Biomerica (BMRA) 10-K: Business Changes Lead 31 August 2026 Filing Roundup

We target two main markets: (a) clinical laboratories and (b) point-of-care testing (physicians’ offices and over-the-counter drug stores). Our net sales were approximately $5,311,000 for fiscal year ended May 31, 2025, compared to $5,415,000 for fiscal year ended May 31, 2024. For the fiscal years ended May 31, 2025, and 2024, the Company had one distributor each year that accounted for 31% and 33% of our net sales, respectively.

Dividend, Interest, and Other Income Dividend, interest, and other income was approximately $1,233,000 for the fiscal year ended May 31, 2026, compared to $165,000 for the fiscal year ended May 31, 2025, an increase of $1,068,000, or 648%. This increase was primarily attributable to $1,100,000 related to the Employee Retention Credit (“ERC”), a refundable payroll-tax credit established under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.

KEY PRODUCT LAUNCHES A key outcome from our research and development efforts is our patented diagnostic-guided therapy (“DGT”) product, developed on the inFoods® technology platform. This innovative technology is designed to aid in the management of gastrointestinal conditions such as irritable bowel syndrome (“IBS”) and other inflammatory diseases. The DGT product targets chronic inflammatory illnesses that are widespread and prevalent in large markets.

Dividend, Interest, and Other Income Dividend, interest, and other income was approximately $1,233,000 for the fiscal year ended May 31, 2026, compared to $165,000 for the fiscal year ended May 31, 2025, an increase of $1,068,000, or 648%. This increase was primarily attributable to $1,100,000 related to the Employee Retention Credit (“ERC”), a refundable payroll-tax credit established under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The ERC was available to eligible employers for wages paid during calendar year 2021 in response to the global COVID-19 pandemic.

PROPERTIES The Company leases its facilities. On May 31, 2025, the Company had approximately 22,000 square feet of floor space at its corporate headquarters at 17571 Von Karman Avenue in Irvine, California, 92614 which it has been leasing since 2009. This lease was scheduled to expire on August 31, 2016, but the Company had an option to extend the term of its lease for two additional sixty-month periods.

Risk Factors in this Annual Report on Form 10-K . PROPERTIES On May 31, 2026, we had approximately 22,000 square feet of floor space at our corporate headquarters in Irvine, California, which we have been leasing since 2009. The initial lease term extended through August 31, 2026 and included an additional five-year extension option.

Management’s Discussion and Analysis of Financial Condition and Results of Operations. Cautionary Statement Regarding Forward-Looking Information This Annual Report on Form 10-K includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

However, whether actual results and developments will conform to Greystone’s expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, including those factors discussed under the section of this Form 10-K entitled “Risk Factors.” In addition, Greystone’s historical financial performance is not necessarily indicative of the results that may be expected in the future and Greystone believes that such comparisons cannot be relied upon as indicators of future performance. Critical Accounting Policies and Estimates General Management’s discussion and analysis of financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. The preparation of these consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses.

Actual results may differ from these estimates under different assumptions or conditions. The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of its consolidated financial statements. Revenue Recognition Revenue is recognized at the point in time a good or service is transferred to a customer and the customer obtains control of that good or receives the service performed.

The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of its consolidated financial statements. Going Concern Assessment The Company evaluates, at each reporting period, whether conditions or events raise substantial doubt about its ability to continue as a going concern within one year after the date the financial statements are issued. This evaluation requires significant management judgment and involves the consideration of numerous factors, including operating results, liquidity, working capital levels, debt maturities, compliance with debt covenants, forecasted cash flows, anticipated capital raising activities, and other financing arrangements.

In addition, Greystone outsources production for pallets produced by injection molding machines as necessary to accommodate overflow. Greystone’s injection molding machine production as of May 31, 2025 consists of the following: · 37” X 32” rackable pallet, · 40” X 32” rackable pallet, · 37” X 37” rackable pallet, · 44” X 56” can pallet, · 48” X 48” rackable pallet, · 48” X 40” rackable pallet, · 48” X 44” rackable pallet, · 48” X 40” nestable pallet with or without detachable runners, · 45” X 45” nestable pallet with or without detachable bottom deck, · 24” X 40” display pallet, · 48” X 40” monoblock (one-piece) pallet, · Half-barrel keg stackable pallet, · Slim keg stackable pallet, · 36” X 36” rackable pallet, · 48” X 45” monoblock pallet, · 48” X 45” drum pallet, and · 48”…

In addition, Greystone outsources production for pallets produced by injection molding machines as necessary to accommodate overflow. Greystone’s injection molding machine production as of May 31, 2026 consists of the following: ● 37” X 32” rackable pallet, ● 40” X 32” rackable pallet, ● 37” X 37” rackable pallet, ● 44” X 56” can pallet, ● 48” X 48” rackable pallet, ● 48” X 40” rackable pallet, ● 48” X 44” rackable pallet, ● 48” X 40” nestable pallet with or without detachable runners, ● 45” X 45” nestable pallet with or without detachable bottom deck, ● 24” X 40” display pallet, ● 48” X 40” monoblock (one-piece) pallet, ● Half-barrel keg stackable pallet, ● Slim keg stackable pallet, ● 36” X 36” rackable pallet, ● 48” X 45” monoblock pallet, ● 48” X 45” drum pallet, and ● 48” X 40” mid duty pallet. ● 30” X 38” stand-up beer keg pallet, ● 48” X 40” one-piece, lightweight, full picture-frame pallet. The equipment was operated under contract with Jasper Rubber.

Operating Expenses During the year ended May 31, 2025, the Company’s operating expenses increased by 94.6% from $268,352 incurred during the year ended May 31, 2024, to $522,106 incurred during the year ended May 31, 2025. The most significant changes were as follows : · Research and development fees for the year ended May 31, 2025, increased by $86,548, or 384.0%, from a recapture of $22,539 incurred during the year ended May 31, 2024, to $64,009 the Company incurred during the year ended May 31, 2025. The increase in research and development fees during the year ended May 31, 2025, was associated with the Company’s decision to redesign the eBalance® Home device into a compact, affordable consumer unit optimized for home use, which resulted in an engagement of ADM Tronics Unlimited, Inc., a leader in electronic medical device engineering, who…

Operating Expenses During the year ended May 31, 2026, the Company’s operating expenses increased by 58.2% from $522,106 incurred during the year ended May 31, 2025, to $826,027 incurred during the year ended May 31, 2026. The most significant changes were as follows : · General and administrative expenses for the year ending May 31, 2026, increased by $169,108, or 79.2%, from $213,452 during the year ending May 31, 2025, to $382,560 during the year ending May 31, 2026. The main driver of this change was a $142,787 increase in corporate communications, which rose to $276,223 in the current year from $133,436 in the prior year.

During the comparative year ended May 31, 2024, the development of the eBalance® devices was suspended due to a lack of funding and unfavorable financial position. · During the year ended May 31, 2025, management fees increased to $90,000, as compared to $37,500 the Company incurred during the year ended May 31, 2024. · Consulting fees for the year ended May 31, 2025, increased by $7,532, or 5.8%, from $129,956 incurred during the year ended May 31, 2024, to $137,488 incurred during the year ended May 31, 2025. · General and administrative expenses for the year ended May 31, 2025, increased by $97,099, or 83.5%, from $116,353 incurred during the year ended May 31, 2024, to $213,452 incurred during the year ended May 31, 2025. The largest factors that contributed to this change were associated with a $130,065 increase in…

The most significant changes were as follows : · General and administrative expenses for the year ending May 31, 2026, increased by $169,108, or 79.2%, from $213,452 during the year ending May 31, 2025, to $382,560 during the year ending May 31, 2026. The main driver of this change was a $142,787 increase in corporate communications, which rose to $276,223 in the current year from $133,436 in the prior year. Other notable changes included a $10,556 increase in filing and regulatory fees to $29,261 (May 31, 2025 – $18,705), a $7,741 increase in office expenses to $10,929 (May 31, 2025 – $3,188), and an $11,635 rise in accounting and audit fees to $57,936 (May 31, 2025 – $46,301).

Due to the Company’s financial situation, during the year ended May 31, 2023, the Company suspended further research of the eBalance® Technology, including the PMA process for 510(k) clearance, and defaulted on its Health Canada Class II Medical Device System Certification licenses, which were suspended on June 5, 2023. In February of 2025, the Company established a new partnership with ADM Tronics Unlimited, Inc., a leader in electronic medical device engineering, with an aim to redesign the eBalance® Home device into a compact, affordable consumer unit optimized for home use, complete with cutting-edge diagnostic features. The redesigned eBalance® is being designed to be smaller and more cost-efficient than its predecessors, making advanced microcurrent technology accessible to a broader audience.

Due to the Company’s financial situation, during the year ended May 31, 2023, the Company suspended further research of the eBalance® Technology, including the PMA process for 510(k) clearance, and defaulted on its Health Canada Class II Medical Device System Certification licenses, which were suspended on June 5, 2023. In February of 2025, the Company engaged ADM Tronics Unlimited, Inc., a leader in electronic medical device engineering, to redesign the eBalance® Home device into a compact, affordable consumer unit optimized for home use, complete with diagnostic features. The new eBalance® Home system is expected to be redesigned as a smaller and more cost-efficient unit than its predecessor, making advanced microcurrent technology accessible to a broader audience.

Business Our Company We are a Silicon Valley-based provider of total IT solutions which address demanding workloads from the enterprise and cloud to the intelligent edge. We deliver rack-scale solutions optimized for various workloads, including artificial intelligence (“AI”) and high-performance computing (“HPC”), where acceleration is critical and we also produce an extensive portfolio of server and storage solutions for enterprise data centers, cloud service providers, and edge computing (5G Telco, Retail and embedded).

Business Our Company We are a Silicon Valley-based provider of total information technology ("IT") solutions which address demanding workloads from the enterprise and cloud to the intelligent edge. We deliver rack-scale solutions optimized for various workloads, including artificial intelligence (“AI”) and high-performance computing (“HPC”), where acceleration is critical.

Business Our Company We are a Silicon Valley-based provider of total IT solutions which address demanding workloads from the enterprise and cloud to the intelligent edge. We deliver rack-scale solutions optimized for various workloads, including artificial intelligence (“AI”) and high-performance computing (“HPC”), where acceleration is critical and we also produce an extensive portfolio of server and storage solutions for enterprise data centers, cloud service providers, and edge computing (5G Telco, Retail and embedded). Our Total IT Solutions encompass complete servers, storage systems, modular blade servers, workstations, full-rack scale solutions, networking devices, server sub-systems, server management and security software.

Business Our Company We are a Silicon Valley-based provider of total information technology ("IT") solutions which address demanding workloads from the enterprise and cloud to the intelligent edge. We deliver rack-scale solutions optimized for various workloads, including artificial intelligence (“AI”) and high-performance computing (“HPC”), where acceleration is critical. Additionally, we offer an extensive portfolio of server and storage solutions for enterprise data centers, cloud service providers ("CSPs"), and edge computing applications, such as 5G Telco, Retail and embedded.

You should not interpret our disclosure of any of the following risks to imply that such risks have not already materialized. Risk Factor Summary The following is a summary of the most significant risks and principal factors that make an investment in our common stock speculative or risky. Risks Related to our Delinquent SEC Reporting Obligations • Circumstances discussed in the Explanatory Note in this Annual Report; • Our failure in timely filing our SEC reports; • The outcome of litigation and other legal proceedings, disputes, claims, as well as regulatory examinations, investigations, proceedings and orders arising out of the circumstances discussed in the Explanatory Note in this Annual Report, and any orders, actions or rulings not in our favor; • Significant expenses related to the circumstances discussed in the Explanatory Note in this Annual Report; • The remediation of…

You should not interpret our disclosure of any of the following risks to imply that such risks have not already materialized. Risk Factor Summary The following summarizes the principal factors that make an investment in the Company speculative or risky. This summary should be read in conjunction with the remainder of this “Risk Factors” section and should not be relied upon as an exhaustive summary of the material risks facing our business.

The Company is a clinical-stage biotechnology company focused on the clinical development of innovative treatments for multiple therapeutic indications based on its product candidate, leronlimab (also referred to as PRO 140), a novel humanized monoclonal antibody targeting the C-C chemokine receptor type 5 (“CCR5”). The pre-clinical and early clinical development of PRO 140 was led by Progenics through 2011. The Company acquired the asset from Progenics in October 2012.

The Company is a clinical-stage biotechnology company focused on the clinical development of innovative treatments for multiple therapeutic indications based on its product candidate, leronlimab (also referred to as PRO 140), a novel humanized monoclonal antibody targeting the C-C chemokine receptor type 5 (“CCR5”). The preclinical and early clinical development of PRO 140 was led by Progenics through 2011. The Company acquired the asset from Progenics in October 2012.

BUSINESS Corporate History/Business Overview CytoDyn Inc. (together with its wholly owned subsidiary, the “Company”) was originally incorporated under the laws of Colorado on May 2, 2002, under the name RexRay Corporation and, effective August 27, 2015, reincorporated under the laws of Delaware. The Company is a clinical-stage biotechnology company focused on the clinical development of innovative treatments for multiple therapeutic indications based on its product candidate, leronlimab (also referred to as PRO 140), a novel humanized monoclonal antibody targeting the C-C chemokine receptor type 5 (“CCR5”). The pre-clinical and early clinical development of PRO 140 was led by Progenics through 2011.

Business Overview The Company is a clinical-stage biotechnology company focused on the clinical development and potential commercialization of its product candidate, leronlimab, which is being studied for its potential in solid-tumor oncology. Leronlimab targets CCR5, a receptor increasingly recognized for its role in tumor progression, metastasis and immune regulation, providing the Company with the opportunity to explore a potentially differentiated therapeutic approach across multiple solid tumor indications. Our current business strategy is to continue to pursue the clinical development of leronlimab, which may include the following: 1.

Food and Drug Administration (the “FDA”) and, potentially, drug regulatory agencies in other countries; (ii) the Company’s ability to raise additional capital to fund its operations; (iii) the Company’s ability to meet its debt and other payment obligations; (iv) the Company’s ability to recruit and retain key employees; (v) the Company’s ability to enter into or maintain partnership or licensing arrangements with third parties; (vi) the timely and sufficient development, through internal resources or third-party consultants, of analyses of the data generated from the Company’s clinical trials required by the FDA or other regulatory agencies in connection with applications for approval of the Company’s drug product; (vii) the Company’s ability to achieve approval of a marketable product; (viii) the design, implementation and conduct of clinical trials; (ix) the results of any such clinical trials, including the possibility of unfavorable clinical…

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 75 ITEM 16. FORM 10‑K SUMMARY 77 2 FORWARD-LOOK ING STATEMENTS This annual report contains certain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as “believes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates” and variations thereof, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking.