[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"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","wv9mv9ka5xpfog1v9vb862w4b","revision",3,"title","Bone Biologics公布截至2026年9月30日季度及前九个月业绩，并披露持续经营疑虑与纳斯达克合规风险","originalTitle","Bone Biologics Corp (0001419554) (Filer)","summary","Bone Biologics截至2026年9月30日的前九个月无收入，净亏损2,157,341美元，经营活动净现金流出1,854,997美元；公司称预计未来12个月经营支出600万美元，现有现金预计支持运营至2027年第二季度，持续经营能力存在重大疑虑。","reason","节选披露公司无收入、持续经营存在重大疑虑，并面临融资限制及纳斯达克最低买价合规压力。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-26T21:00:57.000Z","discoveredAt","2026-10-26T23:11:09.312Z","timelineAt","category","ai-products","tags",[84,85,86,87,88],"stockSymbols",[83],"score",70,"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","f1OtJN3q6_No",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","5ac3911e-ed79-4ea3-b7b4-5781b98071f6","Bone Biologics披露亏损及持续经营风险",{"_73":74,"_16":75},"

美国
STATES

证券
和交易委员会

华盛顿
哥伦比亚特区 20549

表格
10-Q

（勾选
一项）

☒
根据《1934年证券交易法》第13或15(d)条提交的季度报告

截至
季度期间结束于 2026年9月30日

☐
根据《1934年证券交易法》第13或15(d)条提交的过渡报告

过渡期间自 _________ 至 _________

委员会
档案编号 001-40899

Bone
Biologics Corporation

（注册人章程中所列的确切名称）

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

特拉华州

42-1743430

（州
或其他司法管辖区）

（美国国税局
雇主

识别
号码）

2 Burlington Woods Drive，Ste 100，Burlington，MA 01803

（主要行政办公室地址及邮政编码）

(781)\n552-4452

（注册人电话号码，包括区号）

根据该法第12(b)条注册的证券：

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

各类别名称		交易代码		上市交易所名称
普通股，每股面值 $0.001		BBLG		纳斯达克资本市场

请勾选说明注册人是否 (1) 已在此前12个月（或注册人被要求提交此类报告的较短期间内）提交《1934年证券交易法》第13或15(d)条规定须提交的所有报告；以及 (2) 在过去90天内一直受此类提交要求约束。

☒
是 ☐ 否

请勾选说明注册人是否在此前12个月（或注册人被要求提交并发布此类文件的较短期间内），已通过电子方式提交根据 S-T 条例第405条（本章第232.405条）须提交的所有交互式数据文件。

☒
是 ☐ 否

请勾选说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小报告公司还是新兴成长型公司。参见《交易法》第12b-2条中“大型加速申报公司”“加速申报公司”“较小报告公司”和“新兴成长型公司”的定义。

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

大型加速申报公司	☐	加速申报公司	☐
非加速申报公司	☒	较小报告公司	☒
		新兴成长型公司	☐

若为新兴成长型公司，请勾选说明注册人是否选择不采用《交易法》第13(a)条规定的、遵守任何新订或修订财务会计准则的延长过渡期。☐

请勾选说明注册人是否为空壳公司（定义见《交易法》第12b-2条）。

☐
是 ☒ 否

截至2026年10月26日，发行人面值为$0.001的普通股已发行3,389,057股。

Bone Biologics Corporation

- 目录 -

	页码
第一部分 – 财务信息：

第1项。财务报表。	F-1

简明合并财务报表

截至2026年9月30日（未经审计）和2025年12月31日的简明合并资产负债表	F-1

简明合并经营报表（未经审计）	F-2

简明合并股东权益表（未经审计）	F-3

简明合并现金流量表（未经审计）	F-5

简明合并财务报表附注	F-6

第2项。管理层对财务状况和经营业绩的讨论与分析	4

第3项。关于市场风险的定量和定性披露	7

第4项。控制与程序	7

第二部分 – 其他信息：	8

第1项。法律诉讼	8

第1A项。风险因素	8

第2项。未注册的股权证券销售及所得款项用途	9

第3项。优先证券违约	9

第4项。矿山安全披露	9

第5项。其他信息	9

第6项。附件	10

签名	11

关于前瞻性陈述的说明

本10-Q表季度报告（本“10-Q表”）包含前瞻性陈述。此类前瞻性陈述包括表达计划、预期、意图、应变安排、目标、指标或未来发展和/或其他非历史事实的陈述。这些前瞻性陈述基于我们对未来事件的当前预期和预测，并受到已知和未知风险及不确定因素的影响，这些因素可能导致实际结果和发展与此类陈述中表达或暗示的内容存在重大差异。这些前瞻性陈述受到多项风险、不确定因素和假设的影响。有关公司面临的部分风险和不确定因素的更详细清单，请参阅我们截至2025年12月31日财年的10-K表年度报告，该报告于2026年3月2日提交给证券交易委员会（“SEC”），以及随后向SEC提交的10-Q表季度报告或其他报告。

本报告中除历史事实外的所有陈述，包括有关我们未来财务状况、资本支出、现金流、业务战略和计划以及管理层未来运营目标的陈述，均为前瞻性陈述。“预计”“相信”“预期”“未来”“计划”“估计”“能够”“可能”“或许”“将”“会”等词语及类似表达旨在标识前瞻性陈述。这些陈述包括但不限于有关未来运营、未来资本支出和未来净现金流的信息。此类陈述反映了管理层对未来事件和财务业绩的当前看法，并涉及风险和不确定性，包括但不限于：我们筹集额外资金以支持运营的能力；通货膨胀、利率上升、政府对此的应对措施及由此可能造成的经济衰退；获得美国食品药品监督管理局及其他监管机构批准上市我们的药品和生物制品；成功完成临床试验；获得监管批准上市我们的主要产品 NELL-1/DBM 的能力；专利申请的成功与否；我们对药品第三方制造商的依赖；市场对我们产品的接受程度；我们对某些产品许可的依赖；我们对产品需求预期增长的依赖；产品责任和缺陷索赔风险；为我们的证券发展公开交易市场；以及其他各种事项，其中许多超出我们的控制范围。

如果上述一项或多项风险或不确定性发生，或基础假设被证明不正确，实际结果可能与预期、相信、估计或以其他方式表明的结果存在重大差异，且可能对我们不利。因此，本 10-Q 表格中的所有前瞻性陈述均受这些警示性陈述的限定，因此无法保证实际结果或进展。除法律要求外，我们不承担修订或公开发布对这些前瞻性陈述进行任何修订后的结果的义务。鉴于这些风险和不确定性，提醒读者不要过度依赖此类前瞻性陈述。

除非明确说明或上下文另有要求，本文件中的“公司”“我们”及“我们的”均指特拉华州公司 Bone Biologics Corporation 及其全资子公司，定义见本 10-Q 表格中“管理层讨论与分析”标题下的内容。

第一部分 – 财务信息

第 1 项。财务报表。

Bone Biologics Corporation

简明合并资产负债表

	9月30日， 2026			12月31日， 2025
	（未经审计）
资产

流动资产
现金	$	6,088,085			$	5,334,322
研发合同服务预付款		208,972				208,972
预付保险费		63,745				232,946
其他预付费用		10,000				10,000
递延发行成本		52,666				-
应收利息		8,977				9,895
流动资产总额		6,432,445				5,796,135
资产总额	$	6,432,445			$	5,796,135

负债和股东权益

流动负债
应付账款及应计费用	$	480,577			$	417,884
认股权证负债		198				703

流动负债总额		480,775				418,587
负债总额		480,775				418,587

承诺和或有事项

股东权益
优先股，每股面值 $0.001；20,000,000 股已授权；截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，均未发行或流通		-				-
普通股，每股面值 $0.001；100,000,000 股已授权；截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，分别发行并流通 3,389,057 股和 1,795,260 股		3,389				1,795
额外实缴资本		96,235,991				93,506,122
累计亏损		(90,287,710	)			(88,130,369	)

股东权益总额		5,951,670				5,377,548

负债和股东权益总额	$	6,432,445			$	5,796,135

请参阅简明合并财务报表附注。

F-1

Bone Biologics Corporation

简明合并经营报表

（未经审计）

	三个月截至 2026 年 9 月 30 日			三个月截至 2025 年 9 月 30 日			九个月截至 2026 年 9 月 30 日		九个月截至 2025 年 9 月 30 日

收入	$	-			$	-		$	-		$	-

运营费用
研发费用		242,569				187,808			692,914			802,994
一般及行政费用		423,771				527,466			1,586,587			1,698,843

运营费用总额		666,340				715,274			2,279,501			2,501,837

经营亏损		(666,340	)			(715,274	)		(2,279,501	)		(2,501,837	)

其他收入（费用）
认股权证负债公允价值变动		348				1,212			505			3,469
利息收入		48,341				47,325			121,655			74,020
其他收入总额		48,689				48,537			122,160			77,489

净亏损	$	(617,651	)		$	(666,737	)	$	(2,157,341	)	$	(2,424,348	)

加权平均流通股数——基本和稀释后		3,737,327				1,795,097			2,445,496			965,800

每股亏损——基本和稀释后	$	(0.17	)		$	(0.37	)	$	(0.88	)	$	(2.51	)

请参阅简明合并财务报表附注。

F-2

Bone Biologics Corporation

简明合并股东权益表

截至 2026 年 9 月 30 日的九个月

（未经审计）

	股份		金额			资本		权益	权益
	普通股		额外实缴			累计		股东权益总额
	股份		金额			资本		亏损	权益

2025 年 12 月 31 日余额		1,795,260		$	1,795		$	93,506,122	$	(88,130,369	)	$	5,377,548

已归属股票期权的公允价值		-			-			23,505		-			23,505

为结清应计奖金而发行的期权		-			-			34,854		-			34,854

净亏损		-			-			-		(765,988	)		(765,988	)

2026 年 3 月 31 日余额		1,795,260			1,795			93,564,481		(88,896,357	)		4,669,919

已归属股票期权的公允价值		-			-			8,253		-			8,253

通过 ATM 发行普通股，扣除成本 $2,090		15,120			15			20,165		-			20,180

净亏损		-			-			-		(773,702	)		(773,702	)

2026 年 6 月 30 日余额		1,810,380			1,810			93,592,899		(89,670,059	)		3,924,650

已归属股票期权的公允价值		-			-			3,425		-			3,425

私募发行预筹资认股权证和认股权证，扣除成本 $358,221		-			-			2,639,667		-			2,639,667

行使预筹资认股权证		1,578,677			1,579			-		-			1,579

净亏损		-			-			-		(617,651	)		(617,651	)

2026 年 9 月 30 日余额		3,389,057		$	3,389		$	96,235,991	$	(90,287,710	)	$	5,951,670

请参阅简明合并财务报表附注。

F-3

Bone Biologics Corporation

简明合并股东权益表

截至 2025 年 9 月 30 日的九个月

（未经审计）

	普通股		额外实缴			累计		股东权益总额
	股份		金额			资本		亏损		权益

2024 年 12 月 31 日余额		492,417		$	492		$	88,504,543		$	(85,021,378	)	$	3,483,657

已归属股票期权的公允价值		-			-			50,605			-			50,605

为结清应计奖金而发行的期权		-			-			46,183			-			46,183

通过 ATM 发行普通股，扣除成本 $13,029		52,843			53			347,496			-			347,549
通过 ATM 发行普通股，扣除成本		52,843			53			347,496			-			347,549

净亏损		-			-			-			(1,017,092	)		(1,017,092	)

2025 年 3 月 31 日余额		545,260			545			88,948,827			(86,038,470	)		2,910,902

已归属股票期权的公允价值		-			-			72,899			-			72,899

公开发行普通股、预筹资认股权证和认股权证的所得款项，扣除发行成本 $647,208		793,750			794			4,351,998			-			4,352,792

行使预筹资认股权证		346,250			346			(346	)		-			-

净亏损		-			-			-			(740,519	)		(740,519	)

2025 年 6 月 30 日余额		1,685,260			1,685			93,373,378			(86,778,989	)		6,596,074

已归属股票期权的公允价值		-			-			87,180			-			87,180

行使预筹资认股权证		110,000			110			(110	)		-			-

净亏损		-			-			-			(666,737	)		(666,737	)

2025 年 9 月 30 日余额		1,795,260		$	1,795		$	93,460,448		$	(87,445,726	)	$	6,016,517

请参阅随附的简明合并财务报表附注。

F-4

Bone Biologics Corporation

简明合并现金流量表

（未经审计）

	九个月截至 2026年9月30日			九个月截至 2025年9月30日

经营活动产生的现金流量
净亏损	$	(2,157,341	)		$	(2,424,348	)
将净亏损调节为经营活动所用现金净额：
已归属股票期权的股份支付——公允价值		35,183				210,684
认股权证负债公允价值变动		(505	)			(3,469	)
经营资产和负债变动：
研发合同服务预付款		-				37,773
预付保险费		169,201				196,750
应收利息		918				-
应付账款及应计费用		97,547				6,222

经营活动所用现金净额		(1,854,997	)			(1,976,388	)

融资活动产生的现金流量

通过ATM发行普通股所得款项，扣除成本		20,180				347,549
公开发行普通股、预付认股权证及认股权证所得款项，扣除发行费用		-				4,352,792
私募发行预付认股权证及认股权证所得款项，扣除发行费用		2,639,667				-
行使预付认股权证所得款项		1,579				-
递延发行费用		(52,666	)			-

融资活动提供的现金净额		2,608,760				4,700,341

现金净增加额		753,763				2,723,953

期初现金		5,334,322				3,325,131
期末现金	$	6,088,085			$	6,049,084

补充信息
已支付所得税	$	-			$	-
非现金投资和融资活动
为结算应计奖金而发行的期权	$	34,854			$	46,183

请参阅随附的简明合并财务报表附注。

F-5

Bone Biologics Corporation

未经审计简明合并财务报表附注

截至2026年和2025年9月30日的九个月

1.\n公司

Bone Biologics Corporation（“公司”）是一家医疗器械公司，目前专注于利用名为NELL-1的重组人蛋白促进脊柱融合中的骨再生。NELL-1与脱矿骨基质（DBM）结合，是一种骨形成促进性重组蛋白，可对骨再生进行靶向特异性控制。通过代表加州大学董事会（“UC Regents”）的UCLA技术开发集团（“UCLA TDG”）进行技术转让，NELL-1技术平台已独家授权给公司，用于全球应用。UCLA TDG和公司收到美国食品药品监督管理局（“FDA”）的指导意见，NELL-1/DBM将被归类为器械/药物组合产品，在美国商业化之前须提交并获得FDA批准的上市前审批（“PMA”）申请。

公司产品的生产和营销以及持续开展的研发活动受到美国众多政府机构的严格监管。在美国上市之前，公司开发的任何组合产品都必须接受严格的临床前（动物）和临床（人体）测试，并按照FDA依据《联邦食品、药品和化妆品法》实施的广泛监管审批流程办理。无法保证公司在临床试验中不会遇到导致公司或FDA推迟或暂停临床试验的问题。

公司的成功在一定程度上取决于其能否在美国及其他国家获得专利和产品许可权、维护商业秘密，并在经营中不侵犯他人的专有权利。无法保证授予公司或由公司许可的专利不会受到质疑、被宣告无效、被认定不可执行或被规避，也无法保证据此授予的权利能够为公司提供专有保护或竞争优势。

持续经营与流动性

公司没有显著的经营历史，自成立至2026年9月30日累计亏损约为$90.3 million。公司将继续为其主导产品 NELL-1/DBM 的开发活动产生大量费用。预计未来十二个月的运营支出为$6.0 million。随附的截至2026年9月30日止九个月的合并财务报表系在假设公司将持续经营的基础上编制。随附财务报表显示，公司在截至2026年9月30日止九个月内净亏损$2.2 million，经营活动使用的现金净额为$1.9 million。这些因素使人对公司在财务报表发布日后一年内持续经营的能力产生重大疑虑。此外，独立注册会计师事务所在其关于公司截至2025年12月31日止年度的10-K表年度报告所载财务报表的审计报告中，加入了解释性段落，说明对公司持续经营能力存在重大疑虑。合并财务报表未包括可能因公司无法持续经营而需要对已记录资产金额的可收回性及分类，或负债的金额及分类作出的任何调整。

F-6

截至2026年9月30日，公司持有现金$6.1 million。\n

预计可用现金将足以支持公司运营至2027年第二季度。

公司将继续尝试筹集额外债务和/或股权融资，以为未来运营提供资金并补充营运资金。但是，无法保证此类融资能够完成或获得足以满足公司需求的金额。如果现金资源不足以满足公司持续的现金需求，公司将被要求缩减或停止其产品开发计划，或在可获得资金的情况下（但对此不能作出任何保证）通过可能要求公司放弃其技术权利的战略联盟获得资金，或大幅缩减或完全停止运营。无法保证公司能够获得任何未来融资；即使能够获得，也无法保证融资条款令公司满意。

公司根据与 2026 年 7 月私募相关签订的证券购买协议，在筹集额外资本方面受到某些限制（见附注 5）。截至 2027 年 7 月 24 日，公司不得进行任何浮动利率交易，包括股权信贷额度或按市价发行（“ATM”）融资安排，但由 H.C. Wainwright & Co., LLC（“Wainwright”）担任销售代理的 ATM 安排项下的销售除外。在该日期之前，未经购买方同意，公司也不得进行反向股票拆分；但如果董事会善意认定，为维持公司普通股在 Nasdaq 上市而必须进行反向股票拆分，则不在此限。此外，根据与 Wainwright 签订的聘用协议，直至 2027 年 7 月，对于某些未来融资，Wainwright 拥有优先拒绝权，可担任公司的独家配售代理、承销商或顾问。ATM 安排项下的销售还受公司可根据其储架注册声明出售的金额限制，而该金额取决于非关联方持有的公司普通股市值。这些限制可能会妨碍公司以可接受的条件或所需金额筹集资本。无法保证公司在需要时能够获得额外融资，或能够以公司可接受的条件获得融资。

反向股票拆分

2025 年 6 月 5 日，公司向特拉华州州务卿提交了经修订及重述的公司注册证书的修正案（经修订），以对其已发行普通股和认股权证实施 1-for-6 反向股票拆分。该修正案经公司股东于 2025 年 5 月 30 日授权，并于 2025 年 6 月 10 日生效。

所有股份及每股金额均已追溯重列，视同反向股票拆分发生于所列最早期间的期初。

2. 重要会计政策摘要

列报基础

此处所载中期简明合并财务报表反映了所有重大调整（包括正常的经常性调整和重分类）；管理层认为，这些调整对于公允列报中期业绩是必要的。根据美国证券交易委员会（“SEC”）的规章制度，美国公认会计原则（“GAAP”）要求提供的某些信息和脚注披露已予以简化或省略。公司认为，所作披露足以确保所列信息不会产生误导。截至 2025 年 12 月 31 日的简明合并资产负债表信息源自公司于 2026 年 3 月 2 日向 SEC 提交的 10-K 表年度报告（“2025 年年度报告”）所载经审计合并财务报表。阅读本简明合并财务报表时，应结合公司 2025 年 12 月 31 日止年度的经审计财务报表及其附注；这些内容载于 2025 年年度报告。

截至2026年9月30日的九个月经营业绩不一定代表截至2026年12月31日的整个财政年度或任何其他期间的预期业绩。

分部信息

公司以一个分部运营和报告，专注于使用称为 NELL-1 的重组人蛋白促进脊柱融合中的骨再生。公司的经营分部按与提供给首席经营决策者（“CODM”）的内部报告一致的方式报告；该决策者为公司的首席执行官兼总裁（“CEO”）。

CODM 使用合并净利润（亏损）作为分部损益的唯一衡量指标。重要的分部费用包括研发、薪酬、保险和股份薪酬。其他分部费用包括经营业务所需的所有其余成本，主要包括外部专业服务和其他行政费用（见附注8）。

F-7

估计的使用

按照 GAAP 编制随附的简明合并财务报表，要求管理层作出某些估计和假设，这些估计和假设会影响合并财务报表日列报的资产和负债金额及或有资产和负债的披露，以及报告期内列报的费用金额。

重要估计包括用于潜在负债会计处理、权证负债估值、债务和权益工具估值、为服务而发行的股票期权和权证估值，以及公司递延所得税资产可实现性评估的假设。实际结果可能与这些估计不同。

宏观经济环境和地缘政治事件

公司还面临因宏观经济环境变化和地缘政治事件而产生的额外风险和不确定性。由于关税实施、通货膨胀、经济衰退风险以及其他国家持续发生的冲突等宏观经济和地缘政治事件，美国及全球金融市场经历了波动和动荡。此外，如果股票和信贷市场恶化，未来可能更难以优惠条件获得债务或股权融资，并可能对现有股东造成更大稀释。公司目前无法预测这些事件可能对公司及其合作方、员工、供应商、合同制造商和/或经销商造成何种程度的负面影响。

现金

现金主要包括存放在一家大型金融机构的银行活期存款。截至2026年9月30日，公司在美国银行持有590万美元的灵活定期存款账户资金。该存款到期日为2027年7月14日，可随时提取且不收取罚金。

公司的政策是将现金存放在信用评级较高的金融机构，并存入由联邦存款保险公司（“FDIC”）承保的账户。公司可能会定期在金融机构持有超过 FDIC 保险限额 $250,000 的现金余额。迄今为止，公司未因该政策遭受任何损失。

递延发行成本

递延发行成本包括直接归属于公司按市价发行（“ATM”）计划的法律、会计及其他费用。这些成本予以递延，并按股份根据 ATM 出售所收到的所得款项比例冲减额外实收资本。如果该计划终止或相关注册声明到期，任何剩余递延成本均计入费用。截至 2026 年 9 月 30 日，递延发行成本为 $52,666。

研发成本

研发成本包括但不限于薪资及其他人员费用、顾问费用、根据与合同研究和制造组织及动物临床研究场所签订的协议而发生的费用，以及临床试验材料的生产成本。研发成本通常在相关合同期限内按比例计入运营费用，除非里程碑达成、合同工作完成、协议终止或其他信息表明采用不同的费用确认进度更为恰当。但是，合同明确规定为不可退还的研发成本款项在发生时计入运营费用。

根据合同支付的款项最初在公司的合并资产负债表中记为研发合同服务预付款，并在提供相关合同服务时计入公司合并经营报表中的研发成本。合同项下发生的费用超过预付款的部分，在公司的合并资产负债表中记为研发合同负债，并在公司的合并经营报表中相应计入研发成本。公司每季度审查各项临床试验及研发合同的进展情况。

金融工具公允价值

会计准则要求在财务报表中按公允价值列报某些资产和负债，并提供了确定该公允价值的框架。公司将公允价值定义为在计量日，有序交易中市场参与者在该资产或负债的主要市场或最有利市场上出售资产可收取或转移负债需支付的交换价格（退出价格）。用于计量公允价值的估值技术必须最大限度地使用可观察输入值，并尽量减少使用不可观察输入值。公允价值层级基于可用于计量公允价值的三级输入值，其中前两级被视为可观察输入值，最后一级被视为不可观察输入值：

第 1 级：相同资产或负债在活跃市场中的报价。

Level 2：除 Level 1 之外可直接或间接观察到的输入，例如类似资产或负债的报价；非活跃市场中的报价；或在资产或负债几乎整个期限内可观察到或可由可观察市场数据佐证的其他输入。

Level 3：市场活动很少或没有市场活动支持的不可观察输入，且这些输入对资产或负债的公允价值具有重要影响，包括与某些购买普通股的认股权证相关的嵌入式衍生工具所产生的负债。

F-8

经常性计量的金融工具公允价值如下：

经常性计量的公允价值负债明细表

\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

描述	总计		Level 1		Level 2	Level 3
	截至 September 30, 2026
描述	总计		Level 1		Level 2	Level 3
负债：
认股权证负债	$	198		—		—	$	198
按公允价值计量的负债总额	$	198		—		—	$	198

下表列示了截至 September 30, 2026 的九个月期间，使用不可观察的 Level 3 输入按经常性基础计量的认股权证负债的公允价值变动情况：

使用不可观察的 Level 3 输入按经常性基础计量的认股权证负债明细表

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

	September 30, 2026
认股权证负债
期初余额 – December 31, 2025	$	703
公允价值变动		(505	)
截至 September 30, 2026 的余额	$	198

公司认为，某些金融工具（包括现金和应付账款）的账面金额因其短期性质而近似于其公允价值，因此未列入上述公允价值表。

股份支付

会计准则汇编（“ASC”）718《薪酬——股份支付》规定了适用于所有向员工和非员工进行的股份支付交易的会计和报告准则。此类交易包括承担负债，或发行或拟发行股票、期权及其他权益工具，例如员工持股计划和股票增值权。向员工进行的股份支付（包括授予员工股票期权）按其公允价值在合并财务报表中确认为薪酬费用。该费用在员工须提供服务以换取奖励的期间内确认，该期间称为必要服务期（通常为归属期）。非员工薪酬费用的确认期间和方式与公司以现金支付服务费用时相同。

认股权证

公司根据认股权证的具体条款及 ASC 480《区分负债与权益》（“ASC 480”）和 ASC 815《衍生工具与套期保值》（“ASC 815”）中的适用权威指引，对认股权证进行评估，并据此将其归类为权益类或负债类工具。评估会考虑认股权证是否属于 ASC 480 所指的独立金融工具、是否符合 ASC 480 对负债的定义，以及是否满足 ASC 815 下权益分类的所有要求，包括认股权证是否与公司的自身普通股挂钩，以及在公司无法控制的情形下，认股权证持有人是否可能要求“净额现金结算”，以及权益分类的其他条件。对于已发行或经修改且满足权益分类所有标准的认股权证，须在发行时作为额外实收资本的组成部分入账。对于已发行或经修改但未满足权益分类所有标准的认股权证，须归类为负债，并按发行日的初始公允价值入账，此后在每个资产负债表日重新计量公允价值。负债类认股权证估计公允价值的变动在每个资产负债表日确认为经营报表中的非现金收益或损失。

F-9

普通股每股净亏损

基本每股亏损的计算方法是：将归属于普通股股东的亏损除以该期间已发行普通股的加权平均数。自发行日起，可通过支付名义对价行权的预融资认股权证所对应的可发行股份计入已发行股份加权平均数。稀释每股亏损的计算方法与基本每股亏损类似，但分母增加了假设潜在普通股已发行时的额外普通股数量，前提是这些额外普通股具有稀释作用。稀释后普通股每股亏损反映了期权和认股权证若被行使或转换，或以其他方式导致发行普通股，而该等普通股随后参与该实体收益分配时可能产生的稀释影响。

由于未行使期权和认股权证具有反稀释作用，截至2026年和2025年9月30日止三个月和九个月的稀释后每股净亏损与基本每股净亏损相同。

下表列示截至2026年和2025年9月30日尚未行使的期权和认股权证所对应的普通股数量：

每股收益计算中排除的反稀释证券明细

\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
	9月30日，
	2026		2025
认股权证		7,105,942		2,884,037
股票期权		562,063		87,856
反稀释证券		7,668,005		2,971,893

上表未包括截至2026年9月30日尚未行使、可购买534,000股普通股的预融资认股权证；该等认股权证已计入基本每股加权平均股数。

集中度

截至2026年9月30日的九个月，研发成本包括来自三家供应商和顾问的费用，分别占研发成本总额的44%、25%和14%。截至2025年9月30日的九个月，研发成本包括来自四家供应商和顾问的费用，分别占研发成本总额的27%、23%、19%和12%。

截至2026年9月30日，应付账款及应计费用包括应付两家供应商的款项，分别占应付账款及应计费用总额的35%和21%。截至2025年12月31日，应付账款及应计费用包括应付两家供应商的款项，分别占应付账款及应计费用总额的24%和16%。

新会计准则

2024年11月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）2024-03《损益表——综合收益报告——费用细分披露（主题220-40）：损益表费用细分》。该ASU要求上市企业在中期和年度报告期间披露某些损益表费用类别的额外信息。该要求适用于2026年12月15日之后开始的财年，以及2027年12月15日之后开始的中期期间。实体可采用未来适用法或追溯法进行过渡。本公司正在评估采纳该ASU，以确定其对本公司披露的影响。

2024年11月，FASB发布了ASU 2024-04《含转换及其他选择权的债务（主题470-20）》。该ASU澄清了将债务工具结算作为诱导转换进行会计处理的相关要求。诱导转换是指公司通过变更条款诱使债务持有人将债务转换为股权，并涉及额外对价。该ASU的修订适用于所有实体，自2026年1月1日开始的年度报告期间及该等年度报告期间内的中期报告期间生效。采纳该ASU未对本公司的财务状况、经营业绩或现金流产生重大影响。

2025年12月，FASB发布了ASU第2025-11号《中期报告（主题270）：有限范围改进》，其中包括澄清主题270中期报告要求及其适用性的修订，并编入一项原则，要求披露自最近一个年度报告期间以来的重大事件和变化。该指引适用于本公司2027年12月15日之后开始的财年内的中期期间，允许提前采用。本公司正在评估采纳该ASU对其简明合并财务报表的影响。

F-10

公司管理层已评估截至这些财务报表提交日，FASB 或其他准则制定机构已发布或提议、但尚未生效的所有其他近期会计准则和指引，并认为未来采用任何此类公告不会对公司的财务状况和经营业绩产生重大影响。

3.\n研发

公司通过十多年来大量的实验室研究以及大小动物研究，开发了独立平台技术，以在广泛应用领域中实现当前应用；其中包括完成两项临床前绵羊研究，结果表明，我们的重组 NELL-1（“rhNELL-1”）生长因子可在系统发育进化程度较高的脊柱模型中有效促进骨形成。

2024 年，公司宣布在 NB1 骨移植装置的多中心、前瞻性、随机试点临床研究中对首批受试者进行治疗。NB1 是 NELL-1 蛋白与脱矿骨基质（DBM）的组合，可快速、特异性且可控地引导骨再生。

该试点临床研究将评估 NB1 在最多 30 名接受经椎间孔腰椎椎间融合术以治疗退行性椎间盘疾病（“DDD”）的成年受试者中的安全性和有效性、融合成功率、疼痛、功能改善及不良事件。受试者须患有 L2-S1 单节段 DDD，且在受累节段可伴有不超过 1 级的脊椎滑脱或椎体后滑脱。该研究在澳大利亚开展。FDA 骨科器械部门此前已在提交前沟通中审查并同意该研究设计，以支持推进至美国关键性临床试验。

公司已与合同制造组织（“CMO”）、合同研究组织及其他第三方签订多项与试点临床研究相关的协议。截至 2026 年和 2025 年 9 月 30 日的九个月期间，研发费用主要归因于针对公司主要候选产品开展的临床试验。截至 2026 年 9 月 30 日，这些协议项下预计剩余承诺金额约为 $114,987。

研发成本按发生地理区域汇总如下。

按地理区域划分的研发成本汇总

\n \n \n \n \n\n \n \n \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
	截至以下日期的九个月 9 月 30 日，
	2026		2025

美国	$	346,044		$	562,252
澳大利亚		332,621			240,742
新加坡		14,249			-
总计	$	692,914		$	802,994

4.\n认股权证负债

2022 年 10 月，公司在公开发行中发行了认股权证。认股权证的某些条款要求根据 ASC 815 将其分类为负债。认股权证在每个报告日使用 Black-Scholes 估值模型按公允价值重新计量，公允价值变动计入收益。

截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，认股权证负债的公允价值分别为 $198 和 $703。

F-11

5.\n股东权益

优先股

公司经修订及重述的公司注册证书授权公司发行总计 20,000,000 股优先股。尚未发行任何股份。

普通股

公司经修订及重述的公司注册证书授权公司发行总计 100,000,000 股普通股。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，公司发行在外的普通股总数分别为 3,389,057 股和 1,795,260 股。

2026 年 7 月私募配售

2026 年 7 月 9 日，根据日期为 2026 年 7 月 7 日的证券购买协议（“2026 年 7 月私募配售”），公司以每单位 $1.419 的购买价格向一名投资者出售了 2,112,677 个单位。每个单位由一份预付认股权证、一份 F 系列认股权证和一份 G 系列认股权证组成，每份认股权证均可购买一股普通股。公司获得总收益 $2,997,888，扣除发行费用 $358,221 后的净收益为 $2,639,667。与 2026 年 7 月私募配售相关，公司还向配售代理发行了可购买 126,761 股普通股的认股权证。

预付认股权证的行权价为每股 $0.001，可立即行权且无到期日。F 系列和 G 系列认股权证的行权价均为每股 $1.42，而配售代理认股权证的行权价为每股 $1.775。在股东批准发行相关股份后，这些认股权证于 2026 年 9 月 28 日开始可行权。F 系列和配售代理认股权证于 2031 年 9 月 28 日到期，而 G 系列认股权证于 2028 年 3 月 28 日到期。

除配售代理认股权证外，配售代理还获得相当于私募配售总收益 7.0% 的现金费用，以及相当于总收益 1.0% 的管理费。我们还向配售代理报销了 $35,000 的非责任费用，以及 $50,000 的法律费用和其他自付费用。

截至 2026 年 9 月 30 日的三个月内，公司因预付认股权证行权发行了 1,578,677 股普通股，所得款项为 $1,579。截至 2026 年 9 月 30 日，仍有 534,000 份预付认股权证尚未行权。

公司根据 ASC 480 和 ASC 815-40 对预付认股权证、F 系列认股权证、G 系列认股权证及配售代理认股权证进行了评估，并得出结论：每项认股权证均与公司自身股票挂钩，且符合权益分类要求。F 系列、G 系列及配售代理认股权证规定，在公司可控制的某些基本交易发生时，持有人有权获得金额等于未行权认股权证的 Black-Scholes 价值（定义见相关条款）的现金。

按市价（ATM）发行计划

2024年9月，公司与 Wainwright 签订了场内发行协议（“ATM 协议”），设立场内发行计划（“ATM 发行机制”），据此，公司可自行决定不时通过 Wainwright 发行和出售普通股。2024年9月和12月，公司分别提交招股说明书补充文件，规定根据 ATM 协议出售最高金额分别为 $1,143,121 和 $832,009 的普通股。2026年3月，在根据 ATM 发行机制出售约 $1.7 百万股普通股后，公司根据当前货架注册声明提交了新的招股说明书补充文件，规定根据 ATM 协议出售最高金额为 $1,064,000 的普通股。

根据《证券法》第415条，股票可通过 ATM 发行机制以被视为“场内”发行的交易方式出售。公司向 Wainwright 支付 ATM 协议项下每股出售总价的 3.0% 作为佣金。

截至2026年9月30日的三个月内，公司未通过 ATM 发行机制出售任何普通股。截至2026年9月30日的九个月内，公司通过 ATM 发行机制出售了 15,120 股普通股，扣除 $2,090 的发行成本后，净收益为 $20,180。

截至2025年9月30日的三个月内，公司未通过 ATM 发行机制出售任何普通股。截至2025年9月30日的九个月内，公司通过 ATM 发行机制出售了 52,843 股普通股，扣除 $13,029 的发行成本后，净收益为 $347,549。

2025年6月公开发行

2025年6月27日，公司向投资者发行了 793,750 股普通股及可购买 456,250 股普通股的预付资金认股权证，公开发行价为每股 $4.00，每份预付资金认股权证 $3.999。公司还在交割时收到了预付资金认股权证每股 $0.001 的行权价。此外，公司向投资者发行了 D 系列认股权证，可购买 1,250,000 股普通股（行权价为每股 $4.00），到期日为 2030年6月30日；并发行了 E 系列认股权证，可购买 1,250,000 股普通股（行权价为每股 $4.00），到期日为 2026年12月30日。出售普通股、预付资金认股权证和认股权证所得净款项，扣除 $647,208 的现金成本后，为 $4,352,792。

2025年6月，行使 346,250 份预付资金认股权证后，发行了 346,250 股普通股。截至2025年9月30日的三个月内，其余 110,000 份预付资金认股权证均已行使。

此外，还向配售代理发行了可购买 75,000 股普通股的认股权证。配售代理认股权证的行权价为每股 $5.00，自发行后即可行使，期限为五年。

F-12

6.\n普通股认股权证

截至2026年9月30日止九个月的认股权证活动摘要如下：

认股权证活动明细表

\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

可行使	认股权证数量			加权平均行权价			加权平均期限（年）
截至2025年12月31日未偿还		2,884,037			$	13.59		2.63
2026年发行		6,464,792				0.96		2.07
2026年没收/到期		(130,210	)			12.00		-
2026年行使		(1,578,677	)			0.001		-
截至2026年9月30日未偿还		7,639,942			$	5.74		2.51

截至2026年9月30日，公司有以下已发行、可行使但尚未行使的普通股认股权证：

已发行、可行使但尚未行使普通股认股权证明细表

发行日期	行权价		认股权证数量		到期日
2021年10月	$	9,072.00		1,279		2026年10月13日
2022年10月	$	2,332.80		3,010		2027年10月12日
2022年10月	$	1,944.00		3,142		2027年10月12日
2022年10月	$	0.00		399		2027年10月12日
2023年11月	$	24.96		23,732		2029年5月21日
2023年11月	$	38.40		1,427		2029年5月21日
2024年3月	$	19.20		7,814		2029年3月6日
2024年8月	$	12.00		130,210		2029年8月2日
2024年8月	$	20.10		7,814		2029年8月2日
2025年6月	$	4.00		1,250,000		2026年12月30日
2025年6月	$	4.00		1,250,000		2030年6月30日
2025年6月	$	5.00		75,000		2030年6月30日
2026年7月	$	1.42		2,112,677		2028年3月28日
2026年7月	$	1.42		2,112,677		2031年9月28日
2026年7月	$	1.775		126,761		2031年9月28日
2026年7月	$	0.001		534,000		-

截至2026年9月30日未偿还认股权证总数				7,639,942

根据2026年9月30日每股$0.50的公允市值，当日有534,399份可行使但尚未行使的价内普通股认股权证。因此，截至2026年9月30日，可行使但尚未行使普通股认股权证的内在价值为$266,665。

F-13

7.\n股份支付薪酬

2015年股权激励计划

公司已根据经修订的2015年股权激励计划（“2015年计划”）授权并预留5,104,915股普通股用于发行。董事会可每年增加预留股数，增幅最高为公司截至紧接前一年的12月31日已发行普通股的5%。2015年计划还规定，在发生股票拆分或公司资本结构发生其他变化时，可进行惯常的反稀释调整。

根据2015年计划授予的奖励中到期、被没收、取消或回购的股份，可供未来授予使用。但是，用于预扣税款的股份，以及通过净额行权或交付先前持有的股份行使股票增值权或期权时发行的股份总数，不会返还至股份储备。

2015年计划允许向员工授予激励性股票期权，并向员工、董事、顾问及某些关联服务提供商授予非合格股票期权、股票增值权、限制性股票、限制性股票单位、绩效奖励、现金奖励及其他股票类奖励。2015年计划由董事会薪酬委员会管理，该委员会有权根据计划规定确定奖励对象以及奖励的条款和条件。

截至2026年9月30日的九个月股票期权活动摘要如下：

股票期权活动表

\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

可行权	期权数量			加权平均行权价格			加权平均期限（年）	合计内在价值
截至2025年12月31日未行权		87,777			$	53.62		6.97	$	-
2026年授予		480,587				0.55		10.00		-
2026年没收/到期		(6,301	)			483.22		-		-
2026年行权		-				-		-		-
截至2026年9月30日未行权		562,063			$	3.28		9.50	$	-
截至2026年9月30日已归属且可行权		220,375			$	7.59		8.72	$	-

F-14

截至2026年9月30日，公司未行权股票期权如下：

未行权股票期权表

发行日期	行权价格		期权数量		到期日
2017年1月	$	73,800.00		2		2027年1月1日
2018年1月	$	70,920.00		2		2028年1月1日
2019年1月	$	3,384.00		15		2029年1月1日
2021年10月	$	7,560.00		35		2031年10月26日
2022年1月	$	5,068.80		21		2032年1月1日
2022年8月	$	2,323.58		78		2032年8月23日
2023年9月	$	30.72		4,468		2033年9月12日
2024年1月	$	28.08		1,337		2034年1月8日
2024年9月	$	10.38		15,357		2034年9月17日
2024年10月	$	11.28		4,700		2034年10月16日
2025年1月	$	5.82		13,529		2027年1月15日
2025年6月	$	5.28		41,932		2035年6月5日
2026年1月	$	1.55		25,003		2036年1月8日
2026年9月	$	0.50		455,584		2036年9月28日

截至2026年9月30日未行权期权总数				562,063

按2026年9月30日每股$0.50的公允价值计算，当日没有可行权但尚未行权且价内的普通股期权。

截至2026年9月30日和2025年9月30日的九个月内，公司因授予公司员工和董事的股票期权归属而产生的股票薪酬费用分别为$35,183和$210,684，并计入报告的净亏损。期权归属情况因各期权条款而异。此外，截至2026年9月30日和2025年9月30日的九个月内，分别向员工发行了可行权取得25,003股和13,529股普通股的期权，以结算先前计提的奖金，金额分别为$34,854和$46,183。截至2026年9月30日的九个月内，可行权取得6,301股普通股的期权已到期。

公司采用了Black-Scholes期权定价模型。截至2026年9月30日的九个月所使用的假设如下：

Black-Scholes期权定价模型假设表

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

	2026年9月30日
无风险利率		5.07	%
预期波动率		127.83	%
预期期限（年）		5.31
预期股息收益率		0	%

预期波动率是指公司股票价格在已授予期权的预期期限内预计波动的幅度。公司根据普通股在纳斯达克资本市场上市以来的历史波动率确定预期波动率。公司认为，其普通股在期权预期期限内的未来波动率不太可能与过去有显著差异。计算中使用的无风险利率基于期限大致相当于期权预期存续期的美国国债的隐含收益率。已授予期权的预期存续期采用简化法确定，即预期期限为归属期与期权合同期限的平均值。股票薪酬是一项非现金费用，因为公司通过发行授权股本中的普通股来履行这些义务，而非以现金支付。

F-15

8.\n分部信息

首席运营决策者（CODM）为首席执行官。公司首席运营决策者根据合并财务数据评估业绩并就资源分配作出经营决策。由于首席运营决策者以合并口径评估财务业绩，公司认定其拥有一个单一经营1\n分部，由 Bone Biologics Corporation 的合并财务业绩构成。

重要分部费用包括研发、薪酬、保险和股票薪酬。其他分部费用包括经营业务所需的所有其余成本，主要包括外部专业服务及其他行政费用。下表列示首席运营决策者定期审阅的重要分部费用及其他分部项目：

分部费用及其他分部项目明细表

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

	2026			2025
	截至9月30日的九个月，
	2026			2025
收入	$	-			$	-

减：
研发		692,914				802,994
薪酬		375,000				375,000
保险		194,862				214,970
股票薪酬		35,183				210,684
其他分部费用		981,542				898,189
认股权证负债公允价值变动		(505	)			(3,469	)
利息收入		(121,655	)			(74,020	)
净亏损	$	2,157,341			$	2,424,348

9.\n承诺与或有事项

UCLA TDG 独家许可协议

Effective\nApril 9, 2019, the Company entered into an Amended and Restated Exclusive License Agreement (the “License Agreement”) with\nthe University of California, Los Angeles Technology Development Group (“UCLA TDG”), which amended and restated the parties’\nprior license agreement. Under the License Agreement, UCLA TDG granted the Company exclusive rights to develop and commercialize NELL-1\ntechnology for spinal fusion, osteoporosis and trauma applications.

The\nCompany is required to pay UCLA TDG an annual maintenance fee of $10,000, quarterly royalties equal to 3.0% of net sales of licensed\nproducts or methods, and minimum annual royalties ranging from $50,000 to $250,000 following the first commercial sale. Royalty obligations\nmay be reduced for certain third-party royalty payments, and the Company is required to share a percentage of sublicense income with\nUCLA TDG.

The\nLicense Agreement also requires milestone payments of $100,000 upon enrollment of the first subject in a feasibility study, $250,000\nupon enrollment of the first subject in a pivotal study, $500,000 upon regulatory approval of a licensed product or method, and $1,000,000\nupon the first commercial sale. During 2024, the Company initiated its feasibility study for the NB1 bone graft device, triggering the\ninitial $100,000 milestone payment.

In\naddition, the Company is obligated to pay aggregate diligence fees of up to $8.0 million based on specified cumulative net sales thresholds\nfollowing the first commercial sale. The License Agreement also provides for a payment upon certain liquidity events equal to the greater\nof $500,000 or 2% of the related transaction proceeds.

The\nCompany is required to use commercially reasonable efforts to develop and commercialize licensed products, reimburse UCLA TDG for patent-related\ncosts, and indemnify UCLA TDG against certain third-party claims. UCLA TDG may terminate or convert the license to a non-exclusive license\nif specified diligence requirements are not met.

Payments\nto UCLA TDG under the Amended License Agreement for the nine months ended September 30, 2026 and 2025 were $16,080 and $17,388, respectively.

Contingencies

The\nCompany is subject to claims and assessments from time to time in the ordinary course of business. The Company’s management does\nnot believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s business,\nfinancial condition, results of operations or cash flows.

10.\nSubsequent Events

The\nCompany has evaluated subsequent events through the date which the consolidated financial statements were issued. There were no subsequent events noted that would require adjustment to or disclosure in these consolidated financial\nstatements.

F-16

Item\n2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The\nfollowing discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed\nconsolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q and audited consolidated\nfinancial statements for the years ended December 31, 2025 and 2024 and the related notes included in our Annual Report on Form 10-K\nfiled for the fiscal year ended December 31, 2025, with the SEC on March 2, 2026. This discussion contains forward-looking statements\nreflecting our current expectations that involve risks and uncertainties. See “Note On Forward-Looking Statements” for a\ndiscussion of the uncertainties, risks and assumptions associated with these statements. Actual results and the timing of events could\ndiffer materially from those discussed in our forward-looking statements as a result of many factors.

Company\nOverview

We\nare a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein known\nas NELL-1. NELL-1 in combination with DBM, demineralized bone matrix, is an osteopromotive recombinant protein that provides target specific\ncontrol over bone regeneration. The NELL-1 technology platform has been licensed exclusively for worldwide applications to us through\na technology transfer from UCLA TDG. UCLA TDG and the Company received guidance from the FDA that NELL-1/DBM will be classified as a\ndevice/drug combination product that will require an FDA-approved PMA before it can be commercialized in the United States.

We\nwere founded by University of California professors in collaboration with an Osaka University professor and a University of Southern\nCalifornia surgeon in 2004 as a privately-held company with proprietary, patented platform technology. Our platform technology has been\nvalidated in sheep and non-human primate models to facilitate bone growth. We believe our platform technology has application in delivering\nimproved outcomes in the surgical specialties of spinal, orthopedic, general orthopedic, plastic reconstruction, neurosurgery, interventional\nradiology, and sports medicine. Lead product development and clinical studies are targeted on spinal fusion surgery, one of the larger\nsegments in the orthopedic market.

We\nare a clinical-stage entity. The production and marketing of our products and ongoing research and development activities are subject\nto extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any combination\nproduct developed by us must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory approval\nprocess implemented by the FDA under the Federal Food, Drug, and Cosmetic Act. There can be no assurance that we will not encounter problems\nin clinical trials that will cause us or the FDA to delay or suspend clinical trials.

Our\nsuccess will depend in part on our ability to obtain and retain patents and product license rights, maintain trade secrets, and operate\nwithout infringing on the proprietary rights of others, both in the United States and other countries. In the second quarter of 2025,\nwe submitted a patent application with the United States Patent and Trademark Office (“USPTO”) regarding proprietary compositions\nof rhNELL-1 polypeptide for treating bone conditions. There can be no assurance that the USPTO will approve our patent application or\nthat the patents issued to or licensed by us will not be challenged, invalidated, rendered unenforceable, or circumvented, or that the\nrights granted thereunder will provide proprietary protection or competitive advantages to us.

During\n2024, we announced the treatment of the first subjects in the multicenter, prospective, randomized pilot clinical study of our NB1 bone\ngraft device. NB1 is NELL-1 protein combined with demineralized bone matrix (DBM) to provide rapid, specific and guided control over\nbone regeneration. Six hospital sites in Australia are now under agreement to participate\nin the study.

The\npilot clinical study will evaluate the safety and effectiveness, fusion success, pain, function improvement and adverse events of NB1\nin up to 30 adult subjects who undergo transforaminal lumbar interbody fusion to treat degenerative disc disease (DDD). To be enrolled\nin the study, subjects must have DDD at one level from L2-S1 and may also have up to Grade 1 spondylolisthesis or Grade 1 retrolisthesis\nat the involved level. The study is being conducted in Australia. The study design was previously reviewed and agreed upon by the FDA’s\nDivision of Orthopedic Devices in a Pre-submission to support progression to a pivotal clinical trial in the United States.

July\n2026 Private Placement

On\nJuly 9, 2026, pursuant to a securities purchase agreement dated July 7, 2026 (the “July 2026 Private Placement”), the Company\nsold 2,112,677 units to an investor at a purchase price of $1.419 per unit. Each unit consisted of one pre-funded warrant, one Series\nF warrant and one Series G warrant, each to purchase one share of common stock. The Company received gross proceeds of $2,997,888, and\nnet proceeds of $2,639,667 after deducting offering costs of $358,221. In connection with the July 2026 Private Placement, the Company also issued\nwarrants to the placement agent to purchase 126,761 shares of common stock.

The\npre-funded warrants have an exercise price of $0.001 per share, are immediately exercisable and do not expire. The Series F and Series\nG warrants each have an exercise price of $1.42 per share, while the placement agent warrants have an exercise price of $1.775 per share.\nThese warrants became exercisable on September 28, 2026, following stockholder approval of the issuance of the underlying shares. The\nSeries F and placement agent warrants expire on September 28, 2031, while the Series G warrants expire on March 28, 2028.

In\naddition to the placement agent warrants, the placement agent received compensation consisting of cash fee equal to 7.0% and a management\nfee equal to 1.0% of the aggregate gross proceeds from the private placement. We also reimbursed the placement agent for non-accountable\nexpenses in an amount of $35,000, and its legal fees and expenses and other out-of-pocket expenses in the amount of $50,000.

During\nthe three months ended September 30, 2026, the Company issued 1,578,677 shares of common stock upon the exercise of pre-funded warrants\nfor proceeds of $1,579. As of September 30, 2026, 534,000 pre-funded warrants remained outstanding.

ATM\nOffering

In\nSeptember 2024, we entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright &\nCo., LLC, establishing an at-the-market offering program (the “ATM Facility”) pursuant to which we may, from time to\ntime, in its sole discretion, issue and sell shares of common stock through Wainwright. In September and December 2024, we filed\nprospectus supplements providing for the sale of up to $1,143,121 and $832,009, respectively, of common stock under the ATM\nAgreement. In March 2026, after selling approximately $1.7 million of shares of common stock pursuant to the ATM Facility, we filed\na new prospectus supplement under our current shelf registration statement providing for the sale of up to $1,064,000 of common\nstock under the ATM Agreement.

Shares\nmay be sold through the ATM Facility in transactions deemed to be “at the market” offerings under Rule 415 of the Securities\nAct. We pay Wainwright a commission of 3.0% of the gross sales price per share sold under the ATM Agreement.

During\nthe three months ended September 30, 2026, we did not sell any shares of common stock through the ATM Facility. During the nine months\nended September 30, 2026, we sold 15,120 shares of common stock through the ATM Facility for net proceeds of $20,180, after deducting\n$2,090 in offering costs.

Nasdaq\nCompliance

On\nSeptember 10, 2026, we received a letter from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC\n(“Nasdaq”) indicating that, based on the closing bid price of our common stock for 30 consecutive business days, we no longer\nmeet Nasdaq Listing Rule 5550(a)(2), which requires listed companies to maintain a minimum bid price of at least $1 per share (the “Bid\nPrice Rule”). The Nasdaq Listing Rules provide a compliance period of 180 calendar days, or until March 9, 2027, in which to regain\ncompliance with the Bid Price Rule. If we evidence a closing bid price of at least $1 per share for a minimum of 10 consecutive business\ndays during the 180-day compliance period, we will automatically regain compliance. If we fail to regain compliance with the Bid Price\nRule, Nasdaq will provide notice that our common stock will be subject to delisting. We would then be entitled to appeal that determination\nto a Nasdaq hearings panel.

The notification has no immediate\neffect on the listing of our common stock on Nasdaq. At our 2026 annual meeting of stockholders, we received stockholder approval for\na reverse stock split of our outstanding common stock in the range of not less than 1-for-2 and not more than 1-for-10, at the discretion\nof our Board of Directors. Accordingly, our Board of Directors may authorize a reverse stock split to attempt to increase the per share\nprice of the common stock and regain compliance with the Nasdaq Listing Standards.

Results\nof Operations

Since\nour inception, we devoted substantially all of our efforts and funding to the development of the NELL-1 protein and raising capital.\nWe have not yet generated revenues from our planned operations.

Three\nmonths ended September 30, 2026 compared to the Three months ended September 30, 2025

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \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\n months ended September 30, 2026			Three-months ended September 30, 2025			% Change
Operating expenses
Research and development	$	242,569			$	187,808		29.16	%
General and administrative		423,771				527,466		(19.66	)%

Total operating expenses		666,340				715,274		(6.84	)%

Loss from operations		(666,340	)			(715,274	)	(6.84	)%

Change in fair value of warrant liability		348				1,212		(71.29	)%

Interest income		48,341				47,325		2.15	%

Net loss	$	(617,651	)		$	(666,737	)	(7.36	)%

Research\nand Development

Our\nresearch and development expenditures increased from $187,808 for the three months ended September 30, 2025, to $242,569 for the same\nperiod in 2026, marking an increase of $54,761. The increase in costs can be attributed to our development activities to extend the shelf-life\nof our protein. We anticipate continued substantial investment in development activities for NELL-1 as we prepare for our pivotal clinical\nstudy in the future.

General\nand Administrative

Our\ngeneral and administrative expenses decreased by $103,695, from $527,466 for the three months ended September 30, 2025, to $423,771 for\nthe same period in 2026. The decrease was primarily due to the timing of director compensation expense recognition, which is tied\nto the annual meeting. The 2026 annual meeting was held in September, compared to May 2025, resulting in lower compensation expense recognized\nduring the current quarter.

Change\nin fair value of warrant liability

The\nchange in fair value of warrant liability represents the re-measurement of the outstanding warrants at September 30, 2026.

Nine\nmonths ended September 30, 2026 compared to the Nine months ended September 30, 2025

	Nine-months ended September 30, 2026			Nine-months ended September 30, 2025			% Change
Operating expenses
Research and development	$	692,914			$	802,994		(13.71	)%
General and administrative		1,586,587				1,698,843		(6.61	)%

Total operating expenses		2,279,501				2,501,837		(8.89	)%

Loss from operations		(2,279,501	)			(2,501,837	)	(8.89	)%

Change in fair value of warrant liability		505				3,469		(85.44	)%

Interest income		121,655				74,020		64.35	%

Net loss	$	(2,157,341	)		$	(2,424,348	)	(11.01	)%

Research\nand Development

Our\nresearch and development expenditures decreased from $802,994 for the nine months ended September 30, 2025, to $692,914 for the same\nperiod in 2026, marking a decrease of $110,080. The decrease in costs can be attributed to timing of our clinical trial. We anticipate\ncontinued substantial investment in development activities for NELL-1 as we prepare for our pivotal clinical study in the future.

General\nand Administrative

Our\ngeneral and administrative expenses decreased by $112,256, from $1,698,843 for the nine months ended September 30, 2025, to $1,586,587\nfor the same period in 2026. The decrease was primarily due to the timing of director compensation expense\nrecognition, which is tied to the annual meeting. The 2026 annual meeting was held in September, compared to May 2025, resulting in lower\ncompensation expense recognized during the current quarter.

Change\nin fair value of warrant liability

The\nchange in fair value of warrant liability represents the re-measurement of the outstanding warrants at September 30, 2026.

Liquidity\nand Capital Resources

Going\nConcern and Liquidity

We\nhave no significant operating history and since inception to September 30, 2026 have incurred accumulated losses of approximately $90.3\nmillion. We will continue to incur significant expenses for development activities for our lead product NELL-1/DBM. Operating expenditures\nfor the next twelve months are estimated at $6.0 million. The accompanying consolidated financial statements for the nine months ended\nSeptember 30, 2026 have been prepared assuming we will continue as a going concern. As reflected in the financial statements, we incurred\na net loss of $2.2 million and used net cash in operating activities of $1.9 million during the nine months ended September 30, 2026.\nThese factors raise substantial doubt about our ability to continue as a going concern within a reasonable period of time, which is considered\nto be one year after the date that the financial statements are issued. In addition, our independent registered public accounting firm,\nin their report on the Company’s audited financial statements for the year ended December 31, 2025, included an explanatory paragraph regarding substantial doubt\nabout our ability to continue as a going concern. The consolidated financial statements do not include any adjustments related to the\nrecoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary\nshould the Company be unable to continue as a going concern.

We\nwill continue to attempt to raise additional debt and/or equity financing to fund future operations and to provide additional working\ncapital. However, there is no assurance that such financing will be consummated or obtained in sufficient amounts necessary to meet our\nneeds. If cash resources are insufficient to satisfy our on-going cash requirements, we will be required to scale back or discontinue\nour product development programs, or obtain funds if available (although there can be no certainties) through strategic alliances that\nmay require us to relinquish rights to our technology or substantially reduce or discontinue our operations entirely. No assurance can\nbe given that any future financing will be available or, if available, that it will be on terms that are satisfactory to us. Even if\nwe are able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing, or cause\nsubstantial dilution for our stockholders, in the case of equity financing.

The\nCompany’s ability to raise additional capital is subject to certain restrictions under the securities purchase agreement entered\ninto in connection with the July 2026 Private Placement. Until July 24, 2027, the Company may not enter into any variable rate transaction,\nincluding an equity line of credit or an at-the-market (“ATM”) offering facility, other than sales under an ATM\nfacility with Wainwright serving as sales agent. Until that date, the Company also may not effect a reverse stock\nsplit without the consent of the purchaser, unless the Board of Directors determines in good faith that a reverse stock split is required\nto maintain the listing of the Company’s common stock on Nasdaq. In addition, under its engagement agreement with Wainwright, Wainwright\nhas a right of first refusal to act as the Company’s exclusive placement agent, underwriter or advisor for certain future financings\nthrough July 2027. Sales under the ATM facility are also limited by the amount the Company may sell under its shelf registration statement,\nwhich depends on the market value of its common stock held by non-affiliates. These restrictions may limit the Company’s ability\nto raise capital on acceptable terms or in the amounts needed. There can be no assurance that additional financing will be available\nwhen needed or on terms acceptable to the Company.

At\nSeptember 30, 2026 and December 31, 2025, we had cash of $6,088,085 and $5,334,322, respectively. On July 9, 2026, we completed the July\n2026 Private Placement and after deducting cash costs of approximately $358,000, we received net proceeds of approximately $2.6 million\nfrom the offering.

Available\ncash is expected to fund our operations through the second quarter of 2027.

Cash\nFlows

Operating\nactivities

For\nthe nine months ended September 30, 2026 and 2025, cash used in operating activities totaled $1,854,997 and $1,976,388, respectively.

Financing\nactivities

During\nthe nine months ended September 30, 2026, cash provided by financing activities was $2,608,760 compared to $4,700,341 for the nine months\nended September 30, 2025, primarily from the net proceeds of the ATM Facility, net proceeds of the July 2026 Private Placement and exercise\nof pre-funded warrants. During the nine months ended September 30, 2025, cash provided by financing activities was from the net proceeds\nof the ATM Facility, the net proceeds of a public offering completed in June 2025 and the exercise of pre-funded warrants.

Off-Balance\nSheet Arrangements

The\nCompany does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the\nCompany’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital\nexpenditures or capital resources that is material to investors.

Critical\nAccounting Policies and Use of Estimates

See\nour most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for a discussion of our critical accounting policies\nand use of estimates. There have been no material changes to our critical accounting policies and use of estimates discussed in such\nreport.

Item\n3. Quantitative and Qualitative Disclosures about Market Risk

Not\napplicable.

Item\n4. Controls and Procedures.

Evaluation\nof Disclosure Controls and Procedures

Under\nthe supervision and with the participation of our management, including our Chief Financial Officer and Chief Executive Officer, we evaluated\nthe effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)\nunder the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of September 30, 2026. Based upon that evaluation,\nour Chief Financial Officer and Chief Executive Officer concluded that as of September 30, 2026, our disclosure controls and procedures\nwere effective.

Changes\nin Internal Controls

There\nwere no changes in our internal control over financial reporting (as defined in Rules 13a-15(d) and 15d-15(d) under the Exchange Act)\nthat occurred during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect,\nour internal control over financial reporting.

PART\nII – OTHER INFORMATION

Item\n1. Legal Proceedings.

In\nthe normal course of our business, we may periodically become subject to various lawsuits. We are not presently a party to any legal\nproceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business,\nresults of operations, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because\nof defense and settlement costs, diversion of management resources and other factors.

Item\n1A. Risk Factors.

For\na discussion of the Company’s potential risks or uncertainties, please see “Part I—Item 1A—Risk Factors”\nand “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations”\nin the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC, and “Part I—Item\n2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein. There have been no\nmaterial changes from the risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025\nexcept as noted herein.

There\ncan be no assurance that our shares will continue to be listed on the Nasdaq Capital Market (“Nasdaq”), which would affect\nour common stock’s liquidity and reduce our ability to raise capital.

On\nSeptember 10, 2026, we received a letter from the Staff of Nasdaq indicating that, based upon the closing bid price of our common stock for the last 30 consecutive business days, we no longer meet the Bid Price Rule.

Nasdaq\nListing Rule 5810(c)(3)(A) provides a compliance period of 180 calendar days, or until March 9, 2027, in which to regain compliance\nwith the Bid Price Rule. If we evidence a closing bid price of at least $1 per share for a minimum of 10 consecutive business days\nduring the 180-day compliance period, we will regain compliance. In the event we do not regain compliance with the Bid Price Rule by\nMarch 9, 2027, we may be eligible for consideration of a second 180-day compliance period if we meet the continued listing\nrequirement for market value of publicly held shares and all other initial listing standards for Nasdaq’s Capital Market,\nother than the Bid Price Rule, and notify Nasdaq of our intent to cure the minimum bid price deficiency.

If\nwe fail to regain compliance with the Nasdaq continued listing standards, Nasdaq will provide notice that our common stock will be subject\nto delisting. We would then be entitled to appeal that determination to a Nasdaq hearings panel.

The\nnotification has no immediate effect on the listing of our common stock on Nasdaq. We intend to monitor the closing bid price of our\ncommon stock and consider our available options in the event the closing bid price of our common stock remains below $1 per share.\nAt our 2026 annual meeting of stockholders, we received stockholder approval for a reverse stock split of our outstanding common\nstock in the range of not less than 1-for-2 and not more than 1-for-10, at the discretion of our Board of Directors (the\n“Reverse Stock Split”). Accordingly, our Board of Directors may authorize a reverse stock split to attempt to increase\nthe per share price of the common stock and regain compliance with the Nasdaq Listing Standards.

On\nJuly 22, 2026, the SEC approved a new continued listing requirement codified as Nasdaq Listing Rule 5550(a)(6) that requires companies\nto maintain a market value of listed securities of at least $5 million (the “MVLS Requirement”). On July 29, 2026, the SEC\nprovided notice that the order approving the MVLS Requirement was stayed pending a petition for review of the action. On September 11, 2026, the SEC announced that the petitions for review of the approval of the MVLS Requirement were\ngranted and that the implementation of the MVLS Requirement would remain stayed until the SEC orders otherwise. As of the date\nhereof, we are not in compliance with the MVLS Requirement if it were to come into effect. Under Nasdaq Listing Rule 5810(c)(1), if the\nMVLS Requirement comes into effect and we fail to meet the MVLS Requirement for 30 consecutive business days, our securities will be\nsuspended and immediately delisted from the Nasdaq Capital Market, even if we are appealing a delisting determination to a Nasdaq Listing\nQualifications Panel (the “Panel”), and the Panel will have limited discretion to reverse the delisting determination if\nit was issued in error or grant an exception for up to 180 days for us to demonstrate compliance with all requirements for initial listing\non Nasdaq.

There can be no assurance that we will be able to regain compliance with the Bid Price Rule and maintain compliance\nwith Nasdaq’s other continued listing standards. In addition, if the MVLS Requirement comes into effect, we cannot assure you that we will be able to regain compliance with the MVLS Requirement. Accordingly, our common stock could be\ndelisted from Nasdaq. We and holders of our securities could be materially adversely impacted if our securities are delisted from Nasdaq.\nIn particular:

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

	●	we\n may be unable to raise equity capital on acceptable terms or at all;
	●	we\n may lose the confidence of our business partners, which would jeopardize our ability to continue our business as currently conducted;
	●	the\n price of our common stock will likely decrease as a result of the loss of market efficiencies associated with Nasdaq and the loss\n of federal preemption of state securities laws;
	●	holders\n may be unable to sell or purchase our securities when they wish to do so;
	●	we\n may become subject to stockholder litigation;
	●	we\n may lose the interest of institutional investors in our common stock;
	●	we\n may lose media and analyst coverage;
	●	our\n common stock could be considered a “penny stock,” which would likely limit the level of trading activity in the secondary\n market for our common stock; and
	●	we\n would likely lose any active trading market for our common stock, as it may only be traded on one of the over-the-counter markets,\n if at all.

We\ncannot assure you that the Reverse Stock Split will increase the price of our common stock.

We\nmay need to effect the Reverse Stock Split to regain compliance with the Bid Price Rule. We expect that the Reverse Stock Split, if effected,\nwill increase the market price of our common stock. However, the effect of the Reverse Stock Split on the market price of our common\nstock cannot be predicted with any certainty, and the history of reverse stock splits for other companies of similar size to us is varied,\nparticularly because investors may view a reverse stock split negatively. We have effected reverse stock splits in the past, however,\nthe price of our common stock did not remain at the elevated price for an extended period of time following the reverse stock split.\nIt is possible that the per share price of our common stock after the Reverse Stock Split will not increase in the same proportion as\nthe reduction in the number of outstanding shares of common stock following the Reverse Stock Split, and the Reverse Stock Split may\nnot result in a per share price that would attract investors who do not trade in lower-priced securities. In addition, we cannot assure\nyou that our common stock will be more attractive to investors. Even if we implement the Reverse Stock Split, the market price of our\ncommon stock may decrease due to factors unrelated to the Reverse Stock Split, including our future performance, similar to our prior\nreverse stock split. If the Reverse Stock Split is consummated and the trading price of our common stock declines, the percentage decline\nas an absolute number and as a percentage of our overall market capitalization may be greater than would occur in the absence of the\nReverse Stock Split.

The\nReverse Stock Split may decrease the liquidity of our common stock and result in higher transaction costs.

The\nReverse Stock Split, if effected, may decrease the liquidity of our common stock because fewer shares would be outstanding after the\nReverse Stock Split. In addition, if the Board of Directors implements the Reverse Stock Split, more stockholders may own “odd\nlots” of fewer than 100 shares of common stock, which may be more difficult to sell. Brokerage commissions and other costs of transactions\nin odd lots are generally higher than the costs of transactions of more than 100 shares or multiples of 100 shares of common stock. Accordingly,\nthe Reverse Stock Split may not achieve the desired results of increasing marketability of the common stock as described above.

If\nthe Reverse Stock Split is effected, the resulting per-share market price may not attract institutional investors or investment funds\nand may not satisfy the investing guidelines of such investors and, consequently, the trading liquidity of our common stock may not improve.

While\nthe Board of Directors believes that a higher stock price may help generate investor interest, there can be no assurance that the Reverse\nStock Split will result in a per-share market price that will attract institutional investors or investment funds or that such share\nprice will satisfy the investing guidelines of institutional investors or investment funds. As a result, the trading liquidity of our\ncommon stock may not necessarily improve.

A\ndecline in the market price of our common stock after the Reverse Stock Split is effected may result in a greater percentage decline\nthan would occur in the absence of the Reverse Stock Split.

If\nthe Reverse Stock Split is effected and the market price of our common stock declines, the percentage decline may be greater than would\noccur in the absence of the Reverse Stock Split. The market price of our common stock will, however, also be based upon our performance\nand other factors, which are unrelated to the number of shares of common stock outstanding.

Item\n2. Unregistered Sales of Equity Securities and Use of Proceeds.

During the three months ended September 30, 2026,\nwe did not issue any shares in reliance on Section 4(a)(2) of the Securities Act, as amended as a transaction not involving a public\noffering which have not previously been reported in a Current Report on Form 8-K.

Item\n3. Defaults Upon Senior Securities.

None

Item\n4. Mine Safety Disclosures.

Not\nApplicable

Item\n5. Other Information.

Insider\nTrading Arrangements

During\nthe three months ended September 30, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement”\nor “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item\n6. Exhibits.

\n \n \n \n \n

(a)

Exhibits\n required by Item 601 of Regulation S-K.

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

		Incorporated\n by reference
Exhibit		(unless\n otherwise indicated)
Number	Exhibit\n Title	Form	File	Exhibit	Filing\n date

4.1	Form of Series F Warrant dated July 9, 2026	8-K	001-40899	4.1	July\n 9, 2026

4.2	Form of Series G Warrant dated July 9, 2026	8-K	001-40899	4.2	July\n 9, 2026

4.3	Form of Pre-Funded Warrant dated July 9, 2026	8-K	001-40899	4.3	July\n 9, 2026

4.4	Form of Placement Agent Warrant dated July 9, 2026	8-K	001-40899	4.4	July\n 9, 2026

10.1	Form of Securities Purchase Agreement dated July 7, 2026	8-K	001-40899	10.1	July\n 9, 2026

10.2	Form of Registration Rights Agreement dated July 7, 2026	8-K	001-40899	10.2	July\n 9, 2026

31.1*	Certification of the Company’s Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Report on Form 10-Q for the quarter ended September 30, 2026.	—	—	—	—

31.2*	Certification of the Company’s Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Report on Form 10-Q for the quarter ended September 30, 2026.	—	—	—	—

32.1**	Certification of the Company’s Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	—	—	—	—

32.2**	Certification of the Company’s Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	—	—	—	—

101.INS*	Inline\n XBRL Instance Document	—	—	—	—

101.SCH*	Inline\n XBRL Taxonomy Extension Schema Document	—	—	—	—

101.CAL*	Inline\n XBRL Taxonomy Extension Calculation Linkbase Document	—	—	—	—

101.DEF*	Inline\n XBRL Taxonomy Extension Definition Linkbase Document	—	—	—	—

101.LAB*	Inline\n XBRL Taxonomy Extension Label Linkbase Document	—	—	—	—

101.PRE*	Inline\n XBRL Taxonomy Extension Presentation Linkbase Document	—	—	—	—

104	Cover\n Page Interactive Data File (embedded within the Inline XBRL document)

*\nFiled Herewith

**\nFurnished 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

	BONE\n BIOLOGICS CORPORATION

Dated:\n October 26, 2026	By:	/s/\n Jeffrey Frelick
	Name:	Jeffrey\n Frelick
	Title:	Chief\n Executive Officer
		(on\n behalf of the registrant and as principal executive officer)

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