Ainos

Balance sheet resilience is weak. As of June 30, 2026, cash and cash equivalents were $1.42 million against current liabilities of $16.28 million, including $11.0 million of convertible notes (reclassified as current), a $2.81 million related‑party loan, and $2.11 million of accrued expenses.

The 2025 10‑K explicitly states substantial doubt about the company’s ability to continue as a going concern. Trailing‑twelve‑month free cash flow through Q2 2026 is approximately −$4.5 million by our calculation: H2 2025 OCF (−$2.04 million) plus H1 2026 OCF (−$2.43 million), with minimal TTM capex (≈−$23 thousand).

The company remains dependent on equity and related‑party debt financing.