Red Flags Detected

• ⚠ Going Concern (worsened) — Auditor added explicit going-concern paragraph; management states $18M Future Pak payment insufficient to alleviate substantial doubt through March 2027 (extended from March 2026 baseline).
• ⚠ Asset Impairment (new) — Recorded $800K impairment on in-process R&D intangible asset triggered by market capitalization decline, first write-down since business combination.
• ⚠ Delisting (new) — Nasdaq issued deficiency notice March 2026 for sub-$1 bid price; company ineligible for standard compliance period due to prior reverse splits, appealed but outcome uncertain.