Rocket One raises going-concern flag despite fixing controls; $4M cash burns in 4 months

Filed May 15, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Management now warns substantial doubt exists about ability to continue as going concern within 12 months, despite April 2026 equity raise of $1.6M net. Cash fell 64% year-over-year to $4.0M while quarterly burn rate hit $3.1M.

  MD&A: Liquidity verify on EDGAR →
• high

  Material weakness in internal controls over prepaid expenses and R&D classification has been remediated; disclosure controls now deemed effective after prior-year deficiency affected multiple quarters of financial statements.

  Controls and Procedures verify on EDGAR →
• high

  R&D spending shifted dramatically toward lead candidate HT-001 (now 94% of budget at $1.4M, up from $459K), while HT-KIT program spending collapsed from $198K to $12K. Total R&D down 22% as company prioritizes amid capital constraints.

  MD&A: R&D Expenses verify on EDGAR →