-commerce ~~production~~markets. toAlthough ~~meet~~each ~~rising~~vertical ~~product~~presents ~~demand~~distinct pain points and ~~the~~benefits, ~~production~~they ofshare ~~additional~~core ~~registered~~value ~~products~~propositions.

~~Marketing~~•Fertility control is effective. Our lab and ~~Sales~~field ~~Approach~~research demonstrate more than 90% reduction in rat populations when added to an IPM with sustained population suppression;

~~ContraPest~~•Our ~~and~~proprietary ~~Evolve~~formulations ~~are differentiated in what is otherwise a very crowded pest control market. They are the only products registered with or exempt from registration by the EPA that restrict fertility in both male~~ and ~~female~~feeding ~~rats~~systems ~~and~~optimize ~~are~~consumption ~~designed to be non-lethal. As first~~ and ~~second~~provide ~~generation~~a ~~anti-coagulant~~targeted ~~rodenticides~~delivery ~~come under increased scrutiny~~ for ~~non-target~~maximum exposure and bioaccumulation impacts on non-target species as they travel up the food chain, their use is being restricted or banned in select areas across the United States and globally. These increasing restrictions and bans create an opportunity to highlight the safety and efficacy ~~of our products as industry professionals look for alternative tools to serve their customers and gain control of rat and mouse populations through nontraditional means.~~;

~~Because~~•ContraPest ~~the~~and ~~pest~~Evolve ~~industry~~are inspecifically ~~the~~designed ~~United States has demonstrated a reluctance~~ to ~~adopt~~minimize ~~new~~exposure ~~technologies,~~hazard ~~the~~for ~~marketing~~handlers ofand ~~fertility control has primarily been aimed at end~~non-~~user~~targeted ~~and~~species ~~professional~~such ~~awareness,~~as ~~and penetration of the key verticals of agribusiness distribution~~wildlife, ~~pest management distribution~~livestock, ~~industrial~~and ~~distribution~~pets, ~~retail~~with ~~distribution,~~Evolve ~~international~~meeting ~~distribution~~EPA ~~and~~requirements ~~e-commerce.~~as ~~While~~a ~~pain~~minimum ~~points~~risk ~~and~~product; ~~benefits are unique to each vertical, they have shared core value propositions.~~and

•Fertility control isintegrates ~~effective.~~seamlessly ~~Lab~~into ~~tests~~the ~~and~~IPM ~~field~~framework ~~research~~by ~~demonstrate~~complimenting ~~more~~existing ~~than~~products ~~90%~~and ~~reduction~~management instrategies ~~rat~~for ~~populations~~more ~~when~~effective ~~added~~results, toand anoffers ~~IPM~~a ~~with~~solution ~~sustained~~to ~~population~~decrease ~~suppression;~~reliance on poisons.

~~•Our~~We ~~proprietary~~have ~~formulations~~also ~~and~~begun ~~feeding~~to ~~systems~~market ~~optimize~~our ~~consumption~~Evolve ~~and~~products ~~provides~~internationally ~~targeted~~through ~~delivery for maximum efficacy;~~distributors.

•ContraPest and Evolve are specifically designed to minimize exposure hazard for handlers and non-targeted species such as wildlife, livestock, and pets, with Evolve being designated by the EPA as a minimum risk product; and

•Fertility control can be used as an anchor or enhancement for an IPM program, and as a solution to decrease reliance on poisons or other lethal control options.

Raw Materials and Manufacturing Process

The Evolve products contain one active ingredient, cottonseed oil, a plant-derived ~~food~~compound ~~product~~used in foods. Evolve’s ~~also~~inactive ~~contains~~ingredients ~~several~~also ~~other~~comprise ~~inactive~~common food ingredients or naturally derived compounds. Currently, we source cottonseed oil from standard food suppliers, and it is available from a variety of sources. Our manufacturing process for Evolve involves the incorporation of our active ingredient, in low concentration, into several inactive ingredients. Once incorporated, the entire product is packaged inside of a casing and cut to length for sale. This process allows Evolve to be delivered to rats and mice in a palatable, effective manner, and it is designed to be non-lethal.

ContraPest contains two active ingredients, VCD, an industrial chemical, and triptolide, a plant -derived ~~chemical~~compound. ContraPest also contains several ~~other~~ inactive, ingredients that are generally recognized as safe~~, ingredients~~. Currently, we source VCD from standard industrial chemical supply providers. Triptolide is derived from the Thunder god vine, Tripterygium wilfordii, which is commonly cultivated and harvested ~~wild~~ in southeastern China and other Asian countries. Triptolide is available from a variety of sources, but the process tofor ~~purify~~purifying ~~triptolide~~it for use in ContraPest is expensive. Thus, we are investigating other, less costly sources of triptolide.

Our manufacturing process involves ~~the~~incorporating ~~incorporation of our two~~ active ingredients, ~~in low concentrations,~~ into several inactive ingredients at low concentrations. Once incorporated, the entire product ~~goes through~~ undergoes a proprietary process in order to stabilize the final formulation. This process allows ~~ContraPest~~our products to be delivered to ~~rats~~the target species in a palatable, effective manner~~, and it is designed to be non-lethal~~.

Currently, we have production -scale capability in our ~~facilities~~facility in Arizona to manufacture ContraPest and Evolve. ~~Our~~We believe that our internal production capabilities will allow us to meet our current and ~~anticipated~~near ~~demand~~term ~~through~~forecasted ~~2025~~demand ~~and~~for ~~beyond~~our products.

Scientific Background Regarding our Products

Female rats are born with a finite number of eggs, or oocytes, and remain fertile until death. Within the ovary, eggs develop within structures called follicles. The non-regenerating and least mature follicles are called primordial. The primordial follicles mature through primary, secondary and antral stages and ultimately ovulate. Once the primordial follicles have become depleted, ovarian failure occurs, which terminates reproductive capability. The active ingredients in our products cause specific loss of small ovarian follicles (both primordial and primary) and growing follicles (secondary and antral). In males, the active ingredients in our products exert a significant suppression of male fertility by impairing sperm maturation and mobility.

The safety and efficacy of our active ingredients and products are supported by considerable evidence. The active ingredients are provided at low concentrations and require repeated exposure to produce infertility in the target species, thus limiting the possibility of bioaccumulation or effect on non-target species. Further, based on laboratory and toxicology studies, ContraPest and Evolve have not been shown to cause illness in the target species.

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~~Scientific~~Additionally, ~~Background~~ContraPest ~~Regarding~~and ~~our~~Evolve ~~Product~~are contraceptives, not sterilants, limiting fertility in male and female rats beginning with the first breeding cycle following consumption. The average duration of infertility post consumption ranges from two to four months.

The safety and efficacy of our active ingredients and products are supported by considerable evidence. The active ingredients are rapidly metabolized by the rat, limiting the possibility of bioaccumulation or effect on non-target species. Further, based on laboratory and toxicology studies, ContraPest and Evolve should not cause rats to become ill or change their behavior.

Furthermore, ContraPest and Evolve are contraceptives, not sterilants, limiting fertility in male and female rats beginning with the first breeding cycle following consumption. The average duration of infertility post consumption ranges from 42 to over 180 days.

Other Potential Products

We continue to explore the application of ContraPest and Evolve on other species. We expect to continuously evaluate and evolve our current product offerings and, technology and market conditions permitting, introduce additional products.

Competition

Currently, we are unaware of any other non-lethal fertility control products targeting rats that are registered bywith the EPA. There are non-registered products being sold online that claim to control rodent reproduction. We do not believe these to be competitive products.

Our principal competition is large corporations with greater resources that offer a wider range of products. Generally, these are lethal pest control products, largely consisting of rodenticide-based products and other tools that Pest Management ~~Provider~~Providers (“PMPs”) use in their IPM.

Government Regulation and Product Approval

Federal, state and local government authorities in the United States regulate, among other things, the testing, manufacturing, quality control, approval, labeling, packaging, storage, record-keeping, distribution, and marketing of the products we develop. The process for obtaining regulatory approval and compliance with appropriate federal, state, and local regulations is rigorous and requires ~~the expenditure of~~ substantial time and financial resources.

United States Review and Approval Processes

In the United States, the EPA regulates the sale, distribution, and use of any pesticide under FIFRA. The EPA’s definition of a pesticide includes “any substance or mixture of substances intended for preventing, destroying, repelling, or mitigating any pest.” FIFRA defines a pest as “any insect, rodent, nematode, fungus, or weed.” To register a new product with the EPA, all active ingredients within the product must be registered and approved with the EPA or meet specific exemptions.

The EPA has an exemption under ~~FIFRA,~~ Section 25(b) of FIFRA, which ~~exempts~~omits certain pesticides from federal registration based on six ~~criteria for~~ minimum risk criteria. Evolve ismeets ~~exempt~~these ~~from~~criteria ~~registration~~and asis aexempt ~~minimum~~from ~~risk~~federal ~~pesticide~~EPA registration under ~~FIFRA,~~ Section 25(b) designation as a minimum risk pesticide. All applicable state-level requirements for registration, manufacturing, selling, or distributing ~~into~~of ~~designated~~Evolve ~~sates and territories~~ have been met. ~~Evolve has not been registered by the EPA but is in the process of registering in all 50 states, the District of Columbia, and five major U.S. territories.~~ There are 10 states that accept the federal exemption for pesticide registration within the respective state. For the states that do not accept the federal exemption, we began the registration process for ~~pesticide~~Evolve ~~registration~~ in October 2023. ToAs of the date hereof, we are authorized to sell Evolve Rat in 48 states and territories and Evolve Mouse in 37 states and territories. As part of registration maintenance, any marketing label revisions, including claims, must be submitted and approved by states prior to their use in the marketplace as products under Section 25(b) of FIFRA.

The EPA granted registration for ContraPest effective August 2, 2016, and as of July ~~12,~~ 2018, we ~~have~~had received registration for ContraPest in all 50 states, the District of Columbia, and ~~five~~two major U.S. territories. This initial EPA approval labeled ContraPest as a restricted-use product, due to the need for applicator expertise for deployment. OnIn October ~~18,~~ 2018, the EPA removed the ~~Restricted~~RUP ~~Use~~ designation, meaning that we can sell ContraPest to consumers who do not have applicator expertise. ContraPest is currently limited by EPA requirements to indoor use and to use within one foot of manmade structures.

12In addition to the EPA registration of ContraPest in the United States, we must obtain registration from the various state regulatory agencies prior to selling in each state. As of the date hereof, we have received registration for ContraPest in all 50 states and the District of Columbia, 49 of which have approved the removal of the RUP designation.

~~Table~~In addition to product registration of ~~Contents~~ContraPest, the EPA also approves all labeling (the container label, instructional inserts, and the Safety Data Sheet) and product claims. Generally, states accept the EPA approved label as is. ContraPest’s labeling was submitted to states at initial registration and is resubmitted during state scheduled registration renewals or for any significant labeling change requiring EPA approval.

who do not have applicator expertise. ContraPest is currently limited by EPA requirements to indoor use and to use within one foot of manmade structures.

In addition to the EPA registration of ContraPest in the United States, we must obtain registration from the various state regulatory agencies prior to selling in each state. To date, we have received registration for ContraPest in all 50 states and the District of Columbia, 49 of which have approved the removal of the Restricted Use designation.

In addition to product registration, the EPA also approves all labeling (the container label, instructional inserts, and the Safety Data Sheet) of ContraPest. Generally, states accept the EPA approved label as is. ContraPest’s labeling was submitted to states at initial registration and is resubmitted during state scheduled reregistration or for any significant labeling change requiring EPA approval.

In certain cases, our EPA and state registrations require completion of testing and certifications even after we have received approval for the product or its labeling. We continue to seek compliance with these requirements.

International Review and Approval Processes

With the assistance of in-country distributors, we are pursuing potential international markets and evaluating the regulatory landscapes of each prospective ~~market~~opportunity. Country-specific regulatory laws have provisions that include requirements for ~~certain~~ labeling, ~~safety,~~testing and efficacy, and ~~manufacturers’~~ quality control procedures to assure the safety and consistency of the product, as well as ~~company records and reports. Some specific in-country studies will be required for particular countries, but others will generally accept an EPA or EU compliant dossier.~~

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company records and reports for compliance purposes. Specific in-country studies are required for some registration approvals while others generally accept an EPA or European Union compliant dossier.

Personnel

As of December 31, ~~2024~~2025, we had 23 full-time employees and noone part-time ~~employees~~employee. Within our workforce, 11 employees are engaged in manufacturing, quality assurance, and research and development, and 12 employees are engaged in sales, business development, finance, regulatory, human resources, facilities, information technology, and general management and administration.

None of our employees are represented by labor unions or covered by collective bargaining agreements.

Intellectual Property and Other Proprietary Rights

Maintaining a strong position in the rodenticide market requires constant innovation ~~along~~and ~~with~~ a healthy research program to ~~evolve~~advance product lines in order to remain competitive and relevant to the needs of the changing global marketplace. We seek to protect our proprietary data and trade secrets with attention to data exchanges among employees, consultants, collaborators and research and trade partners.

Patent Filings

~~Our~~Minimum ~~intellectual~~risk ~~property~~pesticides ~~portfolio~~regulated ~~supporting~~under ~~ContraPest~~FIFRA ~~consists~~Section of25(b) ~~nine~~are ~~international~~required ~~patent~~to ~~filings~~disclose ~~(in~~product ~~the~~ingredient ~~United~~composition ~~States,~~on ~~Europe,~~the ~~Canada,~~label ~~Brazil,~~as ~~Russia,~~a ~~Japan,~~condition ~~Mexico,~~of ~~South~~exemption ~~Korea~~from ~~and~~federal ~~Australia)~~registration. ~~addressing~~Accordingly, ~~the~~to ~~ContraPest~~help ~~compound.~~maintain ~~Claims~~our ~~directed~~competitive ~~toward~~position as the ~~compound~~manufacturer ~~include composition-~~of~~-matter~~ ~~involving~~fertility acontrol ~~diterpenoid~~products ~~epoxide~~for orpest ~~salts~~management ~~thereof~~of incommensal ~~combination~~rodents, ~~with~~we anfiled ~~organic~~a ~~diepoxide,~~U.S. ~~use~~utility ~~claims~~patent application for ~~inducing~~Evolve ~~follicle~~that ~~depletion~~covers ~~and~~its ~~for~~composition ~~reducing~~and ~~the~~formulation ~~reproductive~~for ~~capability~~use ofas a ~~mammalian~~rodent ~~animal~~contraceptive. orThe ~~non-human~~application ~~mammalian~~includes ~~population. Issued~~ claims ~~will~~directed ~~have~~to abait ~~patent~~and ~~term~~soft-bait ~~extending~~formulations tocomprising ~~2033~~low-dose orgossypol ~~longer~~and ~~based~~a oncarrier ~~patent~~containing ~~term~~a ~~determinations~~bulk infeed ~~each~~component, ofwhich ~~the~~may ~~filing~~be ~~countries.~~enclosed ~~The~~in ~~novelty~~a ofcasing ~~ContraPest~~such ~~extends~~as tocollagen, ~~its~~for ~~method~~use ofin ~~field~~mice, ~~distribution~~rats, and ~~has~~other ~~required~~members ~~innovation~~of tothe ~~perfect~~order Rodentia. If issued, the ~~dosing~~patent ofwould ~~our~~provide ~~product~~protection tothrough ~~rodents~~2044. WeWhile ~~have~~issuance ~~filed~~would ~~U.S.~~not ~~and~~guarantee ~~international~~complete ~~patent~~protection, ~~applications~~we ~~covering~~believe ~~our~~the ~~novel~~claims ~~bait~~– ~~station~~particularly ~~device~~those directed to ~~effectively~~efficacious, ~~and~~non-toxic ~~efficiently~~dosage ~~deliver~~ranges ~~our~~tailored ~~rodent~~to ~~bait~~the atbody ~~individual~~mass ~~bait~~of ~~sites~~small ~~that~~rodents ~~would,~~to ifreduce ~~issued,~~fertility ~~offer~~– ~~patent~~would ~~term~~provide ~~protection~~meaningful ~~through~~intellectual atproperty ~~least 2036~~protection.

Our intellectual property portfolio supporting ContraPest includes U.S. patent filings covering the ContraPest compound. Claims directed toward the compound include composition-of-matter involving a diterpenoid epoxide comprising a triptolide skeleton in combination with an organic diepoxide which causes ovarian follicle depletion for reducing the reproductive capacity of non-human mammalian populations. Issued claims will have a patent term extending to 2033. The novelty of ContraPest extends to its methods of application and has required innovation to perfect the efficient delivery and effective dosing of our product to rodents at individual bait sites. We have a patent for our unique tank and tray delivery system with term protection through 2038 and have filed U.S. and international patent applications covering our novel Elevate bait station that would, if issued, offer patent term protection through at least 2043.

Trade Secrets and Trademarks

Beyond our patent right holdings, we broaden our intellectual property position with trademark, trade secret, know-how and continuous scientific discovery to accompany our product development efforts. We protect these proprietary assets with a combination of confidentiality terms in all commercial agreements or stand-alone confidentiality agreements along with rights-ownership agreements and structured information transfer understandings prior to beginning any collaborative projects. We own and maintain the ContraPest ~~trademark~~and Evolve trademarks, as well as Rat Birth Control, and have initiated registration for ~~Evolve~~both Mouse and Rodent Birth Control. We intend to register new trademarks for products ~~from~~in our evolving ~~rodenticide~~ product line, and ~~for~~ products for mammalian species beyond rodentia.

Data Sets

We have exclusive-use status with the EPA for the data-sets we have developed and submitted to the EPA as part of our application for ContraPest. The exclusive-use status applies to new active ingredients and the final formulation of the ContraPest product for a period of 10 years. For five years after the 10-year period of exclusivity, if another applicant or the EPA Administrator chooses to rely on one or more data sets that we submitted in support of an application submitted by another applicant, the new applicant must make a binding offer to compensate us and certify to the EPA that it has done so. If the offeror cannot reach an agreement on the terms of the compensation for the use of such data sets, FIFRA requires resolution by binding arbitration. The EPA rules do not specify how the compensation should be determined, and there is publicly available information about some, but not all, binding arbitration decisions. Our 10-year exclusivity period with

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~~Data~~the ~~Sets~~EPA is set to expire on August 2, 2026, and we are exploring potential pathways and qualifying factors for an extension by substantiated claims.

We have exclusive use status with the EPA for the data sets we have developed and submitted to the EPA as part of our application for ContraPest. The exclusive use status applies to new active ingredients and the final formulation of the ContraPest product for a period of 10 years. For five years after the 10-year period of exclusivity, if another applicant or the EPA Administrator chooses to rely on one or more data sets that we submitted in support of an application submitted by another applicant, the new applicant must make a binding offer to compensate us and certify to the EPA that it has done so. If we and the offeror cannot reach agreement on the terms of the compensation for the use of such data sets, FIFRA requires resolution by binding arbitration. The EPA rules do not describe how the compensation should be determined, and there is publicly available information about some, but not all, binding arbitration decisions.

Incorporation and Capital Structure

We were originally incorporated in the State of Nevada in July 2004, and onin November ~~12,~~ 2015, we reincorporated in the State of Delaware. Our corporate headquarters and manufacturing site are in ~~Phoenix~~Surprise, Arizona. OnIn December 8, 2016, we went public and are currently traded on ~~the~~ Nasdaq under the symbol SNES.

In July 2024, we amended our Amended and Restated Certificate of Incorporation to effect a 1-for-10 reverse split of our issued and outstanding shares of common stock. The accompanying financial statements and notes thereto provide retrospective effect to the reverse stock split for all periods presented. All issued and outstanding common stock, options, and warrants exercisable for common stock, restricted stock units, and per share amounts contained in our financial statements have been retrospectively adjusted.

Where You Can Find Additional Information

We electronically file with the SEC our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. We make available on our website at www.senestech.com, free of charge, copies of these reports, as soon as reasonably practicable after electronically filing such reports with, or furnishing them to, the SEC. The information contained in, or that can be accessed through, our website is not part of, and is not incorporated into, this Annual Report on Form 10-K.

ITEM 1A. RISK FACTORS.

As discussed immediately prior to Item 1 of Part I, “Business” under “Cautionary Note Regarding Forward-Looking Statements,” our actual results could differ materially from those expressed in our forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed below. Additional risks and uncertainties not presently known to us, or that we currently deem immaterial, may also impair our business operations. If any of the following risks occur, our business, financial condition, operating results, cash flows and the trading price of our common stock could be materially adversely affected.

Risks Related to our Business

Our success is dependent on the successful commercialization of ContraPest and Evolve.

The EPA granted registration approval for ContraPest effective August 2, 2016, and as of July ~~12,~~ 2018, we ~~have~~had received registration for ContraPest in all 50 states, the District of Columbia, and two major U.S. territories, Puerto Rico and The U.S. Virgin Islands. Evolve Rat and Evolve Mouse, as aminimum ~~FIFRA~~risk pesticides under Section 25(b) ~~minimum~~of ~~risk pesticide~~FIFRA, ~~does~~do not require federal registration with the EPA but isare in the process of being registered in all 50 states, the District of Columbia, and ~~five~~two major U.S. territories. ToAs of the date hereof, we are authorized to sell Evolve Rat in 48 states, and ~~two major U.S.~~ territories, ~~Puerto~~and ~~Rico~~Evolve ~~and~~Mouse ~~The~~in ~~U.S.~~37 ~~Virgin~~states ~~Islands~~and territories. However, we have not yet had significant sales of ContraPest and Evolve, which are our only products to date that are available for commercialization and the generation of revenue.

ContraPest, Evolve, and our other product candidates may not achieve adequate market acceptance necessary for commercial success.

Market acceptance of our products and any of our product candidates for which we receive approval depends on a number of factors, including the following:

•the potential and perceived advantages of our products and product candidates over alternative or complementary products;

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•the effectiveness of our sales and marketing efforts and those of our collaborators;

•the efficacy and safety of such products and product candidates as demonstrated in trials;

•the uses, indications or limitations for which the product and product candidate isare approved;

•product labeling or product insert requirements of the EPA or other regulatory authorities;

•the timing of market introduction of our products as well as future competitive or alternative products;

•relative convenience and ease of use; and

•favorable or unfavorable publicity relating to the product.

If we cannot successfully commercialize our products, especially ContraPest and Evolve, we will not become profitable.

If any of our products or future approved product candidates fail to achieve sufficient market acceptance, we will not be able to generate ~~significant~~sufficient revenues orto become profitable. The commercial success of ContraPest and Evolve will depend on a number of factors, including the following:

•the execution of our commercial strategy and the successful expansion of our commercial organization;

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•our success in educating end users about the benefits, administration and use of ContraPest and/or Evolve;

•the effectiveness of our own or our potential strategic partners’ marketing, sales and distribution strategy and operations;

•convincing ~~PMPs~~customers to deploy ContraPest and Evolve in quantity as an enhancement to, or replacement of, their current strategy of rodenticide use;

•continued refinement of our pricing strategy;

•our ability to manufacture quantities of ContraPest and Evolve using commercially acceptable processes and at a scale sufficient to meet anticipated demand and enable us to reduce our cost of manufacturing; and

•a continued acceptable safety profile of Evolve and ContraPest.

Many of these factors are beyond our control. If we are unable to successfully commercialize ContraPest and Evolve, we may not be able to earn sufficient revenues or profits to continue our business.

We will require additional capital to fund our operations. Failure to obtain this necessary capital if needed may force us to delay, limit, or terminate our product development efforts or other operations.

Commercialization of ContraPest and Evolve and developing further product candidates, including conducting experiments and field studies, obtaining and maintaining regulatory approval and commercializing any products approved for sale, is a time-consuming, expensive and uncertain process that takes years to complete. We expect our expenses to continue and to increase in connection with our ongoing activities, particularly as we advance our commercialization activities. We may expand our operations, and as a result of many factors, some of which may be currently unknown to us, our expenses may be higher than expected. Securing additional financing may divert our management from their day-to-day activities, which may adversely affect our ability to develop and commercialize our products and product candidates, including ContraPest and Evolve. In addition, we cannot guarantee that future financing will be available in sufficient amounts or on terms acceptable to us, if at all. If we are unable to raise additional capital when required or on acceptable terms, we may be required to take certain actions, including the following:

•significantly delay, scale back or discontinue the development or commercialization of our products and product candidates, including ContraPest and Evolve;

•seek strategic partners for the manufacturing, sales and distribution of ContraPest or Evolve or any of our other product candidates at an earlier stage than otherwise would be desirable or on terms that are less favorable than might otherwise be available; and

•relinquish, or license on unfavorable terms, our rights to technologies or product candidates that we otherwise would seek to develop or commercialize ourselves.

The occurrence of any of the events described above would have a material adverse effect on our business, operating results and prospects and on our ability to develop our product candidates.

If we are unable to establish and maintain an effective sales force and marketing and distribution infrastructures, or enter into and rely upon acceptable third-party relationships, we may be unable to generate ~~any~~sufficient ~~revenue~~revenues to become profitable.

We continue to develop a functional infrastructure for the sales, marketing and distribution of our products; however, the cost of establishing and maintaining such an infrastructure may exceed the cost-effectiveness of doing so. In order to market products, we must continue to build our sales, marketing, managerial and other non-technical capabilities or make arrangements with third parties to perform these services for which we would incur substantial costs. If we are unable to establish and maintain adequate sales, marketing and distribution capabilities, whether independently or with third parties, we may not be able to generate sufficient product revenue to become profitable. Without an effective internal commercial organization or the support of a third party to perform sales and marketing functions, we may be unable to compete successfully.

The misuse of our products may harm our reputation in the marketplace, result in injuries that lead to product liability suits or result in costly investigations, fines or sanctions by regulatory bodies if we are deemed to have engaged in the promotion of these uses, any of which could be costly to our business.

Customers, technicians or service providers could use our products in a manner that is inconsistent with the products’ intended use. We train our marketing personnel and sales representatives to not promote our products for uses outside of the intended use, however, we cannot otherwise prevent all instances of misuse. Further, the marketing and sales

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~~market~~representatives ~~products,~~that we ~~must~~have ~~continue~~hired to ~~build~~help ~~our~~meet ~~sales,~~the ~~marketing,~~demand ~~managerial~~for ~~and~~our ~~other~~products ~~non-technical~~may ~~capabilities~~not orhave ~~make~~received ~~arrangements~~proper ~~with~~training ~~third~~or ~~parties~~have tothe ~~perform~~working ~~these~~knowledge ~~services~~needed ~~for~~to ~~which~~adequately weadvise ~~would~~our ~~incur~~customers ~~substantial~~how ~~costs. If we are unable~~ to ~~establish~~safely ~~and~~use ~~maintain~~our ~~adequate~~products. ~~sales,~~Misuse ~~marketing~~of ~~and~~our ~~distribution~~products ~~capabilities, whether independently or with third parties, we~~ may ~~not~~cause bean ~~able~~increased torisk ~~generate~~of ~~sufficient~~injury ~~product revenue~~ to ~~become~~customers, ~~profitable.~~which ~~Without~~could anharm ~~effective~~our ~~internal~~reputation ~~commercial~~in ~~organization or~~ the ~~support~~marketplace, ofas awell ~~third~~as ~~party~~lead to ~~perform~~potential ~~sales~~product ~~and~~liability ~~marketing functions, we may be unable to compete successfully~~lawsuits.

~~The~~We ~~misuse~~are ofcurrently ~~our~~operating ~~products~~in ~~may~~a ~~harm~~period ~~our~~of ~~reputation~~economic ~~in the marketplace~~uncertainty, ~~result~~which inhas ~~injuries~~been ~~that~~significantly ~~lead~~impacted toby ~~product~~geopolitical ~~liability~~instability, ~~suits~~inflation, orincreases ~~result~~ in ~~costly~~interest ~~investigations~~rates, ~~fines~~and orother ~~sanctions~~disruptions ~~by regulatory bodies if we are deemed to have engaged~~ in ~~the~~credit ~~promotion~~and offinancial ~~these uses, any of which could be costly to our business~~markets.

~~Customers,~~Economic ~~technicians~~downturns ormay ~~service~~adversely ~~providers~~affect ~~could~~our ~~use~~customers. ~~our~~If ~~products~~consumers inrestrict atheir ~~manner~~discretionary ~~that~~expenditures, isdue ~~inconsistent~~to ~~with~~inflation ~~the~~or ~~products’~~other ~~intended~~economic ~~use.~~hardships, Wewe ~~train~~may ~~our~~suffer ~~marketing~~a ~~personnel~~decline ~~and~~in ~~sales~~revenue. ~~representatives~~Disruptions toin ~~not~~credit ~~promote~~or ~~our~~financial ~~products~~markets ~~for~~could ~~uses~~make ~~outside~~it ofmore ~~the~~difficult ~~intended~~for ~~use,~~us ~~however~~to obtain, weor ~~cannot~~increase ~~otherwise~~the ~~prevent~~cost ~~all~~of ~~instances~~obtaining, offinancing ~~misuse~~in the future. ~~Further,~~Increases ~~the~~in ~~marketing~~interest ~~and~~rates ~~sales~~may ~~representatives~~cause ~~that~~a wereduction ~~have~~in ~~hired~~spending, towhich ~~help~~could ~~meet~~result ~~the~~in ~~demand~~a ~~for~~decrease ~~our~~in ~~products~~revenue. Our business may ~~not~~be ~~have~~impacted ~~received~~by ~~proper~~geopolitical ~~training~~events, including military conflicts, threatened hostilities, conflicts or ~~have~~heightened ~~the~~tension ~~working~~among ~~knowledge~~alliance ~~needed~~countries toand ~~adequately~~other ~~advise~~geopolitical ~~our~~conflicts. ~~customers~~In ~~how~~addition, tomaterials ~~safely~~sourced ~~use~~from ~~our~~suppliers ~~products.~~located ~~Misuse~~outside ofthe ~~our~~U.S. ~~products~~have or may ~~cause~~become ansubject ~~increased~~to ~~risk~~tariffs ofunder ~~injury~~U.S. totrade ~~customers,~~policies. ~~which~~There ~~could~~can ~~harm~~be ~~our~~no ~~reputation~~assurances inthat ~~the~~fuel ~~marketplace~~prices, asraw ~~well~~material ascosts, ~~lead~~or other operating costs, all of which may be subject to ~~potential~~inflationary ~~product~~pressures, ~~liability~~will ~~lawsuits~~not materially increase in future years.

We ~~are~~could ~~currently~~be ~~operating~~required into acollect ~~period~~additional ofsales, ~~economic~~value ~~uncertainty,~~added ~~which~~or ~~has~~similar ~~been~~taxes ~~significantly~~or ~~impacted~~be bysubject ~~geopolitical~~to ~~instability,~~other ~~inflation,~~tax ~~increases~~liabilities inthat ~~interest~~may ~~rates,~~increase ~~and~~the ~~other~~costs ~~disruptions~~our inclients ~~credit~~would have to pay for our products and ~~financial~~adversely ~~marktets~~affect our results of operations.

~~Economic~~We ~~downturns~~collect ~~may~~sales, ~~adversely~~value ~~affect~~added ~~our~~or ~~customers.~~similar Ifindirect ~~consumers~~taxes ~~restrict~~in ~~their~~a ~~discretionary~~number ~~expenditures,~~of ~~due~~jurisdictions. toAn ~~inflation~~increasing ornumber ~~other~~of ~~economic~~states ~~hardships,~~have weadopted ~~may~~laws ~~suffer~~that aattempt ~~decline~~to inimpose ~~revenue~~sales tax collection obligations on out-of-state companies. ~~Disruptions~~Similarly, inmany ~~credit~~foreign jurisdictions have considered or ~~financial~~adopted ~~markets~~laws ~~could~~that ~~make~~impose ittaxes ~~more~~on ~~difficult~~companies ~~for~~despite usnot tohaving ~~obtain,~~a orphysical ~~increase~~presence in the ~~cost~~foreign ofjurisdiction. ~~obtaining~~A successful assertion by one or more states, ~~financing~~or inforeign ~~the~~jurisdictions, ~~future.~~requiring ~~Increases~~us into ~~interest~~collect ~~rates~~taxes ~~may~~where ~~cause~~we apresently ~~reduction~~do innot ~~spending~~do so, ~~which~~or ~~could~~to ~~result~~collect more taxes in a ~~decrease~~jurisdiction in ~~revenue.~~which Wewe ~~may~~currently bedo ~~impacted~~collect bysome ~~geopolitical~~taxes, ~~tensions~~could ~~and~~result ~~conflicts,~~in ~~including~~substantial ~~changes~~tax toliabilities, ~~trade~~including ~~policies~~taxes ~~and~~on ~~regulations~~past sales, ~~such~~as well as ~~tariffs.~~penalties Inand ~~addition,~~interest. ~~there~~This ~~can~~could bealso nocreate ~~assurances~~additional ~~that~~administrative ~~fuel~~burdens ~~prices~~for us, ~~raw~~put ~~material~~us ~~costs,~~at ora ~~other~~competitive ~~operating~~disadvantage ~~costs,~~if ~~all~~they ofdo ~~which~~not ~~may~~impose besimilar ~~subject~~obligations toon ~~inflationary~~our ~~pressures~~competitors, ~~will~~and ~~not~~decrease ~~materially~~our ~~increase~~future insales, ~~future~~which ~~years~~could harm our business and results of operations.

Risks Related to Regulatory Matters

Regulatory approval processes of the EPA, state and comparable foreign regulatory authorities are lengthy, time-consuming and unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business may fail.

~~The~~Regulatory ~~EPA~~approval ~~review process~~ for a product ~~with one or more new active ingredients typically takes approximately two years to complete and approval~~ is never guaranteed. In addition, we continue to seek approvals to expand labels and use designations ~~for ContraPest~~ to broaden ~~its~~markets ~~market~~ and usability. Our efforts could fail to receive approval from ~~the EPA, with respect to ContraPest or our product candidates, or from a comparable foreign~~ regulatory ~~authority~~authorities for many reasons, including the following:

•disagreement over the design or implementation of our trials;

•failure to demonstrate a product candidate is safe or works according to our claims;

•failure to demonstrate a product candidate’s benefits outweigh its risks;

•disagreement over our interpretation of data;

•disagreement over whether to accept efficacy results from trials;

•the insufficiency of data collected from trials to obtain regulatory approval;

•disagreement over whether a product is exempted from registration requirements;

•irreparable or critical compliance issues relating to our manufacturing process; or

•changes in the approval policies or regulations that render our data insufficient for approval.

Any of these factors, some of which are beyond our control, could jeopardize our ability to obtain regulatory approval of submittals. Any such setback in our pursuit of regulatory approval could have a material adverse effect on our business and prospects.

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Even following receipt of any regulatory approval for ContraPest, Evolve, and our other product candidates, requiring regulatory approval, we will continue to face extensive regulatory requirements and our products may face future development and regulatory difficulties.

Even following receipt of any regulatory approval for ContraPest, Evolve, or our product candidates, our products will be subject to ongoing requirements by the EPA and comparable state and foreign regulatory authorities governing the manufacture, quality control, further development, labeling, packaging, storage, distribution, safety surveillance, import, export, advertising, promotion, recordkeeping and reporting of safety and other post-market information.

The safety profile of any product will continue to be closely monitored by the EPA, state and comparable foreign regulatory authorities after approval. In addition, we may be required, from time to time, to provide further testing results and certifications to the EPA and state regulatory agencies for ContraPest or Evolve.

~~For~~If ~~instance,~~the weEPA ~~have~~or ~~found~~comparable itforeign ~~challenging~~regulatory toauthorities ~~produce~~become ~~applicable~~aware ~~stability~~of ~~test~~new ~~results~~information ~~for~~after ~~one~~approval of ~~our~~ContraPest, ~~active ingredients~~Evolve, ~~due~~or inany ~~part~~other ~~to the small quantity used in the final~~ product ~~and~~candidate, ~~continue~~or toif ~~work~~we ~~with~~are ~~the~~unable ~~EPA~~ to ~~develop~~adequately ~~appropriate~~complete ~~biological~~required testing and~~/or~~ ~~chemical~~certification ~~measurements~~requirements, ~~for~~a ~~active~~number ~~ingredient~~of ~~stability.~~potentially ~~Because~~significant ~~our~~negative ~~data~~consequences ~~continues~~could ~~to demonstrate the long-term efficacy of ContraPest~~result, weincluding ~~believe that~~ the ~~testing is a matter we will resolve.~~following:

If the EPA or comparable foreign regulatory authorities become aware of new information after approval of ContraPest, Evolve, or any other product candidate, or we are unable to adequately complete required testing and certification requirements, a number of potentially significant negative consequences could result, including the following:

•we may be forced to suspend marketing of such product;

•regulatory authorities may withdraw their approvals of such product after certain procedural requirements have been met;

•regulatory authorities may require additional warnings on the label that could diminish the usage or otherwise limit the commercial success of such product;

•the EPA or other regulatory bodies may issue safety alerts, press releases or other communications containing warnings about such product;

•the EPA may require the establishment or modification of restricted use, or a comparable foreign regulatory authority may require the establishment or modification of a similar strategy that may, for instance, restrict distribution of our product and impose burdensome implementation requirements on us;

•products sold under the FIFRA minimum risk exemption could be deemed non-exempt by the EPA, potentially requiring additional compliance steps and uncertainty until such products receive further approvals;

•we may be required to change the way the product is administered or conduct additional trials;

•we could be sued and held liable for harm caused;

•we may be subject to litigation or product liability claims; and

•our reputation may suffer.

Any of these events could prevent us from achieving or maintaining market acceptance of the particular product or product candidate, if approved, and could significantly harm our business, results of operations and prospects.

Moreover, existing government regulations may change, and additional government regulations may be enacted that could prevent, limit or delay regulatory approval of product candidates requiring such approval. If we are slow or unable to adapt to changes in existing requirements or the adoption of new requirements or policies, or if we are not able to maintain regulatory compliance, we may lose any marketing approval that we may have obtained and/or be subject to different marketing requirements or fines or enhanced government oversight and reporting obligations, which would adversely affect our business, prospects, and ability to achieve or sustain profitability.

Even ~~following~~after ~~receipt~~receiving of any regulatory approval or ~~introduction~~introducing of products or product candidates, we will continue to be subject to regulation of our manufacturing processes and advertising practices.

As a manufacturer of pest control products, we are subject to continual government oversight and periodic inspections by the EPA and other regulatory authorities. If we or a regulatory agency discover problems with a facility where our products are manufactured, a regulatory agency may impose restrictions on the manufacturing facility, including requiring recall or withdrawal of the product from the market or suspension of manufacturing until certain procedural requirements have been met. The occurrence of any such event or penalty could limit our ability to market ContraPest, Evolve, or any other product candidates and generate revenue.

In addition, the EPA strictly regulates the advertising and promotion of pest control products, and these pest control products may only be marketed or promoted for their EPA-approved uses, consistent with the product’s approved labeling. Advertising and promotion of any product candidate that obtains approval in the United States will be subject to heavy scrutiny by the EPA, other applicable state regulatory agencies, and the public. Violations, including promotion of our

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~~In addition, the EPA strictly regulates the advertising and promotion of pest control~~ products, ~~and these pest control products may only be marketed or promoted~~ for their EPA approved uses, consistent with the product’s approved labeling. Advertising and promotion of any product candidate that obtains approval in the U.S. will be heavily scrutinized by the EPA, other applicable state regulatory agencies and the public. Violations, including promotion of our products for unapproved or off-label uses, are subject to enforcement actions, inquiries and investigations, and civil, criminal and/or administrative sanctions imposed by the EPA.

Failure to obtain regulatory approval in foreign jurisdictions would prevent our products or product candidates from being marketed in those jurisdictions.

To market and sell our products globally, we must obtain separate marketing approvals and comply with numerous and varying regulatory requirements. The approval procedure varies among countries and can involve additional testing. Obtaining foreign regulatory approvals and maintaining compliance with foreign regulatory requirements could result in significant delays, difficulties, and cost for us, and could delay or prevent the introduction of our products in certain countries. ~~Approval by the EPA does not ensure approval by regulatory authorities in other countries or jurisdictions, but EPA approval may influence decisions by the foreign regulatory authority.~~ If we are unable to obtain approval of our products or product candidates by regulatory authorities in the world market, the commercial prospects of that product candidate may be significantly diminished, and our business prospects could decline.

Risks Related to our Operations and Supply Chain

We depend on key personnel to operate our business. If we are unable to retain, attract and integrate qualified personnel, our ability to develop and successfully grow our business could be harmed.

We believe that our success is highly dependent on our ability to attract and retain highly skilled and experienced managerial, sales, research and development and other personnel. If one or more of our executive officers or key employees terminates employment or becomes disabled or experiences long-term illness, we may not be able to replace their expertise, fully integrate new personnel or replicate the prior working relationships, and the loss of their services might significantly delay or prevent the achievement of our research and development and business objectives. Qualified individuals with the breadth of skills and experience in our industry that we require are in high demand, and we may incur significant costs to attract them. Many of the other companies that we compete against for qualified personnel have greater financial and other resources, different risk profiles and a more established history in the industry. They also may provide more diverse opportunities and better chances for career advancement. Our failure to attract and/or retain key personnel could impede the achievement of our research and development and commercialization objectives.

We ~~have~~believe that our existing internal manufacturing capabilities are sufficient to meet our current and near term forecasted demand for ~~ContraPest~~our products. However, ~~however~~to meet future demand, we ~~must~~may ~~develop~~need ~~additional~~to expand our manufacturing capability or rely upon third-party ~~parties~~manufacturers. Expanding our internal facilities could require significant time and resources, and there can be no assurance that such efforts will be successful or timely. If we are unable to ~~manufacture~~develop sufficient manufacturing capacity, reliance on third-party manufacturers may be necessary, which could disrupt operations or adversely affect our ~~products~~business, tofinancial ~~meet~~condition, ~~future~~or ~~demand~~results ~~and~~of operations. In addition, our manufacturing operations are currently concentrated in a single location, ~~manufacturing~~making ~~operations~~them ~~could~~vulnerable beto ~~disrupted~~potential disruptions.

~~Our~~In ~~existing~~addition, ~~internal~~if our manufacturing ~~platform~~operations isfail ~~adequate~~or ~~for~~are ~~meeting~~disrupted ~~our~~for ~~current~~any ~~and~~reason, ~~near~~including ~~term~~because ~~forecasted~~of ~~demand~~labor, ~~for~~disasters, ~~our~~and/or ~~products.~~equipment Wemalfunctions, ~~may~~among beothers, ~~required~~our ability to ~~spend~~produce ~~significant~~our ~~time~~products ~~and~~in ~~resources~~a totimely ~~expand~~manner ~~these~~may ~~manufacturing~~be ~~facilities~~adversely toaffected, ~~fully~~which ~~meet~~would ~~future~~harm ~~demand.~~our Ifsales weand ~~are~~reputation. ~~unable~~We toonly ~~develop~~operate ~~full-scale~~in ~~manufacturing~~a ~~capabilities~~single location, which means we ~~may~~do not behave ~~able~~backup facilities to ~~meet~~produce ~~demand of~~ our products ~~without~~during ~~relying~~a ontime ~~third~~when ~~party manufacturers, which could adversely affect~~ our ~~operations~~manufacturing orfacility ~~financial~~becomes ~~condition~~unavailable.

InWe ~~addition,~~will ifneed ~~our~~to ~~manufacturing~~expand our operations ~~fail or are disrupted for any reason, including because of labor, disasters,~~ and~~/or~~ ~~equipment~~grow ~~malfunctions, among others,~~ our ~~ability to timely produce our products may be adversely affected~~organization, ~~which would harm our sales~~ and ~~reputation.~~we Wemay ~~only~~experience ~~operate~~difficulties in amanaging ~~single~~this ~~location, which means we do not have back-up facilities to produce our products during a time when our manufacturing facility becomes unavailable~~growth.

WeAs of December 31, 2025, we had 23 full-time employees and one part-time employee. As our development and commercialization plans and strategies develop and progress, we will need toadditional ~~expand~~managerial, ~~our~~operational, ~~operations~~sales, marketing, scientific and ~~grow~~financial ~~the~~headcount ~~size~~and ofother ~~our~~resources. ~~organization~~Our management, personnel, and wesystems currently in place may ~~experience~~not ~~difficulties~~be inadequate ~~managing~~to support this future growth. Future growth would impose significant added responsibilities on members of management, including the following:

As of December 31, 2024, we had 23 full-time employees. As our development and commercialization plans and strategies develop, we will need additional managerial, operational, sales, marketing, scientific and financial headcount and other

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resources. Our management, personnel, and systems currently in place may not be adequate to support this future growth. Future growth would impose significant added responsibilities on members of management, including the following:

•identifying, recruiting, maintaining, motivating and integrating additional employees with the expertise and experience we will require;

•managing our internal development efforts effectively while complying with our contractual obligations to licensors, licensees, contractors and other third parties;

•managing additional relationships with various strategic partners, suppliers and other third parties;

•managing our trials effectively, which we anticipate being conducted at numerous field study sites;

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•improving our managerial, development, operational, marketing, production and finance reporting systems and procedures; and

•expanding our facilities.

Our failure to accomplish any of these tasks could prevent us from successfully growing our business.

Business or supply chain disruptions could seriously harm our future revenues and financial condition and increase our costs and expenses~~, particularly because we have limited suppliers and a critical ingredient for ContraPest is currently sourced from China~~.

Our operations could be subject to a variety of potential business disruptions, including power shortages, telecommunications failures, water shortages, floods, fires, earthquakes, extreme weather conditions, medical epidemics and other natural or man-made disasters or other interruptions, for which we are predominantly self-insured. We do not carry insurance for all categories of risk that our business may encounter. The occurrence of any of these business disruptions could seriously harm our operations and financial condition and increase our costs and expenses. Moreover, we rely on third parties to supply various ingredients and other items which are critical for producing our product candidates.

WeA ~~currently~~variety ~~use~~of ~~one~~risks ~~supplier~~associated ~~for~~with ~~each~~marketing of our ~~two~~products ~~active ingredients, triptolide~~ and ~~VCD. Our ability to produce our~~ product candidates ~~would~~internationally becould ~~disrupted~~materially if the operations of these suppliers are affected by a man made or natural disaster or other business interruption. Because triptolide is sourced from China and other Asian countries, we have a greater risk of supply interruption, including as a result of tariff and trade disputes, or disruptive events like the outbreak of the Coronavirus, also known as COVID-19. The ultimate impact on our operations from any business interruption impacting us or any of our significant suppliers is unknown, but our operations and financial condition would likely suffer adverse consequences. Further, any significant uninsured liability may require us to pay substantial amounts, which would adversely affect our business~~, results of operations, financial condition and cash flows from future prospects~~.

We ~~are~~have ~~dependent~~begun onto ~~triptolide,~~market aEvolve ~~key~~products ~~ingredient~~internationally ~~for~~through ~~ContraPest,~~distributors ~~which~~and ~~has~~we ~~limited~~may ~~sources~~seek ~~and~~regulatory ~~must~~approval of our product candidates outside of the United States. We expect that we will be subject to additional risks related to operating in aforeign ~~very~~countries ~~refined~~with ~~condition.~~respect to Evolve and any other approved products, including the following:

If we are unable to develop additional sources of or alternatives to triptolide, a key ingredient for ContraPest, our long-term ability to produce ContraPest at a cost-effective price could be in jeopardy. If market demand for triptolide causes the price to increase beyond our ability to market at a competitive price or causes the quality of the refined ingredient to be less than needed for our production, our ability to commercialize ContraPest could be limited or delayed, which would adversely affect our business, results of operations and financial condition.

A variety of risks associated with marketing our product candidates internationally could materially adversely affect our business.

We may seek regulatory approval of our product candidates outside of the United States and, in that case, we expect that we will be subject to additional risks related to operating in foreign countries if we obtain the necessary approvals, including the following:

•differing regulatory requirements in foreign countries;

•unexpected changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements;

•economic weakness, including inflation or political instability in particular foreign economies and markets;

•compliance with tax, employment, immigration and labor laws for employees living or traveling internationally;

•foreign taxes, including withholding of payroll taxes;

•foreign currency fluctuations, which could result in increased operating expenses and reduced revenue, and other obligations incident to doing business in another country;

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•difficulties staffing and managing foreign operations;

•workforce uncertainty in countries where labor unrest is more common than in the United States;

•potential liability under the U.S. Foreign Corrupt Practices Act of 1977, as amended, or comparable foreign regulations;

•challenges enforcing our contractual and intellectual property rights, especially in those foreign countries that do not respect and protect intellectual property rights to the same extent as the United States;

•production shortages resulting from any events affecting raw material supply or manufacturing capabilities internationally; and

•business interruptions resulting from geopolitical actions, including war and terrorism.

These and other risks associated with our international operations may materially adversely affect our ability to attain or maintain profitable operations.

Risks Related to Our Intellectual Property and Legal Actions

If we fail to obtain or protect intellectual property rights, our competitive position could be harmed.

We depend on our ability to protect our proprietary technology. We rely on trade secret, patent, copyright and trademark laws, and confidentiality, licensing, and other agreements with employees and third parties, all of which offer only limited protection. Our commercial success will depend in part on our ability to obtain and maintain intellectual property protection in the United States and other countries with respect to our proprietary technology and products. Where we deem appropriate, we seek to protect our proprietary position by filing patent applications in the United States and internationally related to our novel technologies and products that are important to our business. However, our financial resources constrain us from seeking protection in every instance, so we may rationalize and selectively pursue expensive patent protection. Patent positions can be highly uncertain, involve complex legal and factual questions and be the subject of litigation. As a result, the issuance, scope, validity, enforceability and commercial value of our patents, including those patent rights licensed to us by third parties, are highly uncertain.

The steps we have taken to protect our proprietary rights may not be adequate to preclude misappropriation of our proprietary information or infringement of our intellectual property rights, both inside and outside the United States. The rights already granted under any of our currently issued patents and those that may be granted under future issued patents may not provide us with the proprietary protection or competitive advantages we are seeking. If we are unable to obtain and maintain protection for our technology and products, or if the scope of the protection obtained is not sufficient, our ~~competitors could develop and commercialize technology and products similar or superior to ours, and our ability to successfully commercialize our technology and products may be adversely affected.~~

With respect to patent rights, we do not know whether any of our pending patent applications for any of our technologies or products will result in the issuance of patents that protect such technologies or products, or if our licensed patent will effectively prevent others from commercializing competitive technologies and products. Our pending patent applications cannot be enforced against third parties practicing the technology claimed in such applications unless and until a patent issues from such applications. Further, the examination process may require us to narrow the claims for our pending patent applications, which may limit the scope of patent protection that may be obtained if these applications issue. Because the issuance of a patent is not conclusive as to its inventorship, scope, validity or enforceability, issued patents that we own or have licensed from third parties may be challenged in the courts or patent offices in the U.S. and internationally. Such challenges may result in the loss of patent protection, the narrowing of claims in such patents, or the invalidity or unenforceability of such patents, which could limit our ability to stop others from using or commercializing similar or identical technology and products or limit the duration of the patent protection for our technology and products. Protecting against the unauthorized use of our patented technology, trademarks and other intellectual property rights, is expensive, difficult, and in some cases, may not be possible. In some cases, it may be difficult or impossible to detect third party infringement or misappropriation of our intellectual property rights, even in relation to issued patent claims, and proving any such infringement may be even more difficult.19

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competitors could develop and commercialize technology and products similar or superior to ours, and our ability to successfully commercialize our technology and products may be adversely affected.

With respect to patent rights, we do not know whether any of our pending patent applications for any of our technologies or products will result in the issuance of patents that protect such technologies or products. Our pending patent applications cannot be enforced against third parties practicing the technology claimed in such applications unless and until a patent issues from such applications. Further, the examination process may require us to narrow the claims for our pending patent applications, which may limit the scope of patent protection that may be obtained if these applications issue. Because the issuance of a patent is not conclusive as to its inventorship, scope, validity, or enforceability, issued patents that we own may be challenged in the courts or patent offices in the United States and internationally. Such challenges may result in the loss of patent protection, the narrowing of claims in such patents, or the invalidity or unenforceability of such patents, which could limit our ability to stop others from using or commercializing similar or identical technology and products or limit the duration of the patent protection for our technology and products. Protecting against the unauthorized use of our patented technology, trademarks, and other intellectual property rights is expensive, difficult, and in some cases, may not be possible. In some cases, it may be difficult or impossible to detect third-party infringement or misappropriation of our intellectual property rights, even in relation to issued patent claims, and proving any such infringement may be even more difficult.

Intellectual property rights do not necessarily address all potential threats to any competitive advantage we may have.

The degree of future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations, and may not adequately protect our business, or permit us to maintain our competitive advantage. The following examples are illustrative:

•others may be able to make compounds that are the same as or similar to our future products but that are not covered by the claims of the patents that we own or have exclusively licensed;

•we might not have been the first to file patent applications covering certain of our inventions;

•others may independently develop similar or alternative technologies or duplicate any of our technologies without infringing on our intellectual property rights;

•issued patents that we own ~~or have exclusively licensed~~ may not provide us with any competitive advantages, or may be held invalid or unenforceable, as a result of legal challenges by our competitors;

•our competitors might conduct research and development activities in the ~~U.S.~~United States and other countries that provide a safe harbor from patent infringement claims for certain research and development activities, as well as in countries where we do not have patent rights and then use the information learned from such activities to develop competitive products for sale in our major commercial markets;

•we may not develop additional proprietary technologies that are patentable or otherwise protectable;

•employees may violate confidentiality and proprietary invention assignment agreements and we may not have the resources to enforce those agreements or otherwise enforce our patent rights; and

•the patents of others may have an adverse effect on our business.

Our technology may be found to infringe third -party intellectual property rights.

Third parties may in the future assert claims or initiate litigation related to their patent, copyright, trademark, and other intellectual property rights in technology that is important to us. The asserted claims and/or litigation could include claims against us, our licensors, or our suppliers alleging infringement of intellectual property rights with respect to our product candidates or components of those products. Regardless of the merit of the claims, they could be time -consuming, resulting in costly litigation and diversion of technical and management personnel, or require us to develop non-infringing technology or enter into license agreements. We cannot assure you that licenses will be available on acceptable terms, if at all. Furthermore, because of the potential for significant damage awards, ~~which~~that are not necessarily predictable, it is not unusual to find even arguably unmeritorious claims resulting in large settlements. If any infringement or other intellectual property claim made against us by any third party is successful, or if we fail to develop non-infringing technology or license the proprietary rights on commercially reasonable terms and conditions, our business, operating results, and financial condition could be materially adversely affected.

If our product candidates, methods, processes and other technologies infringe the proprietary rights of other parties, we could incur substantial costs and we may have to take certain actions, including the following:

•obtain licenses, which may not be available on commercially reasonable terms, if at all;

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•redesign our product candidates or processes to avoid infringement;

•stop using the subject matter claimed to be held by others;

•pay damages; or

•defend litigation or administrative proceedings which may be costly whether we win or lose, and which could result in a substantial diversion of our financial and management resources.

We may need to license intellectual property from third parties, and such licenses may not be available or may not be available on commercially reasonable terms.

A third party may hold intellectual property, including patent rights that are important or necessary to the development of our product candidates. It may be necessary for us to use the patented or proprietary technology of a third party to manufacture or otherwise commercialize our own technology or products, in which case we would be required to obtain a license from such third party. Licensing such intellectual property may not be available or may not be available on commercially reasonable terms, which could have a material adverse effect on our business and financial condition.

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manufacture or otherwise commercialize our own technology or products, in which case we would be required to obtain a license from such third party. Licensing such intellectual property may not be available or may not be available on commercially reasonable terms, which could have a material adverse effect on our business and financial condition.

We may be subject to legal proceedings in the ordinary course of our business that could result in significant harm to our business, financial condition and operating results.

We could be subject to legal proceedings and claims from time to time in the ordinary course of our business, including actions arising from tort, contract or other claims. See the information set forth under the headings “Legal Proceedings” and in the related notes to financial statements in the Company’s periodic reports on Form 10-K, 10-Q and 8-K incorporated by reference herein. Litigation is expensive, time consuming and could divert management’s attention away from running our business. The outcome of litigation or other proceedings is subject to significant uncertainty, and it is possible that an adverse resolution of one or more such proceedings could result in reputational harm and/or significant monetary damages, injunctive relief or settlement costs that could adversely affect our results of operations or financial condition as well as our ability to conduct our business as it is presently being conducted. Insurance might not cover such claims, might not provide sufficient payments to cover all the costs to resolve one or more such claims and might not be available on terms acceptable to us. In addition, regardless of merit or outcome, claims brought against us that are uninsured or under insured could result in unanticipated costs, which could harm our business, financial condition and operating results and reduce the trading price of our stock.

~~For~~Product ~~example,~~liability welawsuits ~~have~~against ~~become~~us aware that we were involved in a transaction in which an investor of the Company may have resold approximately 17,500 shares of our common stock pursuant to a registration statement that had not yet been declared effective by the SEC. As a result, it is possible that the SEC could ~~bring~~cause ~~an action against~~ us, orto weincur ~~may~~substantial ~~ultimately~~liabilities beand ~~responsible~~limit ~~for~~commercialization ~~an action for rescission by purchasers~~ of ~~the~~any ~~securities~~products that ~~were~~we ~~resold. If the SEC were to bring such an enforcement action against us, or if purchasers were to bring such an action for rescission, it~~ may ~~have a material adverse effect on our financial position~~develop.

Product liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.

We face an inherent risk of product liability exposure related to the use of ContraPest and Evolve. If we cannot successfully defend ourselves against claims from our product users, we could incur substantial liabilities. Regardless of merit or eventual outcome, liability claims may result in the following:

•decreased demand for any product that we may develop;

•termination of field studies or other research and development efforts;

•injury to our reputation and significant negative media attention;

•significant costs to defend the related litigation;

•substantial monetary awards to plaintiffs;

•loss of revenue;

•diversion of management and scientific resources from our business operations; and

•the inability to commercialize our ~~product candidates~~products.

We may be unable to obtain commercially reasonable product liability insurance for any products approved for marketing. Large judgments have been awarded in class action lawsuits ~~based~~arising onfrom products that had unanticipated side effects, including, without limitation, any potential adverse effects of our products on humans or other species. A successful product liability claim or series of claims brought against us, particularly if judgments exceed our insurance coverage, could decrease our cash and adversely affect our business.

~~Risks Related to our Reporting and Cybersecurity~~21

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~~report~~Risks ~~our~~Related ~~financial~~to ~~condition~~our orReporting ~~results of operations, which may adversely affect investor confidence in us~~ and, ~~as a result, the value of our common stock.~~Cybersecurity

We have not fully assessed our internal control over financial reporting. If we experience material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our common stock.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis.

Our Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025, does not include an attestation report of our registered public accounting firm due to aour ~~transition~~status ~~period~~as ~~established~~a bynon-accelerated ~~rules of the SEC for smaller reporting companies~~filer. As a result, we have not yet fully assessed our internal control over financial reporting and are unable to assure that the measures we have taken to date, together with any measures we may take in the future, will be sufficient to remediate the control deficiencies that may have led to ~~our~~any material weaknesses in our internal control over financial reporting, or to avoid potential future material weaknesses.

If we are unable to develop and maintain an effective system of internal control over financial reporting, successfully remediate any existing or future material weaknesses in our internal control over financial reporting, or identify any additional material weaknesses, the accuracy and timing of our financial reporting may be adversely affected, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports and Nasdaq listing requirements, investors may lose confidence in our financial reporting, and our stock price may decline as a result.

Privacy breaches and other ~~cyber~~cybersecurity ~~security~~ risks related to our business and vulnerabilities through the use of evolving tools such as Artificial Intelligence could negatively affect our reputation, credibility, and business.

We are making sales through ~~our new~~ e-Commerce ~~tool~~tools, ~~which~~that ~~depends~~depend on information technology systems and networks. We are also responsible for storing, processing, transmitting, and protecting data relating to our business, customers, and employees, including personal and other confidential or sensitive information. We also rely on third -party vendors for the storage, processing, and transmission of personal and ~~Company~~confidential information. The legal and regulatory landscape ~~surrounding Artificial Intelligence technologies~~ is rapidly evolving and uncertain, ~~including~~ in the areas of consumer protection, intellectual property, Artificial Intelligence, cybersecurity, and privacy and data protection. ~~Consumers,~~Our ~~lawmakers~~data ~~and~~processing ~~consumer~~activities ~~advocates~~subject ~~alike~~us ~~are~~to ~~increasingly~~numerous ~~concerned~~data ~~over~~privacy ~~the~~and security ofobligations, ~~personal~~such ~~information~~as ~~transmitted~~various ~~over~~laws, ~~the~~regulations, ~~Internet~~guidance, ~~consumer~~industry ~~identity~~standards, ~~theft~~external and internal privacy. Weand dosecurity ~~not~~policies, ~~control~~contractual ~~our~~requirements, ~~third-party service providers~~ and ~~cannot~~other ~~guarantee~~obligations ~~that~~relating ~~they~~to ~~have~~data ~~implemented~~privacy ~~reasonable~~and security. ~~measures~~In tothe ~~protect~~United ~~our~~States, ~~employees’~~federal, ~~and~~state, ~~customers’ identity~~ and ~~privacy,~~local orgovernments ~~that~~have noenacted ~~electronic~~numerous ordata ~~physical~~privacy ~~computer~~and ~~break-ins or~~ security ~~breaches~~laws, ~~will~~including ~~occur~~data inbreach ~~the~~notification ~~future. Our systems and technology are vulnerable from time-to-time to damage~~laws, ~~disruption~~personal ordata ~~interruption~~privacy ~~from~~laws, ~~among~~consumer ~~other~~protection ~~things,~~laws ~~physical~~(e.g. ~~damage,~~Section ~~natural~~5 ~~disasters,~~of ~~inadequate~~the ~~system~~Federal ~~capacity,~~Trade ~~system~~Commission ~~issues~~Act), ~~security~~comprehensive ~~breaches,~~consumer ~~“hackers,”~~data ~~email~~privacy ~~blocking~~laws ~~lists~~(e.g., ~~computer~~the ~~viruses,~~California ~~power~~Consumer ~~outages~~Privacy Act) and other ~~failures~~similar orlaws. ~~disruptions~~Outside ~~outside~~the ofUnited ~~our~~States, ~~control.~~an Aincreasing ~~significant~~number ~~breach~~ of ~~customer~~laws, ~~employee~~regulations, orand ~~Company~~industry ~~data~~standards ~~could~~govern ~~damage~~data ~~our~~privacy ~~reputation~~ and ~~our~~security. ~~relationship~~For ~~with customers~~example, ~~and~~the ~~could~~European ~~result~~Union’s inGeneral ~~lost~~Data ~~sales,~~Protection ~~sizable~~Regulation ~~fines,~~(“EU ~~significant breach-notification costs and lawsuits~~GDPR”), asthe ~~well~~United asKingdom’s ~~adversely~~GDPR ~~affect~~(“UK ~~our~~GDPR”) ~~results~~(collectively, ~~of operations~~“GDPR”). WeUnder ~~may also incur additional costs in~~ the ~~future~~GDPR, ~~related~~companies tomay ~~the~~face ~~implementation~~temporary ofor ~~additional~~definitive ~~security~~bans ~~measures~~on ~~to protect against new or enhanced~~ data ~~security~~processing, ~~and~~other ~~privacy~~corrective ~~threats~~actions, orsignificant ~~to comply with state~~fines, ~~federal~~or ~~and~~private ~~international laws that may be enacted to address those threats~~litigation.

~~Risks~~Consumers, ~~Related~~lawmakers and consumer advocates alike are increasingly concerned over the security of data transmitted over the Internet. Cyber-attacks, malicious internet-based activity, online and offline fraud, and other similar activities threaten the confidentiality, integrity, and availability of our sensitive information and information technology systems, and those of the third parties with whom we work. Such threats are prevalent and continue to rise, are increasingly difficult to detect, and come from a variety of sources. It may be difficult and/or costly to detect, investigate, mitigate, contain, and remediate a security incident. Our efforts to do so may not be successful. We do not control our ~~Capital~~third-party ~~Stock~~service providers and cannot guarantee that they have implemented reasonable security measures to protect our employees’ and customers’ data, ~~Funding~~identity and ~~Trading~~privacy, or that no security incidents will occur in the future. A breach of customer, employee or confidential data could damage our ~~Stock~~reputation and our relationship with customers, and could result in lost sales, sizable fines or penalties, significant breach-notification costs, investigations, and lawsuits, as well as adversely affect our results of operations. We may also incur additional costs in the future related to the implementation of additional security measures to protect against new or enhanced data security and privacy threats, or to comply with state, federal and international laws that may be enacted to address those threats.

~~We have incurred significant operating losses every quarter since our inception and anticipate that we will continue to incur significant operating losses in the future.~~22

Investment in product development is highly speculative because it entails substantial upfront capital expenditures and significant risk that any potential product candidate will fail to become commercially viable or gain regulatory approval. To date, we have financed our operations primarily through the sale of equity securities and debt financings as well as research grants. We have not generated sufficient revenue from product sales to date to achieve profitability. We continue to incur significant sales, marketing, research, development and other expenses related to our ongoing operations. As a result, we are not profitable and have incurred losses in every reporting period since our inception. For the years ended December 31, 2024 and 2023, we reported net losses of $6.2 million and $7.7 million, respectively. Thru December 31, 2024, we have accumulated deficits of $136.1 million since inception.

Since inception, we have dedicated a majority of our resources to the discovery and development and marketing of our proprietary product candidates. We expect to continue to incur significant expenses and operating losses for the foreseeable

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~~future.~~Risks ~~The~~Related ~~size~~to of our ~~losses~~Capital ~~will depend~~Stock, ~~in part~~Funding, onand ~~the~~Trading ~~rate~~in ~~of future expenditures and~~ our ~~ability to generate revenues. In particular, we expect to incur substantial and increased expenses as we perform the following:~~Stock

We have incurred significant operating losses every quarter since our inception and anticipate that we will continue to incur significant operating losses in the future.

Investment in product development is highly speculative because it entails substantial upfront capital expenditures and significant risk that any potential product candidate will fail to become commercially viable or gain regulatory approval. To date, we have financed our operations primarily through the sale of equity securities, including warrants exercises, and product sales. We have not generated sufficient revenue from product sales to date to achieve profitability. We continue to incur significant sales, marketing, research, development and other expenses related to our ongoing operations. As a result, we are not profitable and have incurred losses in every reporting period since our inception. For the years ended December 31, 2025 and 2024, we reported net losses of $6.4 million and $6.2 million, respectively. As of December 31, 2025, we had an accumulated deficit of $142.5 million.

Since inception, we have dedicated a majority of our resources to the discovery, development, and marketing of our proprietary products and product candidates. We expect to continue to incur significant expenses and operating losses in the near term. The size of our losses will depend, in part, on the rate of future expenditures and our ability to generate revenues. In particular, we expect to incur substantial and increased expenses as we perform the following:

•attempt to achieve market acceptance for our products;

•continue to establish an infrastructure for the sales, marketing, and distribution of our products and product candidates for which we may receive regulatory approval;

•scale up manufacturing processes and quantities for the commercialization of our products and product candidates for which we receive regulatory approval;

•continue the research and development of products and product candidates, including engaging in any necessary field studies;

•seek regulatory approvals for our products and product candidates;

•expand our research and development activities and advance the discovery and development programs for other product candidates;

•maintain, expand and protect our intellectual property portfolio; and

•add operational, financial and management information systems and personnel, including personnel to support our clinical development and commercialization efforts and operations as a public company.

We may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect our financial condition. Our prior losses and expected future losses have had, and will continue to have, an adverse effect on our financial condition. If our products or product candidates do not gain or maintain sufficient regulatory approval, or if approved, ~~fails~~fail to achieve market acceptance, we may never become profitable. Even if we achieve profitability in the future, we may not be able to sustain profitability in subsequent periods. Our failure to become and remain profitable would decrease the value of our company and could impair our ability to raise capital, expand our business, diversify our product offerings or continue our operations. A decline in the ~~value of our~~ company’s value could cause you to lose all or part of your investment.

IfWe wemay ~~are~~not ~~unable~~be able to ~~continue~~comply aswith aall ~~going~~applicable ~~concern,~~listing ~~our~~requirements ~~securities~~or ~~will~~standards ~~have~~of ~~little~~Nasdaq, orand noNasdaq ~~value~~could delist our common stock.

WeOur ~~have~~common ~~incurred~~stock ~~operating~~is ~~losses~~listed ~~since~~on ~~our~~Nasdaq. ~~inception,~~To ~~and~~maintain wethat ~~expect~~listing, towe ~~continue~~must tosatisfy ~~incur significant expenses and operating losses for~~ the ~~foreseeable~~minimum ~~future. Our~~ financial ~~statements~~and asother ofcontinued ~~December 31,~~listing ~~2024~~requirements and ~~2023~~standards. ~~have~~In ~~been prepared under~~ the ~~assumption~~event that we ~~will~~become ~~continue~~non-compliant aswith aany ~~going~~of ~~concern. Our independent registered public accounting firm included in its opinion for~~ the ~~years~~minimum ~~ended~~financial ~~December 31, 2024,~~ and ~~2023~~other ancontinued ~~explanatory~~listing ~~paragraph~~requirements ~~referring~~of toNasdaq ~~our~~and ~~net~~cannot ~~loss~~re-establish ~~from~~compliance ~~operations~~within ~~and~~the ~~net~~required ~~capital~~timeframe, ~~deficiency~~our ~~and~~common ~~expressing~~stock ~~substantial~~could ~~doubt~~be indelisted ~~our~~from ~~ability~~Nasdaq, towhich ~~continue~~could ashave a ~~going~~material ~~concern~~adverse ~~without~~effect ~~additional~~on ~~capital~~our ~~becoming~~financial ~~available.~~condition Ifand wewhich ~~encounter~~would ~~continued~~cause ~~issues or delays in~~ the ~~commercialization~~value of our ~~products~~common orstock ~~greater~~to ~~than~~decline. ~~anticipated~~If ~~expenses,~~ our ~~prior~~common ~~losses~~stock ~~and~~is ~~expected~~not ~~future~~eligible ~~losses~~for ~~could~~listing ~~have~~or anquotation ~~adverse effect~~ on ~~our~~another ~~financial~~market ~~condition~~or ~~and~~exchange, ~~negatively~~trading ~~impact~~of our ~~ability~~common tostock ~~fund~~could ~~continued~~be ~~operations,~~conducted ~~obtain additional financing~~ in the ~~future~~over-the-counter ~~and~~market ~~continue~~or ason aan ~~going~~electronic ~~concern.~~bulletin ~~There~~board ~~are~~established nofor ~~assurances~~unlisted ~~that~~securities, such ~~financing,~~as ifthe ~~necessary,~~Pink ~~will~~Sheets ~~be available to us at all~~ or ~~will~~the beOTC ~~available~~Bulletin ~~in sufficient amounts or on reasonable terms~~Board. ~~Our~~In ~~financial~~such ~~statements~~an doevent, ~~not~~it ~~include~~would ~~any~~become ~~adjustments~~more ~~that~~difficult ~~may~~to ~~result~~dispose ~~from the outcome~~ of, ~~this~~or ~~uncertainty.~~obtain Ifaccurate weprice ~~are~~quotations ~~unable~~for, toour ~~generate~~common ~~additional~~stock, ~~funds~~and inthere ~~the~~would ~~future~~likely ~~through~~be ~~financings,~~a ~~sales~~reduction ofin our ~~products,~~coverage ~~licensing~~by ~~fees,~~security ~~royalty~~analysts ~~payments~~and orthe ~~from~~news ~~other~~media, ~~sources~~which orcould ~~transactions,~~cause wethe ~~will~~price ~~exhaust~~of our ~~resources~~common ~~and~~stock ~~will be unable~~ to ~~continue~~decline ~~operations~~further. IfIn weaddition, ~~cannot~~it ~~continue~~may asbe adifficult ~~going~~for ~~concern,~~us ~~our~~to ~~stockholders~~raise ~~would~~additional ~~likely~~capital ~~lose~~if ~~most~~we orare ~~all~~not oflisted ~~their~~on ~~investment~~a innational ussecurities exchange.

~~We may not be able to comply with all applicable listing requirements or standards of The Nasdaq, and Nasdaq could delist our common stock.~~23

Our common stock is listed on Nasdaq. In order to maintain that listing, we must satisfy minimum financial and other continued listing requirements and standards. Previously, on September 26, 2018, March 20, 2019, February 20, 2020, March 2, 2022, and, most recently, on August 25, 2023, we received a letter from the listing qualifications staff of Nasdaq (the “Staff”) providing notification that the bid price for our common stock had closed below $1.00 per share for the previous 30 consecutive business days and our common stock no longer met the minimum bid price requirement for continued listing under Nasdaq Listing Rule 5550(a)(2). In each case, in accordance with Nasdaq Listing Rule 5810(c)(3) (A), we had an initial period of 180 calendar days to regain compliance.

On February 26, 2024, we received notice from Nasdaq that while we had not yet gained compliance with the Nasdaq Listing Rule 5550(a), the Staff had determined that we were eligible for an additional 180 calendar day period, or until August 19, 2024, to regain compliance. To regain compliance, the closing bid price of our common stock had to be $1.00

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per share or more for a minimum of 10 consecutive business days at any time before the expiration of the second compliance period.

On July 11, 2024, our stockholders approved a reverse stock split of our common stock, par value $0.001 per share, at a ratio of not less than 1-for-2 and not more than 1-for-20, with the actual ratio to be determined by our board of directors. On July 11, 2024, our board of directors approved a final split ratio of 1-for-10 (the “July 2024 Reverse Split”). Following such approval, on July 23, 2024, we filed with the Secretary of State of the State of Delaware an amendment to the Certificate of Incorporation to effect the reverse stock split, with an effective time of 4:01 p.m., Eastern Time on July 24, 2024. Even if a stock split has a positive effect on the market price for the common stock immediately following a reverse stock split, performance of our business and financial results, general economic conditions and the market perception of our business, and other adverse factors which may not be in our control, could lead to a decrease in the price of our common stock following the reverse stock split. The bid price of our common stock has been at or above $1.00 per share for a minimum of 10 consecutive business days since the July 2024 Reverse Split, resulting in regaining compliance with the minimum bid price requirement.

In the event that we again become non-compliant with any of the minimum financial and other continued listing requirements of the Nasdaq and cannot re-establish compliance within the require timeframe, our common stock could be delisted from the Nasdaq, which could have a material adverse effect on our financial condition and which would cause the value of our common stock to decline. If our common stock is not eligible for listing or quotation on another market or exchange, trading of our common stock could be conducted in the over-the-counter market or on an electronic bulletin board established for unlisted securities such as the Pink Sheets or the OTC Bulletin Board. In such event, it would become more difficult to dispose of, or obtain accurate price quotations for, our common stock, and there would likely be a reduction in our coverage by security analysts and the news media, which could cause the price of our common stock to decline further. In addition, it may be difficult for us to raise additional capital if we are not listed on a national securities exchange.

Our reverse stock splits may decrease the liquidity of the shares of our common stock.

On July 11, 2024, our stockholders approved a reverse stock split of our common stock, par value $0.001 per share, at a ratio of not less than 1-for-2 and not more than 1-for-20, with the actual ratio to be determined by our board of directors. On July 23, 2024, the Reverse Split Committee of our board of directors approved a final split ratio of 1-for-10 to regain compliance with the Nasdaq minimum bid price requirement. Prior to the July 2024 reverse stock split, we effected a reverse stock split in November 2023 with a ratio of 1-for-12 and in November 2022 with a ratio of 1-for-20. The liquidity of the shares of our common stock may be affected adversely by the reverse stock splits given the reduced number of shares that are outstanding following the reverse stock splits. In addition, the reverse stock splits increase the number of stockholders who own odd lots (less than 100 shares) of our common stock, creating the potential for such stockholders to experience an increase in the cost of selling their shares and greater difficulty effecting such sales.

Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates.

Until such time, if ever, as we can generate sufficient product revenues, we expect to finance our cash needs primarily through the sale of equity securities and debt financings, and possibly through credit facilities and government and foundation grants. We may also seek to raise capital through third -party collaborations, strategic alliances, and similar arrangements. We currently do not have any committed external ~~source of funds~~funding.

Raising funds in the future may present additional challenges, and future financing may not be available in sufficient amounts or on terms acceptable to us, if at all. The terms of any financing arrangements we enter into may adversely affect the holdings or the rights of our stockholders, and the issuance of additional securities by us, or the possibility of such issuance, may cause the market price of our shares to decline. For example, during 2022 and 2020, we completed equity financings that resulted in the issuance of shares of common stock and warrants to purchase common stock, resulting in substantial dilution to the existing stockholders. Similarly, in the first quarter of 2021, we again issued shares of common stock and warrants to purchase common stock, resulting in additional substantial dilution to the existing stockholders. We generally have raised capital as the opportunity arises.

Certain of our agreements with investors and our outstanding warrants contain provisions that impose limitations on our ability to participate in certain variable rate transactions, which may limit our opportunities to obtain financing in sufficient amounts or on acceptable terms. The sale of additional equity or convertible debt securities would dilute all of our stockholders. Our various warrants contain other terms that may affect our fundraising. In connection with any future equity offering, we may agree to amend the terms of certain of our outstanding warrants. Any such amendments may, among other things, decrease the exercise prices or increase the term of exercise of those warrants.

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stockholders, and if such sales occur at a deemed issuance price that is lower than the current exercise price of our outstanding warrants sold to investors in November 2017, the exercise price for those warrants would adjust downward to the deemed issuance price pursuant to price adjustment protection contained within those warrants. Our various warrants contain other terms that may affect our fundraising. In connection with any future equity offering, we may agree to amend the terms of certain of our outstanding warrants held by certain significant purchasers in this offering. Any such amendments may, among other things, decrease the exercise prices or increase the term of exercise of those warrants.

The incurrence of indebtedness through credit facilities would result in increased fixed payment obligations and, potentially, the imposition of restrictive covenants. Those covenants may include limitations on our ability to incur additional debt, making capital expenditures or declaring dividends, and may impose limitations on our ability to acquire, sell, or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business.

If we raise additional funds through collaborations, strategic alliances, or licensing arrangements or other marketing or distribution arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs, or product candidates or grant licenses on terms that may not be favorable to us. If we are unable to expand our operations or otherwise capitalize on our business opportunities, our business, financial condition, and results of operations could be materially adversely affected.

If we are unable to raise additional funds ~~through equity or debt financings~~ when needed, we may be required to delay, limit, reduce, or terminate our product development or commercialization efforts, or grant others rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.

Our ~~share~~stock price is volatile, which could subject us to securities class action litigation, and your investment in our securities could decline in value.

Our stock could be subject to wide fluctuation in response to many risk factors listed in this section, and others beyond our control, including the following:

•market acceptance and commercialization of our products;

•our being able to timely demonstrate achievement of milestones, including those related to revenue generation, cost control, cost -effective source supply, and regulatory approvals;

•our ability to remain listed on Nasdaq;

•results and timing of our submissions with the regulatory authorities;

•failure or discontinuation of any of our development programs;

•regulatory developments or enforcements in the United States and non-U.S. countries with respect to our products or our competitors’ products;

•failure to achieve pricing acceptable to the market;

•regulatory actions with respect to our products or our competitors’ products;

•actual or anticipated fluctuations in our financial condition and operating results or our continuing to sustain operating losses;

•competition from existing products or new products that may emerge;

•announcements by us or our competitors of significant acquisitions, strategic arrangements, joint ventures, collaborations or capital commitments;

•issuance of new or updated research or reports by securities analysts;

•announcement or expectation of additional financing efforts, particularly if our cash available for operations significantly decreases or if the financing efforts result in a price adjustment to certain outstanding warrants;24

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•announcement or expectation of additional financing efforts, particularly if our cash available for operations significantly decreases;

•fluctuations in the valuation of companies perceived by investors to be comparable to us;

•~~share~~stock price and volume fluctuations attributable to inconsistent trading volume levels of our shares;

•disputes or other developments related to proprietary rights, including patents, litigation matters and our ability to obtain patent protection for our technologies;

•entry by us into any material litigation or other proceedings;

•sales of our common stock by us, our insiders, or our other stockholders;

•exercise of outstanding warrants;

•market conditions for equity securities; and

•general economic and market conditions unrelated to our performance.

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Furthermore, the capital markets can experience extreme price and volume fluctuations that may affect the market prices of equity securities of many companies. These broad market and industry fluctuations, as well as general economic, political, and market conditions such as recessions, interest rate changes, or international currency fluctuations, may negatively impact the market price of shares of our common stock. In addition, such fluctuations could subject us to securities class action litigation, which could result in substantial costs and divert our management’s attention from other business concerns, which could seriously harm our business. You may not realize any return on your investment in us and may lose some or all of your investment.

~~Future~~An ~~sales,~~active ormarket ~~the~~for ~~possibility~~our ofshares ~~future sales,~~ of ~~a substantial number of our~~ common ~~shares~~stock ~~could~~may ~~adversely~~not ~~affect~~continue ~~the~~to ~~price of the shares and dilute stockholders~~develop.

~~Future~~We ~~sales~~cannot ofpredict athe ~~substantial~~extent ~~number~~to ofwhich ~~shares~~an ofactive market for our common stock, orwill ~~the~~continue ~~perception~~to ~~that~~develop ~~such~~or ~~sales~~be ~~will occur~~sustained, ~~could~~or ~~cause~~how the development of such a ~~decline~~market inmight affect the market price offor our common stock. ~~This~~Market isconditions ~~particularly~~in ~~true~~effect ~~if we sell our stock~~ at athe ~~discount.~~time ~~Any~~you ~~future~~acquire ~~issuance~~shares of ~~common stock or securities convertible or exercisable into~~ our common stock ~~could~~may ~~cause~~not abe ~~further~~indicative ~~downward adjustment~~ of the ~~exercise~~ price ofat ~~these~~which ~~warrants~~our tocommon ~~the~~stock ~~deemed~~will ~~issuance~~trade ~~price~~in if the ~~issuance~~future. ~~price~~Investors ismay ~~less~~not ~~than~~be ~~the~~able ~~exercise~~to ~~price~~sell oftheir ~~the~~common ~~warrants~~stock at ~~the~~or ~~time~~above of the ~~new~~price ~~issuance~~they acquired it.

Also, in the future, we may issue additional shares of our common stock or other equity or debt securities convertible into common stock in connection with a financing, acquisition, litigation settlement, employee arrangements, or otherwise. Any such issuance could result in substantial dilution to our existing stockholders and could cause our common share price to decline.

An active market in the shares may not continue to develop in which investors can resell our common stock.

We cannot predict the extent to which an active market for our common stock will continue to develop or be sustained, or how the development of such a market might affect the market price for our common stock. Market conditions in effect at the time you acquire our stock may not be indicative of the price at which our common stock will trade in the future. Investors may not be able to sell their common stock at or above the price they acquired it.

If securities or industry analysts, or other sources of information, do not publish research, or publish inaccurate or unfavorable research or other information about our business, our stock price and trading volume could decline.

The trading market for our common stock may depend on the research, reports and other information that securities or industry analysts, or other third-party sources of information, publish about us or our business. We do not have any control over these analysts or other third-party sources of information. From time to time inaccurate or unfavorable research or other information about our business, financial condition, results of operations and stock ownership may be published. We cannot assure that analysts will cover us or provide favorable coverage. If one or more of the analysts who cover us downgrade our stock or change their opinion of our stock, our ~~share~~stock price could decline. If one or more of these analysts cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause our stock price or trading volume to decline. If incorrect or misleading information is disseminated publicly by third parties about us, our stock price could decline.

Our corporate documents, Delaware law and certain warrants contain provisions that could discourage, delay or prevent a change in control of our company.

Provisions in our amended and restated certificate of incorporation and our amended and restated bylaws may discourage, delay or prevent a merger or acquisition involving us that our stockholders may consider favorable. For example, our amended and restated certificate of incorporation currently provides for a staggered board of directors, whereby directors serve for three-year terms, with approximately one-third of the directors coming up for reelection each year. Having a staggered board will make it more difficult for a third party to obtain control of our board of directors through a proxy contest, which may be a necessary step in an acquisition of us that is not favored by our board of directors. Additionally, most of our warrants provide a Black Scholes value-based payment to the warrant holders in connection with certain transactions that may discourage, delay or prevent a merger or acquisition.

We are also subject to the anti-takeover provisions of Section 203 of the ~~Delaware~~ General Corporation Law of the State of Delaware (“Section 203”). Under these provisions, if anyone becomes an “interested stockholder,” we may not enter into a “business combination” with that person for three years without special approval, which could discourage a third party from making a takeover offer and could delay or prevent a change of control. For purposes of Section 203, “interested stockholder” means, generally, someone owning 15% or more of our outstanding voting stock or an affiliate of ours that owned 15% or more of our outstanding voting stock during the past three years, subject to certain exceptions as described in Section 203.

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someone owning 15% or more of our outstanding voting stock or an affiliate of ours that owned 15% or more of our outstanding voting stock during the past three years, subject to certain exceptions as described in Section 203.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

Not applicable.

ITEM 1C. CYBERSECURITY.

Risk Management and Strategy.

~~The~~We ~~consideration~~have ofimplemented ~~cybersecurity~~and ~~threats~~maintain ~~are~~various ~~integrated~~information ~~into~~security ~~our~~processes ~~overall~~designed ~~risk~~to ~~management~~identify, ~~program.~~assess Weand ~~engage~~manage ~~external~~material ~~consultants~~risks ~~who~~arising ~~are~~from ~~experts in the field of~~ cybersecurity ~~and~~threats ~~meet at regular intervals~~ to ~~evaluate~~our ~~current~~critical ~~conditions~~computer ~~and~~networks, ~~address~~third-party ~~any~~hosted ~~cybersecurity~~services, ~~threats~~communications ~~accordingly.~~systems, Wehardware ~~also~~and ~~provide~~software, ~~continuous~~and ~~training to~~ our ~~employees~~critical ~~regarding~~data ~~the~~— ~~risks~~including ~~related~~intellectual toproperty ~~cybersecurity.~~and Weconfidential ~~are~~information ~~not~~that ~~aware~~is ofproprietary, ~~any~~strategic ~~risks~~or ~~from~~competitive ~~cybersecurity~~in ~~threats~~nature ~~that~~(collectively, ~~have materially affected~~ our ~~business~~“Information ~~strategy,~~Systems ~~results~~and ~~of operations, or financial condition~~Data”).

Our cross-functional cybersecurity risk management team, led by our Chief Financial Officer (“CFO”) and our Vice President of Manufacturing, helps identify, assess, and manage our cybersecurity threats and risks. The team monitors and evaluates our threat environment using a variety of methods including manual and automated security tools, subscription-based threat intelligence reports and services, threat environment scans, evaluation of our company’s and our industry’s risk profile, formal threat assessments, and vulnerability assessments.

Based on the specific risk environment, we implement and maintain technical, physical, and organizational safeguards designed to manage and mitigate material cybersecurity risks to our Information Systems and Data. These safeguards include, among other measures, incident detection and response capabilities; risk assessments; implementation of defined security standards; data encryption; network security controls; data segmentation; access controls; asset management and secure disposal procedures; continuous systems monitoring; employee cybersecurity training; physical security controls; and cyber insurance coverage.

Our cybersecurity risk assessment and management activities are integrated into our broader enterprise risk management framework. Management evaluates material cybersecurity risks in the context of our overall business objectives and periodically reports to the board of directors, which oversees our overall enterprise-wide risk profile.

We engage third-party service providers to perform a variety of cybersecurity functions across our business, including managed cybersecurity service providers and dark web monitoring services. These providers assist us in identifying, assessing, and managing material risks arising from cybersecurity threats. We also use a variety of third party service providers, including application providers and hosting companies. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data involved, and the specific provider, our vendor management processes incorporate risk-based assessments designed to help identify and evaluate cybersecurity risks associated with such provider, and may include conducting cybersecurity-focused risk assessments.

For a description of the risks from cybersecurity threats that may materially affect us and how they may do so, see our risk factors under Part I, Item 1A. Risk Factors in this Annual Report on Form 10-K, including “Privacy breaches and other cybersecurity risks related to our business and vulnerabilities through the use of evolving tools such as Artificial Intelligence could negatively affect our reputation, credibility, and business”.

Governance.

Our board of directors ~~are~~addresses ~~responsible~~our ~~for~~cybersecurity ~~the~~risk ~~oversight~~management as part of ~~risks~~its ~~from~~overall ~~cybersecurity~~oversight ~~threats~~responsibilities. AtThe ~~least annually management reports to our~~ board of directors ~~about~~oversees ~~such~~our ~~risks.~~cybersecurity ~~Our~~risk ~~chief~~management ~~financial officer~~framework, ~~Thomas~~including ~~Chesterman~~the identification, ~~has~~assessment, ~~direct management responsibility in assessing~~ and ~~managing~~mitigation ~~such~~of risks. ~~Mr.~~arising ~~Chesterman~~from ~~has~~cybersecurity ~~prior~~threats ~~academic and professional experience in cybersecurity.~~

Our cybersecurity risk assessment and management processes are implemented and maintained by a cross-functional management team comprised of our CFO and our Vice President of Manufacturing. This team is responsible for approving cybersecurity budgets, helping prepare for cybersecurity incidents, approving cybersecurity policies and procedures, and reviewing security assessments and related reports. The team also oversees the hiring of appropriate personnel, supports integrating cybersecurity risk considerations into our broader enterprise risk management strategy, and communicates key cybersecurity priorities to relevant personnel across the organization. Both have previous academic and professional experience in the field of cybersecurity.

Our cybersecurity incident response processes are designed to escalate certain incidents to members of management based on the nature and severity of the event. The CFO and Vice President of Manufacturing work with the incident response

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team to help mitigate and remediate cybersecurity incidents of which they are notified. In addition, our incident response framework provides for reporting certain cybersecurity incidents to our board of directors.

The board of directors receives periodic reports from our CFO regarding significant cybersecurity threats and risks, as well as the measures implemented to address them. The board of directors also has access to various reports, summaries, or presentations related to cybersecurity threats, risk management activities and mitigation efforts.

ITEM 2. PROPERTIES.

As of December 31, ~~2024~~2025, we lease and occupy approximately 717,~~700~~000 square feet of ~~facility~~ space in ~~Phoenix~~Surprise, Arizona for our corporate, manufacturing ~~facility~~and research operations pursuant to a lease that expires in May ~~2025~~2035.

We have entered into a lease arrangement for new corporate headquarters and manufacturing facility for approximately 21,000 square feet in Surprise, Arizona, which commences in April 2025 and expires in May 2035.

We believe that our existing facilities are adequate and meet our current needs for business, manufacturing and research.

ITEM 3. LEGAL PROCEEDINGS.

See Note 12, Contingencies and Note 14, Subsequent Events in the Notes to Financial Statements in Part II, Item 8. of this Annual Report on Form 10-K — “Financial Statements and Supplementary Data,” for information regarding legal proceedings, which is incorporated herein by reference.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

Market Information

Our common stock is traded on Nasdaq under the symbol “SNES” and was initially listed for trading on December 8, 2016.

Holders

As of March 11, ~~2025~~2026, there were approximately ~~685~~686 holders of record of our common stock. Because many shares of our common stock are held by brokers and other institutions on behalf of stockholders, we are unable to determine the total number of beneficial owners represented by these holders of record.

Dividends

We have never declared or paid any cash dividends on our common stock. We currently intend to retain all available funds and any future earnings to support our operations and finance the growth and development of our business. We do not intend to pay cash dividends on our common stock for the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and other factors our board of directors may deem relevant.

Recent Sales of Unregistered Securities

Except as previously reported in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC during the year ended December 31, 2025, there were no unregistered sales of equity securities by us during the year ended December 31, 2025.

Issuer Purchases of Equity Securities

None.

Purchases of Equity Securities by the Company

We withhold shares of common stock in connection with the vesting of restricted stock units to satisfy required tax withholding obligations when they occur. There were no purchases of our equity securities during the 12 months ended December 31, 2024.

ITEM 6. [RESERVED].

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs and expectations that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the sections of this report titled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.”

Overview

~~Since~~We ~~our inception, we~~ have ~~sustained~~developed ~~significant~~and ~~operating~~are ~~losses~~commercializing inproducts ~~the~~for ~~course~~managing ofanimal ~~our~~pest ~~research~~populations ~~and~~through ~~development~~fertility ~~activities~~control and ~~commercialization~~population ~~efforts~~management ~~and expect such losses to continue for the near future~~strategies. WeOur ~~have~~current ~~generated~~products ~~limited~~focus ~~revenue~~on torat ~~date~~and ~~from~~mouse ~~product sales~~populations, ~~research grants~~ and ~~licensing~~are ~~fees~~known ~~received~~as: ~~under a former license. We have primarily funded our operations to date through the sale of equity securities~~ContraPest, ~~including~~Evolve ~~convertible preferred stock~~Rat, ~~common stock~~ and ~~warrants~~Evolve ~~to purchase common stock; and debt financing, consisting primarily of convertible notes~~Mouse.

~~Through~~During ~~December 31~~2025, ~~2024,~~ we ~~had~~experienced ~~received~~strong ~~net~~growth ~~proceeds~~in ofour ~~$94.6~~Evolve ~~million~~product ~~from~~line, ~~our~~which ~~sales~~now ofrepresents ~~common~~the ~~stock,~~majority ~~preferred~~of ~~stock~~our ~~and~~total ~~issuance~~revenue. Sales of ~~convertible~~Evolve Rat and ~~other~~Evolve ~~promissory~~Mouse ~~notes,~~increased anacross ~~aggregate~~all ofmajor ~~$1.7~~distribution ~~million~~channels, ~~from~~led ~~research~~by ~~grants~~e-commerce, ~~and~~pest ~~licensing~~management ~~fees~~professionals, and anretail ~~aggregate~~expansion. ofWe ~~$5.6~~also ~~million~~announced inthat ~~product~~our ~~sales.~~products Atare ~~December 31,~~now ~~2024,~~available weon ~~had~~retailer ane-commerce ~~accumulated~~sites, ~~deficit~~which ofwe ~~$136.1~~view ~~million~~as ~~and~~an ~~cash~~important ~~and~~step ~~cash~~toward ~~equivalents~~broader ofbrick-and-mortar ~~$1.3~~retail ~~million~~availability.

29Our focus remains on achieving sustainable revenue growth while progressing toward profitability. To that end, we continue to emphasize operational efficiency, manufacturing cost reductions, and sales channel optimization. Gross margins remain strong, reflecting the favorable economics of our Evolve products and improved manufacturing throughput.

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We have ~~incurred~~also ~~significant~~expanded ~~operating losses every year since~~ our ~~inception.~~distribution ~~Our~~reach ~~net losses were $6.2 million~~ and ~~$7.7~~continued ~~million~~to ~~for~~support ~~the~~our ~~years~~international ~~ended~~distribution ~~December 31,~~partners ~~2024~~as ~~and~~they ~~2023,~~introduce ~~respectively.~~our Wefertility ~~expect~~control totechnology ~~continue~~ to ~~incur~~new ~~significant expenses and generate operating losses for at least the next 12 months~~markets.

We ~~will~~believe ~~need~~the ~~additional~~market ~~funding~~opportunity tofor ~~continue~~non-poison torodent ~~fund~~control ~~our~~remains ~~operations,~~significant ~~achieve profitability~~ and ~~become~~growing, ~~cash~~driven ~~flow~~by ~~positive,~~regulatory werestrictions ~~will~~on ~~continue~~traditional torodenticides ~~seek~~and ~~additional~~increasing ~~financing.~~demand Iffor ~~such~~safer, ~~equity~~sustainable orpest-management ~~debt~~alternatives. ~~financing~~Our isnear-term ~~not~~priorities ~~available~~are atto ~~adequate~~further ~~levels~~scale orour onEvolve ~~acceptable~~product ~~terms~~family, weexpand ~~may~~e-commerce ~~need~~and toretail ~~delay,~~and ~~limit~~professional ordistribution ~~terminate~~channels, ~~commercialization~~ and ~~development~~strengthen ~~efforts~~our orpath ~~discontinue~~to ~~operations~~profitability.

We have historically utilized, and intend to continue to utilize, various forms of stock-based awards in order to hire, retain and motivate talented employees, consultants and directors and encourage them to devote their best efforts to our business and financial success. In addition, we believe that our ability to grant stock-based awards is a valuable and necessary compensation tool that aligns the long-term financial interests of our employees, consultants and directors with the financial interests of our stockholders. As a result, a significant portion of our operating expenses includes stock-based compensation expense. Stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy. Specifically, our stock-based compensation expense for the years ended December 31, 2024 and 2023 was $326,000 and $555,000, respectively, which represented 4.5% and 6.7%, respectively, of our total operating expenses for those periods.

Results of Operations

The following tables provide financial and operational information to be considered in conjunction with management’s discussion and analysis of results of operations.

The results of operations are as following for the years presented (dollars in thousands):

	Years Ended December 31,				% Increase (Decrease)
	2024		2023
	2025		2024
Revenues, net	$	12,~~857~~221	$	1,~~193~~857	56$	364	%
Cost of sales	~~853~~833		~~654~~853		30(20)		%
Gross profit	1,~~004~~388		~~539~~1,004		86384		%
Operating expenses:
Research and development	1,~~712~~698		1,~~228~~712		39(14)		%
Selling, general and administrative	56,~~541~~195		75,~~043~~541		~~(21)~~654		%
Total operating expenses	7,~~253~~893		87,~~271~~253		~~(12)~~640		%
Loss from operations	(6,~~249~~505)		(76,~~732~~249)		~~(19)~~256		%
Other income, net	65122		2265		~~195~~57		%
Net loss	$	(6,~~184~~383)	$	(76,~~710~~184)	~~(20)~~$	199	%

Revenues, net

Sales, which are net of any discounts and promotions, were $1.9 million for the year ended December 31, 2024, compared to $1.2 million for the year ended December 31, 2023. The $664,000, or 56%, increase in 2024 was driven by the launch of our latest Evolve product offerings, partially offset by a decrease in the number of units sold of our existing ContraPest product offerings. Launched in January 2024, and expanded during 2024 with variations in product offerings, Evolve is a soft bait containing the active ingredient, cottonseed oil, and represented approximately 66%, or $1.2 million, of revenue for 2024. Partially offsetting this increase was a decline in the revenue related to our ContraPest product offerings. Limited erosion of demand for ContraPest products is expected as Evolve products are accepted in the marketplace. Also in 2024, we had a shift in our sales channels, with distributors representing approximately 34% of revenues compared to 9% in 2023.


	Years Ended December 31,
		2025	2024
Evolve			$	1,809	81	%	$	1,229	66	%
ContraPest			412		19	%	628		34	%
Revenues, net			$	2,221	100	%	$	1,857	100	%

Revenues, which are net of any discounts and promotions, were $2.2 million for the year ended December 31, 2025, compared to $1.9 million for the year ended December 31, 2024. The $364,000, or 20%, increase in 2025 was driven by increasing unit demand for our Evolve products, partially offset by a decrease in the number of units sold of our ContraPest product offerings. Launched in January 2024, and expanded during 2024 with variations in product offerings, Evolve is a soft bait containing the active ingredient, cottonseed oil, and represented approximately 81%, or $1.8 million, of revenue for 2025 compared to 66%, or $1.2 million, of revenue for 2024. Partially offsetting this increase was a decline in the revenue related to our ContraPest product offerings. Limited erosion of demand for ContraPest products is expected to continue as Evolve products are accepted in the marketplace.

Cost of Sales

Cost of sales, consisting primarily of the cost of products sold, including scrap and reserves for obsolescence, was $~~853~~833,000, or 4537.95% of net sales, for the year ended December 31, ~~2024~~2025, compared with $~~654~~853,000, or 5445.89% of net sales, for the year ended December 31, ~~2023~~2024. The lower cost of net sales is largely due to a shift in the mix of products sold, ~~and~~with ~~declined~~Evolve ~~due~~representing to81% ~~our~~of ~~latest~~sales ~~product~~in ~~offering,~~2025 ~~Evolve,~~compared ~~which~~to ~~launched~~66% in ~~January~~ 2024. ~~Furthermore~~Additionally, cost of sales in 2024 was impacted during the first quarter of 2024 from the higher cost of a key ingredient for our new Evolve product as we transitioned from development-stage raw materials pricing to production-level raw materials pricing.

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was impacted during the first few months of 2024 from the higher cost of a key ingredient for our new Evolve product as we transitioned from development-stage raw materials pricing to production-level raw materials pricing, while cost of sales in 2023 was impacted by the scrapping of defective trays no longer used in our products in the first quarter of 2023.

Gross Profit

Gross profit for the year ended December 31, ~~2024~~2025 was $1.4 million,~~004,000,~~ for a gross profit margin of 5462.15%, compared with gross profit of $~~539~~1.0 million,~~000,~~ or a gross profit margin of 4554.21%, for the year ended December 31, ~~2023~~2024. The increase in our gross profit margin was driven by the shift in the mix of our products sold, and increased due to our ~~latest~~Evolve product ~~offering~~offerings, ~~Evolve,~~ which launched in January 2024. Additionally, the 2024 gross profit margin was impacted by both the higher-than-expected cost of a key ingredient in our new Evolve product during the first quarter of 2024, combined with an increased proportion of our sales coming from distributors, who are offered a lower price due to the quantities purchased~~, while the 2023 gross profit margin was impacted by the higher cost of sales related to the scrapping of defective tanks no longer used in our products~~.

Research and Development Expenses

Research and development expenses are expensed as incurred and consist primarily of costs incurred in connection with the research and development of ~~ContraPest,~~our ~~Evolve,~~products and our other product candidates. Such costs include the following:

•employee related expenses, including salaries, related benefits, travel and stock-based compensation expense for employees engaged in research and development functions, including that portion of manufacturing not included in cost of goods sold;

•expenses incurred in connection with the development of our product candidates, including related regulatory and production expenses; and

•facilities, depreciation and other expenses, which include direct and allocated expenses for rent and maintenance of facilities, insurance and supplies.

Research and development expenses consisted of the following (in thousands):

	Years Ended December 31,				Increase (Decrease)
	2024		2023
	2025		2024
Personnel-related (including stock-based compensation)	$	~~1,032~~894	$	~~636~~1,032	$	~~396~~(138)
Facility-related	~~184~~412		~~122~~184		62228
Stability and animal studies, materials and field costs	133		45		88
Supplies and maintenance	123		69		54
Depreciation	~~127~~112		~~109~~127		18(15)
Professional fees	9947		~~156~~99		(5752)
Supplies and maintenance	69		73		(4)
Other	110		201		(91)
Other	68		87		(19)
Total	$	1,698	$	1,712	$	(14)
Total	$	1,712	$	1,228	$	484

Research and development expenses were $1.7 million for each of the ~~year~~years ended December 31, ~~2024,~~2025 ~~compared~~and ~~to $1~~2024.2 ~~million~~The ~~for~~decrease ~~the~~in ~~year~~2025 ~~ended~~as ~~December 31,~~compared ~~2023.~~to ~~The~~2024 ~~$484,000 increase~~ was primarily due to ~~the~~cost ~~realignment~~containment ofefforts, ~~the~~including ~~focus~~lower ofpersonnel ~~our~~costs ~~field~~resulting ~~development~~from ~~personnel~~changes toin ~~research~~headcount, ~~and~~as ~~development~~well ~~activities,~~as lower ~~overhead~~consulting ~~allocation~~ and ~~increased~~legal ~~costs~~fees ~~related~~required tofor ~~the~~research ~~expansion~~and ofdevelopment ~~facilities~~purposes. ~~and~~These ~~supplies~~savings ~~and~~were ~~maintenance~~partially ~~related~~offset toby ~~research~~increased ~~and~~transitional ~~development~~facility ~~efforts,~~expenses ~~combined~~associated with ~~higher~~our ~~expenses~~April ~~overall~~2025 ~~related~~move to ~~field~~a ~~and~~new ~~product~~facility, ~~improvement~~and ~~studies~~included $135,000 in ~~2024~~non-cash ~~when~~operating ~~compared~~lease ~~with 2023~~costs. ~~These~~Additionally, ~~increases~~supplies ~~were partially offset by lower consulting~~ and ~~legal~~maintenance ~~fees~~costs ~~required~~were ~~for~~higher ~~research~~in ~~and development purposes~~2025.

Selling, General and Administrative Expenses

Selling, general and administrative expenses consist primarily of salaries and related costs, including stock-based compensation, for personnel in executive, finance, sales, marketing and administrative functions. Selling, general and administrative expenses also include free shipping offered in connection with marketing efforts, direct and allocated facility-related costs, franchise fees as well as professional fees for legal, consulting, accounting and audit services.

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Selling, general and administrative expenses consisted of the following (in thousands):

	Years Ended December 31,				Increase (Decrease)
	2024		2023
	2025		2024
Personnel-related (including stock-based compensation)	$	2,~~630~~478	$	32,~~440~~630	$	(~~810~~152)
Professional fees	12,~~240~~135		1,~~722~~240		~~(482)~~895
Marketing	~~288~~261		~~317~~288		(2927)
Insurance	243		350		(107)
Franchise fees	202		51		151
Licensed software	232		240		(8)
Insurance	194		243		(49)
Travel and entertainment	230		228		2
Licensed software	193		232		(39)
Facility-related	146		155		(9)
Travel and entertainment	180		230		(50)
Other	~~532~~552		~~591~~627		(5975)
Total	$	56,~~541~~195	$	75,~~043~~541	$	~~(1,502)~~654

Selling, general and administrative expenses were $56.52 million for the year ended December 31, ~~2024~~2025, compared to $75.05 million for the year ended December 31, ~~2023~~2024. The ~~$1.5~~increase ~~million~~in ~~decrease~~selling, ~~was~~general ~~primarily~~and ~~due~~administrative ~~to lower personnel-related~~ expenses ~~resulting~~was ~~from~~due ato ~~lower~~higher ~~headcount~~legal ~~and~~fees ~~stock-based~~related ~~compensation, the realignment of the focus of our field development personnel~~ to ~~research~~an ~~and~~ongoing ~~development~~legal ~~activities~~matter ~~in early 2024~~ and ~~severance~~totaled ~~costs~~$631,000 ~~incurred~~ in ~~2023~~2025. ~~related to the termination of our former Chief Revenue Officer~~Additionally, ~~combined~~franchise ~~with lower professional~~ fees and ~~insurance~~corporate governance costs. ~~Legal fees~~ were ~~lower~~higher asin a2025 ~~legal~~when ~~matter~~compared ~~was~~with ~~settled~~2024. ~~at the end of 2023~~Overall, ~~consulting~~other ~~fees~~operating ~~related~~expenses todecreased ~~marketing~~as ~~efforts~~a ~~were~~result ~~lower~~of ~~due to changes in~~ our ~~overall~~continued ~~marketing~~cost ~~program,~~containment ~~and our insurance costs were lower resulting from both policy and rate changes~~efforts.

Other Income, Net

Other income, net, consists of interest income and expense, as well as any gains or losses related to the sale of property and equipment and any other miscellaneous items. For the year ended December 31, ~~2024~~2025, other income, net ~~largely~~ consisted of interest income of $56144,000 ~~and a gain on the sale of equipment of $28~~,~~000,~~ partially offset by interest expense of $22,000. For the year ended December 31, ~~2023~~2024, other income, net largely consisted of interest income of $2656,000 and a gain on the sale of equipment of $28,000, partially offset by interest expense of $422,000. Interest ~~expense~~income was higher in ~~2024~~2025 ~~when~~due ~~compared~~to ~~with~~a ~~2023~~higher ~~due~~average tobalance ~~new~~of ~~financing~~cash, ~~arrangements~~cash ~~entered~~equivalents ~~into~~and ~~for~~short-term ~~the~~investments ~~purchase~~in of2025 ~~new~~when ~~manufacturing~~compared ~~equipment~~to ~~beginning~~2024, indriven ~~late~~by ~~2023~~the ~~and~~$13.2 ~~continuing~~million ~~into~~of ~~2024~~net proceeds received from equity transactions in 2025.

Liquidity and Capital Resources

Since our inception, we have ~~sustained~~incurred significant operating losses inrelated ~~the~~to ~~course of~~ our research and development activities and commercialization efforts and expect such losses to continue for the near future. ~~While~~Through December 31, 2025, we ~~have~~had ~~generated~~received net proceeds of $1107.9 7 million ofprimarily ~~revenue~~from inthe sales of our ~~most~~equity ~~recent~~securities, ~~fiscal~~including ~~year~~warrant exercises, itan isaggregate ~~not~~of ~~sufficient~~$7.8 tomillion ~~cover~~in ~~our~~product ~~base~~sales, ~~operating~~and ~~costs~~an aggregate of $1.7 million Wefrom ~~have~~licensing ~~primarily~~fees. ~~funded~~As ~~our~~of ~~operations~~December 31, to2025, cash ~~date~~and ~~through~~cash ~~the~~equivalents ~~sale~~and ofshort-term ~~equity~~investments ~~securities~~were $8.6 million, ~~including~~compared ~~convertible~~to ~~preferred~~$1.3 million ~~stock~~as of December 31, ~~common~~2024. ~~stock~~Net ~~and~~cash ~~warrants~~used toin ~~purchase~~operations ~~common~~improved ~~stock;~~to ~~and~~$5.8 million ~~debt~~in ~~financing~~2025, ~~consisting~~compared ~~primarily~~to of$6.0 million ~~convertible~~in ~~notes~~2024 and from $7.6 million in 2023.

~~Through~~Based ~~December 31,~~upon ~~2024,~~our wecurrent ~~had~~operating ~~received~~plan, ~~net~~we ~~proceeds~~expect ofthat ~~$94.6 million from~~ our ~~sales~~cash ofand ~~common~~cash ~~stock,~~equivalents ~~preferred~~and ~~stock~~short-term ~~and~~investments ~~issuance~~as of ~~convertible~~December 31, ~~and~~2025, ~~other~~in ~~promissory~~combination ~~notes,~~with ananticipated ~~aggregate~~revenue, ofwill ~~$1.7~~be ~~million~~sufficient ~~from~~to ~~research~~fund ~~grants~~our ~~and~~current ~~licensing~~operations ~~fees~~through ~~and~~approximately anthe ~~aggregate~~second quarter of $52027.6 ~~million~~This inestimate ~~product~~assumes ~~sales.~~continued Atexecution ~~December 31,~~of ~~2024,~~our wecurrent ~~had~~commercialization anstrategy, ~~accumulated~~planned ~~deficit~~levels of ~~$136.1~~operating ~~million~~expenses, and ~~cash~~no ~~and~~significant ~~cash~~changes ~~equivalents~~in ofworking ~~$1.3~~capital ~~million~~requirements.

Our ~~ultimate~~projected ~~success~~cash ~~depends~~runway ~~upon~~does ~~the~~not ~~outcome~~assume ~~of a combination of factors, including~~ the ~~following:~~receipt ~~(i) successful commercialization~~ of ~~ContraPest~~additional ~~and~~capital ~~Evolve~~from ~~and~~equity ~~maintaining~~issuances, ~~and~~debt ~~obtaining regulatory approval of our products and product candidates; (ii) market acceptance~~financings, ~~commercial~~strategic ~~viability and profitability of ContraPest~~partnerships, ~~Evolve~~or ~~and~~ other ~~products;~~external ~~(iii)~~sources. ~~the~~If ~~ability to market our products and establish an effective sales force and marketing infrastructure to generate significant~~ revenue; ~~(iv)~~growth ~~the~~does ~~success~~not ofoccur ~~our~~at ~~research~~anticipated ~~and~~levels, ~~development;~~or ~~(v)~~if ~~the~~expenses ~~ability~~exceed tocurrent ~~retain~~expectations, ~~and~~we ~~attract~~may ~~key~~be ~~personnel~~required to ~~develop,~~seek ~~operate~~additional ~~and~~financing ~~grow~~sooner ~~our~~that ~~business;~~currently ~~and (vi) our ability to meet our working capital needs~~anticipated.

~~Based~~We ~~upon~~continue ~~our~~to ~~current~~evaluate ~~operating~~various ~~plan~~financing alternatives, weincluding ~~expect~~equity ~~that~~offerings ~~cash~~under ~~and~~our ~~cash~~existing ~~equivalents~~ATM ~~at December 31~~program, ~~2024,~~strategic ~~in combination with anticipated revenue~~partnerships, ~~will~~and beother ~~sufficient~~capital-raising ~~to fund our current operations for at least the next three months~~transactions. WeThere ~~have~~can ~~evaluated~~be ~~and~~no ~~will~~assurance ~~continue~~that toadditional ~~evaluate~~capital ~~our operating expenses and~~ will ~~concentrate~~be ~~our~~available ~~resources~~on ~~toward~~acceptable ~~the successful commercialization of ContraPest and Evolve in the United States~~terms, ~~as well as internationally. However,~~ if ~~anticipated~~at all.

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revenue targets and margin targets are not achieved or expenses are more than we have budgeted, we may need to raise additional financing before that time. If we need more financing, including within the next three months, and we are unable to raise the necessary capital through the sale of our securities, we may be required to take other measures that could impair our ability to be successful and operate as a going concern. In any event, we may require additional capital in order to fund our operating losses and research and development activities before we become profitable and may opportunistically raise capital. We may never achieve profitability or generate positive cash flows, and unless and until we do, we will continue to need to raise capital through equity or debt financing. If such equity or debt financing is not available at adequate levels or on acceptable terms, we may need to delay, limit or terminate commercialization and development efforts or discontinue operations.

Additional Funding Requirements

WeOur ~~expect our~~ expenses tomay continue orto increase in connection with our ongoing activities, particularly as we focus on marketing and sales of ~~ContraPest~~fertility ~~and~~control ~~Evolve~~products. In addition, we will continue to incur costs associated with operating as a public company.

In particular, we ~~expect~~may to incur ~~substantial and increased~~ expenses as we:

•work to maximize market acceptance for, and generate sales of, our products, including by conducting field demonstrations at potential lead customers;

•explore strategic partnerships to enable us to penetrate additional target markets and geographical locations;

•manage the infrastructure for sales, marketing and distribution of ~~ContraPest~~our ~~and~~fertility ~~Evolve~~control products and any other product candidates for which we may receive regulatory approval;

•seek additional regulatory approvals, if any, for our products, including to more fully expand the market and use for ~~ContraPest~~our ~~and~~fertility ~~Evolve~~control products and, if we believe there is commercial viability, for our other product candidates;

•further develop our manufacturing processes to contain costs while being able to scale to meet future demand of ~~ContraPest~~our ~~and~~fertility ~~Evolve~~control products and any other product candidates for which we receive regulatory approval;

•continue product enhancement and evolution of ~~ContraPest~~our ~~and~~existing ~~Evolve~~fertility control products and advance our research and development activities and, as our operating budget permits, advance the research and development programs for other product candidates;

•maintain and protect our intellectual property portfolio; and

•add operational, financial and management information systems and personnel, including personnel to support our product development and commercialization efforts and operations as a public company.

We believe we ~~will~~may need additional financing to fund these ~~continuing and additional~~ expenses.

Cash Flows

The following table summarizes our sources and uses of cash for each of the years presented (in thousands):

	Years Ended December 31,
	2024		2023
	2025		2024
Cash and cash equivalents, beginning of year	$	51,~~395~~307	$	45,~~775~~395
Net cash provided by (used in):
Operating activities	(65,~~033~~750)		(76,~~566~~033)
Investing activities	(561,102)		(~~149~~56)
Financing activities	213,~~001~~120		82,~~335~~001
Net change in cash and cash equivalents	(46,~~088)~~268		~~620~~(4,088)
Cash and cash equivalents, end of year	$	17,~~307~~575	$	51,~~395~~307

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Cash Flows from Operating Activities—Cash flows from operating activities are generally determined by the amount and timing of cash received from customers and payments made to vendors, as well as the nature and amount of non-cash items, including depreciation and amortization and stock-based compensation included in operating results during a given period.

During ~~2024~~2025, net cash flows used in operating activities consisted of our net loss of $6.24 million ~~and~~offset by non-cash charges of $518,000 and changes in our operating assets and liabilities of $~~305~~115,000~~, offset by non-cash charges of $456,000~~. Our net loss was primarily attributed to expenses incurred related to our selling, general and administrative activities as we ~~continue~~continued efforts to commercialize our products, as well as research and development activities., ~~Revenue~~as revenue from our product sales did not cover our operating expenses during the year. ~~Net~~Changes to net cash used ~~by changes~~ in our operating assets and liabilities ~~largely~~primarily consisted of ~~increases~~decreases of ~~$242,000 in accounts receivable and $44,000 in other assets.~~

During 2023, net cash flows used in operating activities consisted of our net loss of $7.7 million and by changes in our operating assets and liabilities of $544,000, offset by non-cash charges of $688,000. Our net loss was primarily attributed to expenses incurred related to our selling, general and administrative activities. Net cash used by changes in our operating assets and liabilities consisted primarily of a $582,000 decrease in accounts payable and accrued expenses, and increases of $26,000 in deferred revenue and $10,000 in prepaid expenses, offset by decreases of $58,000 in inventory and $20,000 in accounts receivable.32

~~Cash~~Table ~~Flows from Investing Activities—Cash flows used in investing activities primarily consist~~ of the purchase of property and equipment, offset by any proceeds received in connection with sales of property and equipment. In 2024, the cash outlay for our property and equipment purchases were $65,000 lower than 2023. In 2024, we had proceeds received of $28,000 related to the sale of certain equipment.Contents

Cash Flows from Financing Activities—Financing activities provide cash for both day-to-day operations and capital requirements as needed. In 2024, net cash provided by financing activities consisted of $~~2.0 million from the exercise of warrants~~121, ~~$38,~~000 ~~from~~in ~~the~~accounts ~~issuance of common stock~~receivable, ~~and~~ $2580,000 ~~from~~in ~~proceeds~~prepaid ~~received~~expenses ~~related~~and toother ~~notes~~current ~~payable,~~assets ~~partially~~and ~~offset by~~ $4222,000 ofin ~~repayments~~other ofassets, ~~notes~~and ~~payable.~~a ~~In 2023,~~ net ~~cash~~increase ~~provided by financing activities largely consisted~~ of $~~5.4~~73,000 ~~million~~in ofaccounts ~~net~~payable ~~proceeds~~and ~~from~~accrued ~~the issuance of common stock~~expenses, ~~$2.8~~offset ~~million~~by ~~from~~an ~~the~~increase ~~exercise~~ of ~~warrants, and~~ $~~114~~200,000 ~~from~~in ~~proceeds from notes payable~~inventory.

During 2024, net cash flows used in operating activities consisted of our net loss of $6.2 million and changes in our operating assets and liabilities of $297,000, offset by non-cash charges of $448,000. Revenue from our product sales did not cover our operating expenses during 2024. Our net loss was primarily attributed to expenses incurred related to our selling, general and administrative activities and our research and development activities. Changes to net cash used in our operating assets and liabilities primarily consisted of increases of $242,000 in accounts receivable and $36,000 in other assets related to the deposit on our new facility, and a net decrease of $25,000 in accounts payable and accrued expenses.

Cash Flows from Investing Activities—Cash flows from investing activities consist of held-to-maturity investment transactions, the purchase of property and equipment, and any proceeds received in connection with sales of property and equipment. In 2025, cash used in investing activities consisted of purchases of held-to-maturity investments of $3.0 million and property and equipment purchases of $138,000, offset by maturities of held-to-maturity investments of $2.0 million. In 2024, we had property and equipment purchases of $84,000 offset by proceeds received of $28,000 related to the sale of certain equipment.

Cash Flows from Financing Activities—Financing activities provide cash for both day-to-day operations and capital requirements as needed. In 2025, net cash provided by financing activities consisted of $10.5 million from the exercise of warrants and $2.7 million from the issuance of common stock, partially offset by $56,000 of repayments of notes payable. In 2024, net cash provided by financing activities consisted of $2.0 million from the exercise of warrants, $38,000 from the issuance of common stock and $25,000 from proceeds from notes payable, partially offset by $42,000 of repayments of notes payable.

Critical Accounting Policies and Estimates

Our financial statements are prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The preparation of our financial statements and related disclosures requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, costs and expenses and the disclosure of contingent assets and liabilities in our financial statements. We base our estimates on historical experience, known trends and events and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different assumptions or conditions.

We believe that the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our financial statements:

Inventory Valuation. We value inventory at the lower of cost or net realizable value. In addition, we write down any obsolete, unmarketable or otherwise impaired inventory to net realizable value. The determination of obsolete, or excess inventory requires us to estimate the future demand for our products. The estimate of future demand is compared to inventory levels to determine the amount, if any, of obsolete or excess inventory. If actual market conditions are less favorable than those we projected at the time the inventory was written down, additional inventory write-downs may be required. Inventory valuation is re-evaluated on a quarterly basis.

Stock-Based Compensation. Stock-based compensation expenses is measured at the grant date, based on the estimated fair value of the award using the Black-Scholes option pricing model for stock options and market price for restricted stock units. The use of the Black-Scholes option pricing model, requires certain estimates, including expected term of options granted, the method of calculating expected volatilities and the risk-free interest rate used in the option-pricing model. The resulting calculated fair value of stock options is recognized as compensation expenses over the requisite service period, which is generally the vesting period. When there are changes to the assumptions used in the option-pricing model, including fluctuations in the market prices of our common stock, there will be variations in the calculated fair value of our future stock option awards, which results in variation in the stock-based compensation expensed recognized. Additionally, any modification of an award that increases its fair value will require us to recognize additional expense.

34Income Taxes. We record deferred income taxes for temporary difference between the amounts of assets and liabilities for financial and tax reporting purposes and we record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We also regularly conduct a comprehensive review of our uncertain tax positions. In this regard, an uncertain tax position represents our expected treatment of a tax position taken in a filed tax return, or planned to be taken in a future tax return, that has not been reflected in measuring income tax expense for

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~~future~~financial ~~stock~~reporting ~~option~~purposes. ~~awards,~~Until ~~which~~these ~~results~~positions inare ~~variation~~sustained inby the ~~stock-based~~taxing ~~compensation~~authorities, ~~expensed~~we ~~recognized.~~do ~~Additionally,~~not ~~any~~recognize ~~modification~~the oftax anbenefit ~~award~~resulting ~~that~~from ~~increases~~such ~~its~~positions ~~fair~~and ~~value~~report ~~will~~the ~~require~~tax useffect tofor ~~recognize~~uncertain ~~additional~~tax ~~expense~~positions in our balance sheets.

Income Taxes. We record deferred income taxes for temporary difference between the amounts of assets and liabilities for financial and tax reporting purposes and we record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We also regularly conduct a comprehensive review of our uncertain tax positions. In this regard, an uncertain tax position represents our expected treatment of a tax position taken in a filed tax return, or planned to be taken in a future tax return, that has not been reflected in measuring income tax expense for financial reporting purposes. Until these positions are sustained by the taxing authorities, we do not recognize the tax benefit resulting from such positions and report the tax effect for uncertain tax positions in our balance sheets.

Off-Balance Sheet Arrangements

None.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The following financial statements and report are included in Item 8:

Report of Independent Registered Public Accounting Firm (PCAOB ID 2738)			F-2
Balance Sheets as of December 31, 2024 and 2023			F-3
Balance Sheets as of December 31, 2025 and 2024			F-3
Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023			F-4
Statements of Operations and Comprehensive Loss for the years ended December 31, 2025 and 2024			F-4
Statements of Changes in Stockholders’ Equity for the years ended December 31, 2024 and 2023			F-5
Statements of Changes in Stockholders’ Equity for the years ended December 31, 2025 and 2024			F-5
Statements of Cash Flows for the years ended December 31, 2024 and 2023			F-6
Statements of Cash Flows for the years ended December 31, 2025 and 2024			F-6
Notes to Financial Statements			F-7

F-1

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Stockholders of SenesTech, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of SenesTech, Inc. (the Company) as of December 31, ~~2024~~2025 and ~~2023~~2024, and the related statements of operations and comprehensive loss, stockholders’ equity, and cash flows for each of the years in the two-year period ended December 31, ~~2024~~2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, ~~2024~~2025, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company suffered a net loss from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. Management’s plans regarding those matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit ~~matters~~matter communicated below ~~are~~is ~~matters~~a matter arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Evaluation of the Company’s Alleviation of Going Concern

~~Due~~Description toof the ~~recurring net loss for the year and net cash used in operating activities, the Company evaluated the need for a going concern. See discussion in Note 1.~~Matter:

The Company’s recurring losses from operations, negative cash flows, and accumulated deficit raised substantial doubt about its ability to continue as a going concern. As disclosed in Note 1 to the financial statements, the Company’s ability to continue as a going concern was alleviated as a result of successfully completing equity raises during the year and management’s significant assumptions and judgments related to forecasting future cash flows demonstrating a positive liquidity position.

We identified the evaluation of the Company’s ability to alleviate the going concern position as a critical audit matter. This matter required especially challenging auditor judgment due to the complexity and subjectivity involved in assessing management’s forecasts and assumptions, and the potential impact on the financial statements if the going concern basis was not appropriate.

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Table of Contents

ToHow ~~evaluate~~We ~~the~~Addressed ~~appropriateness of~~ the ~~lack~~Matter ofin ~~going~~Our concern, we examined and evaluated the financial information that was the initial cause along with management’s plans to mitigate the going concern and managements lack of disclosure on the going concern.Audit:

To evaluate the Company’s conclusion that the conditions and events raising substantial doubt about the Company’s ability to continue as a going concern have been alleviated, we evaluated management’s forecasts that included underlying assumptions, budget to actual comparisons, current and projected economic and geographic factors, the impact of successfully completing equity raises and the consideration of subsequent events occurring after the balance sheet date. We also evaluated the adequacy of the Company’s disclosures regarding the alleviation of substantial doubt related to its ability to continue as a going concern and management’s plans and actions to address those concerns.

/s/ M&K CPAS, PLLC

We have served as the Company’s auditor since 2014.

The Woodlands, TX

March 12, ~~2025~~2026

F-3

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SENESTECH, INC.

BALANCE SHEETS

(In thousands, except share and ~~per~~par ~~share~~value data ~~amounts~~)

	As of December 31,
	2024		2023
	2025		2024
ASSETS
Current assets:
Cash and cash equivalents	$	17,~~307~~575	$	51,~~395~~307
Accounts receivable, net	335		95
Short-term investments	994		—
Prepaid expenses and other current assets	377		388
Accounts receivable, net	201		335
Inventory, net	794		795
Inventory	994		794
Total current assets	2,813		6,673
Prepaid expenses and other current assets	297		377
Right to use assets, operating leases	—		210
Total current assets	10,061		2,813
Property and equipment, net	407		388
Right to use assets, operating leases	2,336		—
Other noncurrent assets	58		22
Property and equipment, net	410		407
Total assets	$	3,278	$	7,293
Other noncurrent assets	36		58
Total assets	$	12,843	$	3,278
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	~~215~~183		~~150~~215
Accrued expenses	~~278~~383		~~368~~278
Current portion of operating lease liability	—139		~~217~~—
Current portion of notes payable	5661		3356
Deferred revenue	1232		1812
Total current liabilities	~~561~~798		~~786~~561
Notes payable, less current portion	206		156
Operating lease liability, less current portion	2,332		—
Total liabilities	767		942
Notes payable, less current portion	145		206
Total liabilities	3,275		767
Commitments and contingencies (see notes)
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding	—		—
Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding as of December 31, 2025 and 2024	—		—
Common stock, $0.001 par value, 100,000,000 shares authorized, 1,035,893 and 514,003 shares issued and outstanding as of December 31, 2024 and 2023, respectively	1		1
Common stock, $0.001 par value, 100,000,000 shares authorized, 5,223,015 shares and 1,035,893 shares issued and outstanding as of December 31, 2025 and 2024, respectively	5		1
Additional paid-in capital	~~138~~152,~~607~~043		~~136~~138,~~263~~607
Accumulated deficit	(~~136~~142,~~097~~480)		(~~129~~136,~~913~~097)
Total stockholders’ equity	29,~~511~~568		62,~~351~~511
Total liabilities and stockholders’ equity	$	312,~~278~~843	$	73,~~293~~278

See accompanying notes to the financial statements.

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SENESTECH, INC.

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share data)

	Years Ended December 31,
	2024		2023
	2025		2024
Revenues, net	$	12,~~857~~221	$	1,~~193~~857
Cost of sales	~~853~~833		~~654~~853
Gross profit	1,~~004~~388		~~539~~1,004
Operating expenses:
Research and development	1,~~712~~698		1,~~228~~712
Selling, general and administrative	56,~~541~~195		75,~~043~~541
Total operating expenses	7,~~253~~893		87,~~271~~253
Loss from operations	(6,~~249~~505)		(76,~~732~~249)
Other income (expense):
Interest income	56144		2656
Interest expense	(22)		(422)
Miscellaneous income	31—		—31
Other income, net	65122		2265
Net loss and comprehensive loss	$	(6,~~184~~383)	$	(76,~~710~~184)
Weighted average shares outstanding — basic and diluted	~~697~~3,~~974~~275,983		66697,~~986~~974
Loss per share — basic and diluted	$	(81.8695)	$	(~~115~~8.1086)

See accompanying notes to the financial statements.

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SENESTECH, INC.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands, except ~~shares~~share data)

				Additional Paid-In Capital		Accumulated Deficit		Total
	Common Stock
	Shares	Amount
Balances as of December 31, 2022	6,748	$	—	$	127,482	$	(122,203)	$	5,279
Balances as of December 31, 2023	514,003	$	1	$	136,263	$	(129,913)	$	6,351
Stock-based compensation	—	—		455		—		455
Net proceeds received for issuance of common stock and prefunding of warrants	52,173	—		5,407		—		5,407
Issuance of common stock upon exercise of warrants, net	454,444	1		2,830		—		2,831
Issuance of common stock for services	454	—		100		—		100
Issuance of shares pursuant to the vesting of restricted stock units, net of shares withheld for taxes	110	—		(11)		—		(11)
Issuance of common stock for fractional shares in the 12:1 reverse stock split	74	—		—		—		—
Net loss	—	—		—		(7,710)		(7,710)
Balances as of December 31, 2023	514,003	1		136,263		(129,913)		6,351
Stock-based compensation	—	—		326		—		326
Net proceeds received for issuance of common stock upon exercise of warrants	505,962	—		1,980		—		1,980
Net proceeds received for issuance of common stock	15,051	—		38		—		38
Issuance of common stock upon exercise of warrants, net	505,962	—		1,980		—		1,980
Issuance of common stock for fractional shares in the 10:1 reverse stock split	877	—		—		—		—
Net loss	—	—		—		(6,184)		(6,184)
Balances as of December 31, 2024	1,035,893	$1	1	$138,607	~~138,607~~	$(136,097)	~~(136,097)~~	$2,511	~~2,511~~
Stock-based compensation	—	—		264		—		264
Net proceeds received for issuance of common stock upon exercise of warrants	3,332,462	3		10,467		—		10,470
Net proceeds received for issuance of common stock	854,660	1		2,705		—		2,706
Net loss	—	—		—		(6,383)		(6,383)
Balances as of December 31, 2025	5,223,015	$	5	$	152,043	$	(142,480)	$	9,568

See accompanying notes to the financial statements.

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SENESTECH, INC.

STATEMENTS OF CASH FLOWS

(In thousands)

	Years Ended December 31,
	2024		2023
	2025		2024
Cash flows from operating activities:
Net loss	$	(6,~~184~~383)	$	(76,~~710~~184)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	156		135
Stock-based compensation	264		326
Stock-based compensation	326		555
Depreciation and amortization	135		156
Gain on sale of equipment	(28)		—
Operating lease liability	135		(8)
Bad debt expense	214		(2)
Accretion of interest on held-to-maturity investments	(30)		—
Gain on sale of equipment	—		(28)
Changes in operating assets and liabilities:
Accounts receivable	~~(242)~~121		20(242)
Prepaid expenses and other current assets	1180		~~(10)~~11
Inventory	1(200)		581
Other assets	~~(44)~~22		(436)
Accounts payable	65(32)		~~(390)~~65
Accrued expenses	~~(90)~~105		(~~192~~90)
Deferred revenue	~~(6)~~19		(266)
Net cash used in operating activities	(65,~~033~~750)		(76,~~566~~033)
Cash flows from investing activities:
Proceeds received on sale of property and equipment	28		—
Purchase of held-to-maturity investments	(2,964)		—
Purchase of property and equipment	(84)		(149)
Maturity of held-to-maturity investments	2,000		—
Net cash used in investing activities	(56)		(149)
Proceeds received on sale of property and equipment	—		28
Purchase of property and equipment	(138)		(84)
Net cash used in investing activities	(1,102)		(56)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	382,706		~~5,407~~38
Proceeds from the exercise of warrants, net	110,~~980~~470		21,~~831~~980
Proceeds from the issuance of notes payable	25—		~~114~~25
Repayments of notes payable	(4256)		(642)
Payment of employee withholding taxes related to share based awards	—		(11)
Net cash provided by financing activities	13,120		2,001
Net cash provided by financing activities	2,001		8,335
Increase (decrease) in cash and cash equivalents	6,268		(4,088)
Increase (decrease) in cash and cash equivalents	(4,088)		620
Cash and cash equivalents, beginning of year	1,307		5,395
Cash and cash equivalents, beginning of year	5,395		4,775
Cash and cash equivalents, end of year	$	7,575	$	1,307
Cash and cash equivalents, end of year	$	1,307	$	5,395
Supplemental disclosures of cash flow information:
Cash paid for:
Interest paid	$	22	$	422
Income taxes paid	—		—
Non-cash investing and financing activities:
Notes payable incurred for the purchase of certain equipment	90		81
Operating lease entered into for right-to-use asset	$	2,439	$	—
Notes payable incurred for the purchase of certain equipment	—		90

See accompanying notes to the financial statements.

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS

NOTE 1: BASIS OF PRESENTATION

Nature of Business

SenesTech, Inc. (referred to in this report as “SenesTech,” the “Company,” “we” or “us”) was incorporated in the ~~state~~State of Nevada in July 2004. OnIn November ~~15,~~ 2015, we subsequently reincorporated in the ~~state~~State of Delaware. Our corporate headquarters and manufacturing site are in ~~Phoenix~~Surprise, Arizona. We have developed and are commercializing aproducts ~~global, proprietary technology~~ for managing animal pest populations, ~~initially rat and mouse populations,~~ through fertility control. Our current products focus on rat and mouse populations, and are known as ContraPest®, Evolve® Rat and Evolve Mouse.

~~Our~~CONTRAPEST. ContraPest, our initial product, ~~ContraPest~~ is a liquid bait containing the active ingredients 4-vinylcyclohexene diepoxide and triptolide. ContraPest ~~limits~~targets ~~reproduction~~the reproductive systems of both male and female rats, ~~beginning~~is ~~with~~a ~~the~~highly ~~first~~palatable ~~breeding~~formulation, ~~cycle~~does ~~following~~not ~~consumption.~~cause ~~ContraPest~~illness isor ~~being~~changed ~~marketed~~behavior ~~for use~~ in ~~controlling~~rats, ~~Norway~~ and ~~roof~~leads ~~rat populations. In addition~~ to ~~the~~significant ~~EPA~~reductions ~~registration~~in offertility ~~ContraPest,~~and werat ~~must obtain registration from the various state regulatory agencies prior to selling in each state~~populations. ~~To date~~Accordingly, ~~we have received registration for~~ ContraPest inis ~~all~~an 50additional ~~states~~tool ~~and~~to ~~the~~use ~~District~~as ofpart ~~Columbia (49 states and the District~~ of ~~Columbia~~an ~~have~~integrated ~~approved~~pest ~~the~~management ~~Restricted Use designation), as well as two major U~~program.~~S. territories, Puerto Rico and The U.S. Virgin Islands.~~

InAs ~~January~~of ~~2024,~~the wedate ~~launched Evolve~~hereof, ~~which~~ContraPest is aregistered ~~soft~~in ~~bait~~all ~~containing~~50 ~~the~~states ~~active ingredient, cottonseed oil. Evolve limits reproduction of male~~ and ~~female rats beginning with~~ the ~~first~~District ~~breeding~~of ~~cycles~~Columbia ~~following~~(49 ~~consumption.~~states ~~Evolve~~and ~~is considered a minimum risk pesticide under~~ the ~~EPA~~District ~~Federal~~of ~~Insecticide,~~Columbia ~~Fungicide,~~have ~~and~~approved ~~Rodenticide Act (“FIFRA”), Section 25(b). We must obtain registration from~~ the ~~various~~removal ~~state~~of ~~regulatory agencies that do not accept~~ the ~~federal~~Restricted ~~exemption.~~Use ToProduct ~~date~~designation), ~~we are authorized to sell Evolve in 48 states~~ and two major U.S. territories, Puerto Rico and ~~The~~the U.S. Virgin Islands.

InEVOLVE. ~~May~~The ~~2024~~Evolve product line, wewhich ~~launched~~began ~~our~~in ~~latest~~the ~~product~~form of Evolve ~~Mouse~~Rat, alaunched ~~modified~~in ~~version~~January of2024, and is currently our lead product. Evolve Rat is a soft bait ~~technology~~product ~~containing~~that is novel to the pest control industry and contains the active ingredient, cottonseed oil. Evolve ~~Mouse~~Rat ~~limits~~reduces ~~reproduction~~fertility ofin both male and female ~~mice~~rats. ~~after~~Additionally, ~~one~~its topalatable ~~two~~formulation ~~breeding~~produces ~~cycles~~high ~~following~~acceptance for sustained consumption even when other sought-after food sources are present. Evolve ~~Mouse~~Rat isdoes ~~also~~not ~~considered~~cause aillness ~~minimum~~in ~~risk~~rats ~~pesticide~~and, ~~under~~therefore, ~~the~~it ~~EPA’s~~does ~~FIFRA,~~not ~~Section~~change ~~25(b).~~behavior Weor ~~must~~result ~~obtain~~in ~~registration~~bait ~~from~~aversion. By targeting the ~~various~~reproductive ~~state~~systems ~~regulatory~~of ~~agencies~~both ~~that~~male doand ~~not~~female ~~accept~~rats, ~~the~~and ~~federal~~with ~~exemption.~~palatability Topromoting ~~date~~continued consumption, wethe ~~are~~use ~~authorized~~of Evolve Rat can lead to ~~sell~~a ~~Evolve~~sustained ~~Mouse~~reduction inof 35the ~~states~~rat population.

~~Reverse~~Evolve ~~Stock~~Rat ~~Split~~meets the EPA’s minimum risk pesticide conditions under Section 25(b) of the Federal Insecticide, Fungicide, and Rodenticide Act (“FIFRA”). Due to its classification, Evolve Rat is exempt from federal registration because it poses little to no risk to human health and the environment. Evolve Rat is also made from food ingredients with tolerance exemptions for both food and nonfood applications, which allows it to be used in agricultural applications. There are 10 states that accept the federal exemption for pesticide registration and require no additional determination or approval. In states that do not accept the federal exemption, we must obtain registration from the various state regulatory agencies. As of the date hereof, we are authorized to sell Evolve Rat in 48 states and territories.

In ~~July~~May 2024, we ~~amended~~launched ~~our~~Evolve ~~Amended~~Mouse, ~~and~~our ~~Restated~~latest ~~Certificate~~iteration of ~~Incorporation~~the toEvolve ~~effect~~product aline. ~~1-for-10~~Evolve ~~reverse~~Mouse ~~split~~is a modified version of our ~~issued~~soft ~~and~~bait ~~outstanding~~technology ~~shares~~and ofcontains ~~common~~the ~~stock.~~same ~~The~~active ~~accompanying~~ingredient, ~~financial~~cottonseed ~~statements~~oil. ~~and~~Evolve ~~notes~~Mouse ~~thereto~~limits ~~give~~reproduction ~~retrospective~~of ~~effect~~male toand ~~the~~female ~~reverse~~mice ~~stock~~and ~~split~~is ~~for~~also ~~all~~considered ~~periods~~a ~~presented.~~minimum ~~All~~risk ~~issued~~pesticide ~~and~~under ~~outstanding~~Section ~~common~~25(b) ~~stock,~~of ~~options~~FIFRA. ~~and~~As ~~warrants~~of ~~exercisable~~the ~~for~~date ~~common stock~~hereof, ~~restricted~~we ~~stock~~are ~~units~~authorized ~~and~~to ~~per~~sell ~~share~~Evolve ~~amounts~~Mouse ~~contained~~ in ~~our~~37 ~~financial~~states ~~statements~~and ~~have been retrospectively adjusted~~territories.

Going Concern Substantial Doubt Alleviated

~~Although~~Our ~~our~~ audited financial statements for the years ended December 31, ~~2024~~2025 and ~~2023~~2024 were prepared under the assumption that we would continue ~~our operations~~ as a going concern,. ~~the~~The report of our independent registered public accounting firm that ~~accompanies~~accompanied our financial statements for the ~~years~~year ended December 31, 2024 ~~and~~contained ~~2023 contains~~ a going concern qualification in which such firm expressed substantial doubt in our ability to continue as a going concern without additional capital ~~from~~ becoming available, based on the financial statements at that time. Specifically, as noted above, we have incurred operating losses since our inception, and we expect to continue to incur significant expenses and operating losses for the foreseeable future. These prior losses and expected future losses have had, and will continue to have, an adverse effect on our financial condition. If we encounter continued issues or delays in the commercialization of ContraPest, our prior losses and expected future losses could have an adverse effect on our financial condition and negatively impact our ability to fund continued operations, obtain additional financing in the future and continue as a going concern. There are no assurances that such financing, if necessary, will be available to us at all or will be available in sufficient amounts or on reasonable terms. Our financial statements do not include any adjustments that may result from the outcome of this uncertainty. If we are unable to generate additional funds in the future through financings, sales of our products, licensing fees, royalty payments or from other sources or transactions, we will exhaust our resources and will be unable to continue operations.

In connection with the preparation of our financial statements for the year ended December 31, 2025, management evaluated the Company’s ability to continue as a going concern in accordance with the Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements–Going Concern (Subtopic 205-40), which requires an assessment of relevant conditions or events, considered in the aggregate, that are known or reasonably knowable by management on the issuance dates of the financial statements, which indicated the probable likelihood that the Company will be able to meet its obligations as they become due within one year after the issuance date of the financial statements.

As part of its evaluation, management assessed known events, trends, commitments, and uncertainties, including proceeds from recent financings. During 2025, the Company generated net proceeds of $13.2 million from the sale of common

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

~~Need~~stock, including the exercise of outstanding warrants. The proceeds are available for ~~Additional~~operating ~~Capital~~expenses, including selling, general and administration expenses, as well as the cost of research and development. Based on its evaluation, management believes it has mitigated the circumstance that led to a doubt with respect to the Company’s ability to continue as a going concern, which existed at the time of the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

~~Since~~Liquidity ~~our inception, we have sustained significant operating losses in the course of our research~~ and ~~development~~Capital and commercialization activities and expect such losses to continue for the near future. We have generated limited revenue to date from product sales, research grants and licensing fees from a former license. We have primarily funded our operations to date through the sale of equity securities, including convertible preferred stock, common stock and warrants to purchase common stock; and debt financing, consisting primarily of convertible notes. As of December 31, 2024, we had an accumulated deficit of $136.1 million and cash and cash equivalents of $1.3 million.Resources

~~Our~~Since ~~ultimate~~our ~~success~~inception, ~~depends~~we ~~upon~~have ~~the~~incurred ~~outcome~~significant ofoperating alosses ~~combination~~related ofto ~~factors,~~our ~~including~~research ~~the~~and ~~following:~~development ~~(i)~~activities ~~successful~~and commercialization ofefforts ~~ContraPest~~ and ~~Evolve~~we ~~and~~expect ~~maintaining~~these ~~and~~losses ~~obtaining~~to ~~regulatory~~continue ~~approval~~in ofthe ~~our~~near ~~products~~term. ~~and~~While ~~product~~we ~~candidates;~~have ~~(ii)~~generated ~~market~~revenue ~~acceptance,~~from ~~commercial~~product ~~viability~~sales ~~and~~over ~~profitability~~the ofpast ~~ContraPest~~few years, ~~Evolve~~those ~~and~~revenues ~~other~~have ~~products;~~not ~~(iii)~~been ~~the~~sufficient ~~ability~~ to ~~market~~cover our ~~products~~operating ~~and~~costs. ~~establish~~Accordingly, anwe ~~effective~~have ~~sales~~primarily ~~force~~funded ~~and~~our ~~marketing~~operations ~~infrastructure~~ to ~~generate~~date ~~significant~~through ~~revenue; (iv)~~ the ~~success~~sale of ~~our~~equity ~~research~~securities, including warrant exercises, and ~~development;~~product ~~(v)~~sales. ~~the~~As ~~ability~~of toDecember 31, ~~retain~~2025, ~~and~~we ~~attract~~had ~~key~~an ~~personnel~~accumulated todeficit ~~develop,~~of ~~operate~~$142.5 million and ~~grow~~cash ~~our business;~~ and ~~(vi)~~cash ~~our~~equivalents ~~ability~~and toshort-term ~~meet~~investments ~~our~~of ~~working capital needs~~$8.6 million.

~~Based~~Our ~~upon our current operating plan~~ultimate, welong-term ~~expect~~success ~~that~~depends ~~cash~~upon ~~and~~the ~~cash~~outcome ~~equivalents~~of ata ~~December 31, 2024, in~~ combination ~~with~~of ~~anticipated revenue~~factors, ~~will~~including ~~be sufficient to fund our current operations for at least~~ the ~~next~~following: ~~three~~(i) ~~months. We have evaluated and will continue to evaluate our operating expenses and will concentrate our resources toward the~~ successful commercialization of ~~ContraPest~~fertility ~~and~~control ~~Evolve~~products inand ~~the~~maintaining ~~United States~~ and ~~globally.~~obtaining ~~However,~~regulatory ifapproval ~~anticipated~~of ~~revenue~~our ~~targets~~products and ~~margin~~product ~~targets~~candidates ~~are~~(if ~~not~~approved); ~~achieved~~(ii) ormarket ~~expenses are more than we have budgeted~~acceptance, wecommercial ~~may~~viability ~~need to raise additional financing before that time. If we need more financing, including within the next three months,~~ and weprofitability ~~are unable to raise necessary capital through the sale~~ of our ~~securities,~~products weand ~~may~~product; becandidates ~~required~~(if toapproved) ~~take~~(iii) ~~other measures that could impair~~ our ability to bemarket ~~successful~~our products and ~~operate~~establish asan aeffective ~~going~~sales ~~concern.~~force Inand ~~any~~marketing ~~event,~~infrastructure weto ~~may~~generate ~~require~~significant ~~additional~~revenue; ~~capital~~(iv) inthe ~~order~~success toof ~~fund~~ our ~~operating losses and~~ research and development; ~~activities~~(v) ~~before~~our weability ~~become~~to ~~profitable~~retain and ~~may~~attract ~~opportunistically~~key ~~raise~~personnel ~~capital.~~to ~~We may never achieve profitability or generate positive cash flows~~develop, ~~and~~operate ~~unless~~ and ~~until~~grow weour ~~do,~~business; weand ~~will~~(vi) ~~continue~~our ability to ~~need~~meet toour ~~raise~~working capital ~~through equity or debt financing~~needs. If such equity or debt financing is not available at adequate levels or on acceptable terms, we may need to delay, limit or terminate commercialization and development efforts or discontinue operations.

Based upon our current operating plan, we expect that our cash and cash equivalents and short-term investments of $8.6 million as of December 31, 2025, in combination with anticipated revenue will be sufficient to fund our current operations through approximately the second quarter of 2027. While we have evaluated and continue to evaluate our operating expenses and have focused our resources on the successful commercialization of fertility control products in the United States, additional financing may be needed in order to achieve our anticipated revenue and margin targets. If we are unable to raise necessary capital through the sale of our securities, credit facilities, sales of our products, government and foundation grants, third party collaborations, strategic alliances or from other sources or transactions, we may be required to take other measures that could impair our ability to be successful and operate as a going concern. In any event, additional capital may be needed in order to fund our operating losses and research and development activities before we become profitable. We may never achieve profitability or generate positive cash flows, and unless and until we do, we will continue to need to raise capital. If such capital is not available at adequate levels or on acceptable terms, we may need to delay, limit or terminate commercialization and development efforts or discontinue operations.

Use of Estimates

The preparation of our financial statements and related disclosures in accordance with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and the disclosure of contingent assets and liabilities in our financial statements. We base our estimates on historical experience, known trends and events and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different conditions.

~~NOTE~~Recent 2:Accounting ~~SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES~~Pronouncements

~~Cash~~In November 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance enhances the transparency and ~~Cash~~decision ~~Equivalents~~usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid. We adopted ASU 2023-09 retrospectively as of December 31, 2025. Accordingly, the income tax disclosures for prior periods presented have been revised to conform to the 2025 presentation. The adoption of ASU 2023-09 did not have an impact on our financial position, results of operations, or cash flows, as the guidance affects disclosure requirements only.

~~Highly~~There ~~liquid~~have ~~investments~~been ~~with~~no ~~maturities~~other ofrecent ~~three~~accounting ~~months~~pronouncements orthat ~~less as the date of acquisition are classified as cash equivalents, of which~~ we ~~had~~believe ~~$1.0~~have ~~million~~a ~~and~~significant ~~$4.2 million as of December 31~~impact, ~~2024~~or ~~and~~potential ~~2023,~~significant ~~respectively~~impact, ~~included~~to ~~within~~our ~~Cash~~financial ~~and cash equivalents in the balance sheets~~statements.

Accounts Receivable

Accounts receivable are recorded at invoiced amounts based on standard prices and do not bear interest. We provide an allowance for doubtful receivables equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions and a review of the current status of each customer’s trade accounts receivable. Provisions for uncollectible accounts receivable are charged to Selling, general and administrative expense, with an offsetting credit to the allowance for uncollectible accounts.

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NOTES TO THE FINANCIAL STATEMENTS, continued

Reclassification

To conform with the 2025 presentation, we have reclassified the non-cash operating lease benefit of $8,000 from the change in other assets in the statement of cash flows for the year ended December 31, 2024. This reclassification had no impact on our statement of operations and comprehensive loss for the year ended December 31, 2024.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents

Highly liquid investments with maturities of three months or less as the date of acquisition are classified as cash equivalents, of which we had $7.1 million and $1.0 million as of December 31, 2025 and 2024, respectively, included within Cash and cash equivalents in the balance sheets.

Short-term Investments

As of December 31, 2025, we held investments in U.S. Treasuries classified as held-to-maturity and measured at amortized cost, which approximates fair value. We have both the intent and the ability to hold these securities to maturity. U.S. Treasuries with original maturities greater than 90 days and less than one year are presented as short-term investments on the balance sheet.

Accounts Receivable

Accounts receivable are recorded at invoiced amounts based on standard prices and do not bear interest. We provide an allowance for doubtful receivables equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions, and a review of the current status of each customer’s trade accounts receivable. Provisions for uncollectible accounts receivable are charged to Selling, general and administrative expense, with an offsetting credit to the allowance for uncollectible accounts.

Inventories

Inventories consist of raw materials, work in progress and finished goods and are stated at the lower of cost or market value, using the first-in, first-out convention. Cost includes the acquired cost of raw materials, with work-in-progress and finished goods including the application of labor costs related to the manufacturing process. Raw materials are stocked to reduce the risk of impact on manufacturing for any potential supply interruptions or long lead times on certain ingredients.

Reserves for obsolete inventory consist of reserves primarily related to obsolete product containers and delivery systems.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Equipment held under finance leases are stated at the present value of minimum lease payments less accumulated amortization.

Depreciation on property and equipment is computed using the straight-line method over the estimated useful lives of the respective assets as follows:


Research and development equipment			5 years
Office and computer equipment			3 years
Autos			5 years
Furniture and fixtures			7 years

The cost of leasehold improvements is amortized over the life of the improvement or the term of the lease, whichever is shorter. Equipment held under finance leases are amortized over the shorter of the lease term or estimated useful life of the asset. The Company incurs maintenance costs on its major equipment. Repair and maintenance costs are expensed as incurred.

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require long-lived assets or asset groups to be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated from the use of the asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques, such as discounted cash flow models and the use of third- party independent appraisals. We have not recorded an impairment of long-lived assets since our inception.

Revenue Recognition

In accordance with Accounting Standards Codification (“ASC”) 606 — Revenue from Contracts with Customers (“ASC 606”), we recognize revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.

We derive revenue primarily from commercial sales of products, net of discounts and promotions, as well as consulting and implementation services provided in conjunction with our product deployments. We recognize revenue when product is shipped at a fixed selling price with payment terms of 30 to 120 days from invoicing. We recognize any other revenue earned from pilot studies, consulting and implementation services upon the performance of specific services under the respective service contract.

Research and Development

Research and development costs are expensed as incurred. Research and development expenses primarily consist of salaries and benefits for research and development employees, stock-based compensation, consulting fees, lab supplies, costs incurred related to conducting scientific trials and field studies, regulatory compliance costs, as well as manufacturing costs associated with process improvement and other research. Research and development expenses include an allocation of facilities related costs, including depreciation of equipment.

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

costs associated with process improvement and other research. Research and development expenses include an allocation of facilities related costs, including depreciation of equipment.

Stock-based Compensation

Stock-based awards, consisting of stock options and restricted stock units expected to be settled in shares of our common stock, are recorded as equity awards. The grant date fair value of these awards is measured using the Black-Scholes option pricing model for stock options and grant date market value for restricted stock units. We expense the grant date fair value of our stock-based awards on a straight-line basis over their respective vesting periods.

Advertising Costs

Advertising costs are expensed as incurred and ~~was~~were $~~224~~138,000 and $~~238~~224,000 for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax bases of assets and liabilities and net operating loss carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date.

We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. These deferred tax assets are subject to periodic assessments as to recoverability and if it is determined that it is more likely than not that the benefits will not be realized, valuation allowances are recorded which would increase the provision for income taxes. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. We currently maintain a full valuation allowance against its deferred tax assets.

We apply a more-likely-than-not recognition threshold for all tax uncertainties. Only those benefits that have a greater than fifty percent likelihood of being sustained upon examination by the taxing authorities are recognized. Based on our evaluation, we have concluded there are no significant uncertain tax positions requiring recognition in our financial statements.

We recognize interest and/or penalties related to uncertain tax positions in income tax expense. There are no uncertain tax positions as of December 31, 2024 or December 31, 2023 and as such, no interest or penalties were recorded in income tax expense.

Comprehensive Loss

We have no other comprehensive income items for the periods presented. As a result, our net loss and comprehensive loss were the same for all periods presented and a separate statement of comprehensive loss is not included in the accompanying financial statements.

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. We currently maintain a full valuation allowance against our deferred tax assets.

We recognize interest and/or penalties related to uncertain tax positions in income tax expense. There are no uncertain tax positions as of December 31, 2025 or 2024 and as such, no interest or penalties were recorded in income tax expense.

Comprehensive Loss

NOTE 3: BALANCE SHEET COMPONENTS

Accounts Receivable, Net

Accounts receivable, net ~~consist~~consisted of the following (in thousands):

	As of December 31,
	2024		2023
	2025		2024
Accounts receivable	$	~~339~~219	$	99339
Allowance for uncollectible accounts	(418)		(4)
Accounts receivable, net	$	~~335~~201	$	95335

The following is the activity in the allowance for uncollectible accounts (in thousands):

	Years Ended December 31,
	2024		2023
	2025		2024
Balance as of beginning of year	$	4	$	64
Increase in provision	—14		2—
Amounts written off, less recoveries	—		~~(4)~~—
Balance as of end of year	$	418	$	4

Inventory, ~~Net~~

Inventory, ~~net~~consisted ~~consist~~ of the following (in thousands):

	As of December 31,
	2024		2023
	2025		2024
Raw materials	$	~~719~~726	$	~~747~~719
Work in progress	1—		—1
Finished goods	74268		5374
Total inventory	~~794~~994		~~800~~794
Reserve for obsolescence	—		~~(5)~~—
Inventory, net	$	794	$	795
Inventory	$	994	$	794

The following is the activity in the reserve for obsolescence (in thousands):

	Years Ended December 31,
	2024		2023
Balance as of beginning of year	$	5	$	18
Increase in reserve	—		—
Amounts relieved	(5)		(13)
Balance as of end of year	$	—	$	5

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

The following is the activity in the reserve for obsolescence (in thousands):


	Years Ended December 31,
	2025		2024
Balance as of beginning of year	$	—	$	5
Increase in reserve	—		—
Amounts relieved	—		(5)
Balance as of end of year	$	—	$	—

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets ~~consist~~consisted of the following (in thousands):

	As of December 31,
	2024		2023
	2025		2024
Equity offering costs	$	146	$	—
Software licenses	$	127	$	112
Software licenses	112		152
Insurance	47		27
Rent	3832		—38
Insurance	27		64
Equity offering costs	29		146
Marketing programs and conferences	2125		121
Professional services	1814		3018
Prepaid inventory	—		111
Other	23		15
Patents	—		14
Total prepaid and other current expenses	$	297	$	377
Other	15		16
Total prepaid and other current expenses	$	377	$	388

Property and Equipment, Net

Property and equipment, net ~~consist~~consisted of the following (in thousands):

	As of December 31,
	2024		2023
	2025		2024
Research and development equipment	$	1,~~826~~291	$	1,~~763~~826
Office and computer equipment	~~494~~84		~~808~~494
Autos	54		54
Furniture and fixtures	4647		4146
Leasehold improvements	~~157~~105		~~141~~157
Total in service	21,~~577~~581		2,~~807~~577
Accumulated depreciation and amortization	(21,~~242~~171)		(2,~~419~~242)
Total in service, net	~~335~~410		~~388~~335
Construction in progress	72—		—72
Property and equipment, net	$	~~407~~410	$	~~388~~407

~~Construction~~During inthe ~~progress~~years ~~consists~~ended ofDecember 31, ~~manufacturing~~2025 ~~equipment.~~and ~~The~~2024, ~~equipment~~depreciation isand ~~expected~~amortization toexpense bewas ~~placed~~$135,000 inand ~~service when we commence operations at our new manufacturing facility~~$156,000, ~~which is expected in April 2025~~respectively. ~~Also see Note 5.~~

During the years ended December 31, 2024 and 2023, depreciation and amortization expense was $156,000 and $135,000, respectively.

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

Accrued Expenses

Accrued expenses ~~consist~~consisted of the following (in thousands):

	As of December 31,
	2024		2023
	2025		2024
Compensation and related benefits	$	~~244~~313	$	~~232~~244
Legal and other services	3066		~~121~~30
Product warranty and other	4		154
Total accrued expenses	$	~~278~~383	$	~~368~~278

Notes Payable

We have arranged financing for the purchase of certain equipment. These notes payable have a weighted average annual interest rate of 10.4% with a term of five years and are secured by the underlying equipment.

As of December 31, ~~2024~~2025, the future principal payments were as follows (in thousands):

2025	$	57
2026	$	61
2026	61
2027	68
2028	6465
2029	12
Total principal payments	262
2030	—
Less: current portion of notes payable	(56)
Total principal payments	206
Notes payable, less current portion	$	206
Less: current portion of notes payable	(61)
Notes payable, less current portion	$	145

NOTE 4: FAIR VALUE MEASUREMENTS

The accounting guidance for fair value, among other things, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The framework for measuring fair value consists of a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:

Level 1 —Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2 —Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3 —Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques:

A.Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

B.Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost).

C.Income approach: Techniques to convert future amounts to a single present amount based upon market expectations, including present value techniques, option-pricing and excess earnings models.

Financial Instruments Not Carried at Fair Value

The carrying amounts of our financial instruments, including accounts payable and accrued liabilities, approximate fair value due to their short maturities. The fair value of investments approximates cost due to their short-term nature and fixed interest rates. The estimated fair value of the long-term debt, not recorded at fair value, are recorded at cost or amortized cost, which was deemed to estimate fair value.

NOTE 5: LEASES

We determine if an arrangement is a lease at inception and whether the arrangement is classified as an operating or finance lease. At commencement of the lease, we record a right-of-use (“ROU”) asset and lease liability in the balance sheet based on the present value of lease payments over the term of the arrangement. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. If the implicit rate is not readily determinable in the contract, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Contract terms may include options to extend or terminate the lease, and, when we deem it is reasonably certain that we will exercise that option, it is included in the ROU asset and liability.

Operating leases reflect lease expense on a straight-line basis, while any finance leases result in the separate presentation of interest expense on the lease liability and amortization expense of the ROU asset.

In August 2024, we entered into an operating lease for a new location for our corporate headquarters and manufacturing and research operations. ~~The~~This ~~new~~ operating lease ~~commences~~commenced in April 2025 and expires in 2035. The previous operating lease for our corporate headquarters expired in November 2024. ~~However,~~and ~~our~~the previous operating lease for our ~~existing~~ manufacturing and research operations ~~was~~expired ~~extended and now expires~~ in May 2025.

The components of lease cost are as follows (in thousands):

	Years Ended December 31,
	2024		2023
	2025		2024
Operating lease cost	$	~~285~~250	$	~~231~~217
Short-term lease cost (1)	111		19
Variable lease cost (2)	33		34
Total lease cost	$	394	$	270

~~NOTE~~(1) 6:Includes ~~STOCK~~amounts related to leases with original terms of 12 months or less and our company has elected the short-~~BASED~~term ~~COMPENSATION~~lease exemption.

In(2) ~~2018,~~Includes ~~our~~amounts ~~stockholders~~related ~~approved~~to ~~the~~common ~~adoption~~area ~~of the SenesTech~~maintenance, ~~Inc.~~property ~~2018~~taxes ~~Equity~~and ~~Incentive~~any ~~Plan~~other ~~(the~~lease-related ~~“2018~~charges ~~Plan”).~~that ~~The~~vary ~~2018~~based ~~Plan~~on ~~has~~usage ~~since~~or ~~been~~actual ~~amended~~costs and ~~restated~~are onnot ~~certain~~included ~~occasions,~~in ~~most recently on June 23, 2023, when our stockholders approved an increase to~~ the ~~total~~operating ~~number~~lease ~~of authorized shares to 207,071 shares~~liability.

Stock options are generally issued with a per share exercise price equal to the fair market value of our common stock at the date of grant. Options granted generally vest immediately, or ratably over a three- to 36-month period coinciding with their respective service periods, with terms of up to ten years. Certain stock option awards provide for accelerated vesting upon a change in control.

As of December 31, 2024, we had 60,228 shares of common stock available for issuance under the 2018 Plan.

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

As of December 31, 2025, the maturities under the operating lease liability were as follows (in thousands):


2026	$	331
2027	338
2028	348
2029	359
2030	369
Thereafter	1,875
Total operating lease payments	3,620
Less: imputed interest	(1,149)
Total operating lease liability	$	2,471

NOTE 6: STOCK-BASED COMPENSATION

In 2018, our stockholders approved the adoption of the SenesTech, Inc. 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan has since been amended and restated on certain occasions, most recently on June 23, 2023, when our stockholders approved an increase to the total number of authorized shares to 207,071 shares of common stock.

Stock options are generally issued with a per share exercise price equal to the fair market value of our common stock at the date of grant. Options granted generally vest ratably over a 1- to 3-year period coinciding with their respective service periods, with terms generally of ten years. Certain stock option awards provide for accelerated vesting upon a change in control.

As of December 31, 2025, we had 32,266 shares of common stock available for issuance under the 2018 Plan.

Contingent Stock Options

On October 15, 2025, the Company’s Board of Directors approved the grant of stock options to purchase up to 420,000 shares of common stock to the Company’s Board members pursuant to a proposed amendment to the 2018 Plan (the “Contingent Stock Options”). The Board intends to propose to amend the 2018 Plan to increase the number of shares available for issuance thereunder to ensure that the Company has sufficient shares to attract, retain, and motivate key employees and directors.

The Contingent Stock Options have an exercise price of $4.05 per share, vest in four equal installments of 25% on each of January 15, 2026, April 15, 2026, July 15, 2026, and October 15, 2026, and have a contractual term expiring October 15, 2035. The grants are contingent upon stockholder approval of the amended 2018 Plan by October 15, 2026. If such approval is not obtained by that date, the Contingent Stock Options will be rescinded, terminated, and deemed void ab initio, as if the grant had never occurred.

As of December 31, 2025, the Contingent Stock Options remained outstanding in form. Under ASC 718, Compensation—Stock Compensation, a contingency is substantive if (i) achievement is not assured at the grant date; (ii) there is meaningful uncertainty about whether it will be met; (iii) failure is plausible, based on facts and circumstances; and (iv) the conditions requires performance outcomes. Accordingly, no accounting recognition was recorded because the arrangement did not meet the definition of a grant date under ASC 718 due to the substantive contingency of stockholder approval.

Stock Options

We measure the fair value of stock options with service-based vesting criteria to employees, directors and consultants on the date of grant using the Black-Scholes option pricing model. The Black-Scholes valuation model requires us to make certain estimates and assumptions, including assumptions related to the expected price volatility of our stock, the expected period during which the options will be outstanding, the rate of return on risk-free investments, and the expected dividend yield for our stock.

Fair value of options granted is determined using the Black-Scholes option-pricing model with the following weighted average assumptions:

	2024		2023
Risk-free interest rate	3.8	%	5.3	%
Expected dividend yield	—	%	—	%
Expected volatility	128	%	128.0	%
Expected term (in years)	10.0		5.0

The weighted average fair value of options granted during the years ended December 31, 2024 and 2023 was $2.73 and $148.80 per share, respectively. The risk-free interest rate is estimated using treasury bill interest rates. The expected dividend yield is zero as we have not paid any dividends to date and do not expect to pay dividends in the future. Expected volatility is estimated based on the historical volatility of our common stock over the expected term as this represents our best estimate of future volatility. We use the “simplified method” to estimate expected term. Under the simplified method, an option’s expected term is calculated as the time until expiration.

The stock option activity consists of the following:

	Number ofOptions		WeightedAverageExercisePrice PerShare		WeightedAverageRemainingContractualTerm(years)	AggregateIntrinsicValue (1)
Outstanding as of December 31, 2022	2,314		$	2,040.00	3.9	$	—
Granted	1,661		150.00		5.0	—
Exercised	—		—		—	—
Forfeited	(328)		—		—	—
Expired	(2)		—		—	—
Outstanding as of December 31, 2023	3,645		1,197.00		4.0	—
Granted	144,204		2.83		9.6	—
Exercised	—		—		—	—
Forfeited	(224)		—		—	—
Expired	(9)		—		—	—
Outstanding as of December 31, 2024	147,616		27.13		9.5	—
Exercisable as of December 31, 2024	20,634	(2)	124.42		8.8	—

(1)			Calculated based on the difference between the estimated fair value of our stock and the exercise price of the underlying option. The estimated stock values used in the calculation was $2.83 and $150.00 per share for the years ended December 31, 2024 and 2023, respectively.
(2)			Includes options related to 603 shares that are inducement awards and not granted under the 2018 Plan.

As of December 31, 2024, the unrecognized stock-based compensation cost was $340,000, which is expected to be recognized over a weighted average period of 1.7 years.

F-16

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

~~Restricted~~Fair ~~Stock~~value ~~Units~~of options granted is determined using the Black-Scholes option-pricing model with the following weighted average assumptions:

The restricted stock unit activity consists of the following:


	2025		2024
Risk-free interest rate	4.7	%	3.8	%
Expected dividend yield	—	%	—	%
Expected volatility	162	%	128.0	%
Expected term (in years)	10.0		10.0

	Number ofUnits	Weighted AverageGrant Date Fair Value Per Unit
Outstanding as of December 31, 2022	156	$	325.20
Granted	—	—
Vested	(156)	325.20
Forfeited	—	—
Outstanding as of December 31, 2023	—	—
Granted	—	—
Vested	—	—
Forfeited	—	—
Outstanding as of December 31, 2024	—	—

The weighted average fair value of options granted during the years ended December 31, 2025 and 2024 was $3.08 and $2.73 per share, respectively. The risk-free interest rate is estimated using treasury bill interest rates. The expected dividend yield is zero as we have not paid any dividends to date and do not expect to pay dividends in the future. Expected volatility is estimated based on the historical volatility of our common stock over the expected term as this represents our best estimate of future volatility. We use the “simplified method” to estimate expected term. Under the simplified method, an option’s expected term is calculated as the time until expiration.

	Years Ended December 31,
	2024		2023
Research and development	$	13	$	17
General and administrative	313		538		(1)
Total stock-based compensation expense	$	326	$	555

The stock option activity consists of the following, which excludes the Contingent Stock Options:

(1) Includes $100,000 related to stock issued in exchange for marketing services.


	Number of Options		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (1)
Outstanding as of December 31, 2023	3,645		$	1,197.00	4.0	$	—
Granted	144,204		2.38		9.6	—
Exercised	—		—		—	—
Forfeited	(224)		—		—	—
Expired	(9)		—		—	—
Outstanding as of December 31, 2024	147,616		27.13		9.5	—
Granted	28,057		3.09		9.3	—
Exercised	—		—		—	—
Forfeited	(11)		—		—	—
Expired	(84)		—		—	—
Outstanding as of December 31, 2025	175,578		20.75		8.8	—
Exercisable as of December 31, 2025	115,262	(2)	30.10		8.7	—



(1)			Calculated based on the difference between the estimated fair value of our stock and the exercise price of the underlying option. The estimated stock values used in the calculation were $3.09 and $2.83 per share for the years ended December 31, 2025 and 2024, respectively.
(2)			Includes options related to 603 shares that are inducement awards and not granted under the 2018 Plan.

As of December 31, 2025, the unrecognized stock-based compensation cost was $162,000, which is expected to be recognized over a weighted average period of 1.7 years.

F-17

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

The stock-based compensation expense was recorded as following (in thousands):


	Years Ended December 31,
	2025		2024
Research and development	$	11	$	13
General and administrative	253		313
Total stock-based compensation expense	$	264	$	326

NOTE 7: INCOME TAXES

Our losses before income taxes for the years ended December 31, ~~2024~~2025 and ~~2023~~2024 were generated entirely from U.S. operations.

We have no current or deferred provision for income taxes from continuing operations for the years ended December 31, ~~2024~~2025 and ~~2023~~2024.

The significant differences between the U.S. Federal statutory rate and our effective rate for financial reporting purposes are as follows:

	Years Ended December 31,
	2024			2023
	2025					2024
Federal statutory tax rate	(21.0)		%	(21.0)	%
	Amount			Rate		Amount		Rate
State taxes, net of federal tax benefit	(3.8)			(3.8)
Tax (benefit) at the U.S. statutory rate	$	(1,340)		(21.0)	%	$	(1,299)	(21.0)	%
Change in valuation allowance	23.7			23.5
State income taxes, net of federal income tax effect	—			—		—		—
Return-to-provision and other	0.2			0.1
Change in valuation allowance	1,269			19.9		1,237		20.0
Stock-based compensation	0.9			1.2
Nontaxable or nondeductible items:
Effective tax rate	—		%	—	%
Stock-based compensation	65			1.0		48		0.8
Other	6			0.1		14		0.2
Provision for income taxes	$	—		—	%	$	—	—	%

~~F-17~~Arizona represents the majority of the Company’s state and local income tax impact.

F-18

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

Deferred income tax assets and liabilities consist of the following (in thousands):

	As of December 31,
	2024		2023
	2025		2024
Deferred income tax assets:
Federal and state net operating loss carryovers	$	2325,~~376~~108	$	2223,~~167~~376
Capitalized research costs	859		608
Operating leases related to ROU assets	615		—
Stock-based compensation	283		260
Capitalized research costs	604		859
Compensation accruals and other	45		59
Stock-based compensation	269		283
Operating leases related to ROU assets	—		54
Compensation accruals and other	77		45
Deferred revenue	38		43
Depreciation	13—		1113
Other	—		2
Total deferred income tax assets	26,681		24,579
Total deferred income tax assets	24,579		23,165
Valuation allowance for deferred income tax assets	(26,082)		(24,579)
Valuation allowance for deferred income tax assets	(24,579)		(23,113)
Deferred income tax assets, net of valuation allowance	599		—
Deferred income tax assets, net of valuation allowance	—		52
Deferred income tax liabilities:
ROU assets	—(581)		~~(52)~~—
Total deferred income tax liabilities	—		(52)
Depreciation	(18)		—
Total deferred income tax liabilities	(599)		—
Deferred income tax assets, net	$	—	$	—

A valuation allowance has been recognized to offset the net deferred tax assets as realization of such deferred tax assets have not met the more likely than not threshold.

As of December 31, ~~2024~~2025, we had federal and state net operating loss carryforwards of approximately $96103.10 million and $8390.0 million, respectively, not considering the Internal Revenue Code Section 382 annual limitation discussed below. The federal loss carryforwards begin to expire in 2029, unless previously utilized. In addition, we have approximately $5158.6 million of the total $96103.1 0 million of net operating losses that do not expire, as these losses were generated after the law change introduced as part of the Tax Cuts and Jobs Act. The state net operating losses begin to expire if not utilized by ~~2044~~2045.

Additionally, the utilization of the net operating loss carryforwards could be subject to an annual limitation under ~~Section~~Sections 382 and 383 of the Internal Revenue Code of 1986, and similar state tax provisions due to ownership change limitations that have occurred previously or that could occur in the future. These ownership changes limit the amount of net operating loss carryforwards and other ~~deferred~~ tax ~~assets~~attributes that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change, as defined by ~~Section~~Sections 382 and 383, results from transactions increasing ownership of certain stockholders or public groups in the stock of the corporation by more than 50 percentage points over a three-year period. We have not conducted an analysis of an ownership change under Section 382. ToIf ~~the~~we ~~extent~~experience ~~that~~an aownership ~~study~~change, isour ~~completed~~use ~~and~~of anour ~~ownership~~ pre-change isnet ~~deemed~~operating losses and other tax attributes to ~~occur,~~offset ~~our~~post-change ~~net~~taxable ~~operating~~income ~~losses~~or taxes could be limited.

We dodid not have any unrecognized tax benefits at the beginning and end of the years ended December 31, ~~2024~~2025 and ~~2023, and do not expect a significant change in unrecognized tax benefits over the next 12 months~~2024.

We file income tax returns in the United States and Arizona with general statutes of limitations of three and four years, respectively. Due to net operating losses incurred, our tax returns from ~~inception~~2005 to date are subject to examination by taxing authorities. Our policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. As of December 31, ~~2024~~2025, we had no interest or penalties accrued related to uncertain tax positions.

F-1819

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

NOTE 8: STOCKHOLDERS’ EQUITY

Preferred Stock

We are authorized to issue 10 million shares of preferred stock with a par value of $0.001 per share. Rights and any series designation would be established at time of issuance of preferred stock. As of December 31, ~~2024~~2025 and ~~2023~~2024 there was no preferred stock outstanding.

Common Stock

We are authorized to issue 100 million shares of common stock with a par value of $0.001 per share. Stockholders of common stock have unlimited voting rights and are entitled to receive the net assets of the Company upon dissolution, subject to the rights of the preferred stockholders, if any.

WeIn ~~had~~June 2024, we entered into an at-the-market ~~following~~offering arrangement with a sales agent, pursuant to which we may offer and sell, from time to time and at our sole discretion, shares of our common stock in transactions that are deemed to be “at the market” offerings inunder ~~2024~~the ~~and~~Securities ~~2023:~~Act of 1933, as amended (the “ATM Facility”). As of December 31, 2025, there was approximately $7.5 million of capacity available under the ATM Facility.

~~April 2023.~~ We ~~consummated~~had athe ~~registered~~following ~~direct offering with certain institutional investors and issued an aggregate of 7,142 shares of our~~ common stock attransactions ain ~~purchase~~2025 ~~price of $210.00 per share~~ and warrants to purchase up to an aggregate of 7,142 shares of common stock at a purchase price of $194.40 per share (“Series C” warrants), for gross proceeds of approximately $1.5 million, prior to deducting placement agent fees and offering expenses of $290,000. In connection with this offering, we issued the placement agent warrants to purchase up to 534 share of common stock with an exercise price of $262.50 per share.2024:

~~The~~ATM Facility. In 2025, we sold 854,660 shares of our common stock ~~and~~under ~~Series~~the CATM ~~warrants~~Facility ~~issued~~for ingross ~~this~~proceeds ~~April 2023~~of $3.0 million, before deducting offering ~~were~~expenses ~~offered~~of ~~and~~$299,000. In 2024, we sold ~~pursuant~~15,051 toshares aof ~~shelf~~our ~~registration~~common ~~statement~~stock onunder ~~Form~~the ~~S-3~~ATM ~~(File~~Facility ~~No.~~for ~~333-261227)~~gross ~~initially~~proceeds ~~filed~~of ~~with~~$44,000, ~~the~~before ~~SEC~~deducting onoffering ~~November 19,~~expenses ~~2021~~of $7,000. asSee ~~amended,~~prepaid ~~which~~equity ~~was~~offering ~~declared~~costs ~~effective~~under byPrepaid ~~the~~Expenses ~~SEC~~and onOther ~~May 6,~~Current ~~2022,~~Assets ~~and~~in aNote ~~prospectus~~2 ~~supplement~~for ~~dated~~costs ~~April 10~~related to the ATM Facility, ~~2023~~which are ratably netted against proceeds received based on stock sales.

~~November~~August ~~2023~~2024. We ~~consummated a private placement with certain institutional and accredited investors and~~ issued ~~an aggregate of 45~~505,~~031~~502 shares of our common stock atpursuant ato ~~purchase~~the ~~price~~exercise of ~~$13~~warrants.~~00 per~~ ~~share,~~Certain ~~pre-funded~~warrant ~~warrants~~holders towere ~~purchase~~induced up to anexercise ~~aggregate~~warrants ofby ~~339,585 shares~~reducing ofthe ~~common~~exercise ~~stock~~price atto athe ~~purchase~~then current market price of ~~$13.00 per~~our ~~pre-funded~~common ~~warrant~~stock (the “~~November~~August ~~2023~~2024 ~~Pre-Funded~~Warrant ~~Warrants~~Inducement”). ~~and~~The ~~associated~~original warrants toconsisted ~~purchase~~of upwarrants toexercisable anfor ~~aggregate~~(i) ~~of 769~~48,~~228~~911 shares of our common stock atissued on August 24, 2023 with an exercise price of $1386.0040 per share ~~(“Series~~and D”a ~~and~~remaining ~~“Series~~life E”of ~~warrants),~~2.1 ~~for~~years ~~gross~~and ~~proceeds~~(ii) 456,591 shares of ~~approximately~~our ~~$5.0 million,~~common ~~prior~~stock toissued ~~deducting~~on ~~placement~~November ~~agent~~29, ~~fees~~2023 ~~and~~with ~~offering~~an ~~expenses~~exercise price of $~~800,000~~13.00 per Inshare ~~connection~~and ~~with~~a ~~this~~remaining ~~offering,~~life weof ~~issued~~2.5 ~~the~~years ~~placement~~(collectively, ~~agent~~the ~~warrants~~“Original toWarrants”). ~~purchase~~The upOriginal toWarrants ~~28,844 shares~~were ofexercised ~~common~~for ~~stock~~$4.60 per ~~with~~share anfor ~~exercise~~gross ~~price~~proceeds of $162.253 ~~per~~million, ~~share~~before deducting $340,000 of issuance costs.

~~All~~In ofconnection with the ~~November 2023~~August ~~Pre-Funded~~2024 ~~Warrants~~Warrant ~~were~~Inducement, ~~exercised~~new bywarrants ~~December 31~~to purchase a total of 1,036,279 ~~2023~~shares of our common stock were issued, which are discussed under Common Stock Warrants Issued in August 2024 Private Inducement in Note 9.

~~The~~March ~~common~~2025. ~~stock~~We issued 374,718 ~~November~~shares ~~2023~~of ~~Pre-Funded~~our ~~Warrants~~common ~~and~~stock ~~Series~~pursuant Dto ~~and~~the ~~Series~~exercise Eof warrants. ~~issued~~Certain inwarrant ~~this~~holders ~~November 2023~~were ~~offering~~induced ~~were~~to ~~offered~~exercise ~~and~~warrants ~~sold~~by ~~pursuant~~reducing the exercise price to athe ~~registration~~then ~~statement~~current onmarket ~~Form~~price ~~S-1~~of our common stock (~~File~~the No“March 2025 Warrant Inducement”). ~~333-273370~~The original warrants consisted of warrants exercisable for (i) ~~initially~~251,884 ~~filed~~shares ~~with~~of ~~the~~our ~~SEC~~common stock issued on ~~July 21~~August 23, ~~2023~~2024 with an exercise price of $4.35 per share and a remaining life of 4.5 years and (ii) 122,834 asshares ~~amended~~of our common stock issued on August 23, ~~which~~2024 ~~was~~with ~~declared~~an ~~effective~~exercise byprice of $4.35 per share and a remaining life of 1.0 year (collectively, the ~~SEC~~“F-Series onOriginal ~~November~~Warrants”). The F-Series Original Warrants were exercised for $2.90 per share for gross proceeds of $1.1 27million, ~~2023~~before deducting $250,000 of issuance costs.

~~June~~In ~~2024.~~connection Wewith ~~entered into an at-~~the~~-market~~ ~~offering~~March ~~arrangement~~2025 ~~with~~Warrant ~~a sales agent~~Inducement, ~~pursuant~~new towarrants ~~which we may offer and sell, from time~~ to ~~time~~purchase ata ~~our~~total ~~sole discretion, in transactions that are deemed to be “at the market” offerings under the Securities Act~~ of ~~1933~~1, ~~as amended (the “Securities Act”)~~517,608 shares of our common stock ~~for~~were aggregate gross proceeds of up to $1.6 million (“ATM Facility”). The offer and sale of shares will be made pursuant to a previously filed shelf registration statement on Form S-3 (Registration no. 333-261227)issued, ~~originally~~which filed with the SEC on November 19, 2021, amended on May 4, 2022, and declared effective by the SEC on May 6, 2022, and the related prospectus supplement related to the offering of shares dated June 20, 2024, and filed with the SEC on such date pursuant to Rule 424(b) under the Securities Act. Through December 31, 2024, we have sold 15,051 shares for gross proceeds of $44,000 under this ATM Facility. As of December 31, 2024, there are ~~300,138~~discussed ~~shares of common stock reserved for potential issuance with available capacity of $1.5 million~~ under ~~this~~Common ~~ATM~~Stock ~~Facility.~~Warrants ~~See~~Issued ~~prepaid~~in ~~equity~~March ~~offering~~2025 ~~costs~~Private ~~under~~Inducement ~~Prepaid Expenses and Other Current Assets~~ in Note ~~2 for costs related to the ATM Facility, which are ratably netted against proceeds received based on stock sales~~9.

~~F-19~~June 2025. We issued 1,458,872 shares of our common stock pursuant to the exercise of warrants as part of the June 2025 Warrant Inducement (as defined below). Certain warrant holders were induced to exercise warrants at the then existing exercise price of $2.90 per share and pay a purchase price of $0.125 per share, or an aggregate purchase price of $182,000, in consideration of our issuance of new warrants with similar terms as the warrants that were induced to exercise (the “June 2025 Warrant Inducement”). Additionally, warrants to purchase 40,000

Table of Contents

SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

August 2024. We issued 505,502 shares pursuant to the exercise of warrants. Certain warrant holders were induced to exercise warrants by reducing the exercise price to the then current market price of our common stock (the “Warrant Inducement”). The original warrants consisted of 48,911 shares issued August 24, 2023 with an exercise price of $86.40 per share and a weighted average remaining life of 2.1 years (the “August 2023 Original Warrants”) and 456,591 shares issued November 29, 2023 with an exercise price of $13.00 per share and a weighted average remaining life of 2.5 years (the “November 2023 Original Warrants”) (collectively, the “Original Warrants”). The Original Warrants were exercised for $4.60 per share for gross proceeds of $2.3 million, before deducting $340,000 of issuance costs.

The difference between the fair value of the warrants immediately prior to modification and immediately after modification was treated as a transaction cost, which is netted against proceeds received, and was $386,000 using the Black-Scholes model based on the following significant inputs:

•For the August 2023 Original Warrants: common stock price of $4.10 per share; volatility of 151%; term of 2.1 years; dividend yield of 0%; and risk-free rate of 3.9%; and

•For the November 2023 Original Warrants: common stock price of $4.10 per share; volatility of 140%; term of 2.5 years; dividend yield of 0%; and risk-free rate of 3.8%.

In connection with the Warrant Inducement transaction, new warrants to purchase 1,036,279 shares of our common stock were issued, which are discussed under Common Stock Warrants Issued in August 2024 Private Inducement in Note 9.

F-20

Table of Contents

SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

~~NOTE~~shares 9:of ~~COMMON~~our ~~STOCK~~common ~~WARRANTS~~stock were exercised in June 2025 outside of the June 2025 Warrant Inducement. Gross proceeds for these June 2025 warrant transactions were $4.5 million, before deducting $527,000 of issuance-related costs.

~~The~~In ~~following~~connection iswith the ~~activity~~June ~~for~~2025 Warrant Inducement, new warrants to purchase a total of 1,531,816 shares of our common stock ~~warrants:~~were issued, which are discussed under Common Stock Warrants Issued in June 2025 Private Inducement in Note 9.

August 2025. We issued 1,458,872 shares of our common stock pursuant to the exercise of warrants. Certain warrant holders were induced to exercise warrants at the then existing exercise price of $4.15 per share and pay a purchase price of $0.125 per share, or an aggregate purchase price of $274,000, in consideration of our issuance of new warrants with similar terms as the warrants that were induced to exercise (the “August 2025 Warrant Inducement”). Gross proceeds for warrants exercised in August 2025 was $6.3 million, before deducting $695,000 of issuance-related costs.

In connection with the August 2025 Warrant Inducement, new warrants to purchase a total of 2,261,252 shares of our common stock were issued, which are discussed under Common Stock Warrants Issued in August 2025 Private Inducement in Note 9.

F-21

Table of Contents

SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

Issue Date	Warrant Type	TermDate	ExercisePrice		BalanceDecember 31,2022	Issued	Exercised	Expired	BalanceDecember 31,2023	Issued	Exercised	Expired	Balance December 31,2024
June 2018	Reissue	December 2023	$	87,360.00	24	—	—	(24)	—	—	—	—	—
August 2018	Rights Offering	July 2023	55,200.00		84	—	—	(84)	—	—	—	—	—
August 2018	Dealer Manager	August 2023	828.00		6	—	—	(6)	—	—	—	—	—
July 2019	Dealer Manager	July 2024	81,000.00		3	—	—	—	3	—	—	(3)	—
January 2020	Registered Direct Offering	July 2025	21,600.00		60	—	—	—	60	—	—	—	60
January 2020	Dealer Manager	July 2025	24,000.00		4	—	—	—	4	—	—	—	4
March 2020	Dealer Manager	March 2025	9,015.12		4	—	—	—	4	—	—	—	4
April 2020	Dealer Manager	April 2025	9,528.00		47	—	—	—	47	—	—	—	47
April 2020	Registered Direct Offering	April 2025	7,320.00		20	—	—	—	20	—	—	—	20
October 2020	Private Inducement	November 2027	379.80		417	—	(417)	—	—	—	—	—	—
October 2020	Dealer Manager	April 2026	5,174.40		34	—	—	—	34	—	—	—	34
February 2021	Private Placement Agreement	August 2026	5,318.40		677	—	—	(137)	540	—	—	—	540
February 2021	Private Placement Agreement	November 2027	379.80		229	—	(229)	—	—	—	—	—	—
February 2021	Dealer Manager	August 2026	6,835.40		136	—	—	—	136	—	—	—	136
March 2021	Dealer Manager	March 2026	6,000.00		60	—	—	—	60	—	—	—	60
November 2022	Pre-Funded Warrants	February 2023	420.00		10,250	—	(10,250)	—	—	—	—	—	—
November 2022	Series A	November 2027	379.80		11,905	—	(11,905)	—	—	—	—	—	—
November 2022	Series B	December 2023	379.80		11,905	—	(11,905)	—	—	—	—	—	—
November 2022	Dealer Manager	November 2027	525.00		892	—	—	—	892	—	—	—	892
April 2023	Series C	October 2028	194.40		—	7,142	—	—	7,142	—	—	—	7,142
April 2023	Dealer Manager	April 2028	262.50		—	534	—	—	534	—	—	—	534
August 2023	Private Inducement	September 2024	86.42		—	23,810	—	—	23,810	—	(23,810)	—	—
August 2023	Private Inducement	August 2028	86.42		—	25,101	—	—	25,101	—	(25,101)	—	—
August 2023	Dealer Manager	August 2028	108.04		—	1,222	—	—	1,222	—	—	—	1,222
November 2023	Pre-Funded Warrants	December 2023	13.00		—	339,585	(339,585)	—	—	—	—	—	—
November 2023	Series D	November 2028	13.00		—	384,615	(3,000)	—	381,615	—	(230,589)	—	151,026
November 2023	Series E	May 2025	13.00		—	384,613	(77,153)	—	307,460	—	(226,462)	—	80,998
November 2023	Dealer Manager	November 2028	16.25		—	28,844	—	—	28,844	—	—	—	28,844
August 2024	Series F-1	August 2029	4.35		—	—	—	—	—	571,318	—	—	571,318
August 2024	Series F-2	February 2026	4.35		—	—	—	—	—	439,686	—	—	439,686
August 2024	Dealer Manager	August 2029	5.75		—	—	—	—	—	25,275	—	—	25,275
					36,757	1,195,466	(454,444)	(251)	777,528	1,036,279	(505,962)	(3)	1,307,842

NOTE 9: COMMON STOCK WARRANTS

The following is the activity for common stock warrants:


Issue Date	Warrant Type	Term Date	Exercise Price	Balance December 31, 2023	Issued	Exercised	Expired	Balance December 31, 2024	Issued	Exercised	Expired	Balance December 31, 2025
July 2019	Dealer Manager	July 2024	81,000.00	3	—	—	(3)	—	—	—		—
January 2020	Registered Direct Offering	July 2025	21,600.00	60	—	—	—	60	—	—	(60)	—
January 2020	Dealer Manager	July 2025	24,000.00	4	—	—	—	4	—	—	(4)	—
March 2020	Dealer Manager	March 2025	9,015.12	4	—	—	—	4	—	—	(4)	—
April 2020	Dealer Manager	April 2025	9,528.00	47	—	—	—	47	—	—	(47)	—
April 2020	Registered Direct Offering	April 2025	7,320.00	20	—	—	—	20	—	—	(20)	—
October 2020	Dealer Manager	April 2026	5,174.40	34	—	—	—	34	—	—	—	34
February 2021	Private Placement Agreement	August 2026	5,318.40	540	—	—	—	540	—	—	—	540
February 2021	Dealer Manager	August 2026	6,835.40	136	—	—	—	136	—	—	—	136
March 2021	Dealer Manager	March 2026	6,000.00	60	—	—	—	60	—	—	—	60
November 2022	Dealer Manager	November 2027	525.00	892	—	—	—	892	—	—	—	892
April 2023	Series C	October 2028	194.40	7,142	—	—	—	7,142	—	—	—	7,142
April 2023	Dealer Manager	April 2028	262.50	534	—	—	—	534	—	—	—	534
August 2023	Private Inducement	September 2024	86.42	23,810	—	(23,810)	—	—	—	—	—	—
August 2023	Private Inducement	August 2028	86.42	25,101	—	(25,101)	—	—	—	—	—	—
August 2023	Dealer Manager	August 2028	108.04	1,222	—	—	—	1,222	—	—	—	1,222
November 2023	Series D	November 2028	13.00	381,615	—	(230,589)	—	151,026	—	—	—	151,026
November 2023	Series E	May 2025	13.00	307,460	—	(226,462)	—	80,998	—	—	(80,998)	—
November 2023	Dealer Manager	November 2028	16.25	28,844	—	—	—	28,844	—	—	—	28,844
August 2024	Series F-1	August 2029	4.35	—	571,318	—	—	571,318	—	(251,884)	—	319,434
August 2024	Series F-2	February 2026	4.35	—	439,686	—	—	439,686	—	(122,834)	—	316,852
August 2024	Dealer Manager	August 2029	5.75	—	25,275	—	—	25,275	—	—	—	25,275
March 2025	Series G-1	September 2026	2.90	—	—	—	—	—	1,498,872	(1,498,872)	—	—
March 2025	Dealer Manager	September 2026	3.625	—	—	—	—	—	18,736	—	—	18,736
July 2025	Series H	October 2026	4.150	—	—	—	—	—	1,458,872	(1,458,872)	—	—
July 2025	Dealer Manager	October 2026	3.781	—	—	—	—	—	72,944	—	—	72,944
August 2025	Series I	November 2026	5.250	—	—	—	—	—	2,188,308	—	—	2,188,308
August 2025	Dealer Manager	November 2026	5.4219	—	—	—	—	—	72,944	—	—	72,944
				777,528	1,036,279	(505,962)	(3)	1,307,842	5,310,676	(3,332,462)	(81,133)	3,204,923

F-22

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

As of December 31, ~~2024~~2025, wethere ~~had~~were 1warrants to purchase 3,~~307~~204,~~842~~923 shares of ~~common~~our ~~stock issuable upon exercise of outstanding~~ common stock ~~warrants~~outstanding, at a weighted-average exercise price of $127.6350 per share, ~~and~~which ~~expiring~~expire as follows:

	Weighted Average Exercise Price		Shares of Common Stock
Years Ending December 31:
2025	$	37.90	81,133
2026	$	6.72	2,670,554
2026	14.19		440,456
2027	525.00		892
2028	21.68		188,768
2029	4.4145		~~596~~344,~~593~~709
	12.63		1,307,842
	7.50		3,204,923

Common Stock Warrants Issued in ~~April~~August ~~2023~~2024 ~~Registered~~Private ~~Direct Offering~~Inducement

In ~~April~~August ~~2023~~2024, ~~Series~~in Cconnection ~~warrants~~with ~~were~~the ~~issued~~August to2024 ~~the~~Warrant ~~investors~~Inducement discussed in Note 8, we issued warrants to purchase up to 71,~~142~~011,004 shares of our common stock. ~~The~~to ~~Series~~the Cinvestor. These warrants ~~are~~were ~~exercisable~~ immediately exercisable with an exercise price of $~~194~~4.4035 per share, with warrants related to 571,318 shares of our common stock expiring in August 2029 (the “Series F-1 Warrants”) and ~~expire~~warrants ~~October~~related 12to 439,686 ~~2028~~shares of our common stock expiring in February 2026 (the “Series F-2 Warrants”). We estimated the fair value of ~~these~~the ~~warrants~~Series F-1 Warrants to be $1.19 million using a Black-Scholes model based on the following significant inputs: common stock price of $~~165~~4.6010 per share; volatility of ~~164~~118%; term of 5.5 years; dividend yield of 0%; and risk-free ~~interest~~ rate of 3.6%. The fair value of the Series F-2 Warrants was estimated to be $1.2 million using the Black-Scholes model based on the following significant inputs: common stock price of $4.10 per share; volatility of 153%; term of 1.5 years; dividend yield of 0%; and risk-free rate of 4.1%.

In ~~April 2023~~addition, we issued placement agent warrants ~~were issued~~ to purchase up to ~~534~~25,275 shares of our common stock. ~~The~~These placement agent warrants ~~are~~were exercisable immediately upon issuance, ~~with~~have an exercise price ~~per share~~ of $~~262~~5.5075 per share, and expire ~~April~~August ~~10, 2028~~2029. We estimated the fair value of these warrants to be $8283,000 using a Black-Scholes model based on the following significant inputs: common stock price of $~~165~~4.6010 per share; volatility of ~~165~~118%; term of 5 years; dividend yield of 0%; and risk-free interest rate of 3.56%.

Common Stock Warrants Issued in ~~August~~March ~~2023~~2025 Private Inducement

In ~~August 2023, in~~ connection with the March 2025 Warrant Inducement ~~Transaction,~~discussed ~~warrants were issued to the investor~~ in ~~the~~Note ~~Warrant~~8, ~~Inducement~~we ~~Transaction~~issued warrants to purchase up to 481,~~911~~498,872 shares of our common stock to certain investors. These warrants ~~are~~have ~~exercisable immediately with~~ an exercise price of $862.4290 per share, ~~with 25,101 expiring August 2028 (“5-Year Warrants”)~~ and ~~23,810~~are ~~expiring~~exercisable ~~September~~for ~~2024 (“13-Month Warrants”). We estimated the fair value of the 5-Year Warrants to be $~~1.5 ~~million~~ ~~using~~years afrom ~~Black-Scholes model based on~~ the ~~following~~effective ~~significant~~date ~~inputs:~~of ~~common~~stockholder ~~stock~~approval ~~price~~ of ~~$81.80~~the ~~per~~issuance ~~share; volatility~~ of ~~98%;~~the ~~term~~shares of 5common ~~years;~~stock, ~~dividend~~which ~~yield~~was ofobtained ~~0%;~~on ~~and~~June ~~risk-free~~9, ~~rate~~2025. ofWe ~~4.4%.~~estimated ~~The~~the fair value of ~~the~~these ~~13-Month~~warrants ~~Warrants was estimated~~ to be $~~930,000~~1.5 million using ~~the~~a Black-Scholes model based on the following significant inputs: common stock price of $812.8038 per share; volatility of ~~122~~117%; term of 1.15 years; dividend yield of 0%; and risk-free rate of 4.437%.

In ~~August 2023~~addition, we issued placement agent warrants ~~were issued~~ to purchase up to 118,~~222~~736 shares of our common stock. ~~The~~These placement agent warrants ~~are~~have ~~exercisable immediately upon issuance, with~~ an exercise price of $~~108~~3.04625 per share and ~~expire~~are ~~August~~exercisable ~~2028~~for 1.5 years from the effective date of stockholder approval of the issuance of the shares of common stock, which was obtained on June 9, 2025. We estimated the fair value of these warrants to be $7220,000 using a Black-Scholes model based on the following significant inputs: common stock price of $812.8038 per share; volatility of 98117%; term of 1.5 years; dividend yield of 0%; and risk-free interest rate of 5.4.37%.

Common Stock Warrants Issued in ~~November~~June ~~2023~~2025 ~~Common~~Private ~~Stock Offering~~ Inducement

In ~~November~~connection ~~2023,~~with the June 2025 Warrant Inducement discussed in ~~connection~~Note ~~with~~8, awe ~~registered~~issued ~~direct~~warrants ~~offering~~to ~~with~~purchase up to 1,458,872 shares of our common stock to certain ~~institutional~~investors. These warrants have an exercise price of $4.15 per share and ~~accredited~~are ~~investors,~~exercisable wefor ~~issued~~1.3 years from the date of issuance. We estimated the fair value of these warrants to be $4.1 million using a Black-Scholes model based on the following significant inputs: common stock price of $5.09 per share; volatility of 114%; term of 1.3 years; dividend yield of —%; and risk-free rate of 3.7%. These warrants aswere ~~follows:~~exercised in August 2025.

~~•Pre-Funded~~In ~~Warrants~~addition, we issued placement agent warrants to purchase up to ~~an aggregate of 339~~72,~~585~~944 shares of our common stock. atThese placement agent warrants have an exercise price of $133.00781 per share, ~~which~~and are exercisable ~~immediately~~for ~~and terminate only when exercised in full~~1.3 ~~These~~years ~~warrants~~from ~~were~~the ~~exercised~~date inof ~~full by December 31, 2023~~issuance. We ~~estimated the fair value of the Pre-Funded Warrants to be~~

F-23

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

estimated the fair value of these warrants to be $~~685~~212,000 using a Black -Scholes model based on the following significant inputs: common stock price of $95.3009 per share; volatility of ~~262~~114%; ~~remaining~~ term of ~~one~~1.3 ~~month~~years; dividend yield of 0%; and risk-free interest rate of 53.57%.

~~•Series~~Common DStock ~~warrants~~Warrants toIssued ~~purchase~~in upAugust to2025 anPrivate aggregate of 384,615 shares at an exercise price of $13.00 per share, which are exercisable immediately and expire November 2028.We estimated the fair value of the Series D warrants to be $2.6 million using a Black Scholes model based on the following significant inputs: common stock price of $9.30 per share; volatility of 103%; remaining term of 5 years; dividend yield of 0% and risk-free interest rate of 4.2%.Inducement

~~•Series~~In Econnection with the August 2025 Warrant Inducement discussed in Note 8, we issued warrants to purchase up to an2,188,308 ~~aggregate~~shares of ~~384,613~~our ~~shares~~common atstock to certain investors. These warrants have an exercise price of $135.0025 per share, ~~which~~and are exercisable ~~immediately~~for ~~and~~1.3 ~~expire~~years ~~May~~from the August 22, 2025 effective date of the resale registration statement covering the underlying shares. We estimated the fair value of ~~the~~these ~~Series E~~ warrants to be $16.80 million using a Black -Scholes model based on the following significant inputs: common stock price of $95.3036 per share; volatility of ~~128~~116%; ~~remaining~~ term of 1.53 years; dividend yield of 0%; and risk-free ~~interest~~ rate of 43.68%.

~~Common~~In ~~Stock~~addition, ~~Warrants~~we ~~Issued~~issued placement agent warrants to ~~Placement~~purchase ~~Agent~~up into ~~November~~72,944 ~~2023~~shares ~~Common~~of ~~Stock~~our ~~Offering~~common stock. These placement agent warrants have an exercise price of $5.4219 per share and are exercisable for 1.3 years from the August 22, 2025 effective date of the resale registration statement covering the underlying shares. We estimated the fair value of these warrants to be $196,000 using a Black-Scholes model based on the following significant inputs: common stock price of $5.36 per share; volatility of 116%; term of 1.3 years; dividend yield of 0%; and risk-free interest rate of 3.8%.

In connection with the registered direct offering in November 2023, we issued to the placement agent warrants to purchase up to 28,844 shares of common stock at an exercise price of $16.25 per share. These warrants are exercisable in May 2024 and expire in November 2028. The placement agent warrants and the shares of common stock issuable upon exercise thereof, will be issued in reliance on the exemption from registration provided in Section 4(a)(2) under the Securities Act.

We estimated the fair value of these warrants to be $189,000 using a Black Scholes model based on the following significant inputs: common stock price of $9.30 per share; volatility of 103%; remaining term of 5 years; dividend yield of 0%; and risk-free interest rate of 4.2%.

Common Stock Warrants Issued in August 2024 Private Inducement

In August 2024, in connection with the Warrant Inducement transaction discussed in Note 8, warrants were issued to the investor in the Warrant Inducement Transaction to purchase up to 1,011,004 shares of our common stock. These warrants are immediately exercisable with an exercise price of $4.35 per share, with 571,318 expiring August 2029 (“Series F-1 Warrants”) and 439,686 expiring February 2026 (“Series F-2 Warrants”). For additional information, see Note 14. We estimated the fair value of the Series F-1 Warrants to be $1.9 million using a Black-Scholes model based on the following significant inputs: common stock price of $4.10 per share; volatility of 118%; term of 5 years; dividend yield of 0%; and risk-free rate of 3.6%. The fair value of the Series F-2 Warrants was estimated to be $1.2 million using the Black-Scholes model based on the following significant inputs: common stock price of $4.10 per share; volatility of 153%; term of 1.5 years; dividend yield of 0%; and risk-free rate of 4.1%.

In August 2024, placement agent warrants were issued to purchase up to 25,275 shares of our common stock. The placement agent warrants are exercisable immediately upon issuance, with an exercise price of $5.75 per share, and expiring August 2029. We estimated the fair value of these warrants to be $83,000 using a Black-Scholes model based on the following significant inputs: common stock price of $4.10 per share; volatility of 118%; term of 5 years; dividend yield of 0%; and risk-free interest rate of 3.6%.

F-24

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SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

NOTE 10: SEGMENT INFORMATION

We operate in a single operating segment: the formulation, development, marketing and sale of fertility control products for use in managing pest populations. This single operating segment has been identified based on our internal management structure and reporting to our Chief Operating Decision Maker (“CODM”), our Chief Executive Officer.

Our CODM evaluates segment performance on based on the revenues, gross profit and operating loss of the segment and uses internal financial statements to make decisions regarding resource allocation. Revenues, gross profit and operating loss used by the CODM are presented on our accompanying statement of operations. The measure of segment assets is represented as total assets presented on our accompanying balance sheets. There are no intersegment revenues, as all transactions are conducted within the one operating segment.

We have not identified any reportable segments other than the single operating segment discussed.

Significant Customers

The ~~percentage of revenue attributable to our distributors and end~~ customers that represented 10% or more of revenue in at least one of the periods presented, was as follows:

	Years Ended December 31,
	2024		2023
	2025		2024
All distributors	34	%	9	%
Customer D	24	%	13	%
Distributor A	13		2
Distributor B	7		3

The following accounts represented at least 10% of total accounts receivable in at least one of the periods presented:

	As of December 31,
	2024		2023
	2025		2024
Distributor A	58	%	—	%
Customer A	15	%	2	%
Distributor B	20	%	13	%
Customer B	14	%	5	%
End customer A	2	%	19	%
Customer C	9	%	20	%
End customer B	—	%	13	%
Customer D	1	%	30	%

NOTE 11: LOSS PER SHARE

Basic loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period, which includes any prefunded warrants and any shares held in abeyance from the date of issuance. Diluted loss per share is computed by dividing the loss attributable to common stockholders by the weighted average number of common shares used in the basic loss per share calculation plus potentially dilutive securities outstanding during the period determined using the treasury stock method. Warrants and stock options are considered to be potentially dilutive securities but have been excluded from the calculation of diluted loss per share attributable to common stockholders because their effect would be anti-dilutive given the net loss reported for the years ended December 31, 2024 and 2023. Therefore, basic and diluted loss per share was the same for all periods presented.

~~The following shares were excluded from the calculation of diluted loss per share:~~F-24

	December 31,
	2024	2023
Common stock warrants	249,053	675,501
Common stock options	73,533	—
Total	322,586	675,501

F-25

Table of Contents

SENESTECH, INC.

NOTES TO THE FINANCIAL STATEMENTS, continued

stockholders by the weighted average number of common shares used in the basic loss per share calculation plus potentially dilutive securities outstanding during the period determined using the treasury stock method. Warrants and stock options are considered to be potentially dilutive securities but have been excluded from the calculation of diluted loss per share attributable to common stockholders because their effect would be anti-dilutive given the net loss reported for the years ended December 31, 2025 and 2024. Therefore, basic and diluted loss per share was the same for all periods presented.

The following shares were excluded from the calculation of diluted loss per share:


	December 31,
	2025	2024
Common stock warrants	27,410	249,053

Common stock options	—	73,533
Total	27,410	322,586

NOTE 12: CONTINGENCIES

In ~~July~~December ~~2020~~2024, ~~our~~Liphatech ~~former~~Inc. ~~corporate general counsel~~ (~~the~~ “~~Plaintiff~~Liphatech”), commenced an action against us in the ~~Superior~~United ~~Court~~States ofDistrict ~~the~~Court ~~State of California,~~ for the ~~County~~Eastern District of ~~San~~Wisconsin ~~Diego~~Division. The complaint alleged, among other things, ~~that~~breach weof ~~breached the Plaintiff’s employment~~ contract ~~with us~~, asmisappropriation ~~well as the implied covenant~~ of ~~good~~trade ~~faith~~secrets, ~~and~~unfair ~~fair dealing~~competition, byand ~~refusing~~unjust toenrichment. ~~issue~~These ~~him~~claims ~~the~~are ~~balance~~based ofon ~~stock~~allegations ~~options he claimed~~ that we ~~owed~~misappropriated ~~him.~~and Inutilized ~~September~~proprietary ~~2021,~~information ~~the Plaintiff served us~~ and ~~also~~trade ~~named~~secrets ~~10 individuals as defendants, consisting~~ of ~~current and former directors and employees~~Liphatech. The ~~Plaintiff~~complaint also alleged that ~~such~~we ~~individuals~~breached ~~agreed~~a tonon-disclosure ~~knowingly~~agreement ~~and~~that ~~wrongfully~~we ~~withhold~~had ~~the~~entered ~~stock~~into ~~options~~with ~~owed~~Liphatech. toThe ~~him~~complaint ~~and~~sought ~~were~~unspecified ~~knowingly~~damages inas ~~receipt~~well ofas ~~stolen~~injunctive ~~property~~relief. In ~~November~~March ~~2023~~2026, this ~~legal~~ matter was settled, ~~for~~see ~~$185~~Note 14,~~000~~ Subsequent Events.

In ~~December~~addition ~~2024,~~to ~~Liphatech Inc. (“Liphatech”) commenced an action against us in~~ the ~~United~~matter ~~States~~described ~~District~~above, ~~Court~~we ~~for~~may ~~the~~be ~~Eastern~~subject ~~District~~to ~~of Wisconsin Division. The complaint alleges, among~~ other ~~things,~~legal ~~breach~~proceedings ~~of contract, misappropriation of trade secrets, unfair competition,~~ and ~~unjust enrichment. These~~ claims ~~are~~arising ~~based~~from oncontracts ~~allegations~~or ~~that~~other wematters ~~misappropriated~~from ~~and~~time ~~utilized~~to ~~proprietary~~time ~~information~~in ~~and~~the ~~trade~~ordinary ~~secrets~~course of ~~Liphatech~~business. ~~The~~Management ~~complaint~~is ~~also~~not ~~alleges~~aware ~~that~~of weany ~~breached~~other apending ~~non-disclosure~~or ~~agreement~~threatened ~~that~~litigation wewhere ~~had~~the ~~entered~~ultimate ~~into~~disposition ~~with~~or ~~Liphatech.~~resolution ~~The~~could ~~complaint seeks unspecified damages as well as injunctive relief. We believe we~~ have ~~strong~~a ~~defenses~~material ~~against~~adverse ~~these~~effect ~~claims~~on ~~and~~our ~~intend~~financial toposition, ~~defend~~results ~~the case vigorously. The outcome~~ of ~~this~~operations ~~legal matter is not known~~ or ~~probable at this time, therefore no amounts have been accrued for a settlement~~liquidity.

In addition to the matters described above, we may be subject to other legal proceedings and claims arising from contracts or other matters from time to time in the ordinary course of business. Management is not aware of any other pending or threatened litigation where the ultimate disposition or resolution could have a material adverse effect on our financial position, results of operations or liquidity.

NOTE 13: RELATED PARTY TRANSACTIONS

Related party transactions are conducted in the normal course of business and, unless otherwise noted, are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. In connection with a consulting ~~agreements~~agreement inan ~~place~~aggregate aof $424,~~200~~000 in cash ~~payment~~payments ~~was~~were made during ~~2023~~2025 to ~~the~~Hustle ~~Kito~~and ~~Impact~~Flower ~~Foundation~~LLC, of which ~~the~~a ~~Chair~~member of our board serves as chief executive officer. There were no related party transactions for 2024.

NOTE 14: SUBSEQUENT EVENTS

Since December 31, ~~2024~~2025, we have issued ~~365~~80,~~319~~411 shares of common stock pursuant to the ATM ~~Financing~~Facility for gross proceeds of $1182,000.~~2 million.~~

OnIn March 112026, ~~2025, we completed a warrant inducement transaction whereby we issued 374,718 shares of common stock pursuant to~~ the ~~exercise~~parties ~~of certain warrants. Such warrants, which were originally issued~~ in ~~August 2024 with an original exercise price of $4.35 per share, were exercised at a reduced exercise price of $2.90 per share, for gross proceeds of $1.1 million. As consideration for~~ the ~~exercise~~Liphatech oflegal ~~such~~matter ~~existing~~discussed ~~warrants,~~in weNote ~~issued new short-term warrants to purchase up to an aggregate of 1~~12,~~498,872~~ ~~shares of common stock at an exercise price of $2.90 per share~~Contingencies, ~~which~~have ~~will~~resolved beall ~~exercisable~~disputes ~~for~~between 18them ~~months~~in ~~beginning~~a onmanner ~~the~~satisfactory ~~effective date of stockholder approval of the issuance of the shares of common stock. In addition, we issued placement agent warrants~~ to ~~purchase~~all ~~up to an aggregate of 18,736 shares of common stock at an exercise price of $3~~involved.~~625~~ ~~per~~All ~~share,~~litigation ~~which~~has ~~will~~been bedismissed ~~exercisable for 18 months beginning on the effective date of stockholder approval of the issuance of the shares of common stock. Of the shares issued, 29,000 shares are held in abeyance~~ and ~~not~~cannot ~~considered outstanding. The shares held in abeyance will~~ be ~~held in abeyance until notice from the stock holder that the balance, or portion thereof, may be issued in compliance with a beneficial ownership limitation provisions in the terms of the warrant~~reinstated.

We have evaluated subsequent events from the balance sheet date through March 12, ~~2025~~2026, the date at which the financial statements were issued, and determined that there were no other items that require adjustment to or disclosure in the financial statements.

F-2625

Table of Contents

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

ITEM 9A. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that the information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our ~~Chief~~principal ~~Executive~~executive ~~Officer~~officer and ~~Chief~~principal ~~Financial~~financial ~~Officer~~officer, as appropriate, to allow timely decisions regarding required disclosure.

In connection with the preparation of this Annual Report on Form 10-K, our management carried out an evaluation, under the supervision and with the participation of our ~~Chief~~principal ~~Executive~~executive ~~Officer~~officer and ~~Chief~~principal ~~Financial~~financial ~~Officer~~officer, as of December 31, ~~2024~~2025, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) under the Exchange Act. Based upon this evaluation, our ~~Chief~~principal ~~Executive~~executive ~~Officer~~officer and ~~Chief~~principal ~~Financial~~financial ~~Officer~~officer concluded that our disclosure controls and procedures were effective as of December 31, ~~2024~~2025.

Management’s Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) or 15d-15(f) under the Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. All internal control systems, no matter how well designed, have inherent limitations. Even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Management is committed to continue monitoring our internal controls over financial reporting and will modify or implement additional controls and procedures that may be required to ensure the ongoing integrity of our consolidated financial statements.

With the participation of our ~~Chief~~principal ~~Executive~~executive ~~Officer~~officer and ~~Chief~~principal ~~Financial~~financial ~~Officer~~officer, management conducted an evaluation of the effectiveness of internal control over financial reporting as of December 31, ~~2024~~2025. In making this assessment, the Company used the framework established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has concluded that internal control over financial reporting was effective as of December 31, ~~2024~~2025 based on those criteria.

This ~~annual~~Annual ~~report~~Report on Form 10-K does not include an attestation report of ~~the~~our ~~company’s~~ registered public accounting firm due to aour ~~transition~~status ~~period~~as ~~established~~a bynon-accelerated ~~rules of the SEC for smaller reporting companies~~filer.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the quarter ended December 31, ~~2024~~2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION.

~~During~~There ~~the~~are ~~quarter ended December 31, 2024,~~ no ~~director~~disclosures orrequired ~~officer~~by ofthis ~~the~~Item ~~Company~~9B, ~~adopted~~including orthose ~~terminated~~relating ato “Rule 10b5-1 trading ~~arrangement~~arrangements” orand a “non-Rule 10b5-1 trading ~~arrangement~~arrangements,” ~~(in~~as ~~each~~those ~~case,~~terms asare defined in Item 408 of Regulation S-K).

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.

Not applicable.

Table of Contents

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

The information required by this Item ~~relating~~and tonot ~~our~~set ~~directors~~forth below will be set forth in the sections headed “Election of Directors,” “Corporate Governance” and ~~corporate~~“Security ~~governance~~Ownership isof ~~incorporated~~Certain ~~herein~~Beneficial byOwners ~~reference~~and toManagement” ~~the~~in our definitive Proxy Statement for our 2026 Annual Meeting of Stockholders (the “Proxy Statement”), to be filed ~~pursuant~~with tothe ~~Regulation~~SEC ~~14A~~within 120 days after the end of the ~~Exchange~~fiscal ~~Act~~year ~~for~~ended ~~our~~December 31, 2025, ~~Annual~~and ~~Meeting~~is ofincorporated ~~Stockholders~~herein by reference.

Our Code of Conduct and Ethics applies to all of our employees, consultants, directors and officers, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The Code of Conduct and Ethics is available on our website at www.senestech.com under the section entitled “Corporate Governance” under “Company—Investor Relations.” We intend to satisfy the disclosure requirements under Item 5.05 of the SEC Form 8-K regarding an amendment to, or waiver from, a provision of our Code of Conduct and Ethics by posting such information on our website at the website address and location specified above.

ITEM 11. EXECUTIVE COMPENSATION.

The information required by this Item ~~relating~~will tobe ~~our~~set ~~directors~~forth ~~and~~in ~~corporate~~the ~~governance~~sections isheaded ~~incorporated~~“Director ~~herein~~Compensation” byand ~~reference~~“Executive toCompensation” ~~the~~in ~~definitive~~our Proxy Statement toand beis ~~filed~~incorporated ~~pursuant~~herein toby ~~Regulation 14A of the Exchange Act for our 2025 Annual Meeting of Stockholders~~reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

The information required by this Item ~~relating~~will tobe ~~our~~set ~~directors~~forth ~~and~~in ~~corporate~~the ~~governance~~sections isheaded ~~incorporated~~“Executive ~~herein~~Compensation” byand ~~reference~~“Security toOwnership ~~the~~of ~~definitive~~Certain ~~Proxy~~Beneficial ~~Statement~~Owners toand beManagement” ~~filed~~in ~~pursuant~~our toProxy ~~Regulation~~Statement ~~14A~~and ofis ~~the~~incorporated ~~Exchange~~herein ~~Act~~by ~~for our 2025 Annual Meeting of Stockholders~~reference.

~~ITEM~~The ~~13. CERTAIN~~information ~~RELATIONSHIPS~~required ~~AND~~by ~~RELATED~~Item ~~TRANSACTIONS,~~201(d) ~~DIRECTOR~~of ~~INDEPENDENCE~~Regulation S-K will be set forth in the section headed “Executive Compensation” in our Proxy Statement and is incorporated herein by reference.

~~The~~ITEM ~~information~~13. CERTAIN ~~required~~RELATIONSHIPS byAND ~~this~~RELATED ~~Item~~TRANSACTIONS, ~~relating~~AND toDIRECTOR our directors and corporate governance is incorporated herein by reference to the definitive Proxy Statement to be filed pursuant to Regulation 14A of the Exchange Act for our 2025 Annual Meeting of StockholdersINDEPENDENCE.

~~ITEM~~The ~~14. PRINCIPAL~~information ~~ACCOUNTING~~required ~~FEES~~by ~~AND~~this ~~SERVICES~~Item will be set forth in the sections headed “Corporate Governance” and “Certain Relationships and Related Transactions” in our Proxy Statement and is incorporated herein by reference.

~~The~~ITEM ~~information~~14. PRINCIPAL ~~required~~ACCOUNTANT byFEES ~~this~~AND Item relating to our directors and corporate governance is incorporated herein by reference to the definitive Proxy Statement to be filed pursuant to Regulation 14A of the Exchange Act for our 2025 Annual Meeting of StockholdersSERVICES.

The information required by this Item will be set forth in the section headed “Ratification of Appointment of Independent Registered Public Accounting Firm” in our Proxy Statement and is incorporated herein by reference.

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PART IV

ITEM 15. EXHIBITS, AND FINANCIAL STATEMENT SCHEDULES.

(a) Financial Statements and Schedules

1.Financial Statements are listed in the Index to Financial Statements on page F-1 of this ~~report~~Annual Report on Form 10-K.

2.All schedules for which provision is made in the applicable accounting regulations of the SEC have been omitted because of the absence of the conditions under which they are required or because the information required is shown in the financial statements or notes above.

(b) Exhibit Listing

ExhibitNumber						Description
(3)						Articles of Incorporation and Bylaws
3.1*						Amended and Restated Certificate of Incorporation of SenesTech, asInc. ~~amended~~(Incorporated by ~~the~~reference ~~Certificate~~to ofExhibit ~~Amendment~~3.1 to ~~the~~SenesTech, ~~Amended~~Inc.’s ~~and Restated Certificate of Incorporation (~~Form 10-K filed March 17, 2020, ~~Exhibit 3.1~~ (File no. 001-37941)).
3.1(a)*						Certificate of Designation of the Series C Preferred Stock of ~~the~~SenesTech, ~~Registrant~~Inc. (Incorporated by reference to Exhibit 3.1 to SenesTech, Inc.’s Form 8-K filed August 26, 2022, ~~Exhibit 3.1~~(~~a) (~~File no. 001-37941)).
3.1(b)*						Certificate of Amendment to Amended and Restated Certificate of Incorporation of SenesTech, Inc. (Incorporated by reference to Exhibit 3.1(a) to SenesTech, Inc.’s Form 8-K filed November 15, 2022, ~~Exhibit 3.1~~(~~a) (~~File no. 001-37941)).
3.1(c)*						Certificate of Amendment to Amended and Restated Certificate of Incorporation of SenesTech, Inc. (Incorporated by reference to Exhibit 3.1(a) to SenesTech, Inc.’s Form 8-K filed November 15, 2023, ~~Exhibit 3.1~~(~~a) (~~File no. 001-37941)).
3.1(d)*						Certificate of Amendment to Amended and Restated Certificate of Incorporation of SenesTech, Inc. (Incorporated by reference to Exhibit 3.1(a) to SenesTech, Inc.’s Form 8-K filed July 23, 2024, ~~Exhibit 3.1~~(~~a) (~~File no. 001-37941)).
3.2*						Amended and Restated Bylaws of SenesTech, Inc. (Incorporated by reference to Exhibit 3.5 to SenesTech, Inc.’s Registration Statement on Form S- 1 filed September 21, 2016, ~~Exhibit 3.5~~ (File no. 333-213736)).
3.2(a)*						Amendment No. 1 to the Amended and Restated Bylaws of SenesTech, Inc., dated June 16, 2021 (Incorporated by reference to Exhibit 3.2 to SenesTech, Inc.’s Form 8-K filed June 17, 2021, ~~Exhibit 3.2~~ (File no. 001-37941)).
(4)						Instruments defining the rights of security holders, including indentures
4.1*						Description of Securities (Incorporated by reference to Exhibit 4.1 to SenesTech, Inc.’s Form 10-K/A filed April 21, 2020, ~~Exhibit 4.1~~ (File no. 001-37941)).
4.2*						Form of the Registrant’s Common Stock certificate (Incorporated by reference to Exhibit 4.1 to SenesTech, Inc.’s Registration Statement on Form S-1 filed October 7, 2016, ~~Exhibit 4.1~~ (File no. 333-213736)).
4.3*						Form of ~~Restricted~~Common Stock ~~Unit~~Purchase ~~Agreement~~Warrant (Incorporated by reference to Exhibit 4.1 to SenesTech, Inc.’s Form 8-K filed ~~December~~October 2127, ~~2016,~~2020 ~~Exhibit 4.1~~ (File no. 001-37941)).
4.4*						Form of ~~Warrant~~Common ~~(Form~~Stock ~~S-1~~Purchase ~~filed~~Warrant ~~November~~(Incorporated ~~16,~~by ~~2017,~~reference to Exhibit 4.2 to SenesTech, Inc.’s Form 8-K filed February 2, 2021 (File no. ~~333~~001-~~221433~~37941)).
4.5*						Form of ~~Underwriter’s~~Placement Agent Warrant, as(Incorporated ~~amended~~by (reference to Exhibit 4.3 to SenesTech, Inc.’s Form 8-K filed ~~November~~February 212, ~~2017,~~2021 ~~Exhibit 4.1~~ (File no. 001-37941)).
4.6*						Form of ~~New~~Placement Agent Warrant (Incorporated by reference to Exhibit 4.1 to SenesTech, Inc.’s Form 8-K filed ~~June~~March 2023, ~~2018,~~2021 ~~Exhibit 4.1~~ (File no. 001-37941)).
4.7*						Form of Placement Agent Warrant ~~issued~~(Incorporated by reference to ~~investors~~Exhibit in4.24 ~~Rights~~to ~~Offering~~SenesTech, (Inc.’s Registration Statement on Form 10S-Q1/A filed ~~August~~November 1415, ~~2018,~~2022 ~~Exhibit 4.1~~ (File no. ~~001~~333-~~37941~~267991)).
4.8*						Form of ~~Warrant~~SenesTech, ~~issued~~Inc. toStock ~~dealer-manager~~Option inGrant ~~Rights~~Notice ~~Offering~~and ~~(Form 10~~Stand-QAlone ~~filed~~Option ~~August~~Agreement 14under SenesTech, Inc.'s 2018 Equity Incentive Plan, as amended (Incorporated by reference to Exhibit 4.2 to SenesTech, Inc.’s Registration Statement on Form S-8 filed February 10, 2023 (File no. ~~001~~333-~~37941~~269686)).
4.9*						Warrant Agency Agreement, dated August 13, 2018, between the Registrant and Transfer Online, Inc. (Form 10-Q filed August 14, 2018, Exhibit 4.3 (File no. 001-37941)).
4.10*						Form of Placement Agent Warrant (Form 8-K filed July 17, 2019, Exhibit 4.1 (File no. 001-37941)).
4.11*						Form of Warrant (Form 8-K filed January 28, 2020, Exhibit 4.1 (File no. 001-37941)).
4.12*						Form of Placement Agent Warrant (Form 8-K filed January 28, 2020, Exhibit 4.2 (File no. 001-37941)).
4.13*						Form of Warrant (Form 8-K filed March 6, 2020, Exhibit 4.1 (File no. 001-37941)).
4.14*						Form of Placement Agent Warrant (Form 8-K filed March 6, 2020, Exhibit 4.2 (File no. 001-37941)).

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4.15*						Form of Restricted Stock Unit Notice and Agreement (Form 10-K filed March 17, 2020, Exhibit 4.6 (File no. 001-37941)).
4.9*						Form of SenesTech, Inc. Restricted Stock Unit Grant Notice and Stand-Alone Restricted Stock Unit Agreement under SenesTech, Inc.'s 2018 Equity Incentive Plan, as amended (Incorporated by reference to Exhibit 4.3 to SenesTech, Inc.’s Registration Statement on Form S-8 filed February 10, 2023 (File no. 333-269686)).
4.16*						Form of New Warrant (Form 8-K filed October 27, 2020, Exhibit 4.1 (File no. 001-37941)).
4.10*						Form of Series C Common Stock Purchase Warrant (Incorporated by reference to Exhibit 4.28 to SenesTech, Inc.’s Form 8-K filed April 12, 2023 (File no. 001-37941)).
4.17*						Form of Placement Agent Warrant (Form 8-K filed October 27, 2020, Exhibit 4.1 (File no. 001-37941)).
4.11*						Form of Placement Agent Warrant (Incorporated by reference to Exhibit 4.29 to SenesTech, Inc.’s Form 8-K filed April 12, 2023 (File no. 001-37941)).
4.18*						Form of Pre-Funded Warrant (Form 8-K filed February 2, 2021, Exhibit 4.1 (File no. 001-37941)).
4.12*						Form of Common Stock Purchase Warrant (Incorporated by reference to Exhibit 4.33 to SenesTech, Inc.’s Form 8-K filed August 21, 2023 (File no. 001-37941)).
4.19*						Form of Warrant (Form 8-K filed February 2, 2021, Exhibit 4.2 (File no. 001-37941)).
4.13*						Form of Series D Common Stock Purchase Warrant (Incorporated by reference to Exhibit 4.34 to SenesTech, Inc.’s Form 8-K filed November 29, 2023 (File no. 001-37941)).
4.20*						Form of Placement Agent Warrant (Form 8-K filed February 2, 2021, Exhibit 4.3 (File no. 001-37941)).
4.14*						Form of Placement Agent Warrant (Incorporated by reference to Exhibit 4.37 to SenesTech, Inc.’s Form 8-K filed November 29, 2023 (File no. 001-37941)).
4.21*						Form of Placement Agent Warrant (Form 8-K filed March 23, 2021, Exhibit 4.1 (File no. 001-37941)).
4.15*						Form of Series F-1 Common Stock Purchase Warrant (Incorporated by reference to Exhibit 4.1 to SenesTech, Inc.’s Form 8-K filed August 23, 2024 (File no. 001-37941)).
4.22*						Form of Series A Warrant (Form S-1/A filed November 15, 2022, Exhibit 4.21 (File no. 333-267991)).
4.16*						Form of Series F-2 Common Stock Purchase Warrant (Incorporated by reference to Exhibit 4.2 to SenesTech, Inc.’s Form 8-K filed August 23, 2024 (File no. 001-37941)).
4.23*						Form of Series B Warrant (Form S-1/A filed November 15, 2022, Exhibit 4.22 (File no. 333-267991)).
4.17*						Form of Placement Agent Warrant (Incorporated by reference to Exhibit 4.3 to SenesTech, Inc.’s Form 8-K filed August 23, 2024 (File no. 001-37941)).
4.24*						Form of Pre-Funded Warrant (Form S-1/A filed November 15, 2022, Exhibit 4.23 (File no. 333-267991)).
4.18*						Form of Placement Agent Warrant (Incorporated by reference to Exhibit 4.2 to SenesTech, Inc.’s Form 8-K filed March 11, 2025 (File no. 001-37941)).
4.25*						Form of Placement Agent Warrant (Form S-1/A filed November 15, 2022, Exhibit 4.24 (File no. 333-267991)).
4.19*						Form of Placement Agent Warrant (Incorporated by reference to Exhibit 4.2 to SenesTech, Inc.’s Form 8-K filed July 1, 2025 (File no. 001-37941)).
4.26*						Form of SenesTech, Inc. Stock Option Grant Notice and Stand-Alone Option Agreement (Form S-8 filed February 10, 2023, Exhibit 4.2 (File no. 333-269686)).
4.20*						Form of Series I Common Stock Purchase Warrant (Incorporated by reference to Exhibit 4.1 to SenesTech, Inc.’s Form 8-K filed August 5, 2025 (File no. 001-37941)).
4.27*						Form of SenesTech, Inc. Restricted Stock Unit Grant Notice and Stand-Alone Restricted Stock Unit Agreement (Form S-8 filed February 10, 2023, Exhibit 4.3 (File no. 333-269686)).
4.21*						Form of Placement Agent Warrant (Incorporated by reference to Exhibit 4.2 to SenesTech, Inc.’s Form 8-K filed August 5, 2025 (File no. 001-37941)).
4.28*						Form of Series C Warrant (Form 8-K filed April 12, 2023, Exhibit 4.28 (File no. 001-37941)).
4.29*						Form of Series Placement Agent Warrant (Form 8-K filed April 12, 2023, Exhibit 4.29 (File no. 001-37941)).
4.30*						Form of Series F-1 Common Stock Purchase Warrant (Form 8-K filed August 23, 2024, Exhibit 4.1 (File no. 001-37941)).
4.31*						Form of Series F-2 Common Stock Purchase Warrant (Form 8-K filed August 23, 2024, Exhibit 4.2 (File no. 001-37941)).
4.32*						Form of Placement Agent Warrant (Form 8-K filed August 23, 2024, Exhibit 4.3 (File no. 001-37941)).
(10)						Material Contracts
10.1*						SenesTech, Inc. 2015 Equity Incentive Plan and forms of agreement thereunder (Form S-1 filed September 21, 2016, Exhibit 10.2 (File no. 333-213736)).+
10.1*+						Form of Indemnification Agreement (Incorporated by reference to Exhibit 10.6 to SenesTech, Inc.’s Registration Statement on Form S-1 filed September 21, 2016 (File no. 333-213736)).
10.2*						Form of Indemnification Agreement (Form S-1 filed September 21, 2016, Exhibit 10.6 (File no. 333-213736)). +
10.2*+						Employment Offer Letter by and between SenesTech, Inc. and Thomas Chesterman dated November 20, 2015 (Incorporate by reference to Exhibit 10.9 to SenesTech, Inc.’s Registration Statement on Form S-1 filed September 21, 2016 (File no. 333-213736)).
10.3*						~~Employment~~Form ~~Offer~~of ~~Letter~~Securities byPurchase ~~and~~Agreement, ~~between~~dated ~~the~~as ~~Registrant~~of ~~and~~January ~~Thomas~~27, ~~Chesterman~~2021 ~~dated~~(Incorporated ~~November~~by 20reference to Exhibit 10.1 to SenesTech, ~~2015~~Inc.’s (Form S8-1K filed ~~September~~February 212, ~~2016,~~2021 ~~Exhibit 10.9~~ (File no. ~~333~~001-~~213736~~37941)). +
10.4*						~~Employment~~Form ~~Letter~~of Registration Rights Agreement, bydated ~~and~~as ~~between~~of ~~SenesTech~~January 27, ~~Inc.~~2021 ~~and~~(Incorporated ~~Kenneth~~by ~~Siegel~~reference ~~dated~~to ~~May~~Exhibit 1610.2 to SenesTech, ~~2019~~Inc.’s (Form 8-K filed ~~May~~February 202, ~~2019,~~2021 ~~Exhibit 10.1~~ (File no. 001-37941)).+
10.5*						Lease by and between the Registrant and Pinnacle Campus Office-Retail, LLC, dated as of November 18, 2019 (Form 10-K filed March 29, 2022, Exhibit 10.1 (File no. 333-236302)).
10.5*+						Form of SenesTech, Inc. Stock Option Grant Notice and Option Agreement (Incorporated by reference to Exhibit 10.23A to SenesTech, Inc.’s Form 8-K filed October 14, 2022 (File no. 001-37941)).
10.6*						Standard Industrial/Commercial Multi-Tenant Lease, between the Company and Duke Go PP, LLC, dated as of June 22, 2020 (Form 10-Q filed August 13, 2020, Exhibit 10.4 (File no. 001-37941)).
10.6*+						Form of SenesTech, Inc. Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement (Incorporated by reference to Exhibit 10.23B to SenesTech, Inc.’s Form 8-K filed October 14, 2022 (File no. 001-37941)).
10.7*						Form of Securities Purchase Agreement (Form 8-K filed July 17, 2019, Exhibit 10.1 (File no. 001-37941)).
10.7*+						Employment Letter Agreement between SenesTech, Inc. and Joel Fruendt dated November 9, 2022 (Incorporated by reference to Exhibit 10.24 to SenesTech, Inc.’s Form 8-K filed November 14, 2022 (File no. 001-37941)).
10.8*						Form of Securities Purchase Agreement (Form 8-K filed January 28, 2020, Exhibit 10.1 (File no. 001-37941)).
10.8*+						At The Market Offering Agreement, dated as of June 20, 2024, by and between SenesTech, Inc. and H.C. Wainwright & Co., LLC (Incorporated by reference to Exhibit 1.1 to SenesTech, Inc.’s on Form 8-K filed on June 20, 2024 (File no. 001-37941)).
10.9*						Form of Securities Purchase Agreement (Form 8-K filed March 6, 2020, Exhibit 10.1 (File no. 001-37941)).
10.9*+						SenesTech, Inc. 2018 Equity Incentive Plan, as amended (Incorporated by reference to Exhibit 10.1 to SenesTech, Inc.’s Form 8-K filed July 15, 2024 (File no. 001-37941)).
10.10*						Form of Securities Purchase Agreement (Form S-1/A filed February 13, 2020, Exhibit 10.19 (File no. 333-236302)).
10.11*						Form of Securities Purchase Agreement (Form 8-K filed April 21, 2020, Exhibit 10.1 (File no. 001-37941)).
10.12*						Form of Letter Agreement, dated as of October 23, 2020, between the Company and the purchaser thereto (Form 8-K filed October 27, 2020, Exhibit 10.1 (File no. 001-37941)).

Table of Contents

10.13*						Form of Securities Purchase Agreement, dated as of January 27, 2021 (Form 8-K filed February 2, 2021, Exhibit 10.1 (File no. 001-37941)).
10.10*						Standard Industrial/Commercial Multi-Tenant Lease, between the Company and E&V Investments, LLC, dated as of July 17, 2024 (Incorporated by reference to Exhibit 10.1 to SenesTech, Inc.’s Form 10-K filed March 13, 2025 (File no. 001-37941)).
10.14*						Form of Registration Rights Agreement, dated as of January 27, 2021 (Form 8-K filed February 2, 2021, Exhibit 10.2 (File no. 001-37941)).
10.11*+						Employment Letter Agreement between SenesTech, Inc. and Michael Edell dated November 3, 2025 (Incorporated by reference to Exhibit 10.1 to SenesTech, Inc.’s Form 8-K filed November 14, 2025 (File no. 001-37941)).
10.15*						Form of Securities Purchase Agreement (Form S-1 filed November 15, 2022, Exhibit 10.18 (File no. 333-267991)).
10.12+						Transition Agreement between SenesTech, Inc. and Joel Fruendt dated January 22, 2026.
10.16*						SenesTech, Inc. 2018 Equity Incentive Plan, as amended (Form 8-K filed October 14, 2022, Exhibit 10.23 (File no. 001-37941)). +
10.16(a)*						Form of SenesTech, Inc. Stock Option Grant Notice and Option Agreement (Form 8-K filed October 14, 2022, Exhibit 10.23A (File no. 001-37941)).
10.16(b)*						Form of SenesTech, Inc. Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement (Form 8-K filed October 14, 2022, Exhibit 10.23B (File no. 001-37941)).
10.17*						Form of Securities Purchase Agreement (Form 8-K filed March 19, 2021, Exhibit 10.1 (File no. 001-37941)).
10.18*						Employment Letter Agreement between SenesTech, Inc. and Joel Fruendt dated November 9, 2022 (Form 8-K filed November 14, 2022, Exhibit 10.24 (File no. 001-37941)). +
10.19*						Form of Securities Purchase Agreement (Form 8-K filed April 12, 2023, Exhibit 10.26 (File no. 001-37941)).
10.20*						SenesTech, Inc. 2018 Equity Incentive Plan, as amended (Form 8-K filed June 27, 2023, Exhibit 10.28 (File no. 001-37941)).
10.21*						SenesTech, Inc. 2018 Equity Incentive Plan, as amended (Form 8-K filed July 15, 2024, Exhibit 10.1 (File no. 001-37941)).
10.22*						Form of Inducement Letter (Form 8-K filed August 23, 2024, Exhibit 10.1 (File no. 001-37941)).
10.23						Standard Industrial/Commercial Multi-Tenant Lease, between the Company and E&V Investments, LLC, dated as of July 17, 2024.
(19)						Insider Trading Policies and Procedures
19.1						SenesTech, Inc. Insider Trading Policy.
19.1*						SenesTech, Inc. Insider Trading Policy (Incorporated by reference to Exhibit 19.1 to SenesTech, Inc.’s Form 10-K filed March 13, 2025 (File no. 001-37941)).
(21)						Subsidiaries of the Registrant
21.1						List of Subsidiaries of the Registrant.
(23)						Consents of Experts and Counsel
23.1						Consent of Independent Registered Public Accounting Firm M&K CPAS, PLLC.
(31)						Rule 13a-14(a)/15d-14(a) Certifications
31.1						Certification of Chief Executive Officer.
31.2						Certification of Chief Financial Officer.
(32)						Section 1350 Certifications
32.1						Certifications of Chief Executive Officer and Chief Financial Officer.
(97)						Policy Relating to Recovery of Erroneously Awarded Compensation
97.1*						SenesTech, Inc. Executive Officer Clawback Policy (Incorporated by reference to Exhibit 97.1 to SenesTech, Inc.’s Form 10-K/A filed April 29, 2024, ~~Exhibit 97.1~~ (File no. 001-37941)).
(101)						Interactive Data File
101.INS						Inline XBRL Instance Document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
104.1						Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

* Incorporated by reference as indicated.

+ Indicates a management contract or compensatory plan or arrangement.

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ITEM 16. FORM 10-K SUMMARY.

Not applicable.

4342

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SENESTECH, INC.
Date: March 12, 2025	By:	/s/ Joel Fruendt
Date: March 12, 2026	By:	/s/ Joel Fruendt
		Joel Fruendt
		President and Chief Executive Officer
Date: March 12, 2025	By:	/s/ Thomas C. Chesterman
		Thomas C. Chesterman
		Executive Vice President, Chief Financial Officer, Treasurer and Secretary

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities on the dates indicated.

Signature

Title

Date

/s/ Joel Fruendt

President, ~~and~~ Chief Executive ~~Officer~~Officerand Director

March 12, ~~2025~~2026

Joel Fruendt

(Principal Executive Officer)

/s/ Thomas C. Chesterman

Executive Vice President, Chief Financial Officer, Treasurer, and Secretary

March 12, ~~2025~~2026

Thomas C. Chesterman

(Principal Financial and Accounting Officer)

/s/ Jamie Bechtel

Chair of the Board andInterim Executive Chair

March 12, ~~2025~~2026

Jamie Bechtel

/s/ Phil Grandinetti

Director

March 12, 2025

/s/ Lynn Graham

Director

March 12, 2026

Lynn Graham

/s/ Phil Grandinetti

Director

March 12, 2026

Phil Grandinetti

/s/ Jake Leach

Director

March 12, ~~2025~~2026

Jake Leach

/s/ Joshua Moss

Director

March 12, ~~2025~~2026

Joshua Moss

/s/ Matthew K. Szot

Director

March 12, ~~2025~~2026

Matthew K. Szot

4443

Filing Compare · SenesTech, Inc.