[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","ipgly87q9zqyqhv8r0sgb9k6m","revision",2,"title","Biomerica Inc. 2026年8月季度净亏损123.2万美元，现金流不足","originalTitle","BIOMERICA INC (0000073290) (Filer)","summary","Biomerica Inc. 2026年8月31日季度净销售额为126.5万美元，同比下降8.3%；净亏损123.2万美元，每股亏损0.37美元。公司现金及现金等价物为273.3万美元，管理层认为不足以支撑未来12个月运营，存在持续经营重大不确定性。公司于2026年8月26日完成私募发行，募资约223.1万美元，但运营活动净现金使用量约为80.2万美元。","reason","Biomerica Inc. 2026年8月31日季度净销售额同比下降8.3%，净亏损123.2万美元，现金不足以支撑未来12个月运营，存在持续经营重大不确定性。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-15T21:00:28.000Z","discoveredAt","2026-10-15T21:17:22.826Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",74,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fMM3d8BpU608",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","15d70c5e-3912-43af-bdea-2f54c58b1663","Biomerica Inc. 财务困境与私募融资",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿，\nD.C. 20549

表格\n10-Q

☒\n季度报告，根据《1934年证券交易法》第13条或第15(d)条

截至\n2026年8月31日的季度或

☐\n根据《1934年证券交易法》第13条或第15(d)条的过渡报告

委员会\n文件编号： 001-37863

BIOMERICA，\n公司

(注册人根据其章程指定的名称)

\n \n \n \n \n \n \n \n \n

特拉华州

95-2645573

(州\n 或其他司法管辖区)

成立\n 或组织)

(I.R.S.\n 雇主

识别\n 号码)

\n \n \n \n \n \n \n \n \n

17571\n 冯·卡门大道，欧文， CA		92614
(主要执行办公室的地址)		(邮政编码)

(949)\n645-2111

(注册人的电话号码，包括区号)

根据《交易法》第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n

每类的名称		交易\n 符号		每种交易所的名称
普通股，面值每股0.08美元		BMRA		纳斯达克\n 资本市场

通过勾选表明注册人（1）在过去12个月（或注册人需要提交此类报告的较短期间）内是否提交了根据《1934年证券交易法》第13条或第15(d)条应提交的所有报告，以及（2）是否在过去90天内受到此类提交要求的约束。

是\n☒ 否 ☐

通过勾选表明注册人是否在前12个月内（或注册人需要提交此类文件的较短期间）提交了根据规则405（本章第232.405条）应提交的每个交互式数据文件。

是\n☒ 否 ☐

通过勾选表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第12b-2条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n

	大型\n 加速提交者 ☐	加速\n 提交者 ☐
	非加速\n 提交者 ☒	较小的\n 报告公司 ☒
		新兴\n 成长公司 ☐

如果\n是新兴成长公司，请通过勾选表明注册人是否选择不使用根据《交易法》第13(a)条提供的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选表明注册人是否是壳公司（根据《法案》第12b-2条的定义）。

是\n☐ 否 ☒

截至2026年10月15日，注册人的普通股流通股数为 4,598,968。

BIOMERICA,\nINC.

索引

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

第一部分	财务信息

项目\n 1.	财务报表：

	截至2026年8月31日（未审）和2026年5月31日的合并资产负债表	1

	截至2026年8月31日和2025年8月31日三个月的合并损益表和全面损失表（未审）	2

	截至2026年8月31日和2025年8月31日三个月的股东权益合并表（未审）	3\n

	截至2026年8月31日和2025年8月31日三个月的合并现金流量表（未审）	4

	未审合并财务报表附注	5

项目\n 2.	管理层讨论与分析	17

项目\n 3.	关于市场风险的定量和定性披露	25

项目\n 4.	控制和程序	25

第二部分	其他信息	26

项目\n 1.	法律诉讼	26

项目\n 1A.	风险因素	26

项目\n 5.	其他信息	26

项目\n 6.	附录	26

	签名	27

第一部分 - 财务信息

项目\n1. 财务报表

BIOMERICA,\nINC. 及其子公司

合并资产负债表

	(未审)
	2026年8月31日			2026年5月31日
资产

流动资产：
现金及现金等价物	$	2,733,000			$	1,308,000
应收账款，净额		897,000				785,000
存货，净额		1,634,000				1,707,000
预付费用和其他流动资产		145,000				216,000
流动资产合计		5,409,000				4,016,000
财产和设备，净额		68,000				78,000
经营租赁使用权资产，净额		1,809,000				1,873,000
投资		500,000				500,000
无形资产，净额		204,000				209,000
其他资产		81,000				83,000
总资产	$	8,071,000			$	6,759,000

负债和股东权益

流动负债：
应付账款和应计费用	$	1,498,000			$	1,171,000
担保本票应付账款 – 关联方		500,000				500,000
应计薪酬		552,000				492,000
客户预付款		47,000				83,000
经营租赁负债，当前部分		240,000				235,000
流动负债合计		2,837,000				2,481,000
经营租赁负债，扣除当前部分后的净额		1,586,000				1,648,000
总负债		4,423,000				4,129,000

承诺和或有事项（第6号注释）		-

股东权益：
优先股，A系列5%可转换，面值$0.08，授权股数571,429股，截至2026年8月31日和2026年5月31日，未发行和未上市		-				-
无指定的优先股，面值无，授权股数4,428,571股，截至2026年8月31日和2026年5月31日，未发行和未上市		-				-
优先股，价值		-				-
普通股，面值$0.08；授权股数300,000,000和25,000,000股，截至2026年8月31日和2026年5月31日，已发行和上市股数分别为4,598,968和3,195,263股		368,000				255,000
额外支付资本		61,567,000				59,426,000
其他综合亏损累计额		(112,000	)			(108,000	)
累计亏损		(58,175,000	)			(56,943,000	)
股东权益合计		3,648,000				2,630,000
总负债和股东权益	$	8,071,000			$	6,759,000

附注是这些报表的不可分割的一部分。

BIOMERICA,\nINC. 及其子公司

简化的合并损益表

及全面损失（未经审计）

\n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026			2025
	截至8月31日的三个月
	2026			2025
净销售额	$	1,265,000			$	1,380,000
销售成本		(1,162,000	)			(956,000	)
毛利		103,000				424,000

运营费用：
销售、一般及行政费用		1,124,000				1,330,000
研究与开发		206,000				212,000
总运营费用		1,330,000				1,542,000

运营亏损		(1,227,000	)			(1,118,000	)

其他收入：
股息、利息和其他收入		1,000				1,123,000
其他总收入		1,000				1,123,000

(亏损) 税前收入		(1,226,000	)			5,000

所得税拨备		(6,000	)			(3,000	)

净(亏损)收入	$	(1,232,000	)		$	2,000

每股基本净(亏损)收入	$	(0.37	)		$	0.00

每股稀释净(亏损)收入	$	(0.37	)		$	0.00

加权平均流通股数：
基本		3,295,939				2,638,699

稀释		3,295,939				2,638,699

净(亏损)收入	$	(1,232,000	)		$	2,000

其他综合(亏损)收入，税后：
外币折算调整		(4,000	)			2,000

全面(亏损)收入	$	(1,236,000	)		$	4,000

附注是这些报表的不可分割的一部分。

BIOMERICA,\nINC. 及其子公司

简化的合并股东权益表（未经审计）

截至2026年8月31日的三个月

	股份数		金额			资本		亏损		赤字			权益
	普通股		额外 paid in			其他综合累计		累计		股东权益总计
	股份数		金额			资本		亏损		赤字			权益
2026年5月31日余额		3,195,263		$	255,000		$	59,426,000		$	(108,000	)		$	(56,943,000	)	$	2,630,000
外币折算		-			-			-			(4,000	)			-			(4,000	)
私募发行的普通股		1,393,705			112,000			2,119,000			-				-			2,231,000
计入APIC的发行成本		-			-			(111,000	)		-				-			(111,000	)
基于股票的薪酬		10,000			1,000			133,000			-				-			134,000
净亏损		-			-			-			-				(1,232,000	)		(1,232,000	)
2026年8月31日余额		4,598,968		$	368,000		$	61,567,000		$	(112,000	)		$	(58,175,000	)	$	3,648,000

截至2025年8月31日的三个月

	普通股		额外 paid in			其他综合累计		累计	股东权益总计
	股份数		金额			资本		亏损	赤字			权益
2025年5月31日余额		2,546,216		$	203,000		$	57,175,000	$	(105,000	)		$	(53,168,000	)	$	4,105,000
余额		2,546,216		$	203,000		$	57,175,000	$	(105,000	)		$	(53,168,000	)	$	4,105,000
外币折算		-			-			-		3,000				-			3,000
普通股销售所得		258,569			21,000			891,000		-				-			912,000
基于股票的薪酬		10,625			1,000			132,000		-				-			133,000
净收入		-			-			-		-				2,000			2,000
净收入（亏损）		-			-			-		-				2,000			2,000
2025年8月31日余额		2,815,410		$	225,000		$	58,198,000	$	(102,000	)		$	(53,166,000	)	$	5,155,000
余额		2,815,410		$	225,000		$	58,198,000	$	(102,000	)		$	(53,166,000	)	$	5,155,000

附注是这些报表的不可分割的一部分。

BIOMERICA,\nINC. 及其子公司

简化的合并现金流量表

（未经审计）

\n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026			2025
	截至8月31日的三个月
	2026			2025
经营活动产生的现金流量：
净(亏损)收入	$	(1,232,000	)		$	2,000
调整以将净(亏损)收入调节为经营活动使用的净现金：
折旧和摊销		15,000				20,000
预期信用损失拨备		3,000				38,000
（收回的）超额和滞销存货拨备		(24,000	)			7,000
基于股票的薪酬		134,000				133,000
经营租赁使用权资产的摊销		64,000				82,000
资产和负债的变化：
应收账款		(115,000	)			(512,000	)
存货		97,000				10,000
预付费用和其他流动资产		71,000				87,000
其他资产		2,000				5,000
应付账款和应计费用		216,000				10,000
应计薪酬		60,000				(63,000	)
客户预付款		(36,000	)			(1,000	)
租赁负债减少		(57,000	)			(86,000	)
经营活动使用的净现金		(802,000	)			(268,000	)

融资活动产生的现金流量：
普通股出售的毛收入		2,231,000				939,000
普通股出售的成本		-				(19,000	)
融资活动提供的净现金		2,231,000				920,000

汇率变动对现金的影响		(4,000	)			2,000
现金及现金等价物的净增加额		1,425,000				654,000

期初现金及现金等价物		1,308,000				2,399,000

期末现金及现金等价物	$	2,733,000			$	3,053,000

现金流量信息的补充披露：
期间支付的现金：
所得税	$	6,000			$	3,000

非现金投资和融资活动：
已计提但未支付的普通股发行成本并计入额外 paid-in 资本	$	111,000			$	-
递延发行成本	$	-			$	8,000
固定资产和设备的注销成本	$	7,000			$	-
固定资产和设备的核销，累计折旧	$	7,000			$	-

附注是这些报表不可分割的一部分。

BIOMERICA,\nINC. 和其子公司

未审的合并财务报表附注

注1：列报基础

Biomerica,\nInc.（“Biomerica”、“我们”、“我们”、“我们的”或“公司”）及其子公司（包括全资子公司Biomerica de Mexico和BioEurope GmbH）是一家全球生物医学技术公司，开发、专利、制造和销售用于即时检测（医生办公室和药店及在线销售）以及医院/临床实验室中用于检测和/或治疗医疗状况和疾病的先进诊断和治疗产品。我们的诊断测试产品利用免疫分析技术来分析来自患者的血液、尿液、鼻腔或粪便样本，以帮助诊断各种疾病、食物不耐受和其他医疗并发症，并测量特定激素、抗体、抗原或其他物质的水平，这些物质可能在人体内以极低的浓度存在。我们其他现有产品主要集中在胃肠道疾病、食物不耐受和某些罕见检测方面。我们的产品旨在提高人们的健康和福祉，同时降低总体医疗成本。我们还为利用我们产品核心技术的第三方提供合同开发和制造服务。

我们的主要重点是研究、开发、商业化以及在某些情况下获得专利的诊断引导治疗（“DGT”）产品的监管批准，以治疗胃肠道疾病，如肠易激综合征（“IBS”）和其他炎症性疾病。这些产品针对的是广泛、常见且市场非常大的慢性炎症疾病。我们的inFoods® IBS产品使用简单的血液样本，旨在识别特定的患者食物，当从饮食中去除时，可能缓解IBS症状，如疼痛、腹胀、腹泻和便秘。与广泛且难以管理的饮食限制不同，inFoods® IBS产品通过识别可能在患者体内引发异常免疫反应的特定食物来发挥作用，这可能导致腹痛和痉挛、腹胀、腹泻和便秘。被识别为阳性的食物，即在患者体内引发异常免疫反应的食物，只需从饮食中去除，即可帮助缓解IBS症状。

我们现有的医疗诊断产品主要在两个市场全球销售：（i）临床实验室和（ii）即时检测（医生办公室和非处方药）。我们大多数产品都带有欧洲符合性（“CE”）标志和/或在不同国家的监管机构注册用于诊断用途。此外，一些产品已通过美国食品药品监督管理局（“FDA”）的审批，可在美销售。

本文未审合并财务报表由管理层根据美国证券交易委员会（“SEC”）的规则和法规编制。随附的未审合并财务报表是在假设中期财务信息的使用者已阅读或可获取截至2026年5月31日的最新财年已审计合并财务报表的前提下编制的。因此，根据这些规则和法规，某些通常在按照美国通用会计准则（“GAAP”）编制的财务报表中包含的信息和注释披露已被简化或省略。管理层认为，所有为公允列报所必需的调整均已包括在内。截至2026年8月31日的三个月的经营成果不一定反映截至2027年5月31日财年的预期结果。如需进一步信息，请参阅我们于2026年8月31日向SEC提交的年度报告10-K表中包含的截至2026年5月31日财年的已审计合并财务报表及其中的注释，该报告随后于2026年9月28日通过我们的10-K/A表进行了修订。管理层已评估截至本报告提交日的所有后续事件和交易。

注释\n2: 重要会计政策

合并原则

未审合并财务报表包括Biomerica, Inc.及其全资子公司BioEurope GmbH和Biomerica de Mexico的账户。所有重大的内部往来账户和交易已在合并中消除。

会计估计

根据GAAP编制我们的合并财务报表需要管理层做出影响财务报表中资产和负债的报告金额以及截至财务报表日期的或有资产和负债的披露的估计和假设。这些估计和假设会影响报告期间的收入和费用的报告金额。我们的估计基于历史经验以及我们认为在当前情况下合理的各种其他假设。在不同假设或条件下，实际结果可能与这些估计有重大差异。我们持续监控编制财务报表时所做的重大估计。我们不断根据历史经验和其他因素和情况评估估计和假设。我们认为在当前条件下，我们的估计和假设是合理的；然而，在不同的未来条件下，实际结果可能与这些估计不同。

我们认为，对我们的财务状况和经营成果的表述最为重要的估计和假设，由于它们需要主观或复杂的判断，构成了被认为对我们最重要的会计政策的基础。这些包括收入确认、应收账款预期信用损失准备、库存间接费用分配、库存准备金和以股份为基础的薪酬。我们认为与这些关键会计估计相关的估计和假设在当前情况下是适当的；然而，如果未来事件或情况导致意外后果，可能会对我们的未来财务状况或经营成果产生重大影响。我们建议将我们的重要会计政策与本季度10-Q表中的管理层讨论与分析部分一并阅读。

市场和分销方式

我们大部分收入来自于在美国和墨西哥制造的产品销售，某些原材料来自美国、亚洲和其他地区。我们的诊断业务服务于包括国内和国际经销商、医院、临床实验室、医学研究机构、制药公司、药店、批发商、医生办公室和电子商务客户的多样化客户群。我们收入的很大一部分来自于国际销售。

我们在德国设有国际销售总监，拥有25年以上的诊断和生命科学行业经验。该人员的国际业务经验和多语言能力促进了与欧洲、东欧、中东、拉丁美洲、加拿大和美国的牢固关系。我们还在这些地区通过增加经销商和产品线来寻求新的机会。

我们通过经销商、在医学和行业期刊上做广告、参加行业展会、直接邮寄和内部销售团队来推广我们的诊断产品。我们主要针对的两个市场是临床实验室和患者现场检测。

流动性、资本资源和持续经营

我们已出现净亏损和经营性现金流为负，并且截至2026年8月31日累计亏损约为58,175,000美元。截至2026年8月31日，我们拥有约2,733,000美元的现金及现金等价物和约2,572,000美元的营运资金。截至2026年5月31日，我们拥有约1,308,000美元的现金及现金等价物和约1,535,000美元的营运资金。根据我们当前的运营计划，我们认为现有的现金及现金等价物将不足以支付我们未来十二个月的运营费用和履行我们的义务，从这些财务报表的发布日期起算。

2023年9月28日，我们向美国证券交易委员会（SEC）提交了S-3表格的“搁置”注册声明（“搁置注册声明”），该声明于2023年9月29日被宣布生效，以取代于2020年7月21日提交并经2020年9月20日修订的到期“搁置”注册声明，使我们能够发行最多20,000,000股普通股。根据搁置注册声明，我们的普通股可在其初始生效日期起的三年内不定期出售。搁置注册声明于2026年9月29日满三年，并已根据下文所述被新的搁置注册声明取代。

2024年5月10日，我们向SEC提交了对搁置注册声明的招股说明书补充文件，以促进通过按市价（“ATM”）发行方式出售最多5,500,000美元的普通股，该方式根据《证券法》第415条定义（“2024 ATM发行”）。作为该交易的一部分，我们在截至2024年5月31日的财年中产生了81,000美元的递延发行成本，截至2026年5月31日，所有成本均已计入额外实收资本。

2026年9月24日，在季度结束之后，我们向SEC提交了S-3表格的替代搁置注册声明，注册最多250,000,000美元的普通股、优先股、债务证券和认股权证，包括根据《证券法》第415(a)(6)条从我们之前的搁置注册声明中结转的未售出普通股。该替代搁置注册声明于2026年10月7日被SEC宣布生效。搁置注册声明并不代表承诺的融资。我们根据其筹集资本的能力受适用的S-3表格资格要求和发行限制（包括一般说明I.B.6）以及市场状况的制约。

在截至2026年8月31日的三个月内，我们未根据2024 ATM发行出售任何普通股。2026年8月26日，我们根据《证券购买协议》（“SPA”）与合格投资者完成了一笔私募发行，以每股1.60美元的价格发行了1,393,705股普通股，由此产生了约2,231,000美元的毛收益，以及扣除法律费用和其他发行成本后的约2,120,000美元净收益。发行成本约为111,000美元，截至2026年8月31日已计提但尚未支付。

我们打算将2026年8月私募发行的净收益以及2024 ATM发行的任何未来销售用于一般企业用途，包括但不限于销售和营销活动、临床研究和产品开发、资产、业务、公司或证券的收购、资本支出和营运资金需求。

我们履行义务并作为持续经营的能力受多个因素影响，包括：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	●	我们从现有产品在国际机会和美国境内的销售中产生额外收入的需求和能力，以及从我们新产品发布中产生的收入；
	●	我们目前履行义务和资助运营所需获取资本和债务市场的能力；
	●	我们管理运营费用并保持或增加毛利润率的能力；
	●	我们留住关键员工并维持关键运营的能力；以及
	●	某些限制我们通过发行股票筹集资本金额的证券交易委员会（SEC）规定。

这些因素使我们在这些财务报表发布日后十二个月内继续作为持续经营实体的能力产生重大疑问。我们未来的生存能力取决于我们战略计划的成功执行、获得额外的近期融资以及实现盈利运营。

管理层已评估了这些财务报表发布日后十二个月内的现金流需求。根据此评估，我们现有的现金及现金等价物不足以在该期间内资助我们的运营并履行我们的义务。

为满足我们的资本需求并维持运营至下一年及以后，我们正在积极采取策略以增加销售额、减少开支、出售非核心资产、通过债务或股权发行寻求额外融资，并寻求其他战略选择。如果我们无法从运营中产生足够的现金流或获得额外融资，我们可能需要推迟或减少某些运营活动和支出。

尽管我们致力于这些计划，但无法保证这些努力将成功或足以满足我们的近期资本需求，或使公司能够继续作为持续经营实体。

截至2026年8月31日的我们合并财务报表是按照持续经营基础编制的，这假设了在正常业务过程中实现资产和结算负债及承诺。我们作为持续经营实体的持续存在取决于我们获得额外运营资本和实现收入并实现盈利的能力。我们打算主要通过出售股权和债务证券，以及从其他来源获得额外资金来为未来的发展活动和营运资金需求提供资金。然而，无法保证我们能在需要时以对我们有利的条款获得未来资金，甚至无法保证我们能成功实现这些目标。

信用风险集中

我们在某些金融机构的现金余额超过了联邦机构保险的金额。有时，我们会有未投保的余额。我们认为我们没有面临任何重大信用风险。

我们在正常业务过程中向美国国内及国外市场的客户提供信用。我们对客户进行持续的信用评估，并在某些情况下要求提前付款。

合并净销售额分别为截至2026年8月31日的三个月约1,265,000美元和2025年同期的1,380,000美元。

截至2026年8月31日和2025年同期的三个月内，我们有一个位于亚洲的关键客户，分别占合并净销售额的36%和48%。

截至2026年8月31日和2026年5月31日，应收账款总额分别约为$938,000和$823,000，分别。截至这些日期，我们分别有1家和3家主要经销商，分别位于亚洲和北美，分别占应收账款的48%和59%。

截至2026年8月31日止三个月，我们有一家主要供应商，占原材料采购的24%。截至2025年8月31日止三个月，没有供应商占原材料总采购量的10%或以上。

截至2026年8月31日和2026年5月31日，一家供应商和两家供应商分别占应付账款的20%和23%。

现金及现金等价物

现金及现金等价物包括期限少于三个月的活期存款和货币市场账户。

应收账款

我们根据标准商业实践向客户提供无担保信用。国际客户通常需要预付货款，直到建立信用记录，之后根据各种标准确定信用额度。对经销商的初始信用额度由指定官员或经理批准，任何增加都需要高层管理的授权。

我们根据《会计准则汇编》（“ASC”）326《金融工具—信用损失》采用当前预期信用损失（“CECL”）模型，对应收账款的预期信用损失进行核算。自2026年6月1日起，我们以前瞻性方式采用《会计准则更新》（“ASU”）2025-05《金融工具—信用损失（主题326）：应收账款和合同资产的信用损失计量》，并选择了符合资格的当前应收账款的实用方法，这些应收账款来源于按照ASC 606核算的交易。根据这一实用方法，我们假设资产负债表日的当前条件在这些应收账款的剩余期限内保持不变。

我们根据历史信用损失经验并考虑当前条件（包括账龄和回收趋势、客户和投资组合特征以及客户特定的信用风险）来估计预期信用损失。在制定预期信用损失估计时，我们当应收账款具有相似的风险特征时进行集体评估，当不具有相似风险特征时进行个别评估。应收账款按预期信用损失的准备金净额列示。当应收账款被认为不可收回时，会从预期信用损失的准备金中冲销账面余额。

偶尔，某些长期客户由于经常下大订单，其应收账款余额可能相对于总应收账款而言较大。管理层密切监控这些余额的回收，并可能要求在发货新销售订单前支付现有发票。

截至2026年8月31日和2026年5月31日，预期信用损失的准备金分别约为$41,000和$38,000。

预付费用和其他流动资产

我们\n偶尔会预先支付一些物品的费用，例如库存、保险和其他物品。这些物品在库存实际收到之前，或在保险和其他物品被费用化之前，作为预付费用和其他\ncurrent assets 进行报告。

截至2026年8月31日和2026年5月31日，预付款分别约为$145,000和$216,000，其中包括对保险\n和其他各种供应商的预付款。

库存，净额

我们按成本（使用特定批次识别和先进先出法的组合确定）或可变现净值中的较低者对库存进行估值。管理层会定期审查库存是否过多或过时。在评估库存时，管理层会考虑库存数量、实物状况和技术功能，因为这些特性可能受到现有产品预期客户需求和新产品推出的影响。根据此评估调整库存准备金，并在销售成本中确认相应的准备金。异常的闲置设施费用、运费、装卸成本和浪费的材料作为当期费用确认。固定生产间接费用的分摊基于生产设施的正常产能。

净库存由以下大致组成：

净库存表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026年8月31日			2026年5月31日
原材料	$	1,089,000			$	1,054,000
在制品		648,000				868,000
产成品		267,000				179,000
总毛库存		2,004,000				2,101,000
库存准备金		(370,000	)			(394,000	)
净\n 库存	$	1,634,000			$	1,707,000

为将滞销库存减少至估计的可变现净值或专门为滞销库存预留，会根据需要确认库存滞销准备金。截至2026年8月31日和2026年5月31日，库存准备金分别约为$370,000和$394,000。

固定资产，净额

固定资产按成本列示。新增和重大改进的支出予以资本化。修理和维护费用在发生时计入运营费用。当固定资产出售、报废或以其他方式处置时，相关成本和累计折旧或摊销从账簿中注销，并将出售、报废和处置产生的损益计入收入。

折旧和摊销按相关资产的预计使用寿命计提，范围为5至10年，采用直线法。租入改良资产按资产的预计使用寿命或租赁期限的较短者进行摊销。与固定资产相关的折旧和摊销费用，截至2026年8月31日和2025年8月31日的三个月内分别约为$10,000和$15,000。

无形资产，净额

无形资产包括商标、产品权利、技术权利和专利，并按照ASC 350，无形资产—商誉\n和其他进行核算。具有无限使用寿命的无形资产不进行摊销，但每年进行减值测试，或在发生事件或情况变化表明资产可能减值时更频繁地进行测试。

使用寿命有限的无形资产按直线法在其预计使用寿命内摊销，最长不超过18年，用于市场和分销权，以及10年用于购买的技术权。专利按其各自预计使用寿命摊销，平均约为15年。截至2026年8月31日和2025年8月31日的三个月内，摊销费用约为5,000美元。如果管理层认为事件或情况变化表明该资产可能减值，则对无形资产进行减值测试。

我们根据ASC 360评估使用寿命有限的无形资产的可收回性，通过确定相关资产组的账面价值是否可以通过预计的未折现未来现金流收回。如果账面金额不可收回，则按账面金额超过公允价值的金额确认减值损失。

截至2026年8月31日和2025年8月31日的三个月内，未确认任何减值费用。

投资

我们向一家私营波兰经销商进行了投资，该经销商主要负责医疗产品和设备的分销，包括我们销售产品的分销。我们向波兰经销商投资了约165,000美元，并拥有该波兰经销商约6%的股份。

我们无法对非上市且未合并实体中的权益进行重大影响时，按照ASC 321中的计量替代方法，以初始成本减去任何减值，加上或减去由于相同发行人相同或类似证券的有序交易中可观测价格变化引起的变动进行核算。收到的股息计入股息、利息和其他收入。

当事件或情况变化表明权益投资的账面价值可能无法收回时，我们会评估我们的权益投资是否减值。管理层在2026年8月31日审查了权益投资的底层净资产，并确定我们对该实体的按比例经济利益表明该权益投资未发生减值。在截至2026年8月31日和2025年8月31日的三个月内，相同发行人相同或类似证券的有序交易中没有可观测的价格变化。

在2026年5月29日，我们签订了一份SPA，将我们在Diagnosis S.A.的全部投资以总计500,000美元的价格出售，这是一项涉及我们首席执行官和其他购买者的关联交易。在截至2026年5月31日的财年内，我们将该投资的账面价值从约165,000美元增加到500,000美元，并根据已执行的SPA确认了约335,000美元的未实现持有收益。在完成适用的股份转让和波兰法律规定的必要程序之前，我们收到了500,000美元现金，并向我们的首席执行官签发了一张有担保的定期本票。该本票年利率为8%，于2027年5月29日到期，并以我们在Diagnosis S.A.股份中的权利和利益作为担保。截至2026年8月31日，股份转让尚未完成，我们继续确认该投资和相关的应付票据。股份转让仍在进行中，需完成适用的波兰法律规定的必要程序。

截至2026年8月31日，我们在Diagnosis S.A.的投资账面价值约为500,000美元。累计上调金额约为335,000美元，且截至2026年8月31日，累计未确认任何减值或下调。

基于股份的薪酬

我们遵循ASC 718《基于股份的薪酬》的指导，该指导要求使用公允价值法来确定所有安排下的薪酬，这些安排中员工和其他人获得股票或股权工具。限制性股票奖励在授予日按我们普通股的公允价值计量。每项期权奖励的公允价值在授予日使用Black-Scholes期权定价模型进行估算，假设包括预期波动率、预期股息、预期期限和无风险利率。我们历史上没有支付过股息，也不预计在可预见的未来支付股息。预期波动率基于我们普通股历史波动率的加权平均值，该波动率在期权的预期期限内估算。预期失效率为基于历史失效情况确定。授予的期权的预期期限使用“简化方法”得出，该方法将预期期限计算为行权期限和合同期限之和的平均值，因为历史上我们期权的行权活动有限。无风险利率基于授予时的美国国债收益率曲线，对应于预期期限的期间。奖励的授予日公允价值按照直线归属法确认。

以下摘要列示了截至2026年8月31日三个月内授予、行权、到期、取消和未行权的期权情况：

期权活动摘要

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	期权股数			加权平均行权价格
截至2026年5月31日的期权未行权		454,384			$	16.88
取消或到期的期权		(25,001	)			10.64
截至2026年8月31日的期权未行权		429,383			$	17.24
截至2026年8月31日已行权或可行使的期权		284,394			$	24.14

截至2026年8月31日的三个月内，我们确认了约40,000美元与股票期权相关的基于股票的薪酬费用，而截至2025年8月31日的三个月内为约74,000美元。

截至2026年8月31日的三个月内，我们还根据咨询协议发行了10,000股普通股。这些股票的总公允价值约为21,000美元，已确认为基于股票的薪酬费用。截至2025年8月31日的三个月内，未因咨询服务发行任何股票。

以下摘要列示了截至2026年8月31日的三个月内授予、归属、失效和未归属的限制性股票奖励：

RSU活动表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	限制性 \n 股票奖励		加权平均 \n 授予日公允价值
截至2026年5月31日未归属的限制性股票奖励		168,437		$	2.57
授予		-			-
归属		-			-
截至2026年8月31日未归属的限制性股票奖励		168,437		$	2.57

截至2026年8月31日的三个月内，我们确认了约73,000美元与限制性股票奖励相关的基于股票的薪酬费用，而截至2025年8月31日的三个月内为约59,000 美元。

收入确认

我们与客户有各种合同，这些合同规定了根据交易性质确认收入。

产品销售的收入在产品发出时确认，通常为“离岸价”（FOB）装运点，此时货物的控制权转移且所有权转让给客户。这适用于向国内和国际经销商（包括医院、临床实验室、医学研究机构、医学院和制药公司）销售的临床实验室产品。非处方药（OTC）产品直接销售给电商平台客户和经销商，而医生办公室产品销售给医生和经销商。我们通常不允许退货，除非商品有缺陷，因此不设立退货准备金。此外，我们与客户提供合同，根据达到指定销售量提供购买折扣。这些合同会定期评估，我们不预计在合同期间内提供任何折扣。

对于直接销售给患者或需要第三方CLIA认证实验室处理的医生办公室的诊断检测服务，我们在实验室完成检测结果后确认收入。

对于与合同制造相关的服务，收入在服务完成时确认。对于某些合同，收入在服务进行过程中按完成进度确认。

截至2026年8月31日，我们有约47,000美元来自国内客户的预付款，这些是未来发货订单的预付款。

收入的分解：

以下为根据产品销售市场划分的收入明细：

拆分收入\n日程

\n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026		2025
	截至8月31日的三个月
	2026		2025
临床实验室	$	775,000		$	1,024,000
非处方		291,000			161,000
合同制造		197,000			192,000
医生办公室		2,000			3,000
总计	$	1,265,000		$	1,380,000

有关地理收入集中情况的更多信息，请参见\n第4号注释。

运输和处理费用

我们将向客户收取的运输和处理费用计入净销售额。

研究与开发

研究\n和开发费用在发生时计入费用。我们在截至2026年8月31日和2025年8月31日的三个月内分别确认了约$206,000和$212,000的研究和开发费用。

所得税

截至2026年8月31日和2025年8月31日的三个月内，我们分别确认了约$6,000和$3,000的所得税费用。这些费用包括州最低税和杂项外国税。

在截至2026年8月31日的三个月内，我们出现了净经营亏损（“NOL”），这为NOL结转产生了递延税资产。\n递延所得税资产和负债是根据财务报表和应税账面价值之间的暂时性差异，使用预计在这些差异预期转回时适用的既定税率确认的。由于我们未来产生应税收入的能力存在不确定性，因此我们确定很可能无法实现这些递延所得税资产。因此，截至2026年8月31日，我们对公司的净递延所得税资产保持了全额的减值准备。

我们的政策是将与未确认的税务利益相关的任何利息和罚款作为所得税费用的一部分进行确认。截至2026年8月31日，我们没有与不确定的税务立场相关的累计利息或罚款。

广告费用

我们将广告费用在发生当期作为费用进行报告。截至2026年8月31日和2025年8月31日的三个月内，广告费用分别约为$8,000和$9,000。

外币折算

我们的墨西哥子公司Biomerica\nde Mexico主要使用墨西哥比索运营。我们的德国子公司BioEurope GmbH主要使用美元运营，仅有少量交易以欧元进行。因此，这些子公司的资产和负债使用期末的汇率进行折算，收入和成本使用期间的平均汇率进行折算。资产和负债的折算调整作为累计其他综合损失的一个单独组成部分列示。截至2026年8月31日和2025年8月31日的三个月内，没有包含在简明合并损益表和综合损失表中的外币交易。

使用权资产和租赁负债

我们根据 ASC 842，租赁准则对租赁进行核算。我们租赁办公空间和复印机，所有这些都是经营租赁。大多数租赁都包含续租选项，续租选项的行使完全由我们自行决定。在合理确定会行使的情况下，租赁的展期或终止选项会被考虑在租赁期限内。我们的租赁不包含购买租赁资产的选项。资产和租赁改良的可折旧寿命受预期租赁期限的限制。

每股净收益（净亏损）

基本每股净收益（净亏损）是根据净收益（净亏损）除以当期加权平均流通普通股股数计算得出的。稀释每股净收益反映了由于限制性股票单位的行权以及股票期权和认股权证的行使可能产生的潜在稀释效应，以及使用库存股票方法的可转换证券的潜在稀释效应。以下可能产生稀释的证券未被计入稀释每股净收益的计算，因为它们的影响将是反稀释的：

\n \n \n \n \n \n \n \n \n \n \n

	●	截至2026年8月31日和2025年8月31日的股票期权分别为429,383和413,146；以及
	●	截至2026年8月31日和2025年8月31日的限制性股票单位分别为168,437和96,875

分部报告

我们根据内部报告的财务信息由首席运营决策者（“CODM”）审查的方式定义我们的分部，以分析财务表现、做出决策和分配资源。我们作为单一运营和报告分部管理我们的业务，专注于诊断产品的开发、制造、营销和销售。由于所有重要的财务信息都包含在合并结果中，我们已确定一个报告分部。CODM使用净收益（净亏损）和现金流量信息来评估表现，包括在预算和预测过程中详细的成本信息，并在做出关于运营和资本资源分配的决策时定期考虑预算与实际的差异。\n我们根据合并财务报表中报告的净收益（净亏损）来衡量分部的利润或亏损。

分部报告中使用的会计政策与重要会计政策摘要中描述的相同。\n我们的CODM是首席执行官。

近期会计准则

2024年11月，FASB发布了ASU 2024-03，“收益表—全面收益披露—费用分解披露（子主题220-40）”。该ASU包括增强的披露要求，通过要求详细披露特定费用（如存货采购、员工薪酬、折旧和无形资产摊销）来加强财务报表的透明度。ASU 2024-03适用于2026年12月15日之后开始的年度报告期间，以及2027年12月15日之后开始的年度报告期间内的中期报告期间。允许提前采用。我们目前正在评估采用该公告对我们财务报表和披露的影响。

2025年7月，FASB发布了更新ASU 2025-05，“金融工具—信用损失（主题326）：应收账款和合同资产的信用损失计量”。该ASU提供了针对性的修正，以澄清应收账款和合同资产预期信用损失的计量，并为某些实体引入了实用便利措施和相关会计政策选择。修正案适用于2025年12月15日之后开始的年度报告期间，包括这些年度报告期间内的中期报告期间，允许提前采用。我们于2026年6月1日开始采用ASU 2025-05。该采用对我们的合并财务报表或相关披露没有重大影响。

2025年12月，FASB发布了更新ASU 2025-11，“中期报告（主题270）：狭义改进”。该ASU通过整合主题270内的披露要求，并引入一项披露原则，要求实体披露在最近一次年度报告期之后发生的、预计会对实体财务状况或经营成果产生重大影响的事件和变化，从而澄清并改进现有的中期报告指导。该ASU并未对确认或计量指导引入重大变化。本更新中的修正案适用于2027年12月15日之后开始的年度报告期间内的中期报告期间，允许提前采用。我们目前正在评估采用该公告对我们财务报表和披露的影响。

注\n3：股东权益

2023年9月28日，我们提交了备用注册声明，允许我们发行价值高达20,000,000美元的普通股股份。根据备用注册声明，我们的普通股股份可在其初始生效日期起的三年内不定期出售。2024年5月10日，我们向SEC提交了备用注册声明的招股说明书补充文件。该招股说明书补充文件旨在促进通过2024年ATM发行计划出售高达5,500,000美元的普通股。备用注册声明于2026年9月29日满三年。有关提交替代备用注册声明的信息，请参见注释7。

在截至2026年8月31日的三个月内，我们未根据2024年ATM发行计划出售任何普通股股份。

2026年8月26日，我们根据与合格投资者签订的SPA完成了私募发行，以每股1.60美元的价格发行了1,393,705股普通股，这带来了约2,231,000美元的毛收入，扣除约111,000美元的法律和其他发行成本后，我们获得的净收入为2,120,000美元。约111,000美元的发行成本截至2026年8月31日已计提但尚未支付。因此，毛收入以现金形式收到，而发行成本减少了记录的净股权收入。

注4：地理信息

我们作为一个业务分部运营。有关净销售额的地理信息如下所示：

地理信息表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026年8月31日止的三个月
	2026		2025
来自独立客户的销售收入：
亚洲	$	467,000		37	%	$	670,000	49	%
北美		379,000		30	%		318,000	23	%
欧洲		284,000		22	%		305,000	22	%
中东		135,000		11	%		85,000	6	%
南美洲		-		0	%		2,000	0	%
总计	$	1,265,000				$	1,380,000

截至2026年8月31日和2026年5月31日，我们约559,000美元和517,000美元的毛存货分别位于墨西哥墨西卡利。

截至2026年8月31日和2026年5月31日，我们约6,000美元和8,000美元的固定资产（扣除累计折旧和摊销）分别位于墨西哥墨西卡利。

注5：租赁

我们在加利福尼亚州欧文和墨西哥墨西卡利租赁设施。

截至2026年8月31日，我们在加利福尼亚州欧文17571 Von Karman Avenue的公司总部租赁了约22,000平方英尺的办公空间，自2009年以来一直租赁该设施。该设施包括行政、研发、部分制造、运输和库存存储。2026年5月，我们行使了额外的五年延期选项，并与房东签订了租赁延期协议，将租赁期限延长五年，自2026年9月1日起，至2031年8月31日止。延长后的租赁期限开始时的月基本租金约为28,400美元，并在租赁期内有计划的增加。

在2016年11月，我们的墨西哥子公司Biomerica de Mexico签订了一份为期10年的租赁协议，租赁位于墨西哥墨西卡利约8,100平方英尺的制造空间。租赁协议包含再续租10年的选择权。截至2026年5月31日，管理层确定续租选择权很可能行使，因此，额外的10年续租期被纳入用于衡量相关使用权资产和租赁负债的租赁期限。截至2026年8月31日，与房东正式确认续租的文件尚未签署。当前租金约为每月4,300美元。Biomerica de Mexico还以月租方式租赁了一个较小的单元，用于一个制造过程。

此外，我们以月租方式租赁了位于德国林道的一间小办公室，作为我们德国子公司BioEurope GmbH的总部。

在确定直线租金费用时，租赁期从我们首次占用设施的日期开始计算，包括任何免租期以及我们有合理把握会行使的续租选择期。我们的办公室和设备租赁通常有合同规定的最低租金，年度租金增加将计入使用权资产和相关租赁负债的计量中。此外，在这些租赁安排下，我们可能需要直接支付或向出租人报销某些维护和运营成本。这些金额通常是可变的，因此不计入使用权资产和相关租赁负债的计量，而是在发生时作为可变租赁费用计入合并损益表和综合损失表。

下表列示了截至2026年8月31日和2025年8月31日三个月内的运营租赁信息：

运营租赁一览表

\n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026		2025
	截至8月31日的三个月
	2026		2025
运营租赁费用	$	104,000		$	88,000
可变租赁费用		2,000			3,000
短期租赁费用		1,000			-
总租赁费用	$	107,000		$	91,000

截至2026年8月31日的运营租赁负债到期情况如下：

截至5月31日的年度：

未来最低租赁付款一览表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	运营租赁
2027年（不包括截至2026年8月31日的三个月）	$	392,000
2028		406,000
2029		420,000
2030		434,000
2031		450,000
此后		266,000
总最低未来租赁付款		2,368,000
减：隐含利息		542,000
总运营租赁负债	$	1,826,000

下表总结了截至2026年8月31日和2025年8月31日三个月内的其他补充租赁信息：

其他补充租赁信息一览表

\n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026			2025
	截至8月31日的三个月
	2026			2025
支付的运营租赁负债现金	$	98,000			$	92,000
加权平均剩余租赁期限（年）		5.98				1.02
加权平均折现率		9.00	%			5.78	%

我们还有各种对办公设备的不重要租赁。

注6：承诺与或有事项

诉讼

我们偶尔会涉及与日常业务相关的法律诉讼、索赔和诉讼。截至2026年8月31日，没有重大法律诉讼正在进行。

注7：期后事项

On\nSeptember 24, 2026, we filed a registration statement on Form S-3 with the SEC covering the resale by selling stockholders of up to 1,403,705\nshares of our common stock, consisting of 1,393,705\nshares issued in the August 2026 private placement (the “Private Placement”) and 10,000\nshares issued pursuant to a consulting agreement. We will not receive any proceeds from sales of these shares by the selling\nstockholders. The resale registration statement was filed pursuant to a Registration Rights Agreement entered into with the\ninvestors in connection with the Private Placement, which closed on August 26, 2026, under which we agreed to file a registration\nstatement with the SEC covering the resale of the shares issued in the Private Placement and to use commercially reasonable efforts\nto cause it to become effective and remain effective for the periods specified therein.

On\nSeptember 24, 2026, we also filed a replacement shelf registration statement on Form S-3 with the SEC covering the offer and sale from\ntime to time of common stock, preferred stock, debt securities and warrants with an aggregate offering price of up to $250,000,000, subject\nto applicable limitations under General Instruction I.B.6 of Form S-3.

Both registration statements were declared effective by the SEC on October 7, 2026.

ITEM\n2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You\nshould read the following discussion and analysis in conjunction with our unaudited condensed consolidated financial statements and the\naccompanying notes thereto included in Part I, Item 1 of this Report and the audited consolidated financial statements in our Annual\nReport on Form 10-K for the fiscal year ended May 31, 2026 (our “2026 Annual Report”).

FORWARD-LOOKING\nSTATEMENTS

This\nQuarterly Report on Form 10-Q (“Form 10-Q” or “Quarterly Report”) contains forward-looking statements within\nthe meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”),\nand Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements in this Quarterly\nReport, other than statements of historical facts, including, without limitation, statements regarding our strategy, future operations,\nfuture operating expenses, future financial position, future revenue, projected costs, prospects, plans, intentions, expectations, goals\nand objectives may be forward-looking statements. The forward-looking statements in this Quarterly Report do not constitute guarantees\nof future performance, and actual results could differ materially from those expressed or implied in any forward-looking statements.\nIn some cases, you can identify forward-looking statements by words such as “believe,” “expect,” “anticipate,”\n“contemplate,” “estimate,” “project,” “forecast,” “would,” “may,”\n“should,” “will,” “could,” “can,” “potential,” “possible,” “proposed,”\n“plan,” “develop,” “opportunity,” “intend,” “initiative,” “target,”\n“maintain,” “continue,” “strive,” “progress,” “aim,” or the negative of these\nterms or other comparable expressions.

Factors,\namong others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking\nstatement include:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	●	the\n ability to raise additional capital and continue as a going concern;
	●	the\n accuracy of our estimates regarding expenses, future revenue, capital requirements and the need for additional financing;
	●	the\n scope of protection we are able to establish and maintain for our intellectual property rights covering our products and technology;
	●	the\n ability to compete in our industry, including against competitors that have significantly greater financial, technical and marketing\n resources than we do;
	●	the\n ability to obtain and maintain government or regulatory certification in the countries and regions in which our products are sold;
	●	the\n ability to retain existing Centers for Medicare & Medicaid Services (“CMS”) payment rate and the Medicare Administrative\n Contractor claims approvals;
	●	the\n ability to maintain sales relationships with our key customers, distributors and other commercial partners;
	●	the\n impact of global economic, trade and political developments on our business, including tariffs and changes in international trade\n policies, inflation and interest rates, supply-chain disruptions, capital-market disruptions, government shutdowns, wars and geopolitical\n conflicts, economic sanctions and economic slowdowns or recessions, any of which could adversely affect our operations, costs, revenues,\n supply chain, the value of our common stock and our ability to access capital markets;
	●	the\n implementation of our business model and strategic plans for our business, products, and technology;
	●	the\n risks related to third parties asserting intellectual property infringement claims against us;
	●	the\n impact of numerous laws and regulations that apply to us and compliance with these laws and regulations, as they currently exist\n or as modified in the future;
	●	the\n risks related to product recalls, liability claims, and harm to patients or users of our products; and
	●	the\n ability to retain the continued service of our key personnel and to identify, hire, and retain additional qualified professionals.

Additional\nfactors that might cause actual results and our current expectations and projections to differ materially include, among other\nthings, those discussed in this Quarterly Report and under the section titled “Risk Factors” and elsewhere in our 2026\nAnnual Report and the other risks detailed from time to time in our reports and registration statements filed with the Securities\nand Exchange Commission (“SEC”). We intend that such forward-looking statements be subject to the safe harbors for such\nstatements. These forward-looking statements are based on the current beliefs and expectations of our management and speak only as\nof the date of this Quarterly Report or, in the case of documents referred to or incorporated by reference, the date of those\ndocuments. You should not place undue reliance on these forward-looking statements, which are subject to significant known and\nunknown risks, uncertainties and other factors, some of which are beyond our control and could materially affect results. If\nunderlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results may differ materially from\ncurrent expectations and projections.

Except\nas required by law, we do not undertake any obligation to revise or update publicly any forward-looking\nstatements, whether as a result of new information, future events or otherwise. If we do update one or more forward-looking statements,\nno inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

OVERVIEW

We\nare a global biomedical technology company that develops, patents, manufactures, and markets advanced diagnostic and therapeutic products.\nOur diagnostic test kits are used to analyze blood, urine, nasal, or fecal material from patients to aid in the diagnosis of diseases,\nfood intolerances, and other medical conditions. These tests detect and measure the presence and levels of specific bacteria, hormones,\nantibodies, antigens, and other substances that may exist in the human body at extremely low concentrations. Our products are designed\nto enhance patient outcomes and well-being while reducing total healthcare costs.

We\nsell our portfolio of diagnostic products worldwide, primarily to clinical laboratories and in point-of-care settings, including physicians’\noffices and OTC channels. We also provide contract development and manufacturing services to third parties that utilize\nthe technology underlying our products. In addition, we are commercializing our inFoods® IBS product through physician-directed and\nlaboratory-based channels, including third-party reimbursement pathways. Most of our products carry Conformité Européenne\n(“CE”) marking and/or are registered with regulatory agencies in various countries for diagnostic use, with several also\ncleared by the U.S. Food and Drug Administration (“FDA”) for sale in the United States.

TECHNOLOGICAL\nADVANCEMENTS AND PRODUCT DEVELOPMENT

Technological\nadvances in medical diagnostics have enabled diagnostic tests to be performed not only in clinical laboratories but also at home and\nat the point-of-care in physicians’ offices. We strive to develop and market diagnostic products that are accurate, utilize easily\nobtained patient specimens and, where appropriate, can be performed without complex instrumentation. Our rapid diagnostic test products\nfor home use (over-the-counter) and professional use, including physicians’ offices and clinics, help manage existing medical conditions\nand support early detection and diagnosis of specific diseases. Traditionally, such tests required the expertise of medical technologists\nand sophisticated equipment, with results often not available for days. We believe our rapid point-of-care tests, when properly used,\ncan be as accurate as laboratory tests.

RESEARCH\nAND DEVELOPMENT

We\ninvest resources in the research and development of new diagnostic products and technologies designed to address a range of medical conditions\nand unmet clinical needs. Our research and development activities include the development and optimization of immunoassays, enzyme-linked\nimmunosorbent assays (“ELISAs”), rapid diagnostic tests, and related diagnostic technologies. These products are either internally\ndeveloped or developed under contract for customers.

Our\nexperienced and highly trained technical personnel, including Ph.D. level scientists and other scientific and technical professionals,\nare engaged in new product development, product improvement, contract development projects, and technology transfer activities. Many\nmembers of our technical staff have extensive experience in diagnostic product development and manufacturing, including prior experience\nat large diagnostic companies. We also utilize our Scientific Advisory Board, which includes physicians and clinicians with relevant\nareas of expertise, to provide scientific and clinical input regarding certain product development programs and clinical studies.

inFoods®\nIBS COMMERCIALIZATION AND REIMBURSEMENT

A\nkey outcome from our research and development efforts is our patented diagnostic-guided therapy (“DGT”) product, developed\non the inFoods® technology platform. Our commercially available inFoods® IBS product is intended to inform a physician-directed\ndietary intervention for patients with irritable bowel syndrome (“IBS”). The inFoods® IBS product utilizes a blood test\nto identify patient-specific foods associated with heightened immunoreactivity. Eliminating the identified foods from the diet may help\nreduce IBS symptoms such as pain, bloating, diarrhea, cramping, and constipation.

We\ncontinue the phased commercialization of inFoods® IBS through physician-directed and laboratory-based channels, focusing primarily\non gastroenterology (“GI”) practices. We have also launched an AI-backed inFoods® IBS Trigger Food Navigator designed\nto help patients follow their personalized dietary plans through meal suggestions, ingredient substitutions and meal-planning tools.

Concurrently\nwith the phased commercialization of inFoods® IBS, we are pursuing distribution, partnership, and licensing opportunities with U.S. companies to support broader commercialization of\ninFoods® IBS. We may also pursue additional commercial relationships domestically and internationally.

The\nCMS established a national Medicare payment rate of $300 for inFoods®\nIBS under the Clinical Laboratory Fee Schedule, applicable to approved claims for dates of service beginning January 1, 2026. The applicable\nMedicare Administrative Contractor confirmed that claims for inFoods® IBS may be considered on an individual, claim-by-claim basis.\nOur partner laboratory began submitting Medicare claims after May 31, 2026 under the applicable CPT® Proprietary Laboratory Analyses\n(“PLA”) code. As of October 15, 2026, all initial valid claims processed had been paid at the full CMS payment rate of $300. We continue to expand Medicare billing availability to physicians who currently use or have previously used\ninFoods® IBS on a cash-pay basis, which we believe may support increased test utilization over time.

As\nof October 15, 2026, 32 customer locations had been set up for Medicare ordering, compared to 25 as of August 31, 2026. Of these locations,\n13 had placed Medicare-related orders, including nine locations that had placed multiple orders.

Following\nthe quarter ended August 31, 2026, Medicare-related test orders increased to 22 in September 2026, compared to 10 in August 2026, representing\na 120% increase and the highest monthly order volume recorded through September 2026. These metrics are used by management to monitor\nthe progress of the Company's commercialization efforts. Although these initial results indicate increased ordering activity, future\ntest volumes, reimbursement and revenue remain uncertain.

Claims\nare currently considered on an individual basis, and payment of any particular claim is not guaranteed. Establishment of a payment\nrate and payment of initial claims do not guarantee coverage, utilization, or payment of future claims. Revenue earned by Biomerica\nper test depends on the applicable commercial arrangements. As Medicare reimbursement progresses, we may pursue reimbursement with\nprivate payer insurance companies. We believe reduced out-of-pocket costs could support increased adoption and utilization\nof inFoods® IBS.

hp+detect™\nAND ESTABLISHED DIAGNOSTIC PRODUCTS

In\nDecember 2023 we received FDA 510(k) clearance for hp+detect™, a diagnostic test designed to detect Helicobacter pylori\n(“H. pylori”) bacteria in the gastrointestinal tract. The hp+detect™ test is marketed directly to laboratories and\nis intended to provide physicians and medical centers with a tool for diagnosing H. pylori infections and monitoring treatment\neffectiveness. In February 2026, hp+detect™ received registration from the United Kingdom Medicines and Healthcare products\nRegulatory Agency (“MHRA”). During fiscal 2026, we received our first commercial order for hp+detect™ from a large\nEuropean clinical laboratory chain for the United Kingdom market. We subsequently received several reorders from that\ncustomer. We continue to market hp+detect™ to laboratories in the United States and Europe and pursue opportunities for\nbroader commercial adoption.

We\ncontinue to balance revenue generated from our established diagnostic products and contract manufacturing services with investments in\nnewer diagnostic products, including inFoods® IBS and hp+detect™.

CONTRACT\nDEVELOPMENT AND MANUFACTURING

We\ncontinue to pursue contract development and manufacturing (“CDM”) opportunities that leverage our existing manufacturing,\nquality and technical infrastructure and may provide incremental revenue without requiring significant additional fixed infrastructure.

In\nMay 2026, we entered into a Master Services Agreement (“MSA”) with a life sciences company for the development of\nproprietary in vitro diagnostic assays. The MSA carries an initial contract development target fee of over $1,750,000, to be earned\non a milestone completion basis across multiple Statements of Work issued under the MSA over an estimated period of 19 to 25 months.\nDevelopment work will be performed at our FDA-registered, ISO 13485-certified facility in Irvine, California, utilizing existing\npersonnel, equipment, and infrastructure. The engagement is expected to require minimal incremental costs, and we believe it\nmay improve utilization of our existing manufacturing infrastructure and provide incremental revenue. As of the date of this\nreport, development work under the MSA is progressing in accordance with the applicable Statements of Work.

Revenue\nis recognized as the applicable performance obligations are satisfied in accordance with the revenue recognition policies described in\nthe accompanying financial statements. Contractual billing milestones may differ from the timing of revenue recognition.

OPERATIONS AND CAPITAL RESOURCES

We\ncontinue to manage operating expenses and allocate resources toward activities supporting commercialization, reimbursement, and revenue\ngeneration. See “Results of Operations” below for discussion of changes in revenue and operating expenses for the three months\nended August 31, 2026 compared with the prior-year period.

On August 26, 2026, we completed a private placement of 1,393,705\nshares of common stock at $1.60 per share, generating gross proceeds of approximately $2,231,000. We did not sell any shares under the\n2024 ATM Offering during the three months ended August 31, 2026. We continue to evaluate financing and strategic opportunities to support\nour operations and business objectives. See “Liquidity, Capital Resources, and Going Concern” below for a discussion of our\ncash flows, financing activities, funding requirements, and substantial doubt about our ability to continue as a going concern.

RESULTS\nOF OPERATIONS

Three\nmonths ended August 31, 2026

Net\nSales and Cost of Sales

The\nfollowing is a breakdown of revenues according to markets to which the products are sold:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Three Months Ended August 31,		Increase (Decrease)
	2026		2025			$		%
Clinical lab	$	775,000		$	1,024,000		$	(249,000	)	-24	%
Over-the-counter		291,000			161,000			130,000		81	%
Contract manufacturing		197,000			192,000			5,000		3	%
Physician’s office		2,000			3,000			(1,000	)	-33	%
Total	$	1,265,000		$	1,380,000		$	(115,000	)	-8	%

For\nthe three months ended August 31, 2026, our net sales were approximately $1,265,000, representing a decrease of $115,000, or 8%, compared\nto $1,380,000 for the three months ended August 31, 2025. The decrease was primarily attributable to lower clinical laboratory sales,\nreflecting variability in the timing and periodic nature of customer orders and requested shipment dates. Sales to certain international\ncustomers were also affected by delivery difficulties and higher freight costs associated with the ongoing Russia–Ukraine conflict.\nThese decreases were partially offset by higher OTC sales, primarily attributable to sales to a new\ncustomer.

Consolidated\ncost of sales for the three months ended August 31, 2026 was approximately $1,162,000, or 92% of net sales, compared to $956,000,\nor 69% of net sales, for the three months ended August 31, 2025, representing an increase of approximately $206,000, or 22%. The increase was primarily attributable to higher contract manufacturing\ncosts associated with project activity and mix, higher OTC product costs associated with increased sales and product mix, and higher other\ndirect costs reflecting production timing and inventory activity, partially offset by lower clinical laboratory product costs. Gross margin\ndecreased compared with the prior-year period, reflecting these factors and lower overall net sales.

Operating\nExpenses

The\nfollowing is a summary of operating expenses:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Three Months Ended August 31,
	2026		2025		Increase (Decrease)
	Operating Expense		As a % of Total Revenues		Operating Expense		As a % of Total Revenues	$			%
Selling, General and Administrative Expenses	$	1,124,000		89	%	$	1,330,000		96	%		$	(206,000	)	-15	%
Research and Development	$	206,000		16	%	$	212,000		15	%		$	(6,000	)	-3	%

Selling,\nGeneral, and Administrative

For\nthe three months ended August 31, 2026, consolidated selling, general, and administrative expenses were approximately $1,124,000,\ncompared to $1,330,000 for the three months ended August 31, 2025, representing a decrease of $206,000, or 15%. The decrease was primarily\nattributable to lower administrative outside-services expenses of approximately $110,000, reflecting the absence of professional service\nfees related to Employee Retention Credit (“ERC”) filings that were incurred in the same period of the prior year, and lower\npayroll related expenses across administrative and sales and marketing functions. Lower credit loss expense, share-based compensation\nexpense, and regulatory fees also contributed to the decrease. These decreases were partially offset by an increase in legal expenses\nof approximately $52,000.

Research\nand Development

For\nthe three months ended August 31, 2026, consolidated research and development (“R&D”) expenses were approximately $206,000,\ncompared to $212,000 for the three months ended August 31, 2025, representing a decrease of $6,000, or 3%. The decrease was primarily\nattributable to a reduction of approximately $16,000 in personnel-related costs allocated to R&D as employees devoted more time to\ncontract manufacturing projects. This decrease was partially offset by higher hp+detect™ expenses associated with inventory transferred\nfor use in R&D activities.

Dividend,\nInterest, and Other Income

For\nthe three months ended August 31, 2026, dividend, interest and other income was approximately $1,000, compared to $1,123,000 for the\nthree months ended August 31, 2025, representing a decrease of approximately $1,122,000. The decrease was primarily attributable to the\nabsence of the $1,100,000 ERC benefit recognized in the same period of the prior year\nin connection with a refund received from the Internal Revenue Service (“IRS”) on July 21, 2025.

Provision\nfor Income Taxes

For\nthe three months ended August 31, 2026 and 2025, the provision for income taxes was approximately $6,000 and $3,000, respectively. The\nincrease was primarily attributable to foreign income taxes. We continue to maintain a full valuation allowance against our net deferred\ntax assets.

LIQUIDITY,\nCAPITAL RESOURCES, AND GOING CONCERN

The\nfollowing table presents selected liquidity measures:

\n \n \n \n \n \n \n \n \n \n \n \n \n

	August 31, 2026		May 31, 2026
Cash and cash equivalents	$	2,733,000		$	1,308,000
Working capital including cash and cash equivalents	$	2,572,000		$	1,535,000

We\ncontinue to use cash in operating activities and depend on external financing to support our operations. The increase in cash during\nthe quarter primarily reflected proceeds from the Private Placement.

Our\nability to continue as a going concern within twelve months following the issuance date of these financial statements is influenced by\nseveral factors, including:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	●	Our\n need and ability to generate additional revenue from international opportunities and sales within the United States of existing products,\n and from our new product launches;
	●	Our\n need and ability to raise additional capital through equity and/or debt markets to meet current obligations and fund operations;
	●	Our\n capacity to manage operating expenses and maintain gross margins;
	●	Our\n ability to retain key employees and maintain critical operations; and
	●	Certain\n SEC regulations that limit the amount of capital we can raise through issuance of our equity.

These\nfactors raise substantial doubt about our ability to continue as a going concern within twelve months following the issuance date of\nthese financial statements. Our future viability depends on the successful execution of our strategic plans, securing additional near-term\nfinancing, and achieving profitable operations.

Management\nhas analyzed our cash flow requirements through October 2027 and beyond. Based on this analysis, we believe our current cash and cash\nequivalents are insufficient to meet our operating cash requirements and strategic growth objectives for the next twelve months.

During fiscal 2026, we entered into an MSA\nfor CDM services. The parties currently contemplate a multi-phase development program with initial target fees of approximately $1,750,000. Revenue and cash collections depend on performance under the\napplicable Statements of Work and related contractual terms.

On\nAugust 26, 2026, we completed a private placement with accredited investors, issuing 1,393,705\nshares of common stock at $1.60 per share and generating gross proceeds of approximately $2,231,000 and net proceeds of approximately\n$2,120,000 after deducting approximately $111,000 of legal fees and other offering costs. These offering costs were accrued and unpaid as of August 31, 2026. The gross proceeds from the Private Placement are reflected in our August 31, 2026 cash balance.

Management\nbelieves the Private Placement, together with our other strategic initiatives, may support near-term liquidity; however, there can be\nno assurance that these efforts will be sufficient to meet our capital requirements. We expect the proceeds of the Private Placement to strengthen our balance sheet, fund operations, and support our\nBoard of Directors’ ongoing evaluation of potential strategic opportunities, including partnerships and business combinations. There\ncan be no assurance that any such strategic opportunity will be completed.

To\naddress our capital needs and sustain operations through the next twelve months and beyond, we are actively pursuing strategies to increase\nsales, reduce expenses, sell non-core assets, seek additional financing through debt or equity, and seek other strategic alternatives.\nIf we are unable to generate sufficient cash flows from operations or obtain additional financing, we may be required to delay or reduce\ncertain operating activities and expenditures.

As\npart of our financing plan, on September 28, 2023, we filed the Shelf Registration Statement allowing us to issue up to $20,000,000 in\nshares of our common stock. On May 10, 2024, the Company filed a prospectus supplement to the Shelf Registration Statement on Form S-3.\nThis prospectus supplement was intended to facilitate the sale of up to $5,500,000 in common stock through the 2024 ATM Offering. We\ndid not sell any shares under the 2024 ATM Offering during the three months ended August 31, 2026.

On\nSeptember 24, 2026, subsequent to quarter-end, we filed a replacement shelf registration statement on Form S-3 registering up to\n$250,000,000 of common stock, preferred stock, debt securities and warrants, including unsold common stock carried forward from the\nShelf Registration Statement pursuant to Rule 415(a)(6). The replacement shelf registration statement was declared effective\nby the SEC on October 7, 2026. The replacement shelf registration statement does not represent committed financing. Our ability to raise capital under it is subject to applicable Form S-3 eligibility requirements and offering limitations, including General Instruction I.B.6, and\nmarket conditions.

We\nintend to use the net proceeds from any funds raised through the Private Placement and any future sales under the 2024 ATM\nOffering for general corporate purposes, including, but not limited to, sales and marketing activities, clinical studies and product\ndevelopment, acquisitions of assets, businesses, companies, or securities, capital expenditures, and working capital needs.

In\naddition, on May 29, 2026, we entered into a Securities Purchase Agreement to sell our investment in Diagnosis S.A. for an aggregate\npurchase price of $500,000 in a related-party transaction involving our Chief Executive Officer and other purchasers. Pending\ncompletion of the applicable share transfers and required procedures under Polish law, the purchasers advanced the $500,000 purchase\nprice to us in exchange for a secured promissory term note to our Chief Executive Officer. The note bears interest at 8% per annum, matures twelve months from May\n29, 2026, and is secured by our rights and interests in the Diagnosis S.A. shares. The arrangement is intended to facilitate the\nmonetization of this non-core investment while the applicable share-transfer process is completed. The share transfer remains in process, subject to completion of the applicable procedures required under Polish\nlaw.

In\nconnection with the Private Placement, we entered into a Registration Rights Agreement with the investors (the “RRA”), pursuant\nto which we agreed to file with the SEC a registration statement covering the resale of the shares issued in the Private Placement and\nto use commercially reasonable efforts to cause the registration statement to become effective and remain effective for the periods specified\ntherein. On September 24, 2026, we filed a resale registration statement registering 1,403,705 shares of our common stock, consisting\nof 1,393,705 shares issued in the Private Placement and 10,000 shares issued pursuant to a consulting agreement. We will not receive\nany proceeds from sales of these shares by the selling stockholders.

While\nwe are committed to addressing our capital needs and sustaining operations beyond the next year, there is no assurance that these efforts\nwill be successful or sufficient to meet our capital requirements. Our future viability depends on the successful execution of our strategic\nplans, securing additional financing, and achieving profitable operations.

Operating\nActivities

During\nthe three months ended August 31, 2026, net cash used in operating activities was approximately $802,000, primarily reflecting a net\nloss of $1,232,000, a $114,000 increase in accounts receivable, a $57,000 reduction in operating lease liabilities, and a $36,000 decrease\nin customer advances. These amounts were partially offset by net noncash adjustments of $191,000, a $216,000 increase in accounts payable\nand accrued expenses, a $60,000 increase in accrued compensation, and decreases of $97,000 in inventories, $71,000 in prepaid expenses\nand other current assets, and $2,000 in other assets. Net noncash adjustments included depreciation and amortization, provision for expected\ncredit losses, share-based compensation, and amortization of operating lease right-of-use\nassets, partially offset by a $24,000 reversal of inventory reserves.

During\nthe three months ended August 31, 2025, cash used in operating activities was approximately $268,000. The primary drivers of this cash\noutflow included an increase in accounts receivable of $512,000, a decrease in accrued compensation\nof $63,000, and a decrease in lease liability of $86,000. These were partially offset by a decrease in inventories of $10,000, a decrease\nin prepaid expenses of $87,000, and non-cash expenses of $280,000.

Investing\nActivities

During\nthe three months ended August 31, 2026 and 2025, there were no cash flows from investing activities.

Financing\nActivities

During\nthe three months ended August 31, 2026, net cash provided by financing activities was approximately $2,231,000, consisting of gross proceeds\nfrom the Private Placement. Offering-related costs of approximately $111,000 were accrued and unpaid as of August 31, 2026 and therefore\ndid not reduce financing cash flows during the quarter. During the three months ended August 31, 2025, net cash provided by financing\nactivities was approximately $920,000.

OFF\nBALANCE SHEET ARRANGEMENTS

There\nwere no off-balance sheet arrangements as of August 31, 2026.

CRITICAL\nACCOUNTING ESTIMATES

The preparation of our consolidated financial statements in accordance\nwith U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses.\nWe base our estimates on historical experience and other assumptions that we believe are reasonable under the circumstances. Actual results\nmay differ materially from these estimates.

Our critical accounting estimates primarily\nrelate to revenue recognition, inventory valuation and overhead allocation, expected credit losses on accounts receivable, and\nshare-based compensation. Revenue recognition for certain development arrangements requires estimates of progress toward completion,\nincluding technical progress and remaining performance efforts. Inventory valuation requires judgments regarding manufacturing\noverhead allocation and reserves for excess and obsolete inventory based on production activity, anticipated customer demand, and\ninventory utilization. Expected credit losses involve estimates of customer collectibility, while share-based compensation involves\nassumptions regarding expected volatility, expected term, and other valuation inputs. Changes in these assumptions could materially\naffect our financial condition or results of operations.

There have been no material changes to our critical\naccounting estimates during the three months ended August 31, 2026, compared with those discussed in our Annual Report on Form 10-K for\nthe fiscal year ended May 31, 2026 and the related consolidated financial statements and notes thereto.

ITEM\n3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We\nare a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this\nitem.

ITEM\n4. CONTROLS AND PROCEDURES

Our\nmanagement evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the\nExchange Act, as of the end of the period covered by this report. Our management recognizes that any controls and procedures, no matter\nhow well designed and operated, can provide only reasonable assurance of achieving their objectives, and management is required to apply\nits judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our disclosure controls and procedures\nhave been designed to provide reasonable assurance of achieving their objectives.

Based\non this evaluation as of August 31, 2026, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure\ncontrols and procedures were effective at the reasonable assurance level to ensure that information required to be disclosed in the reports\nwe file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the\nSEC’s rules and forms and (2) accumulated and communicated to our management, including our Principal Executive Officer and Principal\nFinancial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There\nwere no changes in our internal control over financial reporting during the quarter ended August 31, 2026 that materially affected, or\nthat are reasonably likely to materially affect, our internal control over financial reporting.

PART\nII. OTHER INFORMATION

ITEM\n1. LEGAL PROCEEDINGS

From\ntime to time, we are involved in legal proceedings, claims, and litigation arising in the ordinary course of business, which may impact\nour financial results.

As\nof August 31, 2026, there were no pending legal proceedings. However, the outcome of any future legal matters, claims, or litigation\ncould potentially have a material adverse effect on our quarterly or annual operating results or cash flows when resolved in subsequent\nperiods.

ITEM\n1A. RISK FACTORS

An\ninvestment in our common stock involves risks. Before making an investment decision, you should carefully consider all the information\nwithin this Quarterly Report, including the information contained in Part I, Item 2, “Management’s Discussion and Analysis\nof Financial Condition and Results of Operations,” as well as in our condensed consolidated financial statements and the related\nnotes contained in Part I, Item 1 within this Quarterly Report. In addition, you should carefully consider the risks and uncertainties\ndescribed in Part I, Item 1A, “Risk Factors,” of our 2026 Annual Report, as well as in our other public filings with the\nSEC. If any of the identified risks are realized, our business, results of operations, financial condition, liquidity, and prospects\ncould be materially and adversely affected. In that case, the trading price of our common stock may decline, and you could lose all or\npart of your investment. In addition, other risks of which we are currently unaware, or which we do not currently view as material, could\nhave a material adverse effect on our business, results of operations, financial condition, and prospects.

During\nthe three months ended August 31, 2026, there were no material changes to the risks and uncertainties described in Part I, Item 1A, “Risk\nFactors,” of our 2026 Annual Report.

ITEM\n5. OTHER INFORMATION

None.

ITEM\n6. EXHIBITS

The\nfollowing exhibits are filed or furnished as part of this quarterly report on Form 10-Q:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Exhibit \n No.		Description
\n 10.1		\n Securities Purchase Agreement, dated May 29, 2026, between the Company and the Buyers (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 4, 2026).

10.2		Securities Purchase Agreement, dated August 20, 2026, by and among Biomerica, Inc. and certain purchasers (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 26, 2026).

10.3		Registration Rights Agreement, dated August 20, 2026, by and among Biomerica, Inc. and certain purchasers (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on August 26, 2026).

31.1**		Certification Pursuant to Section 302 of the Sarbanes-Oxley Act — Zackary S. Irani

31.2**		Certification Pursuant to Section 302 of the Sarbanes-Oxley Act — Xiaoxuan Qu \n
32.1**		Certification Pursuant to Section 906 of the Sarbanes-Oxley Act — Zackary S. Irani

32.2**		Certification Pursuant to Section 906 of the Sarbanes-Oxley Act — Xiaoxuan Qu

101\nInteractive data files pursuant to Rule 405 Regulation S-T, as follows:

101.INS-XBRL\nInstance Document

101.SCH-XBRL\nTaxonomy Extension Schema Document

101.CAL-XBRL\nTaxonomy Extension Calculation Linkbase Document

101.DEF–XBRL\nTaxonomy Extension Definition Linkbase Document

101.LAB-XBRL\nTaxonomy Extension Label Linkbase Document

101.PRE-XBRL\nTaxonomy Extension Presentation Linkbase Document

104\nCover Page Interactive Data File (formatted as inline XBRL and contained in Exhibits 101)

*\nFiled herein.

**\nFiled herewith.

SIGNATURES

Pursuant\nto the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by\nthe undersigned thereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	BIOMERICA,\n INC.

Date:\n October 15, 2026

	By:\n	/S/\n Zackary S. Irani
		Zackary\n S. Irani
		Chief\n Executive Officer
		(Principal\n Executive Officer)

Date:\nOctober 15, 2026
	By:\n	/S/\n Xiaoxuan Qu
		Xiaoxuan\n Qu \n VP\n of Finance and Controller \n (Principal\n Financial Officer; Principal Accounting Officer)

","original","zhKind","translation","complete",false,"BMRA","公司与财报","宏观与美联储","政策与监管","其他","观点与解读","行业与主题","aihot","/items/ipgly87q9zqyqhv8r0sgb9k6m","https://www.sec.gov/Archives/edgar/data/73290/000149315226047271/0001493152-26-047271-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1792281600&sig=7e2c0b2887bde829","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1792281600&sig=4a4e737d69fc85ba 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1792281600&sig=f06d97a3bb025478 96w","changelogVersion","2026-10-01T08:00"]