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20-F false true 2025-12-31 --12-31 2025 false false 001-41115 Genenta Science S.p.A. L6 Via dell’Annunciata No. 31 Milan IT 00000 00000 Via dell’Annunciata No. 31 Milan IT Pierluigi Paracchi +39 02.29.00.10.55 pierluigi.paracchi@genenta.com American depositary shares GNTA NASDAQ Ordinary shares 23432183 No No Yes Yes Non-accelerated Filer true false false false U.S. GAAP false true We recognize that maintaining the trust and confidence of our patients, business partners, and employees is <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90A_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbT_c20250101__20251231_z3RBvdCdNQna">integral to our long-term success. Central to this commitment is our comprehensive approach to cybersecurity and the protection of sensitive data. We maintain processes and systems designed to identify, assess, manage, and mitigate risks arising from cybersecurity threats as part of our overall enterprise risk management framework. Cybersecurity risk management activities are embedded within our broader operational risk and compliance processes and are intended to support the protection of information systems, research and development data, corporate information, and other critical business operations.We maintain a comprehensive cybersecurity framework consisting of formal policies, procedures, and systems designed to identify, assess, and manage cybersecurity risks, including the implementation of structured and periodic cyber risk assessment activities. In 2025, we further strengthened our cybersecurity and operational resilience capabilities, including enhancements to business continuity preparedness, vulnerability detection, and related remediation processes. We conduct periodic cybersecurity assessments to evaluate potential threats and vulnerabilities affecting our information systems and third-party service providers. These assessments consider internal systems, external service providers, and supply chain relationships. We leverage qualified third-party service providers to support continuous monitoring activities, specialized cybersecurity services, and vulnerability management functions, while maintaining internal oversight and accountability. In 2025, we implemented additional business continuity initiatives designed to enhance our preparedness for potential disruptive events, including cybersecurity incidents. These initiatives included the formalization and testing of business continuity procedures for critical processes, improved alignment between disaster recovery mechanisms and incident response protocols, and the planning and execution of periodic exercises to evaluate response effectiveness and recovery readiness. These efforts are intended to reduce potential operational disruption and support the timely restoration of IT resources in the event of an incident. We utilize a Security Operations Center (SOC) model to support continuous monitoring of networks, endpoints, and systems. Monitoring activities incorporate threat intelligence capabilities designed to identify, analyze, and respond to potential cybersecurity events promptly. During 2025, we expanded the scope and automation of vulnerability scanning activities and enhanced endpoint protection and remediation capabilities. These enhancements were designed to strengthen proactive risk mitigation and reduce potential exposure to exploitation of identified system weaknesses through timely corrective actions. We maintain a structured incident response process that includes procedures for detection, assessment, containment, eradication, remediation, and post-incident review, consistent with principles set forth in the National Institute of Standards and Technology (NIST) Cybersecurity Framework. Escalation protocols are established to facilitate timely communication of significant cybersecurity matters to senior management and, where appropriate, to our Board of Directors, including consideration of disclosure obligations under applicable laws and regulations.<span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_900_ecyd--CybersecurityRiskBoardOfDirectorsOversightTextBlock_c20250101__20251231_zbRqOpygZuv3"> Our Board of Directors oversees cybersecurity risk as part of its overall risk oversight responsibilities and receives periodic updates from management regarding our cybersecurity posture, risk landscape, operational resilience preparedness, and mitigation initiatives, which are finally approved by them. We have ultimate accountability for cybersecurity risk management and are responsible for making critical decisions in connection with cybersecurity incident response. Furthermore, we designated a Chief Information Security Officer (CISO) responsible for leading the cybersecurity program. The CISO’s responsibilities include defining cybersecurity strategy based on the results of periodic cyber risk assessments, overseeing the implementation of technical and organizational security controls, supervising incident response activities, and coordinating risk mitigation initiatives. The CISO has professional experience in information security governance and risk management, including experience in regulated environments, and works in coordination with the Security Committee. The Security Committee, coordinated by our Finance Director, supports oversight of cybersecurity risk management activities and provides periodic briefings to our senior management and our Board of Directors regarding cybersecurity risks, monitoring activities, vulnerability management efforts, business continuity readiness, and other significant developments. We also maintain a security awareness program applicable to all personnel. This program includes periodic training sessions addressing cybersecurity risks, evolving threat scenarios, and best practices for information protection, as well as simulated phishing exercises designed to enhance awareness and preparedness. Participation in such training activities is mandatory and forms part of our broader culture of security and risk awareness. <p class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_983_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_c20250101__20251231_zoz1IM0hm0j4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of this report, we are <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_908_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250101__20251231_zba0g25awjag">not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. Cybersecurity threats continue to evolve, and despite the implementation of protective and detective measures, we cannot be considered immune from potential impacts arising from emerging cybersecurity threats, which could result in future incidents. We intend to continue enhancing our cybersecurity and operational resilience capabilities, including improvements in detection technologies, vulnerability management processes, and business continuity preparedness, consistent with international security frameworks and evolving regulatory expectations. true Our Board of Directors oversees cybersecurity risk as part of its overall risk oversight responsibilities and receives periodic updates from management regarding our cybersecurity posture, risk landscape, operational resilience preparedness, and mitigation initiatives, which are finally approved by them. As of the date of this report, we are <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_908_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250101__20251231_zba0g25awjag">not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. Cybersecurity threats continue to evolve, and despite the implementation of protective and detective measures, we cannot be considered immune from potential impacts arising from emerging cybersecurity threats, which could result in future incidents. We intend to continue enhancing our cybersecurity and operational resilience capabilities, including improvements in detection technologies, vulnerability management processes, and business continuity preparedness, consistent with international security frameworks and evolving regulatory expectations. false 528 We have audited the accompanying consolidated balance sheets of Genenta Science S.p.A. (“the Company”) as of December 31, 2025, 2024 and 2023, and the related consolidated statements of operations and comprehensive loss, changes in shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes to the consolidated financial statements (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Dannible & McKee, LLP Syracuse, New York

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1. Nature of business and history Genenta Science S.p.A. (the “Company” or “Genenta”) was founded in Milan, Italy by San Raffaele Hospital (“OSR”), Pierluigi Paracchi, Luigi Naldini, and Bernhard Gentner, and was incorporated in July 2014. The registered office (or headquarters) is located in Milan, Italy. The Company’s reporting currency is Euros (“EUR” or “€”). The Company formed a wholly owned, Delaware incorporated subsidiary, Genenta Science, Inc., intended for future operations in the U.S. (“U.S. Subsidiary”). The U.S. Subsidiary operates in U.S. Dollars (“USD” or “$”). American Depository Shares (“ADSs”) representing the Company’s ordinary shares have been publicly traded on the NASDAQ Capital Market since December 15, 2021. Genenta is embarking on a strategic transformation to evolve into a next-generation strategic industrial consolidator focusing on acquiring privately held businesses operating in national-security regulated sectors contemplated by the Italian “Golden Power” legislation; however, we are and have been an early-stage company developing first-in-class cell and gene therapies to address unmet medical needs in solid tumors. The Company has been developing its clinical leading product, Temferon™, to treat glioblastoma multiforme (“GBM”), a solid tumor affecting the brain. The Company is conducting its clinical trials in Italy and may eventually begin a clinical trial in other parts of Europe and the U.S. to study Temferon™. In June 2023, the Company’s Board of Directors selected metastatic Renal Cell Cancer (“mRCC”) as the second solid tumor indication for Temferon. The Company discontinued its mRCC trial in early 2026. The Company engaged DC Advisory at the end of 2025 to assist in the identification of a strategic partner to advance the development of Temferon. The Company is subject to risks and uncertainties common to clinical-stage companies in the life-science and biotechnology industries, including, but not limited to, risks associated with the development and potential discontinuation of product candidates, the conduct and completion of clinical activities, the receipt of regulatory approvals, competition from other biotechnology and pharmaceutical companies, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. The Company’s product development efforts will require significant additional resources, including capital, personnel, and infrastructure, as well as compliance and reporting capabilities. The Company may also evaluate changes to its development priorities and operational plans from time to time. Even if development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales or achieve profitability. The Company is embarking on a strategic transformation to evolve into a next-generation strategic industrial consolidator focused on acquiring privately held businesses operating in national-security regulated sectors contemplated by the Italian Golden Power legislation. The “Golden Power” is Italy’s investment screening framework — broadly comparable to CFIUS in the United States, the IEF regime in France, and the United Kingdom’s NSI Act — and covers strategic domains such as biotechnology, biosecurity, defense, cybersecurity, AI-driven intelligence, aerospace, quantum technologies, secure communications, and critical infrastructure. These proposed activities did not affect the Company’s financial statements at December 31, 2025. Shelf Registration Statement, At-the-Market Sales Agreement, and Registered Direct Offering In 2023, the Company filed with the Securities and Exchange Commission (the “SEC”) a shelf registration statement on Form F-3 (File No. 333-271901) (the “Shelf Registration Statement”) that was subsequently declared effective in May 2023. It permits the Company to sell from time to time ordinary shares, including ordinary shares represented by ADSs, or rights to subscribe for ordinary shares or ordinary shares represented by ADSs in one or more offerings in amounts, at prices, and on the terms that the Company will determine at the time of offering for aggregate gross sale proceeds of up to $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn6n6_uUSD_c20230501__20230531__us-gaap--TypeOfArrangementAxis__custom--ShelfRegistrationStatementMember_zUkWxwlSipi6" title="Gross sale proceeds">100 million. In May 2023, the Company entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co., as agent (the “Prior ATM”), for the offer and sale of up to $30.0 million ordinary shares represented by ADSs from time to time in accordance with the terms of the agreement and SEC rules and regulations. This Prior ATM was subsequently mutually terminated in March 2024. Pursuant to the Company’s Shelf Registration Statement and that certain ATM Sales Agreement dated April 26, 2024, as amended on December 20, 2024 (as so amended, the “Sales Agreement”), with Virtu Americas LLC and Rodman & Renshaw LLC (collectively, the “Sales Agents”), pursuant to which the Company may offer and sell ADSs with an aggregate offering price up to $29,696,999 from time to time through or to the Sales Agents, acting as sales agents or principals, subject to the terms and conditions described in the Sales Agreement and SEC rules and regulations (the “ATM”). For as long as the aggregate market value the Company’s outstanding ordinary shares held by non-affiliates remains below $<span id="xdx_906_eus-gaap--EquityMethodInvestmentDeferredGainOnSale_pn5n6_uUSD_c20240426__20240426__us-gaap--TypeOfArrangementAxis__custom--CurrentSalesAgreementMember_zDet2Eqmaiw3" title="Aggregate market value">75.0 million, the Company is subject to the offering limits in General Instruction I.B.5 of Form F-3 and in no event will the Company sell securities in public primary offerings on Form F-3, including through the ATM, with a value exceeding one-third of its outstanding ordinary shares held by non-affiliates in any 12 calendar month period. As of December 20, 2024, 73,008 ADSs were sold through the Prior ATM for gross proceeds of €271,416 (or $303,001). In March 2025, the Company sold 856,602 ADSs through the ATM for gross proceeds of €3,007,131 (or $3,255,430). Sales of ADSs under the Sales Agreement may be made by any method that is deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the “Securities Act”). The Sales Agents are not required to sell any specific number or dollar amount of ADSs but will act as our sales agents and use commercially reasonable efforts consistent with their normal trading and sales practices, on mutually agreed terms between the Sales Agents and the Company. There is no arrangement for funds to be received in any escrow, trust, or similar arrangement. The Sales Agents will receive from the Company a commission of up to 3.0% of the gross proceeds of any ADSs sold through them under the Sales Agreement. In connection with the sale of ADSs on behalf of the Company, each of the Sales Agents will be deemed to be an “underwriter” within the meaning of the Securities Act, and the compensation of the Sales Agents may be deemed to be underwriting commissions or discounts. The Company has also agreed to provide indemnification and contribution to the Sales Agents with respect to certain liabilities, including liabilities under the Securities Act. In October 2025, the Company entered into a Securities Purchase Agreement with certain institutional investors relating to the offer and sale of 4,285,715 ADSs, at a purchase price of $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_uUSDPShares_c20251031__us-gaap--StatementEquityComponentsAxis__custom--AmericanDepositorySharesMember_zwCLFQ8F7aY6" title="Share issued price per share">3.50 per ADS, for gross proceeds of approximately €12,867,805 (or $15,000,000) in a registered direct offering (the “Registered Offering”). The Company also entered into a Placement Agency Agreement with Maxim Group LLC and Rodman & Renshaw LLC, pursuant to which Maxim Group LLC acted as the lead placement agent and Rodman & Renshaw LLC acted as the co-placement agent for the Registered Offering. Pursuant to the terms and conditions stated in the Placement Agency Agreement, the Company has agreed to pay the Placement Agents a cash fee equal to <span id="xdx_90D_eus-gaap--LineOfCreditFacilityCommitmentFeePercentage_pid_dp_uPure_c20251001__20251031__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_z9CyaHYSbq54" title="Cash fees percentage">6.0% of the aggregate gross proceeds of the Registered Offering. The Company also agreed to pay the Placement Agents an expense allowance of up to $75,000 for legal fees and other out-of-pocket expenses. Liquidity and risks The Company has incurred losses since its inception, including a net loss of €6.5 million, €8.9 million, and €11.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, as of December 31, 2025, the Company had an accumulated deficit of €62.6 million. The Company has primarily funded these losses through the proceeds from sales of convertible debt and equity. The Company has incurred recurring losses and expects to continue to incur losses for the foreseeable future. In addition, the Company expects that its existing cash, cash equivalents, and marketable securities on hand as of December 31, 2025, of €28.1 million will be sufficient to fund current planned operations and capital expenditure requirements for at least the next twelve months. However, the future viability of the Company is dependent on its ability to raise additional capital to finance its operations, and/or generate positive cash flows from its proposed acquisitions. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to continue as a going concern, as well as the ability to pursue its business strategies. There can be no assurance that the current or proposed operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. The Company’s historical business model, typical of biotechnology companies developing new therapeutic products, has not reached a balanced income and financial position, and features negative cash flows. This is because, at this stage, costs must be borne in relation to services and personnel, directly connected to research and development activities, and the return for these activities is not certain and, in any case, it is expected in future years. Based on the accounting policies adopted, requiring full recognition of research and development costs in the Statement of Operations and Comprehensive Loss in the year they are incurred, the Company has reported a loss since its inception and expects to continue to incur costs for research and development in the foreseeable future. Although the Company intends to target majority ownership in companies with established operating profitability as part of its strategic transformation, there is no certainty that the Company will become profitable in the future. The Company may require additional capital to meet its long-term operating requirements. It expects to raise additional capital through, among other things, the sale of equity, debt, or convertible securities through public offerings or private placements, including, but not limited to, sales of ADSs pursuant to the ATM. If adequate funds are not available in the future, the Company may be forced to delay, reorganize, or cancel research and development programs, or to enter into financing, licensing or collaboration agreements with unfavorable conditions or waive rights to certain products which otherwise it would not have waived, resulting in negative effects on the activity and on the economic, and /or financial situation of the Company. The Company’s ability to raise additional capital may be adversely impacted by the potential worsening of global economic and political conditions and volatility in the credit and financial markets in the U.S. and worldwide. This could be exacerbated by, among other factors, inflation, fluctuating interest rates, tariffs, and geopolitical conflicts, as well as shareholder concerns over the Company’s strategic transformation to evolve into a next-generation industrial consolidator. The Company’s failure to raise capital as and when needed, or on acceptable terms could have a negative impact on the Company’s financial condition, its ability continue as a going concern, and its ability to pursue its current and proposed business strategy, and the Company may have to delay, reduce the scope of, suspend or eliminate one or more of its research-stage programs, clinical trials, or future commercialization efforts.

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2. Summary of significant accounting policies Basis of presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for consolidated financial information and in accordance with the instructions to Form 20-F and Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP guidance as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) unless otherwise stated. A summary of the significant accounting policies applied in the preparation of these consolidated financial statements is presented below, only for the categories and headings now applicable and that might be applicable in the future based on the Company’s business. These policies have been consistently applied unless otherwise stated. Principles of consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and the disclosures made in the accompanying notes. Estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses and related milestone payments, share-based compensation expense, valuation of Research & Development (“R&D”) tax credits, the valuation of equity, and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Estimates are periodically reviewed considering changes in circumstances, facts, and experience. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are recorded in the period in which they become known. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed below. Cash and cash equivalents The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents, whose amounts may at times exceed insured limits. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk. In the Consolidated Cash Flow statements, cash and cash equivalents include: cash on hand, deposits held with banks, and other short-term, highly liquid investments. In the Consolidated Balance Sheets, bank overdrafts, if any, are shown in current liabilities. Marketable securities Investments with an original maturity of more than (3) three months are classified as available-for-sale (“AFS”) marketable securities, with those having a remaining maturity of more than one year presented as non-current assets. AFS securities are measured at fair value, with unrealized gains and losses recorded in Other Comprehensive Income (Loss) until realized. Purchase premiums are amortized to the earliest call date, and discounts are accreted to maturity, with related amounts recorded in interest income, net. Realized gains and losses are determined using the specific identification method and reported in other income (expense), net. The Company evaluates AFS securities each reporting period under ASC 326 to identify any credit losses. Any credit loss is recognized in earnings, limited to the difference between fair value and amortized cost. Accrued interest receivable is reported within prepaids and other current assets and is excluded from impairment testing. Write-offs of accrued interest are recorded through the reversal of interest income and/or credit loss expense. To date, no credit losses or write-offs have been recognized. Accrued interest receivable related to AFS debt securities is presented within prepaids and other current assets and is excluded from both fair value and amortized cost when assessing impairment. The Company writes off accrued interest only when it is deemed uncollectible, recording such write-offs through reversal of interest income, credit loss expense, or both. To date, no write-offs have been necessary. Mandatory convertible bond The Company has issued a mandatory convertible bond (“MCB”), which does not meet the “fixed-for-fixed” equity classification test under ASC 480, as the number of shares to be delivered is variable while the monetary value of the obligation is predetermined by reference to the nominal amount and interest. Accordingly, under ASC 480-10-25-14, the MCB is classified as a liability and accounted for at fair value through profit or loss. The MCB contains embedded features, including conversion rights, ownership caps, and conversion price ceilings, which represent embedded derivatives requiring fair value measurement in accordance with ASC 815. However, the Company has elected to value the instrument in its entirety, including the embedded derivatives under ASC 825 - the Fair Value Option. As a result, the MCB is measured at fair value, with changes in fair value recognized in the Consolidated Statement of Operations and Comprehensive Loss within “Unrealized fair value gain/loss on MCB” in the period in which they arise. Consistent with ASC 825-10-25-3, the election of the fair value option requires that issuance costs, transaction fees, and any other directly attributable costs, including legal and due diligence expenses, be expensed immediately as incurred. Net loss and comprehensive income (loss) Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. ASC 220 Comprehensive Income requires that an entity record all components of comprehensive (loss) income, net of their related tax effects, in its financial statements in the period in which they are recognized. For the year ended December 31, 2025, the net loss was equal to €6.5 million, other comprehensive income was €77,565, and total comprehensive loss was equal to €6.5 million. For the year ended December 31, 2024, the net loss was approximately €8.9 million, with other comprehensive loss being €142,196, and total comprehensive loss was approximately €9.1 million. For the year ended December 31, 2023, net loss was €11.6 million with other comprehensive income being €199,131 and total comprehensive loss was €11.4 million. Net loss per share Net loss per share (“EPS”) is computed in accordance with U.S. GAAP. Basic EPS is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, increased by the number of additional ordinary shares that would have been outstanding if all potential ordinary shares had been issued and were dilutive. At December 31, 2025, the Company had 23,432,183 ordinary shares issued and outstanding, with <span id="xdx_903_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pn5n6_c20251231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanTwoThousandTwentyOneToTwoThousandTwentyFiveMember_zu8LhZndqgsi" title="Ordinary shares, reserved">2.3 million ordinary shares reserved for the Company’s Equity Incentive Plan 2021–2035. At December 31, 2025, the Company had 1.9 million outstanding options and <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--UnderswritersCommonShareWarrantsMember_z4AwbPrJZpW6">23,502 ordinary share equivalents, in the form of underwriters’ ordinary share warrants. Diluted EPS was not relevant at December 31, 2025, 2024, or 2023, as the effect of ordinary share equivalents, in the form of <span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn5n6_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zftxgiRHjuki"><span id="xdx_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn5n6_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zyVF3SKtDgKf"><span id="xdx_907_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn5n6_c20230101__20231231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zIKPComlg2Eb">1.9 million stock options, and <span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderswritersCommonShareWarrantsMember_zD4vuOGbhXIb" title="Underwriters ordinary shares, warrants"><span id="xdx_904_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderswritersCommonShareWarrantsMember_zivpQIWrgB3h" title="Underwriters ordinary shares, warrants"><span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20230101__20231231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderswritersCommonShareWarrantsMember_zuNyQ0c8Wiek" title="Underwriters ordinary shares, warrants">23,502 underwriters’ ordinary share warrants, would have been anti-dilutive. (See Note 14. Shareholders’ equity and Note 15. Share-based compensation.) <p id="xdx_846_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zmolXXCJXWs6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Foreign currency translation The reporting and functional currency of the Company is Euros. All amounts are presented in Euros unless otherwise stated. All amounts disclosed in the consolidated financial statements and notes have been rounded to the nearest Euro unless otherwise stated. Foreign currency transactions, if any, are translated into Euros using the exchange rates prevailing at the date(s) of the transaction(s) or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statements of Operations and Comprehensive Loss. For financial reporting purposes, the assets and liabilities of the U.S. Subsidiary are translated into EUR using exchange rates in effect at the balance sheet date. The net income/(loss) of the U.S. Subsidiary is translated into EUR using average exchange rates in effect during the reporting period. The resulting currency translation impact is recorded in Shareholders’ equity as a cumulative translation adjustment. For the year ended 2025, the currency translation impact was approximately €70,400. For the year ended 2024, the currency translation impact was approximately €23,400. For the year ended 2023, the currency translation impact was approximately €15,800. Any change in the net foreign exchange rate effect is due to the fluctuation in the USD exchange rate with the Euro. Emerging growth company status The Company is an “emerging growth company,” as defined in the U.S. Jumpstart Our Business Startups Act, or U.S. JOBS Act, and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company may take advantage of these exemptions until the Company is no longer an “emerging growth company.” Section 107 of the U.S. JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period afforded by the U.S. JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards, and because of this election, its consolidated financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of its initial public offering (“IPO”) or such earlier time that it is no longer an “emerging growth company.” Segment information Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company and its chief operating decision-maker view the Company’s current operations and the management of its biotech business in one (1) operating segment. <p id="xdx_84F_ecustom--TaxCreditOnInvestmentsInResearchAndDevelopmentPolicyTextBlock_zA6f3UJLx9o8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Tax credit on investments in research and development In line with the legislation in force at December 31, 2025, 2024, and 2023, and for the fiscal year 2026, companies in Italy that invest in eligible research and development activities, regardless of the legal form and economic sector in which they operate, can benefit from a tax credit which can be used to reduce most taxes payable, including income tax or regional tax on productive activities, as well as social security contributions and payroll withholding taxes. Starting with the fiscal year 2023 (“FY 2023”), for eligible R&D activities, the tax credit rate was equal to 10% of the eligible costs incurred, with a maximum annual amount of €5.0 million. In addition, the law extended the measure up to the tax period ending December 31, 2031. The eligible activities consist of fundamental research, industrial research, and experimental development as defined in letters m), q), and j) of point 15, par. 1.3 of the Communication no. 198/2014 of the European Commission. To determine the cost basis of the benefit, the following expenses are eligible: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Personnel costs;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Depreciation charges, costs of the financial or simple lease, and other expenses related to movable tangible assets and software used in research and development projects;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expenses for extra-euro research contracts concerning the direct execution of eligible research and development activities by the provider;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expenses for consulting services and equivalent services related to eligible research and development activities; and,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expenses for materials, supplies, and other similar products used in research and development projects.</td></tr> </table> The receivable is recognized when there is reasonable assurance that: (1) the recipient will comply with the relevant conditions; and (2) the grant will be received. The Company has elected to present research and development expenditure net of related tax credit benefit on the Consolidated Statements of Operations and Comprehensive Loss. While these tax credits can be carried forward indefinitely, the Company recognized an amount which reflects management’s best estimate of the amount that is reasonably assured to be realized or utilized in the foreseeable future based on historical benefits realized, adjusted for expected changes, as applicable. The tax credits are recorded as an offset to research and development expenses in the Consolidated Statements of Operations and Comprehensive Loss. <p id="xdx_845_eus-gaap--ShareBasedCompensationForfeituresPolicyTextBlock_zPHTh0CxDEE5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Share-based compensation To reward the efforts of employees, officers, directors, and certain consultants, and to promote the Company’s growth and development, the Board may approve, upon occasion, various share-based awards based on the Company’s stock option plan (the “Equity Incentive Plan 2021–2035” or the “Plan”, originally approved on May 20, 2021 and subsequently modified to extend the final deadline for the issuance of the common shares until December 31, 2035). The Plan was amended to ensure that all stock options granted during its term are exercisable for a period of 10 years from their respective grant dates. (Refer to Note 15. Share-Based Compensation.) Currently, the Company has authorized options on <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zBhtkhrejz9g" title="Number of authorized ordinary shares">2,343,218 common shares (i.e., <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum_pid_dp_uPure_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ztViy91EChE" title="Ordinary shares outstanding percentage">10% of the number of shares outstanding, which was 23,432,183 common shares outstanding at December 31, 2025); however, as provided by the Plan, the Company may increase the authorized shares under the Plan up to a maximum of <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNumberOfSharesPeriodIncreaseDecrease_pid_c20210520__20210520__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MaximumMember_zTB61k6HRcp" title="Authorized share">2,700,000 common shares without further shareholder approval. Therefore, as the Company raises additional capital, and the total number of outstanding shares increases, the Board has the authority to issue additional options up to <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MaximumMember_zjzVg59AolLe" title="Number of shares available for issuance">2,700,000 common shares limit, without the need to obtain further authorization from shareholders, unless the number of outstanding common shares (aka ordinary shares) exceeds <span id="xdx_90E_eus-gaap--SharesOutstanding_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MaximumMember_zI0uqahTUoQa" title="Number of shares outstanding">27,000,000. The Company measures its stock option awards granted to employees, officers, directors, and consultants under the Plan based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is normally the vesting period of the respective award. Forfeitures are accounted for as they occur. The measurement date for option awards is the date of the grant. The Company classifies stock-based compensation expense in its Consolidated Statement of Operations and Comprehensive Loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. The Company chose the Black-Scholes-Merton model because it is considered easier to apply, and it is a defined equation and incorporates only one set of inputs. As a result, it is the model most commonly in use. Representative warrants Upon the closing of the Company’s IPO, the Company issued <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--UnderswritersWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z5i6OOTaZkGl" title="Number of warrants issued to the underwriters">23,502 warrants to the underwriters of the offering (“Warrants”). The Warrants are exercisable at a per share exercise price equal to $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uUSDPShares_c20251231__us-gaap--AwardTypeAxis__custom--UnderswritersWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zXnUNVtlDCld" title="Exercise price">14.375. The Warrants are exercisable at any time and from time to time, in whole or in part, until December 13, 2026. The Warrants provide for adjustment in the number and price of the Warrants and the ADSs underlying such Warrants in the event of recapitalization, merger, stock split, or other structural transactions, or a future financing undertaken by the Company. The Warrants were evaluated under applicable guidance and accordingly classified as equity in the consolidated financial statements. <p id="xdx_84D_ecustom--NoncurrentAssetsRightofUseROUPolicyTextBlock_zfR7eCKaCMHc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Non-current assets right-of-use Upon commencement of a contract containing a lease, the Company classifies leases other than short-term leases as either an operating lease or a finance lease according to the criteria prescribed by ASC 842. The Company recognizes both lease liabilities and right-of-use assets (“ROU”) on the balance sheet for all leases, except for short-term leases (those with a lease term of 12 months or less). Lease liabilities are initially measured at the present value of the future lease payments over the lease term, discounted at the rate implicit in the lease or, if that rate is not readily determinable, the Company’s incremental borrowing rate. The ROU assets represent the lessee’s right to use the underlying asset for the lease term and are initially measured at the same amount as the corresponding lease liability. For finance leases, the Company recognizes interest expense on the lease liability and amortization expense on the ROU asset. For operating leases, lease expense is recognized on a straight-line basis over the lease term. Fixed assets Fixed assets are stated at cost, including any accessories and direct costs that are necessary to make the assets fit for use, and adjusted by the corresponding accumulated depreciation. Depreciation is systematically recorded in the consolidated financial statements, taking into consideration the use, purpose, and financial-technical duration of the assets, based on their estimated useful economic lives. Leasehold improvements depreciation is recorded based on the shorter of the life of the leasehold improvement or the remaining term of the lease. Ordinary maintenance costs are expensed to the Consolidated Statements of Operations and Comprehensive Loss in the year in which they are incurred. Extraordinary maintenance costs, the purpose of which is to extend the useful economic life of the asset, to technologically upgrade it and/or to increase its productivity or safety for the economic productivity of the Company, are attributed to the asset to which they refer and depreciated on the basis of its estimated useful economic life. Amortization of leasehold improvements is computed using the straight-line method based on the terms of the applicable lease or estimated useful life of the improvements, whichever is shorter. <p id="xdx_846_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zwP1EuOPVlx5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Impairment of long-lived assets In accordance with ASC Topic 360-10-20, “Property, Plant and Equipment,” the Company performs an impairment test whenever events or circumstances indicate that the carrying value of long-lived assets with finite lives may be impaired. Impairment is measured by comparing the carrying value of the long-lived assets to the estimated undiscounted pre-tax cash flows expected to result from the use of such assets and their ultimate disposition. In circumstances where impairment is determined to exist, the Company will write down the asset to its fair value based on the present value of estimated cash flows. To date, no impairments have been identified for the years ended December 31, 2025, 2024 and 2023. Deferred offering costs Deferred offering costs, which primarily consist of direct, incremental legal and accounting fees relating to fundraising activities (e.g., a registered direct offering or other fundraising activities), are capitalized within prepaid expenses and other current assets before the offering, and netted or offset with the offering proceeds upon closing of the offering. For the year ended December 31, 2025, the Company incurred offering-related costs of approximately €1.1 million. Of this amount, approximately €12,918 related to ATM offering costs incurred in connection with the sale of ADSs pursuant to the Sales Agreement and were fully expensed as general and administrative costs in the Consolidated Statement of Operations and Comprehensive Loss. The remaining €1,057,408 related to offering costs incurred in connection with the registered direct offering and were offset against additional paid-in capital. For the year ended December 31, 2024, the Company incurred approximately €0.2 million of costs in connection with its sales of ADSs pursuant to the Sales Agreement that were fully expensed in the Consolidated Statement of Operations and Comprehensive Loss and approximately €0.2 million of deferred due diligence costs and other preliminary activities connected to the issuance of the mandatory convertible bond which was completed in February 2025. For the year ended December 31, 2023, the Company incurred approximately €0.3 million of ATM Offering costs that were fully expensed in the Consolidated Statement of Operations and Comprehensive Loss. <p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zcvsyFMzrnHe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Recently issued accounting pronouncements In November 2023, FASB issued ASU 2023-07, which amends ASC 280 to improve the information that a public entity discloses about its reportable segments and to address investor requests for more information about reportable segment expenses by requiring incremental disclosures for segment reporting. The effective date for ASU 2023-07 is for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024. The amendment requires companies to disclose more information about their reportable segments, including: (1) significant segment expenses, (2) ‘other’ segment items, (3) the title and position of the chief operating decision maker (“CODM”), (4) how the CODM uses the reported measure(s) of segment profit or loss and (5) annual disclosures about a reportable segment’s profit or loss and assets. The Company believes that this ASU does not have a material impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company believes that this ASU does not have a material impact on its consolidated financial statements and related disclosures. In March 2024, FASB issued ASU 2024-01, Scope Application of Profits Interest and Similar Awards, which clarifies how an entity determines whether a profits interest or similar award (hereafter a “profits interest award”) is (1) within the scope of Accounting Standards Codification (ASC) 718, Compensation - Stock Compensation, or (2) not a share-based payment arrangement and therefore within the scope of other guidance. For public business entities, ASU 2024-01 is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. The Company believes that this ASU does not have a material impact on its consolidated financial statements and related disclosures. In November 2024, FASB issued ASU 2024-04, Debt – Debt with conversion and other options (subtopic 470-20): Induced conversions of convertible debt instruments which provides guidance on accounting for induced conversions of convertible debt instruments. For public business entities, ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual periods. The Company currently does not expect this standard to have a material impact on its financial statements, as its outstanding convertible instruments are mandatory in nature and not subject to induced conversions. The Company will continue to monitor future developments for applicability.

Basis of presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for consolidated financial information and in accordance with the instructions to Form 20-F and Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP guidance as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) unless otherwise stated. A summary of the significant accounting policies applied in the preparation of these consolidated financial statements is presented below, only for the categories and headings now applicable and that might be applicable in the future based on the Company’s business. These policies have been consistently applied unless otherwise stated.

Principles of consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and the disclosures made in the accompanying notes. Estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses and related milestone payments, share-based compensation expense, valuation of Research & Development (“R&D”) tax credits, the valuation of equity, and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Estimates are periodically reviewed considering changes in circumstances, facts, and experience. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are recorded in the period in which they become known. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed below.

Cash and cash equivalents The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents, whose amounts may at times exceed insured limits. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk. In the Consolidated Cash Flow statements, cash and cash equivalents include: cash on hand, deposits held with banks, and other short-term, highly liquid investments. In the Consolidated Balance Sheets, bank overdrafts, if any, are shown in current liabilities.

Marketable securities Investments with an original maturity of more than (3) three months are classified as available-for-sale (“AFS”) marketable securities, with those having a remaining maturity of more than one year presented as non-current assets. AFS securities are measured at fair value, with unrealized gains and losses recorded in Other Comprehensive Income (Loss) until realized. Purchase premiums are amortized to the earliest call date, and discounts are accreted to maturity, with related amounts recorded in interest income, net. Realized gains and losses are determined using the specific identification method and reported in other income (expense), net. The Company evaluates AFS securities each reporting period under ASC 326 to identify any credit losses. Any credit loss is recognized in earnings, limited to the difference between fair value and amortized cost. Accrued interest receivable is reported within prepaids and other current assets and is excluded from impairment testing. Write-offs of accrued interest are recorded through the reversal of interest income and/or credit loss expense. To date, no credit losses or write-offs have been recognized. Accrued interest receivable related to AFS debt securities is presented within prepaids and other current assets and is excluded from both fair value and amortized cost when assessing impairment. The Company writes off accrued interest only when it is deemed uncollectible, recording such write-offs through reversal of interest income, credit loss expense, or both. To date, no write-offs have been necessary.

Mandatory convertible bond The Company has issued a mandatory convertible bond (“MCB”), which does not meet the “fixed-for-fixed” equity classification test under ASC 480, as the number of shares to be delivered is variable while the monetary value of the obligation is predetermined by reference to the nominal amount and interest. Accordingly, under ASC 480-10-25-14, the MCB is classified as a liability and accounted for at fair value through profit or loss. The MCB contains embedded features, including conversion rights, ownership caps, and conversion price ceilings, which represent embedded derivatives requiring fair value measurement in accordance with ASC 815. However, the Company has elected to value the instrument in its entirety, including the embedded derivatives under ASC 825 - the Fair Value Option. As a result, the MCB is measured at fair value, with changes in fair value recognized in the Consolidated Statement of Operations and Comprehensive Loss within “Unrealized fair value gain/loss on MCB” in the period in which they arise. Consistent with ASC 825-10-25-3, the election of the fair value option requires that issuance costs, transaction fees, and any other directly attributable costs, including legal and due diligence expenses, be expensed immediately as incurred. Net loss and comprehensive income (loss) Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. ASC 220 Comprehensive Income requires that an entity record all components of comprehensive (loss) income, net of their related tax effects, in its financial statements in the period in which they are recognized. For the year ended December 31, 2025, the net loss was equal to €6.5 million, other comprehensive income was €77,565, and total comprehensive loss was equal to €6.5 million. For the year ended December 31, 2024, the net loss was approximately €8.9 million, with other comprehensive loss being €142,196, and total comprehensive loss was approximately €9.1 million. For the year ended December 31, 2023, net loss was €11.6 million with other comprehensive income being €199,131 and total comprehensive loss was €11.4 million.

-6500000

-77565

-6500000

-8900000

142196

-9100000

-11600000

199131

-11400000

Net loss per share Net loss per share (“EPS”) is computed in accordance with U.S. GAAP. Basic EPS is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, increased by the number of additional ordinary shares that would have been outstanding if all potential ordinary shares had been issued and were dilutive. At December 31, 2025, the Company had 23,432,183 ordinary shares issued and outstanding, with <span id="xdx_903_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pn5n6_c20251231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanTwoThousandTwentyOneToTwoThousandTwentyFiveMember_zu8LhZndqgsi" title="Ordinary shares, reserved">2.3 million ordinary shares reserved for the Company’s Equity Incentive Plan 2021–2035. At December 31, 2025, the Company had 1.9 million outstanding options and <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--UnderswritersCommonShareWarrantsMember_z4AwbPrJZpW6">23,502 ordinary share equivalents, in the form of underwriters’ ordinary share warrants. Diluted EPS was not relevant at December 31, 2025, 2024, or 2023, as the effect of ordinary share equivalents, in the form of <span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn5n6_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zftxgiRHjuki"><span id="xdx_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn5n6_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zyVF3SKtDgKf"><span id="xdx_907_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn5n6_c20230101__20231231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zIKPComlg2Eb">1.9 million stock options, and <span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderswritersCommonShareWarrantsMember_zD4vuOGbhXIb" title="Underwriters ordinary shares, warrants"><span id="xdx_904_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderswritersCommonShareWarrantsMember_zivpQIWrgB3h" title="Underwriters ordinary shares, warrants"><span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20230101__20231231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderswritersCommonShareWarrantsMember_zuNyQ0c8Wiek" title="Underwriters ordinary shares, warrants">23,502 underwriters’ ordinary share warrants, would have been anti-dilutive. (See Note 14. Shareholders’ equity and Note 15. Share-based compensation.)

23432183

2300000

1900000

23502

1900000

23502

<p id="xdx_846_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zmolXXCJXWs6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Foreign currency translation The reporting and functional currency of the Company is Euros. All amounts are presented in Euros unless otherwise stated. All amounts disclosed in the consolidated financial statements and notes have been rounded to the nearest Euro unless otherwise stated. Foreign currency transactions, if any, are translated into Euros using the exchange rates prevailing at the date(s) of the transaction(s) or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statements of Operations and Comprehensive Loss. For financial reporting purposes, the assets and liabilities of the U.S. Subsidiary are translated into EUR using exchange rates in effect at the balance sheet date. The net income/(loss) of the U.S. Subsidiary is translated into EUR using average exchange rates in effect during the reporting period. The resulting currency translation impact is recorded in Shareholders’ equity as a cumulative translation adjustment. For the year ended 2025, the currency translation impact was approximately €70,400. For the year ended 2024, the currency translation impact was approximately €23,400. For the year ended 2023, the currency translation impact was approximately €15,800. Any change in the net foreign exchange rate effect is due to the fluctuation in the USD exchange rate with the Euro.

70400

23400

15800

Emerging growth company status The Company is an “emerging growth company,” as defined in the U.S. Jumpstart Our Business Startups Act, or U.S. JOBS Act, and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company may take advantage of these exemptions until the Company is no longer an “emerging growth company.” Section 107 of the U.S. JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period afforded by the U.S. JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards, and because of this election, its consolidated financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of its initial public offering (“IPO”) or such earlier time that it is no longer an “emerging growth company.”

Segment information Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company and its chief operating decision-maker view the Company’s current operations and the management of its biotech business in one (1) operating segment.

<p id="xdx_84F_ecustom--TaxCreditOnInvestmentsInResearchAndDevelopmentPolicyTextBlock_zA6f3UJLx9o8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Tax credit on investments in research and development In line with the legislation in force at December 31, 2025, 2024, and 2023, and for the fiscal year 2026, companies in Italy that invest in eligible research and development activities, regardless of the legal form and economic sector in which they operate, can benefit from a tax credit which can be used to reduce most taxes payable, including income tax or regional tax on productive activities, as well as social security contributions and payroll withholding taxes. Starting with the fiscal year 2023 (“FY 2023”), for eligible R&D activities, the tax credit rate was equal to 10% of the eligible costs incurred, with a maximum annual amount of €5.0 million. In addition, the law extended the measure up to the tax period ending December 31, 2031. The eligible activities consist of fundamental research, industrial research, and experimental development as defined in letters m), q), and j) of point 15, par. 1.3 of the Communication no. 198/2014 of the European Commission. To determine the cost basis of the benefit, the following expenses are eligible: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Personnel costs;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Depreciation charges, costs of the financial or simple lease, and other expenses related to movable tangible assets and software used in research and development projects;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expenses for extra-euro research contracts concerning the direct execution of eligible research and development activities by the provider;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expenses for consulting services and equivalent services related to eligible research and development activities; and,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expenses for materials, supplies, and other similar products used in research and development projects.</td></tr> </table> The receivable is recognized when there is reasonable assurance that: (1) the recipient will comply with the relevant conditions; and (2) the grant will be received. The Company has elected to present research and development expenditure net of related tax credit benefit on the Consolidated Statements of Operations and Comprehensive Loss. While these tax credits can be carried forward indefinitely, the Company recognized an amount which reflects management’s best estimate of the amount that is reasonably assured to be realized or utilized in the foreseeable future based on historical benefits realized, adjusted for expected changes, as applicable. The tax credits are recorded as an offset to research and development expenses in the Consolidated Statements of Operations and Comprehensive Loss.

5000000.0

<p id="xdx_845_eus-gaap--ShareBasedCompensationForfeituresPolicyTextBlock_zPHTh0CxDEE5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Share-based compensation To reward the efforts of employees, officers, directors, and certain consultants, and to promote the Company’s growth and development, the Board may approve, upon occasion, various share-based awards based on the Company’s stock option plan (the “Equity Incentive Plan 2021–2035” or the “Plan”, originally approved on May 20, 2021 and subsequently modified to extend the final deadline for the issuance of the common shares until December 31, 2035). The Plan was amended to ensure that all stock options granted during its term are exercisable for a period of 10 years from their respective grant dates. (Refer to Note 15. Share-Based Compensation.) Currently, the Company has authorized options on <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zBhtkhrejz9g" title="Number of authorized ordinary shares">2,343,218 common shares (i.e., <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum_pid_dp_uPure_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ztViy91EChE" title="Ordinary shares outstanding percentage">10% of the number of shares outstanding, which was 23,432,183 common shares outstanding at December 31, 2025); however, as provided by the Plan, the Company may increase the authorized shares under the Plan up to a maximum of <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNumberOfSharesPeriodIncreaseDecrease_pid_c20210520__20210520__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MaximumMember_zTB61k6HRcp" title="Authorized share">2,700,000 common shares without further shareholder approval. Therefore, as the Company raises additional capital, and the total number of outstanding shares increases, the Board has the authority to issue additional options up to <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MaximumMember_zjzVg59AolLe" title="Number of shares available for issuance">2,700,000 common shares limit, without the need to obtain further authorization from shareholders, unless the number of outstanding common shares (aka ordinary shares) exceeds <span id="xdx_90E_eus-gaap--SharesOutstanding_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MaximumMember_zI0uqahTUoQa" title="Number of shares outstanding">27,000,000. The Company measures its stock option awards granted to employees, officers, directors, and consultants under the Plan based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is normally the vesting period of the respective award. Forfeitures are accounted for as they occur. The measurement date for option awards is the date of the grant. The Company classifies stock-based compensation expense in its Consolidated Statement of Operations and Comprehensive Loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. The Company chose the Black-Scholes-Merton model because it is considered easier to apply, and it is a defined equation and incorporates only one set of inputs. As a result, it is the model most commonly in use.

P10Y

2343218

0.10

23432183

2700000

27000000

Representative warrants Upon the closing of the Company’s IPO, the Company issued <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--UnderswritersWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z5i6OOTaZkGl" title="Number of warrants issued to the underwriters">23,502 warrants to the underwriters of the offering (“Warrants”). The Warrants are exercisable at a per share exercise price equal to $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uUSDPShares_c20251231__us-gaap--AwardTypeAxis__custom--UnderswritersWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zXnUNVtlDCld" title="Exercise price">14.375. The Warrants are exercisable at any time and from time to time, in whole or in part, until December 13, 2026. The Warrants provide for adjustment in the number and price of the Warrants and the ADSs underlying such Warrants in the event of recapitalization, merger, stock split, or other structural transactions, or a future financing undertaken by the Company. The Warrants were evaluated under applicable guidance and accordingly classified as equity in the consolidated financial statements.

23502

14.375

<p id="xdx_84D_ecustom--NoncurrentAssetsRightofUseROUPolicyTextBlock_zfR7eCKaCMHc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Non-current assets right-of-use Upon commencement of a contract containing a lease, the Company classifies leases other than short-term leases as either an operating lease or a finance lease according to the criteria prescribed by ASC 842. The Company recognizes both lease liabilities and right-of-use assets (“ROU”) on the balance sheet for all leases, except for short-term leases (those with a lease term of 12 months or less). Lease liabilities are initially measured at the present value of the future lease payments over the lease term, discounted at the rate implicit in the lease or, if that rate is not readily determinable, the Company’s incremental borrowing rate. The ROU assets represent the lessee’s right to use the underlying asset for the lease term and are initially measured at the same amount as the corresponding lease liability. For finance leases, the Company recognizes interest expense on the lease liability and amortization expense on the ROU asset. For operating leases, lease expense is recognized on a straight-line basis over the lease term.

Fixed assets Fixed assets are stated at cost, including any accessories and direct costs that are necessary to make the assets fit for use, and adjusted by the corresponding accumulated depreciation. Depreciation is systematically recorded in the consolidated financial statements, taking into consideration the use, purpose, and financial-technical duration of the assets, based on their estimated useful economic lives. Leasehold improvements depreciation is recorded based on the shorter of the life of the leasehold improvement or the remaining term of the lease. Ordinary maintenance costs are expensed to the Consolidated Statements of Operations and Comprehensive Loss in the year in which they are incurred. Extraordinary maintenance costs, the purpose of which is to extend the useful economic life of the asset, to technologically upgrade it and/or to increase its productivity or safety for the economic productivity of the Company, are attributed to the asset to which they refer and depreciated on the basis of its estimated useful economic life. Amortization of leasehold improvements is computed using the straight-line method based on the terms of the applicable lease or estimated useful life of the improvements, whichever is shorter.

<p id="xdx_846_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zwP1EuOPVlx5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Impairment of long-lived assets In accordance with ASC Topic 360-10-20, “Property, Plant and Equipment,” the Company performs an impairment test whenever events or circumstances indicate that the carrying value of long-lived assets with finite lives may be impaired. Impairment is measured by comparing the carrying value of the long-lived assets to the estimated undiscounted pre-tax cash flows expected to result from the use of such assets and their ultimate disposition. In circumstances where impairment is determined to exist, the Company will write down the asset to its fair value based on the present value of estimated cash flows. To date, no impairments have been identified for the years ended December 31, 2025, 2024 and 2023.

Deferred offering costs Deferred offering costs, which primarily consist of direct, incremental legal and accounting fees relating to fundraising activities (e.g., a registered direct offering or other fundraising activities), are capitalized within prepaid expenses and other current assets before the offering, and netted or offset with the offering proceeds upon closing of the offering. For the year ended December 31, 2025, the Company incurred offering-related costs of approximately €1.1 million. Of this amount, approximately €12,918 related to ATM offering costs incurred in connection with the sale of ADSs pursuant to the Sales Agreement and were fully expensed as general and administrative costs in the Consolidated Statement of Operations and Comprehensive Loss. The remaining €1,057,408 related to offering costs incurred in connection with the registered direct offering and were offset against additional paid-in capital. For the year ended December 31, 2024, the Company incurred approximately €0.2 million of costs in connection with its sales of ADSs pursuant to the Sales Agreement that were fully expensed in the Consolidated Statement of Operations and Comprehensive Loss and approximately €0.2 million of deferred due diligence costs and other preliminary activities connected to the issuance of the mandatory convertible bond which was completed in February 2025. For the year ended December 31, 2023, the Company incurred approximately €0.3 million of ATM Offering costs that were fully expensed in the Consolidated Statement of Operations and Comprehensive Loss.

1100000

12918

1057408

200000

300000

<p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zcvsyFMzrnHe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Recently issued accounting pronouncements In November 2023, FASB issued ASU 2023-07, which amends ASC 280 to improve the information that a public entity discloses about its reportable segments and to address investor requests for more information about reportable segment expenses by requiring incremental disclosures for segment reporting. The effective date for ASU 2023-07 is for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024. The amendment requires companies to disclose more information about their reportable segments, including: (1) significant segment expenses, (2) ‘other’ segment items, (3) the title and position of the chief operating decision maker (“CODM”), (4) how the CODM uses the reported measure(s) of segment profit or loss and (5) annual disclosures about a reportable segment’s profit or loss and assets. The Company believes that this ASU does not have a material impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company believes that this ASU does not have a material impact on its consolidated financial statements and related disclosures. In March 2024, FASB issued ASU 2024-01, Scope Application of Profits Interest and Similar Awards, which clarifies how an entity determines whether a profits interest or similar award (hereafter a “profits interest award”) is (1) within the scope of Accounting Standards Codification (ASC) 718, Compensation - Stock Compensation, or (2) not a share-based payment arrangement and therefore within the scope of other guidance. For public business entities, ASU 2024-01 is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. The Company believes that this ASU does not have a material impact on its consolidated financial statements and related disclosures. In November 2024, FASB issued ASU 2024-04, Debt – Debt with conversion and other options (subtopic 470-20): Induced conversions of convertible debt instruments which provides guidance on accounting for induced conversions of convertible debt instruments. For public business entities, ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual periods. The Company currently does not expect this standard to have a material impact on its financial statements, as its outstanding convertible instruments are mandatory in nature and not subject to induced conversions. The Company will continue to monitor future developments for applicability.

<p id="xdx_807_eus-gaap--ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock_zbGeN8VjFcIc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">3. Research and development Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries, share-based compensation and benefits, facilities costs, third-party license fees, and external costs of outside vendors and consultants engaged to conduct clinical development activities and clinical trials, (e.g., contract research organizations, or CROs), as well as costs to develop a manufacturing processes, perform analytical testing and manufacture clinical trial materials, (e.g., contract manufacturing organizations, or CMOs). Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses. Such amounts are recognized as an expense as the goods are delivered or the related services are performed, or until it is no longer expected that the goods will be delivered, or the services rendered. In addition, funding from research grants, if any, is recognized as an offset to research and development expense based on costs incurred on the research program. The Company annually incurs research costs to meet its biotech business objectives. The Company has various research and development contracts, and the related costs are recorded as research and development expenses as incurred. When billing terms under these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of outstanding obligations at period end to those third parties. Any accrual estimates are based on several factors, including the Company’s knowledge of the progress towards completion of the research and development activities, invoicing to date under the contracts, communication from the research institution or other companies of any actual costs incurred during the period that have not yet been invoiced, and the costs included in the contracts. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made by the Company. The historical accrual estimates made by the Company have not been materially different from the actual costs. For further details, please refer to Note 17. Related Parties.

<p id="xdx_80E_ecustom--GeneralAndAdministrativeDisclosureTextBlock_zjYLXW2koXp3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">4. General and administrative General and administrative costs consist primarily of salaries, share-based compensation, benefits and other related costs for personnel and consultants in the Company’s executive and finance functions, professional fees for legal, finance, accounting, auditing, tax and consulting services, travel expenses and facility-related expenses, which include rent and maintenance of facilities and other operating costs not otherwise included in research and development expense.

5. Income taxes The Company is subject to taxation in Italy, as well as in the U.S., due to the Company’s wholly owned American subsidiary. Taxation in Italy includes the standard corporate income tax (“IRES”) and a regional business tax (“IRAP”). Taxation in the U.S. includes federal corporate income tax, as well as state and local taxes. Taxes are recorded on an accrual basis. They therefore represent the allowances for taxes paid or to be paid for the year, calculated according to the current rates enacted and applicable laws. In the future, the Company may be taxed in various other countries where it may have permanent establishments, as applicable. For the year ending December 31, 2025, due to the tax loss position reported, no income taxes were due in Italy, while in the U.S., there was no material tax charge. For the year ending December 31, 2024, due to the tax loss position reported, no income taxes were due in Italy or the U.S., although the subsidiary in the U.S. had an immaterial tax charge. For the year ending December 31, 2023, due to the tax loss position reported, no income taxes were due in Italy or the U.S. The Company uses the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities, measured at tax rates expected to be enacted at the time of their reversals. These temporary differences primarily relate to net operating losses carried forward available to offset future taxable income. At each reporting date, the Company considers existing evidence, both positive and negative, that could impact its view with regard to future realization of deferred tax assets. In consideration of the start-up status of the Company, a valuation allowance has been established to offset the deferred tax assets, as the related realization is currently uncertain. In the future, should the Company conclude that it is more likely than not that the deferred tax assets are partially or fully realizable, the valuation allowance will be reduced to the extent of such expected realization, and the corresponding amount will be recognized as income tax benefit in the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company recognizes tax liabilities arising from an uncertain tax position if it is more likely than not that the tax position would be upheld upon examination by the taxing authorities, based on the technical merits. There are no uncertain tax positions that have been recognized in the accompanying consolidated financial statements. For the Company, the prior five years of tax returns (2021-2025) are potentially subject to audit, for the subsidiary in the U.S., the open years for tax examination are 2023, 2024, and 2025. <p id="xdx_890_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zyz5bg5TnrB1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. A reconciliation of the Company’s tax provisions is summarized as follows: Schedule of effective income tax rate reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zOZjZ1vcXoK9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240101__20241231_z8TCYzfq23b4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zyTH3CtbAydg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right">(in Euros)</td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzi7I_zyVypUfUDPS2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 0pt">Income taxes at Italy statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">(2,325,858</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">(2,037,277</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">(2,794,909</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_maITEBzi7I_zeYSOkLk94Dk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">126,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(39,935</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">309,512</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maITEBzi7I_zjERBkkhRPxf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,743</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,627</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(171,032</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalIncomeTaxRate_maITEBzi7I_zKHc8poXlV2j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Federal income tax for Genenta Science, Inc.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108,004</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(62,825</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(89,910</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzi7I_zXaqswvIG13h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,082,911</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,068,410</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,746,339</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzi7I_zg3t66VHJ6Y2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total provision expense for income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_896_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z4IplPrKgan1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Significant components of the Company’s net deferred tax assets are summarized as follows: Schedule of deferred tax assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231_zkfRTeElMzFk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231_zJiCTEPV4Dje" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20231231_zNrKhxRcIVLk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right">(in Euros)</td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0pt">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGzEJM_zhlXFzUn0qf2" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left; text-indent: 10pt; padding-left: 0pt">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">16,084,600</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">13,876,117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">11,772,870</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOther_iI_maDTAGzEJM_z6TmcBjdhkJd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 10pt; padding-left: 0pt">Other temporary differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,558</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">130,130</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,347</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredTaxAssetsAllowanceForCorporateEquity_iI_maDTAGzEJM_zf9LNmNrRps1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 10pt; padding-left: 0pt">Allowance for corporate equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">481,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">481,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">495,692</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGzEJM_maDTANzPjF_z6lkcMlna5z8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0pt">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,570,239</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,487,319</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,418,909</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANzPjF_za7tbPapU8if" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt; padding-left: 0pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(16,570,239</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(14,487,319</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(12,418,909</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANzPjF_zqNSsRVidVl5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> At December 31, 2025, 2024, and 2023, the Company believes there are no significant differences concerning its deferred tax assets and its relevant components, compared to the computations of the preceding periods. In 2011, the Italian tax authorities issued a set of rules that modified the previous treatment of tax loss carryforwards. According to the applicable law, all existing tax loss carry forwards will never expire, but they can offset only 80% of the taxable income of the year. The rules do not affect the tax loss carryforward that refers to the start-up period, defined as the first three years of operations starting from the inception of the Company. The following table shows the amount of deferred tax assets that can be carried forward indefinitely and used without limitation or with the limit of 80% of taxable income generated in Italy, as provided by Legislative Decree 98/2011: <p id="xdx_89F_ecustom--ScheduleOfTaxLossCarryforwardsExpireTableTextBlock_zkx7J5qk7A5g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Schedule of tax loss carryforwards expire <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_zXt4jJ2m4G66" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241231_zoy8DTQUwNsk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20231231_zOAt8B9Ni7Gf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in Euros)</td><td> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxPeriodAxis__custom--NoExpirationDateMember_zVyz839Li6h3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 0pt">No expiration date</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">5,487,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">5,487,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">5,487,085</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxPeriodAxis__custom--NoExpirationDateDlNinetyEightMember_zL3bq2MiCgIh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">No expiration date - DL 98/2011</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">61,371,643</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,680,567</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">43,191,915</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OperatingLossCarryforwards_iI_zxPFaNviZ0xb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 0pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">66,858,728</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">57,167,652</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">48,679,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company has analyzed its tax position by determining the amount of tax losses that can be carried forward indefinitely and has decided to accrue an allowance for related deferred tax assets as the Company is in a situation of pre-revenues that is destined to remain in the long run, and there is no certainty of the future recoverability of such tax losses through tax relevant incomes. Future taxable profits for the Company depend on the manufacture of marketable drugs following the successful completion of the clinical trials. Since the Company’s clinical trials are still in an early phase, the time frame and uncertainties regarding the outcome of the completion justify the full allowance of deferred tax assets.

<p id="xdx_890_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zyz5bg5TnrB1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. A reconciliation of the Company’s tax provisions is summarized as follows: Schedule of effective income tax rate reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zOZjZ1vcXoK9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240101__20241231_z8TCYzfq23b4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zyTH3CtbAydg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right">(in Euros)</td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzi7I_zyVypUfUDPS2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 0pt">Income taxes at Italy statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">(2,325,858</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">(2,037,277</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">(2,794,909</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_maITEBzi7I_zeYSOkLk94Dk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">126,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(39,935</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">309,512</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maITEBzi7I_zjERBkkhRPxf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,743</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,627</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(171,032</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalIncomeTaxRate_maITEBzi7I_zKHc8poXlV2j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Federal income tax for Genenta Science, Inc.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108,004</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(62,825</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(89,910</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzi7I_zXaqswvIG13h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,082,911</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,068,410</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,746,339</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzi7I_zg3t66VHJ6Y2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total provision expense for income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-2325858

-2037277

-2794909

126200

-39935

309512

8743

71627

-171032

108004 -62825 -89910

2082911

2068410

2746339

<p id="xdx_896_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z4IplPrKgan1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Significant components of the Company’s net deferred tax assets are summarized as follows: Schedule of deferred tax assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231_zkfRTeElMzFk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231_zJiCTEPV4Dje" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20231231_zNrKhxRcIVLk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right">(in Euros)</td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0pt">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGzEJM_zhlXFzUn0qf2" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left; text-indent: 10pt; padding-left: 0pt">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">16,084,600</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">13,876,117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">11,772,870</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOther_iI_maDTAGzEJM_z6TmcBjdhkJd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 10pt; padding-left: 0pt">Other temporary differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,558</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">130,130</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,347</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredTaxAssetsAllowanceForCorporateEquity_iI_maDTAGzEJM_zf9LNmNrRps1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 10pt; padding-left: 0pt">Allowance for corporate equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">481,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">481,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">495,692</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGzEJM_maDTANzPjF_z6lkcMlna5z8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0pt">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,570,239</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,487,319</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,418,909</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANzPjF_za7tbPapU8if" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt; padding-left: 0pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(16,570,239</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(14,487,319</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(12,418,909</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANzPjF_zqNSsRVidVl5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

16084600

13876117

11772870

4558

130130

150347

481071 481071 495692

16570239

14487319

12418909

16570239

14487319

12418909

0.80 <p id="xdx_89F_ecustom--ScheduleOfTaxLossCarryforwardsExpireTableTextBlock_zkx7J5qk7A5g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Schedule of tax loss carryforwards expire <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_zXt4jJ2m4G66" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241231_zoy8DTQUwNsk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20231231_zOAt8B9Ni7Gf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in Euros)</td><td> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxPeriodAxis__custom--NoExpirationDateMember_zVyz839Li6h3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 0pt">No expiration date</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">5,487,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">5,487,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">5,487,085</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--TaxPeriodAxis__custom--NoExpirationDateDlNinetyEightMember_zL3bq2MiCgIh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">No expiration date - DL 98/2011</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">61,371,643</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,680,567</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">43,191,915</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OperatingLossCarryforwards_iI_zxPFaNviZ0xb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 0pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">66,858,728</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">57,167,652</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">48,679,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

5487085

61371643

51680567

43191915

66858728

57167652

48679000

6. Cash and cash equivalents <p id="xdx_898_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_z7SlcvreB3F4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Cash and cash equivalents are detailed as follows: Schedule of cash and cash equivalents <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20251231_zK9yjy7BtZBk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20241231_zfXUziguw7ql" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20231231_z12SEubEnFda" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic"> </td><td> </td> <td colspan="10" style="text-align: center">(Euro)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--DueFromBanks_iI_uEuro_maCACEAzkgB_z8KU4N3gYCRi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 0pt">Cash in bank</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">3,835,190</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">2,530,549</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">3,687,402</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--CashInShorttermMarketableSecurities_iI_uEuro_maCACEAzkgB_zVZ62S6Khwbe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Cash in short-term marketable securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,692,482</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,047,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Cash_iI_uEuro_maCACEAzkgB_zvmN1ZST2486" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Cash in hand & prepaid cards</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,018</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iTI_uEuro_mtCACEAzkgB_zBYAWhRLAs3c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total cash and cash equivalents</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,527,672</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,581,749</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,691,420</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_898_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_z7SlcvreB3F4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Cash and cash equivalents are detailed as follows: Schedule of cash and cash equivalents <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20251231_zK9yjy7BtZBk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20241231_zfXUziguw7ql" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20231231_z12SEubEnFda" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic"> </td><td> </td> <td colspan="10" style="text-align: center">(Euro)</td><td> </td></tr> <tr id="xdx_40D_eus-gaap--DueFromBanks_iI_uEuro_maCACEAzkgB_z8KU4N3gYCRi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 0pt">Cash in bank</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">3,835,190</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">2,530,549</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">3,687,402</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--CashInShorttermMarketableSecurities_iI_uEuro_maCACEAzkgB_zVZ62S6Khwbe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Cash in short-term marketable securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,692,482</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,047,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Cash_iI_uEuro_maCACEAzkgB_zvmN1ZST2486" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Cash in hand & prepaid cards</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,018</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iTI_uEuro_mtCACEAzkgB_zBYAWhRLAs3c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total cash and cash equivalents</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,527,672</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,581,749</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,691,420</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3835190

2530549

3687402

1692482 2047200

4000

4018

5527672

4581749

3691420

<p id="xdx_80C_eus-gaap--CashCashEquivalentsAndMarketableSecuritiesTextBlock_zpvbjtrkAYj7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">7. Marketable securities The Company invests available liquid assets (i.e., not used or expected to be needed in short/very short-term operations), in marketable securities consisting of highly rated domestic and foreign government debt securities, specifically U.S. Treasury Bills and Notes, and Italian Government Bonds. Since the Company’s intent was not to sell the securities immediately, but the Company was uncertain if the securities would be held until maturity, it was determined that the debt securities were to be classified as AFS. <p id="xdx_891_eus-gaap--MarketableSecuritiesTextBlock_zKN7lAgA35v8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Available-for-sale (“AFS”) debt securities are detailed as follows: Schedule of marketable securities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss_iI_zmNAJEB8IOR9" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Amortized cost</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--DebtSecuritiesAvailableForSaleExcludingAccruedInterest_iI_zmDQfQ4fLET1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Fair value</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_483_eus-gaap--DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_iI_zroiPKCJ93P4" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Unrealized gain (loss)</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_488_eus-gaap--DebtSecuritiesAvailableForSaleAllowanceForCreditLoss_iI_zGESVrVga271" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Allowance for credit losses</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortized cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Allowance for credit losses</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_417_20251231__us-gaap--FinancialInstrumentAxis__us-gaap--AvailableforsaleSecuritiesMember_z55Zh5i28oQ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 0pt">Available-for-sale (“AFS”)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">22,518,281</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">22,621,518</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">103,439</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_412_20251231_z8MysFU7zp73" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total debt securities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,518,281</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,621,518</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">103,439</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss_iI_zZmUT6S4meGl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Amortized cost</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--DebtSecuritiesAvailableForSaleExcludingAccruedInterest_iI_zmkzbhLAvKf7" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Fair value</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_483_eus-gaap--DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_iI_zNILje37JoD8" style="border-bottom: Black 1pt solid; display: none; text-align: center">Unrealized gain (loss) </td><td style="display: none; padding-bottom: 1pt"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_488_eus-gaap--DebtSecuritiesAvailableForSaleAllowanceForCreditLoss_iI_z2x9O4hTRtTd" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Allowance for credit losses</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortized cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Unrealized gain (loss) </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Allowance for credit losses</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_41B_20241231__us-gaap--FinancialInstrumentAxis__us-gaap--AvailableforsaleSecuritiesMember_zmNdXkobXzaa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 0pt">Available-for-sale (“AFS”)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">7,992,891</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">8,078,002</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">96,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right"> -</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_419_20241231_zHZBSIcstQVe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total debt securities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,992,891</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,078,002</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">96,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss_iI_zRFXQLqB9Z83" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Amortized cost</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--DebtSecuritiesAvailableForSaleExcludingAccruedInterest_iI_zZk8II97Lk8k" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Fair value</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_483_eus-gaap--DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_iI_zGacNZ0sbsr1" style="border-bottom: Black 1pt solid; display: none; text-align: center">Unrealized gain (loss) </td><td style="display: none; padding-bottom: 1pt"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_488_eus-gaap--DebtSecuritiesAvailableForSaleAllowanceForCreditLoss_iI_zhRdG7Adn033" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Allowance for credit losses</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortized cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Allowance for credit losses</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_41F_20231231__us-gaap--FinancialInstrumentAxis__us-gaap--AvailableforsaleSecuritiesMember_zqkJGZKea8Jk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 0pt">Available-for-sale (“AFS”)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">15,123,831</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">15,084,284</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">214,984</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right"> -</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 0pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_417_20231231_zH4DRSNrIduk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total debt securities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15,123,831</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15,084,284</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">214,984</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

<p id="xdx_891_eus-gaap--MarketableSecuritiesTextBlock_zKN7lAgA35v8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Available-for-sale (“AFS”) debt securities are detailed as follows: Schedule of marketable securities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss_iI_zmNAJEB8IOR9" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Amortized cost</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--DebtSecuritiesAvailableForSaleExcludingAccruedInterest_iI_zmDQfQ4fLET1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Fair value</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_483_eus-gaap--DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_iI_zroiPKCJ93P4" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Unrealized gain (loss)</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_488_eus-gaap--DebtSecuritiesAvailableForSaleAllowanceForCreditLoss_iI_zGESVrVga271" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Allowance for credit losses</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortized cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Allowance for credit losses</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_417_20251231__us-gaap--FinancialInstrumentAxis__us-gaap--AvailableforsaleSecuritiesMember_z55Zh5i28oQ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 0pt">Available-for-sale (“AFS”)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">22,518,281</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">22,621,518</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">103,439</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_412_20251231_z8MysFU7zp73" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total debt securities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,518,281</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,621,518</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">103,439</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss_iI_zZmUT6S4meGl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Amortized cost</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--DebtSecuritiesAvailableForSaleExcludingAccruedInterest_iI_zmkzbhLAvKf7" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Fair value</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_483_eus-gaap--DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_iI_zNILje37JoD8" style="border-bottom: Black 1pt solid; display: none; text-align: center">Unrealized gain (loss) </td><td style="display: none; padding-bottom: 1pt"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_488_eus-gaap--DebtSecuritiesAvailableForSaleAllowanceForCreditLoss_iI_z2x9O4hTRtTd" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Allowance for credit losses</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortized cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Unrealized gain (loss) </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Allowance for credit losses</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_41B_20241231__us-gaap--FinancialInstrumentAxis__us-gaap--AvailableforsaleSecuritiesMember_zmNdXkobXzaa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 0pt">Available-for-sale (“AFS”)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">7,992,891</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">8,078,002</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">96,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right"> -</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_419_20241231_zHZBSIcstQVe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total debt securities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,992,891</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,078,002</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">96,234</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss_iI_zRFXQLqB9Z83" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Amortized cost</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--DebtSecuritiesAvailableForSaleExcludingAccruedInterest_iI_zZk8II97Lk8k" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Fair value</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_483_eus-gaap--DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_iI_zGacNZ0sbsr1" style="border-bottom: Black 1pt solid; display: none; text-align: center">Unrealized gain (loss) </td><td style="display: none; padding-bottom: 1pt"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_488_eus-gaap--DebtSecuritiesAvailableForSaleAllowanceForCreditLoss_iI_zhRdG7Adn033" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Allowance for credit losses</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortized cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Allowance for credit losses</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_41F_20231231__us-gaap--FinancialInstrumentAxis__us-gaap--AvailableforsaleSecuritiesMember_zqkJGZKea8Jk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 0pt">Available-for-sale (“AFS”)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">15,123,831</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">15,084,284</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">214,984</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right"> -</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 0pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_417_20231231_zH4DRSNrIduk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total debt securities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15,123,831</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15,084,284</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">214,984</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

22518281

22621518

103439

22518281

22621518

103439

7992891

8078002

96234

7992891

8078002

96234

15123831

15084284

214984

15123831

15084284

214984

<p id="xdx_806_eus-gaap--FairValueMeasurementInputsDisclosureTextBlock_zLhAkfMxJnh5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">8. Fair value measurements The Company measures certain assets and liabilities at fair value in accordance with ASC 820. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal or most advantageous market at the measurement date. Valuation techniques are designed to maximize the use of observable inputs and minimize unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable, and the last is considered unobservable: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 1 - Quoted prices in active markets for identical assets or liabilities.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2 - Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3 - Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies, and similar techniques. </td></tr> </table> To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. <p id="xdx_899_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zO0wXQU1UxAh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The fair value of assets classification is represented as follows: Schedule of fair value of assets classification <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_493_20251231_z58YurxheZPj" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Total</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zoOCNiW6an0h" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 1</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z52hd0i4wFIf" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 2</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_497_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zyYoOfLA5Vq4" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 3</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_zEPRpIB8KGS7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 0pt">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">5,527,672</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">5,527,672</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--SecuritiesBorrowedFairValueDisclosure_iI_zOWV9c46F9Nl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Marketable securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">22,621,518</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">22,621,518</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AssetsFairValueDisclosure_iI_zgltEC9sdREf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 0pt">Total financial assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">28,149,190</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">28,149,190</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20241231_zqeyHFPeHT69" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Total</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_znLVyBNHXqFl" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 1</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zjHyB1IkwSV3" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 2</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zM3nBDlyF9cf" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 3</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_zDXqGbfjG5H3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 0pt">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">4,581,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">4,581,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--SecuritiesBorrowedFairValueDisclosure_iI_zY1yMOr4FO7j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Marketable securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">8,078,002</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">8,078,002</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AssetsFairValueDisclosure_iI_znu3FQHor4vd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 0pt">Total financial assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">12,659,751</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">12,659,751</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20231231_zg0W3jT00LFf" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Total</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zyrVZRIhnRM1" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 1</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zU3E7TFU3ch8" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 2</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zTbkWGOSBA3a" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 3</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_zEMVUOzhusD8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">3,691,420</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">3,691,420</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--SecuritiesBorrowedFairValueDisclosure_iI_z8iNGB5aEVlk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Marketable securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">15,084,284</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">15,084,284</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AssetsFairValueDisclosure_iI_zolDmBewiLvf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 2.5pt">Total financial assets</td><td style="font-style: normal; font-weight: normal; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: right">18,775,704</td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: right">18,775,704</td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: right">-</td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: right">-</td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal; text-align: left"> </td></tr> </table> The fair value of liabilities classification is represented as follows: Schedule of fair value of liabilities classification <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt">Mandatory convertible bond</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">€</td><td id="xdx_984_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zikAYvmRu0Ml" style="border-bottom: Black 1pt solid; width: 10%; text-align: right">7,603,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zP0YYHKCXgs1" style="border-bottom: Black 1pt solid; width: 10%; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zU0ig4OXWyzl" style="border-bottom: Black 1pt solid; width: 10%; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">€</td><td id="xdx_984_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zW1cREC85D9k" style="border-bottom: Black 1pt solid; width: 10%; text-align: right">7,603,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 2.5pt">Mandatory convertible bond</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td id="xdx_980_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231_zqJvzVKulsdi" style="border-bottom: Black 2.5pt double; text-align: right">7,603,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td id="xdx_98C_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zB9KcFxhjZb3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td id="xdx_986_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zA92afO8dy61" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td id="xdx_98A_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zAv7tzLBGU1a" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,603,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> The instrument is classified as a Level 3 fair value liability under ASC 820, based on the use of significant unobservable inputs in its valuation (See Note 13. Mandatory convertible bond issuance for more details). No transfers between level of fair value hierarchy occurred during the period. The Company had no assets or liabilities classified as Level 3 fair value as of December 31, 2024 and 2023. The carrying values of the Company’s R&D tax credits, VAT credits, accounts payable, accrued expenses, and other current liabilities were evaluated and determined to approximate their fair values due to the short-term nature of these assets and liabilities.

<p id="xdx_899_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zO0wXQU1UxAh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The fair value of assets classification is represented as follows: Schedule of fair value of assets classification <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_493_20251231_z58YurxheZPj" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Total</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zoOCNiW6an0h" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 1</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z52hd0i4wFIf" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 2</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_497_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zyYoOfLA5Vq4" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 3</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_zEPRpIB8KGS7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 0pt">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">5,527,672</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">5,527,672</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--SecuritiesBorrowedFairValueDisclosure_iI_zOWV9c46F9Nl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Marketable securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">22,621,518</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">22,621,518</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AssetsFairValueDisclosure_iI_zgltEC9sdREf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 0pt">Total financial assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">28,149,190</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">28,149,190</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20241231_zqeyHFPeHT69" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Total</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_znLVyBNHXqFl" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 1</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zjHyB1IkwSV3" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 2</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zM3nBDlyF9cf" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 3</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_zDXqGbfjG5H3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 0pt">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">4,581,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">4,581,749</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--SecuritiesBorrowedFairValueDisclosure_iI_zY1yMOr4FO7j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Marketable securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">8,078,002</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">8,078,002</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AssetsFairValueDisclosure_iI_znu3FQHor4vd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 0pt">Total financial assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">12,659,751</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">12,659,751</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20231231_zg0W3jT00LFf" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Total</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zyrVZRIhnRM1" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 1</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zU3E7TFU3ch8" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 2</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zTbkWGOSBA3a" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level 3</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_zEMVUOzhusD8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">3,691,420</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">3,691,420</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--SecuritiesBorrowedFairValueDisclosure_iI_z8iNGB5aEVlk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Marketable securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">15,084,284</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">15,084,284</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">€</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AssetsFairValueDisclosure_iI_zolDmBewiLvf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 2.5pt">Total financial assets</td><td style="font-style: normal; font-weight: normal; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: right">18,775,704</td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: right">18,775,704</td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: right">-</td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font-style: normal; font-weight: normal; text-align: right">-</td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal; text-align: left"> </td></tr> </table>

5527672

22621518

28149190

4581749

8078002

12659751

3691420

15084284

18775704

The fair value of liabilities classification is represented as follows: Schedule of fair value of liabilities classification <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt">Mandatory convertible bond</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">€</td><td id="xdx_984_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zikAYvmRu0Ml" style="border-bottom: Black 1pt solid; width: 10%; text-align: right">7,603,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zP0YYHKCXgs1" style="border-bottom: Black 1pt solid; width: 10%; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zU0ig4OXWyzl" style="border-bottom: Black 1pt solid; width: 10%; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">€</td><td id="xdx_984_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zW1cREC85D9k" style="border-bottom: Black 1pt solid; width: 10%; text-align: right">7,603,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 2.5pt">Mandatory convertible bond</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td id="xdx_980_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231_zqJvzVKulsdi" style="border-bottom: Black 2.5pt double; text-align: right">7,603,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td id="xdx_98C_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zB9KcFxhjZb3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td id="xdx_986_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zA92afO8dy61" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">€</td><td id="xdx_98A_eus-gaap--ConvertibleDebtNoncurrent_iI_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zAv7tzLBGU1a" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,603,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

7603000

9. Prepaid expenses and other current assets <p id="xdx_895_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zEUufuOVOpq8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Prepaid expenses and other current assets consist of the following: Schedule of prepaid expenses and other current assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-right: 0pt; padding-left: 0pt"> </td> <td colspan="2" id="xdx_493_20251231_zrN3WQrwkdl3" style="border-bottom: Black 1pt solid; display: none; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-right: 0pt; padding-left: 0pt; text-align: center"> </td> <td colspan="2" id="xdx_494_20241231_zo8WFBZD0eG6" style="border-bottom: Black 1pt solid; display: none; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-right: 0pt; padding-left: 0pt; text-align: center"> </td> <td id="xdx_49E_20231231_zON5ZeyRmSHl" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; display: none; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: center">2023</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: center">At December 31,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: center">2023</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">(in Euros)</td></tr> <tr id="xdx_406_eus-gaap--ValueAddedTaxReceivable_iI_maPECzw0D_zbarHnyqdI0d" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt">Value Added Tax (VAT)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt">€</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right">685,630</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt">€</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right">698,735</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; background-color: #CCECFF; padding-right: 0pt; padding-left: 0pt">€</td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: #CCECFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> 1,170,634 </td></tr> <tr id="xdx_40E_ecustom--ResearchAndDevelopmentTaxCredit_iI_maPECzw0D_z8rIwafuHBZj" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt">Research and development tax credit</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">600,000</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">749,676</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 0pt; padding-left: 0pt; text-align: right"> 833,000 </td></tr> <tr id="xdx_407_eus-gaap--Supplies_iI_maPECzw0D_z9im92lxHOu8" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt">Advances payments to suppliers</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right">16,373</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right">35,991</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: #CCECFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> 34,108 </td></tr> <tr id="xdx_400_ecustom--OtherCurrentAssets_iI_maPECzw0D_zF41rLP8aCXk" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt">Other current assets</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">337,438</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">210,830</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 0pt; padding-left: 0pt; text-align: right"> 64,664 </td></tr> <tr id="xdx_402_eus-gaap--OtherPrepaidExpenseCurrent_iI_maPECzw0D_zzPfvCYoCIO9" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt">Other prepaids</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right">190,921</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right">117,994</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: #CCECFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> 378,148 </td></tr> <tr id="xdx_407_eus-gaap--PrepaidExpenseCurrent_iTI_mtPECzw0D_zLXR5A0vI8Eg" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt">Total</td> <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt">€</td> <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt; text-align: right">1,830,362</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt">€</td> <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt; text-align: right">1,813,226</td> <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">€</td> <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 0pt; padding-left: 0pt; text-align: right"> 2,480,554 </td></tr> </table> Value Added Tax (VAT) receivable is linked to purchases. Italian VAT (Imposta sul Valore Aggiunto) applies to the supply of goods and services carried out in Italy by entrepreneurs, professionals, or artists and on imports carried out by anyone. Intra-Community acquisitions are also subject to VAT under certain situations. The Italian standard VAT rate for 2025, 2024, and 2023 was 22%. Reduced rates are provided for specifically listed supplies of goods and services. The VAT receivable is carried forward indefinitely and does not expire. During the year ended December 31, 2025, the Company received a short-term VAT refund amounting to approximately €868,000. The Company reclassified to other non-current assets a portion of the VAT receivable, which is expected to be realized beyond 12 months. Tax credits on research and development represent a special tax relief offered to Italian companies operating in the research and development sector and can be used to offset most taxes payable. The Company has a total research and development tax credit available to be used of approximately €3.0 million at December 31, 2025, €3.8 million at December 31, 2024, and €4.1 million at December 31, 2023, which can be carried forward indefinitely and do not expire. However, in light of the Company’s current stage of operations and the uncertainties affecting its near-term outlook, management reassessed the recoverability of the tax credit for purposes of the consolidated financial statements prepared in accordance with U.S. GAAP. As a result of this reassessment, and applying a conservative approach, the Company recognized a receivable balance of €1.9 million, representing management’s best estimate of the portion of the tax credit that is expected to be utilized in future periods beyond December 31, 2025. This estimate takes into account the impact of recent fundraising activities, which have extended the Company’s liquidity horizon. During the 12-month period ended December 31, 2025, 2024, and 2023, the Company utilized approximately €1.1 million, €750,000, and €732,000 to offset certain social contributions and taxes payable. The benefit recorded for the 12-months ended December 31, 2025, 2024, and 2023, to offset research and development expenses was approximately €2.2 million, €0.5, and €0.4, million respectively. The increase in the benefit recorded for the year ended December 31, 2025 compared to the prior year primarily reflects management’s reassessment of the recoverability of the related tax credits, based on updated projections and recent financing activities. Advance payments to suppliers at December 31, 2025, 2024, and 2023, mainly relate to R&D operating services. Other current assets at December 31, 2025, primarily relate to the recognition of an accrued receivable of approximately €0.3 million under the BNY revenue sharing program. Other current assets at December 31, 2024, mainly relate to interest maturing on investment in marketable securities and the allowance for corporate equity (“ACE”) of approximately €180,000 that were subsequently collected in 2025. Other current assets at December 31, 2023, mainly relate to interests maturing on investment in marketable securities. At December 31, 2025 and 2024, other prepaids refer to accrual adjustments for services that have already been fully invoiced and paid, but whose economic usefulness is distributed over multiple periods beyond the current closing period. These costs mainly concern IT services, licenses, insurance, and manufacturing activities. At December 31, 2023, Other prepaid expenses mainly relate to the directors and officers (“D&O”) insurance policy paid in December 2023 of approximately €0.2 million.

<p id="xdx_895_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zEUufuOVOpq8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Prepaid expenses and other current assets consist of the following: Schedule of prepaid expenses and other current assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-right: 0pt; padding-left: 0pt"> </td> <td colspan="2" id="xdx_493_20251231_zrN3WQrwkdl3" style="border-bottom: Black 1pt solid; display: none; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-right: 0pt; padding-left: 0pt; text-align: center"> </td> <td colspan="2" id="xdx_494_20241231_zo8WFBZD0eG6" style="border-bottom: Black 1pt solid; display: none; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-right: 0pt; padding-left: 0pt; text-align: center"> </td> <td id="xdx_49E_20231231_zON5ZeyRmSHl" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; display: none; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: center">2023</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: center">At December 31,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: center">2023</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center">(in Euros)</td></tr> <tr id="xdx_406_eus-gaap--ValueAddedTaxReceivable_iI_maPECzw0D_zbarHnyqdI0d" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt">Value Added Tax (VAT)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt">€</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right">685,630</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt">€</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right">698,735</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; background-color: #CCECFF; padding-right: 0pt; padding-left: 0pt">€</td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: #CCECFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> 1,170,634 </td></tr> <tr id="xdx_40E_ecustom--ResearchAndDevelopmentTaxCredit_iI_maPECzw0D_z8rIwafuHBZj" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt">Research and development tax credit</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">600,000</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">749,676</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 0pt; padding-left: 0pt; text-align: right"> 833,000 </td></tr> <tr id="xdx_407_eus-gaap--Supplies_iI_maPECzw0D_z9im92lxHOu8" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt">Advances payments to suppliers</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right">16,373</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right">35,991</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: #CCECFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> 34,108 </td></tr> <tr id="xdx_400_ecustom--OtherCurrentAssets_iI_maPECzw0D_zF41rLP8aCXk" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt">Other current assets</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">337,438</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: right">210,830</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 0pt; padding-left: 0pt; text-align: right"> 64,664 </td></tr> <tr id="xdx_402_eus-gaap--OtherPrepaidExpenseCurrent_iI_maPECzw0D_zzPfvCYoCIO9" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt">Other prepaids</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right">190,921</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; padding-right: 0pt; padding-left: 0pt; text-align: right">117,994</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: #CCECFF; padding-right: 0pt; padding-left: 0pt; text-align: right"> 378,148 </td></tr> <tr id="xdx_407_eus-gaap--PrepaidExpenseCurrent_iTI_mtPECzw0D_zLXR5A0vI8Eg" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt">Total</td> <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt">€</td> <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt; text-align: right">1,830,362</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt; text-align: right"> </td> <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt">€</td> <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0pt; padding-left: 0pt; text-align: right">1,813,226</td> <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">€</td> <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 0pt; padding-left: 0pt; text-align: right"> 2,480,554 </td></tr> </table>

685630

698735

1170634

600000 749676 833000

16373

35991

34108

337438 210830 64664

190921

117994

378148

1830362

1813226

2480554

0.22 0.22 0.22 868000

3000000.0

3800000

4100000

1900000

1100000

750000

732000

2200000

500000

400000

300000 180000

200000

<p id="xdx_800_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zE7NcQaD1ll" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">10. Fixed assets, net Fixed assets consist of the following: Schedule of fixed assets,net <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; font-weight: bold; text-align: center"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_z0X4e9hsSixl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_zxnNh35vGJEc" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20231231_zjVkJWrPMaxk" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2023</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(In Euros)</td><td> </td></tr> <tr id="xdx_409_eus-gaap--CapitalizedComputerSoftwareGross_iI_maPPAEGzU9t_zAqK549Pbn3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 0pt">Software (ERP Implementation)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">87,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">87,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">87,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--MachineryAndEquipmentGross_iI_maPPAEGzU9t_zyVGjR3mFGu3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 0pt">Equipment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">61,070</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">53,445</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">48,976</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iTI_mtPPAEGzU9t_maPPAENz4zN_zvo4vvS7qAT7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0pt">Total fixed assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,870</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">141,245</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136,776</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENz4zN_zPxkRlvVZDJ2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(126,405</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(98,323</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(53,799</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz4zN_zASF6MXWkMDf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Fixed assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,465</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">42,922</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">82,977</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Software included software customization and development costs related to information technology security infrastructure and the Company’s ERP system. Equipment consists of computers, furniture, and fixtures in our office space in Milan, Italy. There were no significant purchases, disposals, or impairments during the current and previous periods. Depreciation has been calculated by taking into consideration the use, purpose, and financial-technical duration of the assets, based on their estimated economic lives.

Fixed assets consist of the following: Schedule of fixed assets,net <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; font-weight: bold; text-align: center"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_z0X4e9hsSixl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_zxnNh35vGJEc" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20231231_zjVkJWrPMaxk" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2023</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(In Euros)</td><td> </td></tr> <tr id="xdx_409_eus-gaap--CapitalizedComputerSoftwareGross_iI_maPPAEGzU9t_zAqK549Pbn3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 0pt">Software (ERP Implementation)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">87,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">87,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">87,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--MachineryAndEquipmentGross_iI_maPPAEGzU9t_zyVGjR3mFGu3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 0pt">Equipment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">61,070</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">53,445</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">48,976</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iTI_mtPPAEGzU9t_maPPAENz4zN_zvo4vvS7qAT7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0pt">Total fixed assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,870</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">141,245</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136,776</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENz4zN_zPxkRlvVZDJ2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(126,405</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(98,323</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(53,799</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz4zN_zASF6MXWkMDf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Fixed assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,465</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">42,922</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">82,977</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

87800

61070

53445

48976

148870

141245

136776

126405

98323

53799

22465

42922

82977

11. Other non-current assets <p id="xdx_89B_eus-gaap--ScheduleOfOtherAssetsNoncurrentTextBlock_zCpOscyDemEa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Other non-current assets consist of the following: Schedule of other non-current assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; font-weight: bold; text-align: center"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231_z8P07Fe5itRi" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241231_zzQOmm95j3ej" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20231231_zqhtbG2UE3Ff" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2023</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in Euros)</td><td> </td></tr> <tr id="xdx_400_eus-gaap--ValueAddedTaxReceivableNoncurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maOANziDQ_zP6cLqpJw0wb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 0pt">Value Added Tax (VAT)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">582,785</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">290,150</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">630,342</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ResearchAndDevelopmentTaxCreditNoncurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maOANziDQ_zowweVEMgOmj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Research and development tax credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,300,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">167,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--OtherNoncurrentAssets_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maOANziDQ_zdjS3Fo6t8Ak" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0pt">Other non-current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,158</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">207,218</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--OtherNoncurrentAssets_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maOANziDQ_zyVaWQYR3PG7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Other non-current assets - related parties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,350</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,350</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,350</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--TotalOtherNoncurrentAssets_iTI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_mtOANziDQ_zOFASHQr7i69" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total other non-current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,887,293</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">308,094</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,007,910</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The non-current VAT balance reflects the portion of the VAT credit that management does not expect to recover within the next twelve months as of the respective reporting dates. As of December 31, 2025, the Company recognized a long-term R&D tax credit asset, reflecting the portion of the credit expected to be utilized beyond the next twelve months. As of December 31, 2025, other non-current assets include the right-of-use (“ROU”) asset related to a finance lease for a company vehicle entered into in February 2022 with a 48-month term ending in January 2026. The lease was accounted for as a finance lease under ASC 842. As of December 31, 2025, the remaining net book value of the ROU asset and the corresponding lease liability amounted to €1,158, with the lease liability classified as current due to the imminent expiration of the lease term. In February 2026, upon expiration of the lease term, the Company exercised its contractual purchase option and acquired the vehicle. The related ROU asset and lease liability were accordingly reversed. In addition, other non-current assets - related party includes a security deposit of €3,350 paid to OSR - San Raffaele Hospital as a security guarantee for the office lease contract. (See Note 18. Commitments and contingencies).

<p id="xdx_89B_eus-gaap--ScheduleOfOtherAssetsNoncurrentTextBlock_zCpOscyDemEa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Other non-current assets consist of the following: Schedule of other non-current assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; font-weight: bold; text-align: center"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231_z8P07Fe5itRi" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241231_zzQOmm95j3ej" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20231231_zqhtbG2UE3Ff" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2023</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in Euros)</td><td> </td></tr> <tr id="xdx_400_eus-gaap--ValueAddedTaxReceivableNoncurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maOANziDQ_zP6cLqpJw0wb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 0pt">Value Added Tax (VAT)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">582,785</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">290,150</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">630,342</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ResearchAndDevelopmentTaxCreditNoncurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maOANziDQ_zowweVEMgOmj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0pt">Research and development tax credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,300,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">167,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--OtherNoncurrentAssets_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maOANziDQ_zdjS3Fo6t8Ak" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0pt">Other non-current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,158</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">207,218</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--OtherNoncurrentAssets_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maOANziDQ_zyVaWQYR3PG7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Other non-current assets - related parties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,350</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,350</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,350</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--TotalOtherNoncurrentAssets_iTI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_mtOANziDQ_zOFASHQr7i69" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total other non-current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,887,293</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">308,094</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,007,910</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

582785

290150

630342

1300000 167000 1158 14594 207218 3350 3350 3350 1887293 308094 1007910

P48M

1158 3350

<p id="xdx_80F_eus-gaap--PensionAndOtherPostretirementBenefitsDisclosureTextBlock_zPkmxuaYQVYj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">12. Retirement benefit obligation Employees in Italy are entitled to Trattamento di Fine Rapporto (“TFR”), commonly referred to as an employee leaving indemnity, which represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal). The annual accrual is approximately 7% of total pay, with no ceiling, and is revalued each year by applying a pre-established rate of return of 1.50%, plus 75% of the Consumer Price Index, and is recorded by a book reserve. TFR is an unfunded plan. The costs of the retirement benefit obligation are accounted for under the provisions of ASC 715, Compensation – Retirement Benefits. The amount of the obligation at December 31, 2025, 2024, and 2023 was approximately €0.3 million, €0.2 million and €0.2 million, respectively. The increase was due to the payment of performance bonuses in June 2025, on which a portion of the TFR accrues.

The annual accrual is approximately 7% of total pay, with no ceiling, and is revalued each year by applying a pre-established rate of return of 1.50%, plus 75% of the Consumer Price Index, and is recorded by a book reserve.

0.07

300000

200000

13. Mandatory convertible bond issuance On March 19, 2025, the Company issued the first tranche of a mandatory convertible bond (the “MCB” or the “POC” – Prestito Obbligazionario Convertibile) for a nominal amount of €<span id="xdx_90A_ecustom--PaymentForBonds_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_z60Z22jMtuJf" title="Payment for bonds">7,500,000, as part of a broader issuance totaling €20,000,000, pursuant to the agreement with Fondazione Enea Tech e Biomedical (the “Investor”) signed on March 12, 2025. The instrument denominated “Genenta 2025–2028,” is structured as a three3.0-year mandatory convertible bond, with no cash redemption at maturity. A second tranche of €<span id="xdx_90A_ecustom--PaymentForBonds_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zs6R6PbH9Qbd" title="Payment for bonds">12,500,000 may be issued contingent on the achievement of clinical, regulatory, and financial milestones, or as otherwise agreed between the parties. The key terms, including conversion terms of the instrument are summarized as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Total nominal value: </td> <td style="font: 10pt Times New Roman, Times, Serif">€20,000,000 (two tranches)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif">Tranche 1 issued:</td> <td style="font: 10pt Times New Roman, Times, Serif">€<span id="xdx_90D_ecustom--PaymentForBonds_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_z6rXroRB5oh7" title="Payment for bonds">7,500,000 on March 19, 2025</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Tranche 2 (conditional): </td><td style="font: 10pt Times New Roman, Times, Serif">€<span id="xdx_902_ecustom--PaymentForBonds_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zeQNVcOzGfK9" title="Payment for bonds">12,500,000, contingent on R&D and financial milestones</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Maturity: </td><td style="font: 10pt Times New Roman, Times, Serif">March 19, 2028 (of Tranche 1)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Mandatory conversion: </td><td style="font: 10pt Times New Roman, Times, Serif">mandatory and automatic at maturity, or earlier based on specific conditions (e.g., change of control or investment round)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Conversion formula: </td><td style="font: 10pt Times New Roman, Times, Serif">55% based on the 90-day VWAP of ADS + 45% based on the fair market value determined by a third party</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Conversion price cap: </td><td style="font: 10pt Times New Roman, Times, Serif">USD <span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_uUSDPShares_c20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zLmecEbnOIT9" title="Conversion price cap">17.64 per share</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Equity cap: </td><td style="font: 10pt Times New Roman, Times, Serif">Conversion limited to a maximum of 29% of share capital</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Discount (if applicable): </td><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_ecustom--DebtInstrumentDiscountPercentage_pid_dp_c20250319__20250319__srt--RangeAxis__srt--MaximumMember__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zQZrs7YQ67nh" title="Discount percentage">6% or <span id="xdx_902_ecustom--DebtInstrumentDiscountPercentage_pid_dp_c20250319__20250319__srt--RangeAxis__srt--MinimumMember__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zF4tUjYetm7d" title="Discount percentage">3%, depending on market conditions</td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Interest:</td><td style="font: 10pt Times New Roman, Times, Serif"></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">○</td><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zezzENNHHJQ4" title="Interest percentage">6% per annum if paid in ordinary shares (“equity-settled”)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">○</td><td style="font: 10pt Times New Roman, Times, Serif">4% per annum if paid in cash</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">○</td><td style="font: 10pt Times New Roman, Times, Serif">Interest is accrued annually and payable in full upon conversion</td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Redemption rights: </td><td style="font: 10pt Times New Roman, Times, Serif">No right of early redemption by the bondholder, except in the case of default or material breach</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Price of conversion: </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Weighted average of <span id="xdx_901_eus-gaap--DebtWeightedAverageInterestRate_iI_pid_dp_c20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zm7tRsaWezqh" title="Debt, weighted average interest rate">55% market ADS price and <span id="xdx_902_ecustom--DebtInstrumentFairValueRate_iI_pid_dp_c20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zrZEEMiuZyij" title="Debt instrument fair value interest rate">45% fair value (as determined by an independent advisor), with caps and anti-dilution adjustments (see Conversion Formula above) </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Lock-up: </td><td style="font: 10pt Times New Roman, Times, Serif">Converted shares are subject to lock-up (2 years, or 1 year if converted early)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2in">Classification: </td><td style="font: 10pt Times New Roman, Times, Serif">No embedded derivative requiring bifurcation, no cash settlement feature</td></tr></table> The Company’s Board has formally resolved at its meeting on June 4, 2025, to pay interest in ordinary shares at the annual rate of 6%, not in cash, subject to any extraordinary activity of the Company requiring cash payment, such as a merger, acquisition, or other change in control. Interest is accrued annually at a rate of <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zqsIVslVolvk" title="Interest percentage">6% and fully payable in ordinary shares (“equity-settled”) upon conversion of the MCB. Since the instrument is measured at fair value, interest is not accrued separately; instead, it is embedded in the liability’s fair value. Consequently, the total fair value of the liability (including the implicit interest) is remeasured at each reporting date, and any change in fair value is a gain (loss) of the reporting period. The amount of due diligence costs related to the agreement with the Investor and the issuance of the MCB, recognized in the Consolidated Statements of Operations and Comprehensive Loss as financial expenses as of December 31, 2025, is approximately €0.4 million. Fair valuation at initial recognition The conversion terms are contingent upon specific corporate scenarios such as an investment round, a change of control, maturity, and dissolution, with scenario-based probabilities assigned to each. Given the presence of non-linear payoffs, optionality features, and market-linked triggers, a Monte Carlo simulation model was employed to value the instrument at initial recognition. The valuation was made using a risk-neutral Monte Carlo simulation model consisting of 20,000 paths, projecting the issuer’s stock price via Geometric Brownian Motion with volatility calibrated over a three (3) year forward-looking horizon. Key inputs included: <p id="xdx_89B_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_gL3FVAALMORAN-XATA_zANBzIIaej6b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> Schedule of fair valuation monte carlo model <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">Parameter</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">Value / Source</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Effective date</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">March 19, 2025</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Maturity</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">March 19, 2028</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Nominal value</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">$8.165 million (converted from €7.5 million FX as of 3/19/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Risk-free rate</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zw7A0DugiTU" title="Risk-free rate percentage">4.00% (U.S. Treasury, <span id="xdx_901_eus-gaap--DebtInstrumentTerm_dtY_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember__us-gaap--ManagingRisksInherentInServicingAssetsAndServicingLiabilitiesByTypeOfRiskAxis__us-gaap--InterestRateRiskMember_zvH5hOtUCNTe" title="Instrument term">3.0-year term)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Equity volatility (annualized)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">83.0% (Historical, 3.0-year horizon)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Stock price on valuation date</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">$<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleStockPriceTrigger_pid_uUSDPShares_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zHMrVgtfue1j" title="Stock price on valuation date">3.82 (Nasdaq CM: GNTA – S&P Capital IQ)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Simulated term</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">3.0 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 30%">Number of simulations</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 68%">20,000</td></tr> </table> Scenarios modeled: Schedule of corporate scenarios model <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Scenario</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Event date</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average bond balance (USD 000s)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average payoff (USD 000s)</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PV factor</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">PV (USD 000s)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; text-align: left">Investment round</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">2.5</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 7%; text-align: right">3/31/2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">8,678</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">9,321</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">7.3</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">0.9299</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">217</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Change of control</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: right">12/31/2027</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,548</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,776</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8221</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">402</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Maturity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: right">3/19/2028</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,656</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,317</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,519</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Dissolution</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: right">9/30/2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,927</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8977</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">27</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Total Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">8,165</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> Fair value in euros (at spot FX rate): €7,500,000. Fair value subsequent measurement at December 31, 2025 The fair value was updated as of December 31, 2025, using a Monte Carlo simulation with 20,000 price paths, calibrated using a Geometric Brownian Motion model to simulate GNTA share prices and scenario-specific conversion payoffs. Key valuation inputs: <div id="xdx_C09_gL3FVAALMORAN-XATA_z8P5SqrKZj66"><div><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Parameter</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As of March 19, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">GNTA share price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_900_eus-gaap--DebtInstrumentConvertibleStockPriceTrigger_pid_uUSDPShares_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zzfjapUfMNdk" title="GNTA share price">3.82</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_905_eus-gaap--DebtInstrumentConvertibleStockPriceTrigger_pid_uUSDPShares_c20251231__20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zaftf6aHeRi2" title="GNTA share price">1.49</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock volatility (3.0-year horizon)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_907_ecustom--BondEquityVolatilityPercentage_dp_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zWmgMQamkSo7" title="Equity volatility">83.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_905_ecustom--BondEquityVolatilityPercentage_c20251231__20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zU1gKEyolf2j" title="Stock volatility">107.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free rate (3.0 years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zo2IRRf74Ygg" title="Risk-free rate percentage">4.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zn3auc506hr8" title="Risk-free rate">3.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Implied yield (adjusted yield for June 30, 2025)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_905_ecustom--BondAdjustedImpliedYieldPercentage_iI_pid_dp_c20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_z5qTIsPsckoh" title="Risk-free rate percentage">7.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_90C_ecustom--BondAdjustedImpliedYieldPercentage_iI_pid_dp_c20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zwbyTVzFhVF3" title="Implied yield">6.7</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_907_eus-gaap--DebtInstrumentTerm_dtY_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_z4MICfObd4M6" title="Instrument term">3.0 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_906_eus-gaap--DebtInstrumentTerm_dtY_c20251231__20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zDAsmHNMV1F1" title="Instrument term">2.2 years</td><td style="text-align: left"> </td></tr> </table> </div></div> </div> Scenarios modeled: <div id="xdx_C08_gL3SOCSMTTB-CXJ_zuKbyLshmkhi"><div><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Scenario</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Probability</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Event date</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Average bond balance (USD 000s)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Average payoff (USD 000s)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Discount rate</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">PV factor</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">PV (USD 000s)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 37%; text-align: left">Investment round</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">2.5</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">6/30/2026</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">9,493</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">9,900</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">6.7</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">0.9684</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">240</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Change of control</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12/31/2027</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,299</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,179</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.8784</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">447</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Maturity</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">90.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3/19/2028</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,414</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,530</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.8663</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,210</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Dissolution</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12/31/2026</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,763</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">1,321</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">6.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">0.9372</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">31</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Total Fair Value</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">8,927</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> </div></div></div> Fair value in euros (at spot FX rate): €7,603,000. Scenario modeling rationale The fair value of the Mandatory Convertible Bond (“MCB”) depends on discrete corporate events that may trigger different conversion or settlement outcomes (investment round, change of control, maturity, or dissolution). Because these outcomes are mutually exclusive and have different payoff structures, the Company adopted a scenario-weighted valuation framework. Each scenario was assigned an explicit probability based on management’s assessment of corporate plans, historical market precedents, and input from independent advisors. Model mechanics <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The model uses a Monte Carlo simulation under a risk-neutral framework to project potential paths of the issuer’s stock price until maturity.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">For each simulated path, the model applies the rules of the relevant scenario:</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Investment round → all bonds convert into shares at the capped conversion price.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Change of control → mixed settlement, with partial share conversion subject to the 29% ownership cap, and residual settled in cash.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Maturity → bondholders receive accrued Payment-In-Kind (“PIK”) interest plus conversion into shares, again capped at 29% ownership, with any residual in cash.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Dissolution → recovery is modeled as a stressed case with reduced payoff.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The simulation accounts for optionality (conversion right), non-linear features (caps on ownership and price), and market-linked triggers (stock volatility and risk-free rates).</td></tr> </table> Probability-weighted outcomes <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The simulation generates distributions of payoffs under each scenario.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expected payoffs are then weighted by the assigned probabilities (e.g., 90% for maturity, 5% for change of control).</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Discounting is applied using a market-adjusted yield to produce the present values that sum to the reported fair value. The market-adjusted yield begins with the inception-date implied yield and is adjusted for the observed shifts in the index yield curve between the inception date and June 30, 2025.</td></tr> </table> Why Monte Carlo is required Unlike a straight bond or simple option, the MCB embeds several contingent features (ownership caps, conversion price ceiling, event-driven triggers). These make analytical closed-form valuation impractical. Monte Carlo simulation allows the Company to: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">capture the path dependency of stock prices,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">model probabilistic corporate events, and,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">ensure the payoff profile is consistent with both contractual terms and market risk.</td></tr> </table> Interpretation for investors <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The model shows that maturity is the dominant scenario (90%), anchoring most of the fair value.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Less likely events (investment round, dissolution) still affect valuation because of their asymmetric payoffs.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The final fair value ($8,927m as of December 31, 2025) reflects both the equity-linked upside and the downside protection features of the instrument.</td></tr> </table> Dissolution scenario recovery basis In a low-probability dissolution scenario, the expected recovery was assumed at 15% of cash proceeds, based on sector benchmarks for distressed biotech asset liquidations, implying a recovery of $1.32 million. <div id="xdx_C05_gL3SOCSMTTB-CXJ_zYR7ph6GOhqg">Summary Table – Fair value reconciliation (USD ‘000s) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Opening FV</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Δ FV (P&L) </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Closing FV</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%">December 31, 2025</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">8,165</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">+$762</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">8,927</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> Summary Table – Fair Value Reconciliation (Euro ‘000s) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Opening FV</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Δ FV (P&L)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Closing FV</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%">December 31, 2025</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">7,500</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">+€103</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">7,603</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> </div> Fair value increase primarily reflects currency translation movement, the lower market yield, time decay, accumulation of accrued PIK interest, and minor equity path shifts despite a lower stock price.

7500000 20000000

P3Y

12500000 20000000 7500000 12500000

2028-03-19

55% based on the 90-day VWAP of ADS + 45% based on the fair market value

17.64

0.06 0.03

0.06

0.04

0.55

0.45

Converted shares are subject to lock-up (2 years, or 1 year if converted early)

0.06

400000

<p id="xdx_89B_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_gL3FVAALMORAN-XATA_zANBzIIaej6b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> Schedule of fair valuation monte carlo model <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">Parameter</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">Value / Source</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Effective date</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">March 19, 2025</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Maturity</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">March 19, 2028</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Nominal value</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">$8.165 million (converted from €7.5 million FX as of 3/19/2025)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Risk-free rate</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zw7A0DugiTU" title="Risk-free rate percentage">4.00% (U.S. Treasury, <span id="xdx_901_eus-gaap--DebtInstrumentTerm_dtY_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember__us-gaap--ManagingRisksInherentInServicingAssetsAndServicingLiabilitiesByTypeOfRiskAxis__us-gaap--InterestRateRiskMember_zvH5hOtUCNTe" title="Instrument term">3.0-year term)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Equity volatility (annualized)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">83.0% (Historical, 3.0-year horizon)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Stock price on valuation date</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">$<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleStockPriceTrigger_pid_uUSDPShares_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zHMrVgtfue1j" title="Stock price on valuation date">3.82 (Nasdaq CM: GNTA – S&P Capital IQ)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Simulated term</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">3.0 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 30%">Number of simulations</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 68%">20,000</td></tr> </table> <div><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Parameter</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As of March 19, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">GNTA share price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_900_eus-gaap--DebtInstrumentConvertibleStockPriceTrigger_pid_uUSDPShares_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zzfjapUfMNdk" title="GNTA share price">3.82</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_905_eus-gaap--DebtInstrumentConvertibleStockPriceTrigger_pid_uUSDPShares_c20251231__20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zaftf6aHeRi2" title="GNTA share price">1.49</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock volatility (3.0-year horizon)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_907_ecustom--BondEquityVolatilityPercentage_dp_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zWmgMQamkSo7" title="Equity volatility">83.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_905_ecustom--BondEquityVolatilityPercentage_c20251231__20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zU1gKEyolf2j" title="Stock volatility">107.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free rate (3.0 years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zo2IRRf74Ygg" title="Risk-free rate percentage">4.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zn3auc506hr8" title="Risk-free rate">3.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Implied yield (adjusted yield for June 30, 2025)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_905_ecustom--BondAdjustedImpliedYieldPercentage_iI_pid_dp_c20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_z5qTIsPsckoh" title="Risk-free rate percentage">7.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_90C_ecustom--BondAdjustedImpliedYieldPercentage_iI_pid_dp_c20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zwbyTVzFhVF3" title="Implied yield">6.7</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_907_eus-gaap--DebtInstrumentTerm_dtY_c20250319__20250319__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_z4MICfObd4M6" title="Instrument term">3.0 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGZhaXIgdmFsdWF0aW9uIG1vbnRlIGNhcmxvIG1vZGVsIChEZXRhaWxzKQA_" id="xdx_906_eus-gaap--DebtInstrumentTerm_dtY_c20251231__20251231__us-gaap--FinancialInstrumentAxis__custom--MandatoryConvertibleBondMember_zDAsmHNMV1F1" title="Instrument term">2.2 years</td><td style="text-align: left"> </td></tr> </table> </div></div>

2025-03-19

2028-03-19

8165000

7500000

0.0400

P3Y

0.830

3.82

P3Y 20000 Schedule of corporate scenarios model <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Scenario</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Probability</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Event date</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average bond balance (USD 000s)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average payoff (USD 000s)</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Discount rate</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PV factor</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">PV (USD 000s)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; text-align: left">Investment round</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">2.5</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 7%; text-align: right">3/31/2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">8,678</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">9,321</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">7.3</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">0.9299</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">217</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Change of control</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: right">12/31/2027</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,548</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,776</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8221</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">402</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Maturity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: right">3/19/2028</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,656</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,317</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,519</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Dissolution</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: right">9/30/2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,927</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8977</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">27</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Total Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">8,165</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <div><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Scenario</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Probability</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Event date</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Average bond balance (USD 000s)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Average payoff (USD 000s)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Discount rate</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">PV factor</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">PV (USD 000s)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 37%; text-align: left">Investment round</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">2.5</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">6/30/2026</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">9,493</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">9,900</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">6.7</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">0.9684</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">240</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Change of control</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12/31/2027</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,299</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,179</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.8784</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">447</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Maturity</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">90.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3/19/2028</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,414</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,530</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.8663</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,210</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Dissolution</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12/31/2026</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,763</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">1,321</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">6.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">0.9372</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">31</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Total Fair Value</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">8,927</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> </div></div> Summary Table – Fair value reconciliation (USD ‘000s) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Opening FV</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Δ FV (P&L) </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Closing FV</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%">December 31, 2025</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">8,165</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">+$762</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">8,927</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> Summary Table – Fair Value Reconciliation (Euro ‘000s) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Opening FV</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Δ FV (P&L)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Closing FV</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%">December 31, 2025</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">7,500</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">+€103</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">7,603</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table>

0.025

2026-03-31

8678000 9321000 0.073 0.9299 217000

0.050

2027-12-31

9548000 9776000 0.073 0.8221 402000

0.900

2028-03-19

9656000 10317000 0.073 0.8098 7519000

0.025

2026-09-30

8927000 1225000 0.073 0.8977 27000 8165000

7500000

3.82

1.49

0.830 107.0

0.040

0.035

0.073 0.067

P3Y

P2Y2M12D

0.025

2026-06-30

9493000 9900000 0.067 0.9684 240000

0.050

2027-12-31

10299000 10179000 0.067 0.8784 447000

0.900

2028-03-19

10414000 10530000 0.067 0.8663 8210000

0.025

2026-12-31

9763000 1321000 0.067 0.9372 31000 8927000

7603000

0.90

0.05

0.90

8927000 0.15

1320000

8165000 762000 8927000 7500000 103000 7603000

14. Shareholders’ equity In July 2023, 100 new ADSs were issued in an ATM Offering, and the Company recorded an increase in common stock, no par value of €531. For the year ended December 31, 2023, the Company accrued €739,884 as the fair value of stock options granted as per the Equity Incentive Plan 2021-2025. (See Note 15. Share-based compensation for more details.) At December 31, 2023, the Company had 18,216,958 ordinary shares issued and outstanding with approximately 1.8 million ordinary shares reserved for the Plan. In March 2024, 72,908 new ordinary shares were issued pursuant to the Sales Agreement and the Company recorded an increase in common stock, no par value of €270,885. For the year ended December 31, 2024, the Company accrued €<span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20240101__20241231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanTwoThousandTwentyOneToTwoThousandTwentyFiveMember_z3UPFCCJtX9d">847,255 as the fair value of stock options granted as per the Plan. (See Note 15. Share-based compensation for more details.) At December 31, 2024, the Company had 18,289,866 common shares issued and outstanding with approximately 1.8 million ordinary shares reserved for the Plan. In March 2025, 856,602 new ordinary shares were issued pursuant to the ATM, and the Company recorded an increase in common stock no par value of €2,977,060. In October 2025, 4,285,715 new ordinary shares were issued pursuant to the Registered Direct Offering, and the Company recorded an increase in common stock, no par value of €11,810,398. For the year ended December 31, 2025, the Company accrued €<span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20250101__20251231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanTwoThousandTwentyOneToTwoThousandTwentyFiveMember_zkOoureMyV06">1,009,738 as the fair value of stock options granted as per the Plan. (See Note 15. Share-based compensation for more details.) At December 31, 2025, the Company had 23,432,183 ordinary shares issued and outstanding with approximately 2.3 million ordinary shares reserved for the Plan. Weighted average shares The calculation was performed by taking the number of shares outstanding during each period and weighting them by the number of days such shares were outstanding. For the years ended December 31, 2025, 2024 and 2023, the weighted average number of the Company’s ordinary shares, no par value, was 19,710,187, 18,273,490 and 18,216,907 respectively.

100

531

739884

18216958

1800000

72908

270885

847255

18289866

1800000

856602

2977060

4285715

11810398

1009738

23432183

2300000

19710187

18273490

18216907

15. Share-based compensation To reward the efforts of employees, officers, directors, and certain consultants, and to promote the Company’s growth and development, the Board may approve, upon occasion, various share-based awards. In March 2023, the Board, as administrator of the Plan, awarded NSOs on 46,400 shares to the Company’s directors. The NSOs vested monthly over a one (1) year period with a 10-year term. All NSOs were priced based on a 30-day volume weighted average formula, adjusted by Black-Scholes, which was determined to be $5.62 per share. At December 31, 2023, there were 586,923 granted stock options and 1,234,772 stock options remaining available for grant. In July 2024, the Company’s board of directors, as administrator of the Plan, awarded NSOs on 587,650 shares to certain of the Company’s officers and employees. The NSOs vested monthly over three years with a 10-year term, expiring on July 1, 2034. A cliff vesting period is provided for those employees with less than one (1) year of service at the time of grant, until the first anniversary of employment is completed. The exercise price of the NSOs is $3.083 per share, corresponding to the market price at the date of grant. In addition, each new Board member received equity compensation in the form of an initial stock option equity grant of $50,000 (based on the Black Scholes model) that vested immediately. In the second half of 2024, two employees and a consultant left the Company. As per the applicable rules, the options already granted to the aforementioned employees and consultant but not yet vested as of the termination date of their respective employment or consultancy contracts have been returned to the stock option pool for a total of 56,482. Combined with those already returned to the pool in April 2024, a total of 204,265 options were returned to the pool in 2024. At December 31, 2024, there were 970,308 granted stock options and 858,678 stock options remaining available for grant. In June 2025, the Board, as the administrator of the Equity Incentive Plan 2021–2035, awarded NSOs on <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_pid_c20250701__20250731__srt--TitleOfIndividualAxis__custom--OfficersAndEmployeeMember_zDwjqZ0FMaQ3" title="Shares purchased for award">495,507 shares to the Company’s directors, officers, and employees. <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward_c20250701__20250731__srt--TitleOfIndividualAxis__custom--OfficersAndEmployeeMember_zKyU1JRL70b8" title="Share-based compensation arrangement by share-based payment award, terms of award">For the Chairman and CEO, the NSOs vest monthly over three (3) years and have a 10-year term. For the other two directors of the Company, the NSOs vest monthly over one (1) year, also with a 10-year term. The NSOs granted to officers and employees also have a 10-year term and vest monthly over three (3) years, except for employees with less than one (1) year of service, whose options include a one-year cliff vesting from the date of hire, followed by monthly vesting thereafter. In June 2025, the CFO was awarded <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_c20250601__20250630_z8UNm5kUxrD" title="Share-based compensation arrangement by share-based payment award, shares issued in period">23,007 NSOs instead of a portion of his 2023 and 2024 performance cash bonus. These options vested immediately and have a 10-year term. All options were granted with an exercise price of $4.36 per share, reflecting the stock price on the date of grant. In December 2025, the Board, acting as the administrator of the Equity Incentive Plan 2021-2035, approved the grant, with vesting beginning on November 1, 2025, of <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_pid_c20251101__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrFrancescoGalimiMember_zpYOQjKt9bb9" title="Shares purchased for award">27,110 NSOs to Dr. Francesco Galimi, a member of the Company’s Board of Directors and its acting Chief Medical Officer and Head of Development, as part of his compensation package. The options vest monthly over three months and have a <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20251101__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrFrancescoGalimiMember_zVyH8NkXsiT3" title="Expected term">10-year term, expiring on November 1, 2035. All options were granted with an exercise price of $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_uUSDPShares_c20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrFrancescoGalimiMember_zhuQEp9xVcQ" title="Exercise price per share">2.57 per share, reflecting the stock price on the date of grant. In December 2025, the Company’s Board, acting as administrator of the Plan, granted NSOs on <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_c20251201__20251231__srt--TitleOfIndividualAxis__srt--ManagementMember_ziFQbNxqkEw4" title="Share-based compensation arrangement by share-based payment award, shares issued in period">545,000 shares to certain directors, officers, employees, and consultants of the Company. <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward_c20251201__20251231__srt--TitleOfIndividualAxis__srt--ManagementMember_zXLESUwM5lee" title="Share-based compensation arrangement by share-based payment award, terms of award">The NSOs vest monthly over three years, except for those granted to one director, which vest monthly over a one (1) year period. All options have a ten-year term and expire on December 18, 2035. All options were granted with an exercise price of $<span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_uUSDPShares_c20251231__srt--TitleOfIndividualAxis__srt--ManagementMember_zeRwYQKaI1E9" title="Exercise price per share">1.48 per share, reflecting the stock price on the date of grant. In the second half of 2025, three employees including the Company’s Chief Medical Officer and Head of Development left the Company. In line with and according to the applicable plan provisions, the options previously granted to these employees that were unvested as of the respective employment termination dates were forfeited and returned to the stock option pool. Therefore, <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20240701__20240731__srt--TitleOfIndividualAxis__custom--ChiefMedicalOfficerMember_zDsFfB63cR1a" title="Stock option, granted">68,671 options granted in July 2024 and <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250601__20250630__srt--TitleOfIndividualAxis__custom--ChiefMedicalOfficerMember_zfiR0axw6YUd" title="Stock option, granted">78,525 options granted in June 2025, totaling options on <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20250101__20251231__srt--TitleOfIndividualAxis__custom--ChiefMedicalOfficerMember_zHG0wJRXdYha" title="Share-based compensation arrangement by share-based payment award, options, forfeitures and expirations in period">147,196 shares, were returned to the pool as of December 31, 2025. When combined with options forfeited or expired and returned to the pool, a cumulative total of <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20250601__20251231__srt--TitleOfIndividualAxis__custom--ChiefMedicalOfficerMember_zBnP9DpyZzN" title="Share-based compensation arrangement by share-based payment award, options, forfeitures and expirations in period">351,461 options have been returned to the Company’s stock option pool. At December 31, 2025, there were 1.9 million granted stock options and 452,490 stock options remaining available for grant. <p id="xdx_893_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zBQ7Dv10C1ag" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> Schedule of outstanding stock options <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Number of Options</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted Average Exercise Price</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted Average Remaining Contractual Term (Years)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Aggregate Intrinsic Value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%">Outstanding as of January 1, 2023</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20230101__20231231_ze6eGsNSEhag" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right" title="Number of options outstanding, Beginning">540,523</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20230101__20231231_z3RnEYKQRpjg" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right" title="Weighted average exercise price outstanding, Beginning">4.99</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right">7.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20230101__20231231_zKzHknzbBfy" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right" title="Aggregate intrinsic value outstanding, Beginning">272,480</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230101__20231231_zKt0wrAdWW08" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Granted">46,400</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20230101__20231231_zH1rNBFFUQsi" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Granted">5.30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9.17</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedAggregateIntrinsicValue_c20230101__20231231_zpR3piTmqQM1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value , Granted">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested and exercised</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230101__20231231_zufaiZRPbGi3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20230101__20231231_z3HuO8GtFA2a" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_c20230101__20231231_z4EICgytjK3e" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Cancelled or forfeited</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20230101__20231231_zjCEmZD2Yktc" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Cancelled or forfeited">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20230101__20231231_zga6WkVu8WK7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Cancelled or forfeited">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledOrForfeitedAggregateIntrinsicValue_c20230101__20231231_zKI2WHil1rhc" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Cancelled or forfeited">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Outstanding as of December 31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20230101__20231231_zYcwiQbcDVT8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Ending">586,923</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20230101__20231231_z6FVrCvQsagi" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Ending">4.84</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6.53</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20230101__20231231_zrXbQtBwP951" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding,Ending">67,596</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Exercisable as of December 31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20230101__20231231_zDjUEkw411yc" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options,Exercisable">382,785</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20230101__20231231_za8sXBjDjU2a" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Exercisable">5.11</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5.44</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_c20230101__20231231_zukt050lpLzh" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Exercisable">33,796</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Outstanding, expected to vest as of December 31, 2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_c20230101__20231231_zn1xAUXlH1zj" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Expected to vest">204,138</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iE_c20230101__20231231_zd2Km9YB1NX7" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Expected to vest">4.34</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20230101__20231231_zyANvwaoDyn" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years) Outstanding expected to vest">8.58</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_c20230101__20231231_zg7I4p0ZaDNk" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding, Expected to vest">33,800</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Outstanding as of January 1, 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20240101__20241231_zJwsPJEZ0osc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Beginning">586,923</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20240101__20241231_zn8dza6L3I4j" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Beginning">4.84</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.53</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20240101__20241231_zgWxSJRtv4y6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding, Beginning">67,596</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20240101__20241231_ztMzdSnmqMxg" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Granted">587,650</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20240101__20241231_zBypGt22lt0h" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Granted">2.87</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9.50</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedAggregateIntrinsicValue_c20240101__20241231_zFaoHtCOO8lh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value , Granted">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested and exercised</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20240101__20241231_zDv2JsHesbwe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20240101__20241231_zSirM43SZ5e3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_c20240101__20241231_zwahb0TbPRpj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Cancelled or forfeited</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20240101__20241231_zgJwhkCHTo99" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Cancelled or forfeited">(204,265</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20240101__20241231_zDOHVfhoIFOj" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Cancelled or forfeited">5.94</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledOrForfeitedAggregateIntrinsicValue_c20210101__20211231_zpOlJR4IUKzd" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Cancelled or forfeited">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Outstanding as of December 31, 2024</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20240101__20241231_zmOFMDFbJBhe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Ending">970,308</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20240101__20241231_zNqhRjaEc9P8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Ending">3.65</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8.75</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20240101__20241231_zyhXhJEevUT1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding,Ending">706,366</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Exercisable as of December 31, 2024</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20240101__20241231_z67jLhxG79M9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options,Exercisable">514,210</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20240101__20241231_z7B40XXYyA1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Exercisable">4.13</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8.23</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_c20240101__20241231_zJvVjp8MHsHi" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Exercisable">199,667</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Outstanding, expected to vest as of December 31, 2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_c20240101__20241231_z8dinrgN1oy5" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Expected to vest">456,098</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iE_c20240101__20241231_zWjlLBqPSnJk" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Expected to vest">3.10</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20240101__20241231_zPyh4V5VE8E8" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years) Outstanding expected to vest">9.33</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_c20240101__20241231_zK6DROTfurcf" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding, Expected to vest">506,699</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Outstanding as of January 1, 2025</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231_zsq0aTP6Sc2j" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Beginning">970,308</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20250101__20251231_zycZsxPZQOra" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Beginning">3.65</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8.75</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20250101__20251231_z8HRxOx4M2id" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding, Beginning">706,366</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231_zFsH32BoeiSk" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Granted">1,067,617</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20250101__20251231_z2LRv634pn05" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Granted">2.32</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTermGranted_dtY_c20250101__20251231_zTcywnZFCyha" title="Weighted average remaining contractual term (Years), Granted">9.73</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedAggregateIntrinsicValue_c20250101__20251231_znmtW1Id9OYk" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Granted">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested and exercised</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20250101__20251231_zqgosTLDDy9j" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20250101__20251231_z5b8dLFqEed7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_c20250101__20251231_zWZHh81V9lb7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Cancelled or forfeited</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20250101__20251231_zwj8HvAD4U78" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Cancelled or forfeited">(147,196</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20251231_z6wT6kULTTi" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Cancelled or forfeited">3.21</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledOrForfeitedAggregateIntrinsicValue_c20250101__20251231_zyHPVFOSfQR6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Cancelled or forfeited">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Outstanding as of December 31, 2025</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231_zC1rZtLf1nt7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Ending">1,890,729</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20250101__20251231_zL9brJzDFge" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Ending">2.78</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8.76</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20250101__20251231_z9nB4dzDBiu7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding,Ending">4,643</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Exercisable as of December 31, 2025</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20250101__20251231_z8VPgToHKgv9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options,Exercisable">845,607</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20250101__20251231_zEBNZi7YCie7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Exercisable">3.44</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7.84</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_c20250101__20251231_zd6d81nOy8Wj" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Exercisable">57</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Outstanding, expected to vest as of December 31, 2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_pid_c20250101__20251231_zkcDSPCZ1dFb" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Expected to vest">1,045,122</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iE_c20250101__20251231_zrtljc9rWaCe" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Expected to vest">2.24</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231_z2VLPZUEGMIb" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years) Outstanding expected to vest">9.50</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_c20250101__20251231_zLNWhZijuc2b" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding, Expected to vest">4,585</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> </table> The Company calculates the fair value of stock option awards granted to employees and non-employees using the Black-Scholes option-pricing method. The Company chose this method because it is considered easier to apply, and it is a defined equation that incorporates only one set of inputs. As a result, it is the model most commonly in use. If the Company determined that other methods were more reasonable, or other methods for calculating these assumptions were prescribed by regulators, the fair value calculated for the Company’s stock options could change significantly. Higher volatility and longer expected lives would result in an increase in share-based compensation expense to non-employees determined at the date of grant. Share-based compensation expense to non-employees affects the Company’s general and administrative expenses and research and development expenses, depending on the non-employee’s function. The Company calculated the stock-based compensation expense for the granted options using the Black-Scholes method, applying the following inputs for each stock grant: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The option’s exercise price.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The option’s expected term.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The underlying share’s current price.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The underlying share’s expected price volatility during the option’s expected (or in certain cases, contractual) term, or in cases where the calculated value is used, the historical volatility of an appropriate industry sector index.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The underlying shares’ expected dividends during the option’s expected (or in certain cases, contractual) term, except in cases such as when dividend protection is provided; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The risk-free interest rate during the option’s expected (or in certain cases, contractual) term.</td></tr> </table> <p id="xdx_89F_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zUR2vivDlvq6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company’s share-based compensation expense for the years ended December 31, 2025, 2024, and 2023 is represented by the following table: Schedule of share based compensation expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; display: none"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20251231_zAifx0iJvmic" style="border-bottom: Black 1pt solid; display: none; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zF8LrAeyHyYa" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231_zezsHpCb8h51" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year ended December 31</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(in Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AllocatedShareBasedCompensationExpense_hcustom--StatementOfIncomeLocationBalanceAxis__custom--ResearchAndDevelopmentExpensesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_zOPwzXHKivUc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Research & development expense</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">218,664</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">116,532</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">73,392</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AllocatedShareBasedCompensationExpense_hcustom--StatementOfIncomeLocationBalanceAxis__custom--ResearchAndDevelopmentExpensesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z3HpdCLPmATl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Research & development expense - related party</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">108,455</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">39,800</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AllocatedShareBasedCompensationExpense_hcustom--StatementOfIncomeLocationBalanceAxis__custom--GeneralAndAdministrativeExpensesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_zBGClJbQrZZ3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">General & administrative expense</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">242,903</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">436,877</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">505,828</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllocatedShareBasedCompensationExpense_hcustom--StatementOfIncomeLocationBalanceAxis__custom--GeneralAndAdministrativeExpensesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zhVb2I1sU9zh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">General & administrative expense - related party</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">367,719</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">254,045</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">160,664</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AllocatedShareBasedCompensationExpense_z3GbQRXWPwob" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">937,742</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">847,254</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">739,884</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unrecognized expense</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20251231_z2rniwOuH8y6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unrecognized expense">2,271,990</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20241231_zBzaB0GaDRd8" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unrecognized expense">1,404,415</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_987_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20231231_zb8bX5un8134" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unrecognized expense">907,683</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> For the years ended December 31, 2025, 2024 and 2023 the Company recorded €937,742, €847,255 and €739,884 respectively, as the fair value of the stock options granted. The amount of unrecognized expense at December 31, 2025, 2024 and 2023 was €2,271,990, €1,404,415 and €907,683 respectively. The weighted average fair value of the options granted during the period ended December 31, 2025, 2024 and 2023 was €2.32, €2.87 and €5.30 per share, respectively. The amount of stock option expenses recognized in the Consolidated Statements of Operations and Comprehensive Loss, totaling €937,742, differs from the €1,009,738 reported in the Consolidated Statements of Changes in Shareholders’ Equity. The difference of €71,996 is explained by the partial offset of provisions previously accrued in the Consolidated Balance Sheets for 2023 and 2024 performance bonuses.

46400

5.62

586923

1234772

587650

The NSOs vested monthly over three years with a 10-year term, expiring on July 1, 2034. A cliff vesting period is provided for those employees with less than one (1) year of service at the time of grant, until the first anniversary of employment is completed. The exercise price of the NSOs is $3.083 per share, corresponding to the market price at the date of grant.

50000

56482

204265

970308

858678

495507

For the Chairman and CEO, the NSOs vest monthly over three (3) years and have a 10-year term. For the other two directors of the Company, the NSOs vest monthly over one (1) year, also with a 10-year term. The NSOs granted to officers and employees also have a 10-year term and vest monthly over three (3) years, except for employees with less than one (1) year of service, whose options include a one-year cliff vesting from the date of hire, followed by monthly vesting thereafter.

23007

P10Y

4.36

27110

P10Y

2.57

545000

The NSOs vest monthly over three years, except for those granted to one director, which vest monthly over a one (1) year period. All options have a ten-year term and expire on December 18, 2035.

1.48

68671

78525

147196

351461

1900000

452490

<p id="xdx_893_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zBQ7Dv10C1ag" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> Schedule of outstanding stock options <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Number of Options</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted Average Exercise Price</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted Average Remaining Contractual Term (Years)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Aggregate Intrinsic Value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%">Outstanding as of January 1, 2023</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20230101__20231231_ze6eGsNSEhag" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right" title="Number of options outstanding, Beginning">540,523</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20230101__20231231_z3RnEYKQRpjg" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right" title="Weighted average exercise price outstanding, Beginning">4.99</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right">7.30</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20230101__20231231_zKzHknzbBfy" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right" title="Aggregate intrinsic value outstanding, Beginning">272,480</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230101__20231231_zKt0wrAdWW08" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Granted">46,400</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20230101__20231231_zH1rNBFFUQsi" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Granted">5.30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9.17</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedAggregateIntrinsicValue_c20230101__20231231_zpR3piTmqQM1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value , Granted">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested and exercised</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230101__20231231_zufaiZRPbGi3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20230101__20231231_z3HuO8GtFA2a" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_c20230101__20231231_z4EICgytjK3e" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Cancelled or forfeited</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20230101__20231231_zjCEmZD2Yktc" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Cancelled or forfeited">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20230101__20231231_zga6WkVu8WK7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Cancelled or forfeited">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledOrForfeitedAggregateIntrinsicValue_c20230101__20231231_zKI2WHil1rhc" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Cancelled or forfeited">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Outstanding as of December 31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20230101__20231231_zYcwiQbcDVT8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Ending">586,923</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20230101__20231231_z6FVrCvQsagi" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Ending">4.84</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6.53</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20230101__20231231_zrXbQtBwP951" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding,Ending">67,596</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Exercisable as of December 31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20230101__20231231_zDjUEkw411yc" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options,Exercisable">382,785</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20230101__20231231_za8sXBjDjU2a" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Exercisable">5.11</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5.44</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_c20230101__20231231_zukt050lpLzh" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Exercisable">33,796</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Outstanding, expected to vest as of December 31, 2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_c20230101__20231231_zn1xAUXlH1zj" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Expected to vest">204,138</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iE_c20230101__20231231_zd2Km9YB1NX7" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Expected to vest">4.34</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20230101__20231231_zyANvwaoDyn" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years) Outstanding expected to vest">8.58</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_c20230101__20231231_zg7I4p0ZaDNk" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding, Expected to vest">33,800</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Outstanding as of January 1, 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20240101__20241231_zJwsPJEZ0osc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Beginning">586,923</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20240101__20241231_zn8dza6L3I4j" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Beginning">4.84</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.53</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20240101__20241231_zgWxSJRtv4y6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding, Beginning">67,596</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20240101__20241231_ztMzdSnmqMxg" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Granted">587,650</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20240101__20241231_zBypGt22lt0h" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Granted">2.87</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9.50</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedAggregateIntrinsicValue_c20240101__20241231_zFaoHtCOO8lh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value , Granted">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested and exercised</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20240101__20241231_zDv2JsHesbwe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20240101__20241231_zSirM43SZ5e3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_c20240101__20241231_zwahb0TbPRpj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Cancelled or forfeited</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20240101__20241231_zgJwhkCHTo99" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Cancelled or forfeited">(204,265</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20240101__20241231_zDOHVfhoIFOj" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Cancelled or forfeited">5.94</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledOrForfeitedAggregateIntrinsicValue_c20210101__20211231_zpOlJR4IUKzd" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Cancelled or forfeited">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Outstanding as of December 31, 2024</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20240101__20241231_zmOFMDFbJBhe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Ending">970,308</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20240101__20241231_zNqhRjaEc9P8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Ending">3.65</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8.75</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20240101__20241231_zyhXhJEevUT1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding,Ending">706,366</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Exercisable as of December 31, 2024</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20240101__20241231_z67jLhxG79M9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options,Exercisable">514,210</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20240101__20241231_z7B40XXYyA1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Exercisable">4.13</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8.23</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_c20240101__20241231_zJvVjp8MHsHi" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Exercisable">199,667</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Outstanding, expected to vest as of December 31, 2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_c20240101__20241231_z8dinrgN1oy5" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Expected to vest">456,098</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iE_c20240101__20241231_zWjlLBqPSnJk" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Expected to vest">3.10</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20240101__20241231_zPyh4V5VE8E8" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years) Outstanding expected to vest">9.33</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_c20240101__20241231_zK6DROTfurcf" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding, Expected to vest">506,699</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Outstanding as of January 1, 2025</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231_zsq0aTP6Sc2j" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Beginning">970,308</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20250101__20251231_zycZsxPZQOra" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Beginning">3.65</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8.75</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20250101__20251231_z8HRxOx4M2id" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding, Beginning">706,366</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231_zFsH32BoeiSk" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Granted">1,067,617</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20250101__20251231_z2LRv634pn05" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Granted">2.32</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTermGranted_dtY_c20250101__20251231_zTcywnZFCyha" title="Weighted average remaining contractual term (Years), Granted">9.73</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedAggregateIntrinsicValue_c20250101__20251231_znmtW1Id9OYk" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Granted">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested and exercised</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20250101__20251231_zqgosTLDDy9j" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20250101__20251231_z5b8dLFqEed7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_c20250101__20251231_zWZHh81V9lb7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Vested and exercised">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Cancelled or forfeited</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20250101__20251231_zwj8HvAD4U78" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options, Cancelled or forfeited">(147,196</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20251231_z6wT6kULTTi" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Cancelled or forfeited">3.21</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledOrForfeitedAggregateIntrinsicValue_c20250101__20251231_zyHPVFOSfQR6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Cancelled or forfeited">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Outstanding as of December 31, 2025</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231_zC1rZtLf1nt7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Ending">1,890,729</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20250101__20251231_zL9brJzDFge" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Ending">2.78</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8.76</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20250101__20251231_z9nB4dzDBiu7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding,Ending">4,643</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Exercisable as of December 31, 2025</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20250101__20251231_z8VPgToHKgv9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options,Exercisable">845,607</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20250101__20251231_zEBNZi7YCie7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price, Exercisable">3.44</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7.84</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_c20250101__20251231_zd6d81nOy8Wj" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value, Exercisable">57</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Outstanding, expected to vest as of December 31, 2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_pid_c20250101__20251231_zkcDSPCZ1dFb" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Number of options outstanding, Expected to vest">1,045,122</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iE_c20250101__20251231_zrtljc9rWaCe" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average exercise price outstanding, Expected to vest">2.24</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231_z2VLPZUEGMIb" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years) Outstanding expected to vest">9.50</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_c20250101__20251231_zLNWhZijuc2b" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right" title="Aggregate intrinsic value outstanding, Expected to vest">4,585</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> </table>

540523

4.99

P7Y3M18D

272480

46400

5.30

P9Y2M1D

586923

4.84

P6Y6M10D

67596

382785

5.11

P5Y5M8D

33796

204138

4.34

P8Y6M29D

33800

586923

4.84

P6Y6M10D

67596

587650

2.87

P9Y6M

204265

5.94

970308

3.65

P8Y9M

706366

514210

4.13

P8Y2M23D

199667

456098

3.10

P9Y3M29D

506699

970308

3.65

P8Y9M

706366

1067617

2.32

P9Y8M23D

147196

3.21

1890729

2.78

P8Y9M3D

4643

845607

3.44

P7Y10M2D

1045122

2.24

P9Y6M

4585

<p id="xdx_89F_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zUR2vivDlvq6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company’s share-based compensation expense for the years ended December 31, 2025, 2024, and 2023 is represented by the following table: Schedule of share based compensation expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; display: none"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20251231_zAifx0iJvmic" style="border-bottom: Black 1pt solid; display: none; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zF8LrAeyHyYa" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231_zezsHpCb8h51" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year ended December 31</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(in Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AllocatedShareBasedCompensationExpense_hcustom--StatementOfIncomeLocationBalanceAxis__custom--ResearchAndDevelopmentExpensesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_zOPwzXHKivUc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Research & development expense</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">218,664</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">116,532</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">73,392</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AllocatedShareBasedCompensationExpense_hcustom--StatementOfIncomeLocationBalanceAxis__custom--ResearchAndDevelopmentExpensesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z3HpdCLPmATl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Research & development expense - related party</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">108,455</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">39,800</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AllocatedShareBasedCompensationExpense_hcustom--StatementOfIncomeLocationBalanceAxis__custom--GeneralAndAdministrativeExpensesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_zBGClJbQrZZ3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">General & administrative expense</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">242,903</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">436,877</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">505,828</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllocatedShareBasedCompensationExpense_hcustom--StatementOfIncomeLocationBalanceAxis__custom--GeneralAndAdministrativeExpensesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zhVb2I1sU9zh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">General & administrative expense - related party</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">367,719</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">254,045</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">160,664</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AllocatedShareBasedCompensationExpense_z3GbQRXWPwob" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">937,742</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">847,254</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">739,884</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unrecognized expense</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20251231_z2rniwOuH8y6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unrecognized expense">2,271,990</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20241231_zBzaB0GaDRd8" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unrecognized expense">1,404,415</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_987_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20231231_zb8bX5un8134" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unrecognized expense">907,683</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

218664

116532

73392

108455

39800

242903

436877

505828

367719

254045

160664

937742

847254

739884

2271990

1404415

907683

937742

847255

739884

2271990

1404415

907683

2.32

2.87

5.30

937742

1009738

71996

16. Accumulated other comprehensive income <p id="xdx_892_eus-gaap--ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_zAULtD9ruyu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Accumulated Other Comprehensive Income relates to marketable securities fair value measurement reserve and cumulative translation adjustment reserve as reported in the following table. Schedule of Accumulated Other Comprehensive Income <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250101__20251231__us-gaap--StatementEquityComponentsAxis__custom--AccumulatedNetUnrealizedGainLossMember_zjvQzIiKymC3" style="border-bottom: Black 1pt solid; text-align: center">Unrealized gains and losses on available-for-sale debt securities</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231__us-gaap--StatementEquityComponentsAxis__custom--AccumulatedTranslationAdjustmentsMember_zsIQ6evfiJBh" style="border-bottom: Black 1pt solid; text-align: center">Foreign Currency Translation Adjustments</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250101__20251231_zNDO1yPRvNUa" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Changes in Accumulated Other Comprehensive Income</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the year ended December 31, 2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Unrealized gains and losses on available-for-sale debt securities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Foreign currency translation adjustments</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_406_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_iS_zRm75vWD2xL1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Beginning Balance</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">96,234</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">(7,288</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">88,946</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_zZGnp5grng9f" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Adjustment for net (gain) loss on marketable securities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(96,234</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(96,234</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments_zKq2tfH8w852" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Change in fair value of marketable securities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">103,439</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">103,439</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease_zMCMMOBofygf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt">Cumulative translation adjustment</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">70,360</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">70,360</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_iE_zLPTsc4xqiHk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">103,439</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">63,072</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">166,511</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The unrealized net gain on marketable securities not matured at December 31, 2025, was approximately €0.1 million. Translation adjustments on investment transactions expressed in U.S. dollars were not material. The cumulative translation adjustments reserve mainly includes the effect of the translation of U.S. dollars held by the U.S. Subsidiary into Euros as the consolidated financial statements’ currency.

<p id="xdx_892_eus-gaap--ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_zAULtD9ruyu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Accumulated Other Comprehensive Income relates to marketable securities fair value measurement reserve and cumulative translation adjustment reserve as reported in the following table. Schedule of Accumulated Other Comprehensive Income <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250101__20251231__us-gaap--StatementEquityComponentsAxis__custom--AccumulatedNetUnrealizedGainLossMember_zjvQzIiKymC3" style="border-bottom: Black 1pt solid; text-align: center">Unrealized gains and losses on available-for-sale debt securities</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231__us-gaap--StatementEquityComponentsAxis__custom--AccumulatedTranslationAdjustmentsMember_zsIQ6evfiJBh" style="border-bottom: Black 1pt solid; text-align: center">Foreign Currency Translation Adjustments</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250101__20251231_zNDO1yPRvNUa" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Changes in Accumulated Other Comprehensive Income</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the year ended December 31, 2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Unrealized gains and losses on available-for-sale debt securities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Foreign currency translation adjustments</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_406_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_iS_zRm75vWD2xL1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Beginning Balance</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">96,234</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">(7,288</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">88,946</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_zZGnp5grng9f" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Adjustment for net (gain) loss on marketable securities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(96,234</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(96,234</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments_zKq2tfH8w852" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Change in fair value of marketable securities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">103,439</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">103,439</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease_zMCMMOBofygf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt">Cumulative translation adjustment</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">70,360</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">70,360</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_iE_zLPTsc4xqiHk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">103,439</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">63,072</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">166,511</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

96234

-7288

88946

-96234

103439

70360

103439

63072

166511

100000

17. Related parties <p id="xdx_894_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_hcustom--StatementOfIncomeLocationBalanceAxis__custom--ResearchAndDevelopmentExpensesMember_zkaUD83XX9i2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The Company’s research and development (R&D) expenses are a combination of third-party expenses and related-party expenses, as detailed below: Schedule of third party and related party expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zk1wr898gcV1" style="border-bottom: Black 1pt solid; text-align: center">Third Parties</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedPartiesMember_zLJScfJcUGTd" style="border-bottom: Black 1pt solid; text-align: center">Related Parties</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20251231_zbN7ZoH1SoO1" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended December 31, 2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">Third Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">Related Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif">(in Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zon3hHlKBC6g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Consultants & other third parties</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">145,071</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">150,811</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">295,882</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_zJoZi2cTIas4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Materials & supplies</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,456,243</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,456,244</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--CompensationMember_zjNfYwqzwt1b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">721,095</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">191,170</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">912,264</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_zN2WemCMLgh9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Travel & entertainment</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--OtherMember_zc8lX3yhbWvb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Other</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,976</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,976</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ResearchAndDevelopmentExpense_ztNmFz5EnLg6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,357,361</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">341,981</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,699,342</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zZLOYWX6bFo7" style="border-bottom: Black 1pt solid; text-align: center">Third Parties</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedPartiesMember_z8gXYyNSWVbk" style="border-bottom: Black 1pt solid; text-align: center">Related Parties</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20241231_zTemS0PrEAC3" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended December 31, 2024</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Third Parties</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Related Parties</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">(In Euros)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zLZF5iWCn654" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%">Consultants & other third parties</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">€</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">262,229</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">€</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">753,679</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">€</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">1,015,908</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr id="xdx_406_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_zeAsRMPbauJh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Materials & supplies</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,301,038</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,301,038</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40E_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--CompensationMember_z6hyJRicTPhd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Compensation (including share-based)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">744,959</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">695,764</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,440,723</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_z17omyy7EUif" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Travel & entertainment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">29,137</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">29,137</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--OtherMember_zyHDCQYPmdZh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Other</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">26,048</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">26,048</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_402_eus-gaap--ResearchAndDevelopmentExpense_zt4l0zn9ylF1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Total</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">€</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,363,410</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">€</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,449,443</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">€</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,812,854</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zdqUD7r1oWIc" style="border-bottom: Black 1pt solid; text-align: center">Third Parties</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedPartiesMember_zmFaSn1Fdc58" style="border-bottom: Black 1pt solid; text-align: center">Related Parties</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20230101__20231231_zkGmDbI2HP3b" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended December 31, 2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Third Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Related Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(in Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zq7CsuXNo1Wi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Consultants & other third parties</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">305,289</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">1,331,166</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">1,636,455</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_zNnuyxOL7cd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Materials & supplies</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,639,920</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,639,920</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--CompensationMember_zVSYnvmChdI" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">467,557</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">645,932</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,113,489</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_zcdTDeunEKxa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Travel & entertainment</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">44,243</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">44,243</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--OtherMember_zuhunyR7QiIb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Other</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">39,965</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">369</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">40,334</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ResearchAndDevelopmentExpense_zXBujpAK5iIh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,496,974</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,977,467</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,474,441</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Related party R&D expenses for consultants & other third parties refer mainly to the costs of preclinical and clinical activities charged by OSR. R&D costs for materials & supplies relate mainly to manufacturing costs charged by the Company’s main manufacturing vendor, AGC Biologics. Compensation costs relate to R&D personnel wages, salaries, and share-based compensation including social contribution and other related personnel costs. Travel & entertainment expenses relate mainly to business trips and scientific conferences. Other R&D expenses relate to minor general operating costs. The Company recorded research and development expenses of approximately €2.7 million in 2025, €4.8 million in 2024 and €6.5 million in 2023. The tax credit compensation effect was approximately €2.2 million in 2025, €0.5 million in 2024 and €0.4 million in 2023. The decrease in R&D expenses of approximately €2.1 million was mainly due to several factors as explained above under the section Results of Operations Comparison of Year Ended December 31, 2025 to Year Ended December 31, 2024. The overall decrease of €2.1 million was primarily driven by decreased manufacturing and clinical activities, including fewer drug product batch productions, reduced CRO engagement, lower patient enrollment, and the absence of certain trial-related activities previously associated with the TEM-GBM program. The Company’s strategic focus shifted predominantly to the TEM-GU study, which was in an earlier clinical phase and required a comparatively lower level of exploratory analyses and oversight activities. The decrease was further supported by contractual amendments, consulting cost reductions, management compensation adjustments, and the impact of R&D tax credits. These reductions were partially offset by increased manufacturing associated activities related to the implementation of an Exclusive GMP Suite agreement, although such increase was mitigated by the tax credit benefit. The decrease in R&D expenses of approximately €1.7 million for the year ended December 31, 2024 compared to the year ended December 31, 2023, was mainly due to several factors as explained above under the section Results of Operations Comparison of Year Ended December 31, 2024 to Year Ended December 31, 2023. The overall decrease was primarily attributable to lower manufacturing and scale-up costs related to lentiviral vector production, reduced technology transfer activities, and decreased fees to OSR in line with contractual payment schedules. These reductions were partially offset by increased clinical trial expenses associated with the commencement of the TEM-GU study in October 2024. <p id="xdx_892_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_hcustom--StatementOfIncomeLocationBalanceAxis__custom--GeneralAndAdministrativeExpensesMember_zZcfHeL3cJ34" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The Company’s general and administrative expenses are also a combination of third-party and related party expenses, as detailed below: Schedule of third party and general and administrative expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended December 31, 2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(In Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_z6cTi5u4U0X8" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">749,515</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zQUUmpdFSr4i" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">1,232,384</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__srt--ProductOrServiceAxis__custom--CompensationMember_z2QExm2XBxT4" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">1,981,899</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounting, legal & other professional</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zjlQrbfdVEe2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">722,836</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zq7e61vz1LD5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zEn2Kt4Bkqqc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">722,836</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Communication & IT - related</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zAKZzdtvwNL5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">172,690</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zhig7fQkMCm6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zAKf2GfGq2mb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">172,690</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Facility & insurance - related</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zKZx6DJ3hbJc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">4,556</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zFyHp1RkF5H" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">16,260</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zLEst7CrBscc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">20,816</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Consultants & others</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zwW5AKkB9v6a" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">270,122</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zggcHRqwpYjh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">36,400</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zggd0rpaNB6e" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">306,522</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Others</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_z16xfSghxTH6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">695,193</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zjrEWbRHuzt7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">4,442</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__srt--ProductOrServiceAxis__custom--OtherMember_zq4UyxG7lva2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">699,635</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_zc4k3QSQd7Lc" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">2,614,912</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_zxNs7i0Fw519" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,289,486</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231_zLKBa8APlDT4" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">3,904,398</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended December 31, 2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(In Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zKwIJnniHksd" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">1,019,056</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98A_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zGxpGP9JN5m6" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">1,459,302</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__srt--ProductOrServiceAxis__custom--CompensationMember_zmr5VcvPqdJ7" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">2,478,358</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounting, legal & other professional</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zc5lvduFP5C3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">828,592</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zPb4VjgIogW" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zxtbza4tXA3h" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">828,592</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Communication & IT - related</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zitXl2ipk6N3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">188,951</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zLwZZZ33xDd3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">- </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zKUxNjUJThec" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">188,951</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Facility & insurance - related</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_z5bQh63qz7O3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">3,348</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zBrEkrIepjR4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">14,795</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zx6ahgAg9ZR2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">18,143</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Consultants & others</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zLvVdgb3DXNf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">561,458</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zFETdADO4rY8" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zlZiO94NHLCj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">561,458</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Other</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_z50iPEmGxo12" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">874,165</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zKMQ07klRh02" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,789</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__srt--ProductOrServiceAxis__custom--OtherMember_zMR44kazaWu1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">875,954</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_ztRMtRJtIPl9" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">3,475,570</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_zuOoMFShVng4" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,475,886</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231_zBMTSzQssJ84" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">4,951,456</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended December 31, 2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(In Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zZbMtzk2Hg0g" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">1,218,299</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zVtvmtMMGOsl" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">1,317,068</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__srt--ProductOrServiceAxis__custom--CompensationMember_zqKl02Wtlr5l" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">2,535,367</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounting, legal & other professional</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zmqFZ0SWWaKl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,026,534</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zM2yBn7MWwtc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zJRbMCD4l6Gd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,026,534</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Communication & IT related Facility</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zTz1oN25auw6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">166,416</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zfYikPDYxEz4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">166,416</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Facility & insurance related</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_z107p3eTYgY3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">6,180</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_z9KQMF03p6Ue" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">15,731</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zySP92tH9hl1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">21,911</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Consultants & other third parties</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zUgujbhU5iqj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">610,103</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zbLODIBS6tyh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zYykfXLWmFn2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">610,103</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Other</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zqbHKjb3Gyl3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">896,018</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_z1IM0VX2s6mi" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">2,152</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__srt--ProductOrServiceAxis__custom--OtherMember_zOjES7fRiK4d" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">898,170</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_zcqqfN5DyR0f" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">3,923,550</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_zljfxiVgDUdh" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,334,951</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231_zrEJ0de6xyE7" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">5,258,501</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> General and administrative expenses were approximately €3.9 million for the year ended December 31, 2025, as compared to approximately €5.0 million for the year ended December 31, 2024. The decrease of approximately €1.1 million was primarily due to the combined effect of: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">a decrease in compensation, (approximately €0.5 million) primarily due to: (1) the reversal of bonus accruals recorded during 2023 and 2024 for the CMO and CFO, which were not subsequently confirmed in part and therefore were not paid in during 2025; (2) the absence of any bonus accruals for 2025, following a change in the Company’s bonus recognition policy;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">a net decrease in accounting, legal and other professional (approximately €0.1 million) mainly related to a decrease in external audit expenses;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">a net decrease in consultants and other third-party costs (approximately €0.3 million) primarily driven by cost-saving contract amendments and reduced consulting activity. Additionally, certain consultant contracts were not renewed in 2025; </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">a net decrease in other general and administrative costs (approximately €0.2 million), primarily driven by a decrease in patent maintenance costs (approximately €0.1 million). </td></tr> </table> General and administrative expenses were approximately €5.0 million for the year ended December 31, 2024, as compared to approximately €5.3 million for the year ended December 31, 2023. The decrease of approximately €0.3 million was primarily attributable to lower professional fees, reduced consultancy expenses, and decreased insurance costs, partially offset by higher legal expenses, increased IT and cybersecurity-related costs, and higher patent maintenance expenses. <p id="xdx_894_ecustom--ScheduleOfAccountsPayableToRelatedPartiesTableTextBlock_zFkR8aVmifng" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The Company’s accounts payable to related parties are comprised as follows: Schedule of accounts payable to related parties <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; display: none"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zwiPnk01KnZ" style="border-bottom: Black 1pt solid; display: none; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20241231_zaX8OUt4FDr9" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20231231_zwYtlklnVhTe" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: right">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">At December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: top; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">(in Euros)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsPayableCurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--SanRaffaeleHospitalOSRMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zdDh0Jrj9Qcd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left; padding-bottom: 1pt">San Raffaele Hospital (OSR)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">300,328</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">180,116</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">170,888</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccountsPayableCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zs84Wh5nUnE" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">300,328</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">180,116</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">170,888</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_899_ecustom--ScheduleOfAccruedExpenseToRelatedPartiesTableTextBlock_zh9bwuNBhgIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The Company’s accrued expenses to related parties are comprised as follows: Schedule of accrued expenses to related parties <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; display: none"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zIrqVyHKm1f2" style="border-bottom: Black 1pt solid; display: none; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20241231_zlP271RlBOnh" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20231231_zSKvNpDtlDef" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">At December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--SanRaffaeleHospitalOSRMember_z7Btj4hKdUkh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">San Raffaele Hospital (OSR)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">4,415</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">128,188</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">413,935</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--RichardSlanskyMember_z7Z0o8tbjKCa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Richard Slansky</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,043</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">243,101</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">116,738</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--PierluigiParacchiMember_zfMEc3a0Ciab" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Pierluigi Paracchi</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">46,678</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">336,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">175,254</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--FrancescoGalimiMember_zKNekch3rEog" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Francesco Galimi</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,036</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--CarloRussoMember_zDN86bwY41T5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Carlo Russo</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">324,055</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">155,651</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_zAlyED6txk23" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">78,172</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,031,345</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">861,578</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company has identified the following related parties as of December 31,2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Pierluigi Paracchi (director, CEO, and co-founder of the Company);</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Luigi Naldini (co-founder of the Company and chair of the scientific advisory board, until December 31, 2025);</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Bernhard Rudolph Gentner (co- founder of the Company and member of the scientific advisory board, until December 31, 2025);</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Richard Slansky (Chief Financial Officer);</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Francesco Galimi (Acting Chief Medical Officer and Head of Development and advises the Chief Executive Officer);</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Giacomoantonio Paracchi (member of the Company’s Board of Directors);</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">San Raffaele Hospital (co-founder of the Company, shareholder, main service provider for clinical activity and licensor of brands of any product that can be obtained through research).</td></tr> </table> The following is a description of the nature of the transactions between the Company and these related parties: Pierluigi Paracchi Mr. Pierluigi Paracchi is the Company’s Chief Executive Officer, Chairman, General Manager, and co-founder. His current employment arrangement with the Company, effective April 1, 2025, provides an annual gross salary of €451,560 plus a 40% annual bonus subject to Board approval. Mr. Paracchi also has use of a Company car. Effective from May 2025, Mr. Pierluigi Paracchi also receives an annual compensation of €<span id="xdx_901_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20250531__20250531__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember_z9HIw0JSa177">45,000 for his role as the Company’s Chairman of the Board of Directors. For the year ended December 31, 2025, 2024 and 2023 the Company expensed approximately €<span id="xdx_908_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20250101__20251231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember_zlZKccymXuBl">550,430 (including (€<span id="xdx_90A_eus-gaap--DefinedContributionPlanCostRecognized_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember__us-gaap--RetirementPlanNameAxis__custom--TrattamentoDiFineRapportoMember_z2UlYWWyicSe" title="Social contribution amount">91,105 of social contributions and TFR), €<span id="xdx_906_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20240101__20241231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember_zUMTgKoMPzvd">688,000 (including €<span id="xdx_90C_eus-gaap--DefinedContributionPlanCostRecognized_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember__us-gaap--RetirementPlanNameAxis__custom--TrattamentoDiFineRapportoMember_z7UJaKN6CUHa" title="Social contribution amount">87,738 of social contributions and TFR) and €<span id="xdx_904_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20230101__20231231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember_zhi3Y5xEANU4">692,000 respectively, related to Mr. Pierluigi Paracchi’s compensation. As of December 31, 2025, Mr. Pierluigi Paracchi received NSOs on a total of <span id="xdx_900_eus-gaap--SharesIssued_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember__us-gaap--StatementEquityComponentsAxis__custom--AmericanDepositorySharesMember_zFAOQ0DLRvDe" title="Shares received">260,000 of the Company’s ADSs, with 80,000 received in June 2025, and 180,000 in December 2025. As of December 31, 2025, the Company did not accrue any bonus in respect of Mr. Pierluigi Paracchi’s activities performed in 2025, while a bonus of €168,000 was accrued as of December 31, 2024, and December 31, 2023, in respect of his activities performed in 2024 and 2023. In June 2025, previously accrued performance bonuses for the years 2024 (€168,000) and 2023 (€168,000) were paid, for a total gross amount of €336,000. Luigi Naldini/Bernhard Rudolph Gentner Drs. Naldini and Gentner are co-founders of the Company and were an instrumental part of the Company’s SAB – Scientific Advisory Board, with Dr. Naldini as Chairman, and Dr. Gentner as a member. The Company had consulting agreements with each of Drs. Naldini and Gentner. Dr. Naldini had an advisory agreement approved by the Board of Directors whereby he and his staff performed pre-clinical studies for the Company. The latest consulting agreement with Dr. Naldini was signed on June 20, 2022, which included an annual fee of €100,000 starting July 1, 2022. On May 12, 2025, the consulting agreement originally dated October 1, 2015, and subsequently amended on June 20, 2022, was further amended to extend its validity for an additional 12 months, from July 1, 2025, to June 30, 2026. The contract was altered so that it would not be automatically renewed. Additionally, the annual fee for the extended term was reduced to €50,000, effective July 1, 2025. On October 12, 2025, the consulting agreement, amended on May 12, 2025, was further amended to shorten its term to December 31, 2025, without automatic renewal, for a fixed fee of €6,250. At December 31, 2025, 2024 and 2023, Dr. Naldini billed €68,750, €100,000 and €100,000 respectively, and all invoices issued were paid before December 31st of each respective year. Dr. Gentner, like Dr. Naldini, oversaw pre-clinical research related to the Company’s platform technology. In addition, he analyzed clinical biological data. The consulting agreement with Dr. Gentner started on July 1, 2022, and provided fees for an amount of €45,000 per year. On July 1, 2025, the consulting agreement originally dated April 1, 2016, and subsequently amended on July 1, 2022, was further amended to reduce the annual compensation for Dr. Gentner from €<span id="xdx_906_eus-gaap--DeferredCompensationArrangementWithIndividualCompensationExpense_c20250701__20250701__srt--TitleOfIndividualAxis__custom--Dr.GentnerMember__srt--RangeAxis__srt--MaximumMember_zYPZ5fIJLpZg" title="Annual compensation">45,000 to €<span id="xdx_90B_eus-gaap--DeferredCompensationArrangementWithIndividualCompensationExpense_c20250701__20250701__srt--TitleOfIndividualAxis__custom--Dr.GentnerMember__srt--RangeAxis__srt--MinimumMember_zNbg0m8iuGTg" title="Annual compensation">22,500, effective July 1, 2025. The agreement was to remain in effect for a fixed term of one (1) year, from July 1, 2025, through June 30, 2026. On October 1, 2025, the consulting agreement amended on July 1, 2025, was further amended to shorten its term to December 31, 2025, without automatic renewal, for a fixed fee of €2,814. In February 2024, Dr. Gentner entered into an addendum to the consulting agreement in which the Company agreed to pay a total one-time fee of up to €15,000 to conduct research, write and submit a scientific research paper. The agreement stipulated the fees that were to be billed progressively, if and when the expected research steps were met. At December 31, 2025, the second step was achieved, billed and paid for €5,000. At December 31, 2024, the first step was achieved, billed, and paid for €5,000. At December 31, 2025, 2024 and 2023 Dr. Gentner billed €35,939, €45,000 and €45,000 respectively, and all invoices issued were paid before December 31st of each respective year. Richard Slansky Mr. Richard Slansky is the Chief Financial Officer of the Company. His current employment arrangement is in place with the U.S. subsidiary, and it provides an annual gross compensation of $375,000 plus a 30% bonus subject to Board approval. For the years ended December 31, 2025, 2024 and 2023 the Company expensed approximately €<span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_c20250101__20251231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z88NPjyDCAK5">320,277, €<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_c20240101__20241231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zQEARA8Qhze7">458,000 and €<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_c20230101__20231231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zVShx0yDRZQc">456,000 respectively, related to compensation for Mr. Slansky. At December 31, 2025, the Company did not accrue any bonus in respect of Mr. Slansky’s activities performed in 2025, while a bonus of approximately €108,000 and €116,000 was accrued as of December 31, 2024 and December 31, 2023, in respect of his activities performed in 2024 and 2023. In June 2025, Mr. Slansky was awarded a bonus of approximately €98,832 (gross amount), related to the activity performed in 2023, and €49,416 (gross amount), related to the activity performed in 2024, and accrued in the respective periods. The 2023 bonus was allocated as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">-</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20231231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zAGQunJdeODl" title="Vested shares">15,338 fully vested NSOs with an exercise price of $4.36 based on the Black-Scholes pricing model in place of €<span id="xdx_90B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingValue_iI_c20231231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_ztnkAwBd8ZMa" title="Vested amount">47,997 cash as a portion of the 2023 bonus; </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">-</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">€45,902 paid in cash to Mr. Slansky;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">-</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">€<span id="xdx_90C_eus-gaap--Cash_iI_c20231231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FinanceEmployeeOneMember_zPX1sTaVt2B6" title="Paid in cash">2,196 and €<span id="xdx_90E_eus-gaap--Cash_iI_c20231231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FinanceEmployeeTwoMember_zAuN0LMhZjR2" title="Paid in cash">1,318, respectively, allocated from Mr. Slansky’s bonus to two (2) finance employees and paid in cash.</td></tr> </table> The original 2024 bonus amount accrued was approximately €108,000; however, this was reduced by 50% and allocated as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">-</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20241231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zblcoc0JNoH7" title="Vested shares">7,669 fully vested NSOs with an exercise price of $<span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20241231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zsseGSFg2Q0j" title="Exercise price">4.36 based on the Black-Scholes pricing model in place of €<span id="xdx_90A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingValue_iI_c20241231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zPo17NaGW6R3" title="Vested amount">23,998 cash as a portion of the 2024 bonus;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">-</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">€18,531 paid in cash to Mr. Slansky;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">-</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">€<span id="xdx_906_eus-gaap--Cash_iI_c20241231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FinanceEmployeeOneMember_z0DG9vXiNEjj" title="Paid in cash">3,089, €<span id="xdx_906_eus-gaap--Cash_iI_c20241231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FinanceEmployeeTwoMember_zKFOqv9ys5bf" title="Paid in cash">1,853, and €<span id="xdx_90F_eus-gaap--Cash_iI_c20241231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FinanceEmployeeThreeMember_zpyvjREcbgs7" title="Paid in cash">1,235, respectively, allocated from Mr. Slansky’s bonus to three (3) finance employees and paid in cash.</td></tr> </table> As of December 31, 2025, Mr. Slansky received NSOs on a total of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardSlanskyMember__us-gaap--StatementEquityComponentsAxis__custom--AmericanDepositorySharesMember_zrAJfR5jH7Rk">180,000 of the Company’s ADSs, with <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardSlanskyMember_zY2w11GIYu33">60,000 received in June 2025 with an exercise price of $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20250630__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zfrtLcfGYJG8">4.36, and 120,000 in December 2025 with an exercise price of $<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20251201__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zu558svb7Gz7">1.48. Francesco Galimi On October 1, 2025, the Company entered into a consulting agreement with FG Consulting Inc., an entity controlled by Francesco Galimi, the Company’s Acting Chief Medical Officer and Head of Development. Under the agreement, ongoing scientific and strategic advisory services are provided by Dr. Galimi and invoiced to the Company through FG Consulting Inc. The consulting agreement originally dated October 1, 2025, was subsequently amended on October 20, 2025, to extend the term of the agreement from December 31, 2025, to January 31, 2026, and to modify the compensation terms, effective November 1, 2025. For the year ended December 31, 2025, Dr. Galimi invoiced the Company, through FG Consulting Inc., €<span id="xdx_902_ecustom--BillingsCostCurrent_iI_c20251231__srt--TitleOfIndividualAxis__custom--DrGalimiMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FGConsultingIncMember_z0HiSvtqFPZ8" title="Billing invoiced">25,869 for services provided in his capacity as Acting Chief Medical Officer and Head of Development, and accrued expenses of €17,037 were recognized in relation to such services. In addition, the agreement provided compensation in the form of stock options. A total of <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20251231__srt--TitleOfIndividualAxis__custom--DrGalimiMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FGConsultingIncMember_z0z3kF2YtIt5">27,110 stock options were granted to the consultant, vesting over the period from November 2025 to January 2026. As of December 31, 2025, the value of the vested options amounted to €<span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20250101__20251231__srt--TitleOfIndividualAxis__custom--DrGalimiMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FGConsultingIncMember_zLfy4tCNGsrg" title="Vested option stock value">33,839. For the year ended December 31, 2025, Dr. Galimi also invoiced the Company €19,453 for his services as a member of the Board. Giacomoantonio Paracchi Mr. Giacomoantonio Paracchi is a member of the Company’s Board of Directors. His annual gross compensation amounts to €<span id="xdx_902_eus-gaap--DeferredCompensationArrangementWithIndividualCompensationExpense_c20250101__20251231__srt--TitleOfIndividualAxis__custom--MrGiacomoantonioParacchiMember_zKfD9NShBEXk" title="Annual gross compensation">30,000, pro-rated for the period from November 2025 through the next shareholders’ meeting. As of December 31, 2025, Mr. Giacomoantonio Paracchi received compensation of €5,000 for his services as a member of the Board. OSR – San Raffaele Hospital OSR - San Raffaele Hospital is a co-founder of the Company, and the Company is a corporate and research spin-off of OSR. OSR is one of the leading biomedical research institutions in Italy and Europe, with a 45-year history of developing innovative therapies and procedures. The Company has agreements to license technology, to perform research, pre-clinical and clinical activities, as well as to lease facilities and obtain certain other support functions. The Company’s headquarters is currently in an OSR facility. Amended and Restated OSR License Agreement The Company entered into an Amended and Restated License Agreement (the “ARLA”) with OSR in March 2023. The ARLA replaced the Company’s original license agreement originally entered into with OSR on December 15, 2014, as subsequently amended on March 16, 2017, February 1, 2019, December 23, 2020, September 28, 2021, January 22, 2022, September 29, 2022, and December 22, 2022 (the “Original OSR License Agreement”). The effectiveness of the ARLA was subject to Italy’s Law Decree No. 21 of March 15, 2012 (i.e., the Italian Golden Power regulations), as subsequently amended and supplemented, and would not become effective until the applicable Italian governmental authority consented to the ARLA. On April 20, 2023, such consent was received and the ARLA became effective. Pursuant to the terms of the ARLA, OSR has granted the Company an exclusive, royalty-bearing, non-transferrable (except with the prior written consent of OSR), sublicensable, worldwide license, subject to certain retained rights, to (1) certain patents, patent applications and existing know-how for the use in the field(s) of Interferon (“IFN”) gene therapy by lentiviral based-hematopoietic stem and progenitor cells (“HSPC”) gene transfer with respect to any solid cancer indication (including glioblastoma and solid liver cancer) and/or (b) any lympho-hematopoietic indication for which the Company exercises an option (described below); and (2) certain gene therapy products (subject to certain specified exceptions related to replication competent viruses) developed during the license term for use in the aforementioned field(s) consisting of any lentivirals or other viral vectors regulated by miR126 and/or miR130 and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of IFN under the control of a Tie2 promoter. Lympho-hematopoietic indication means any indication related to lympho-hematopoietic malignancies and solid cancer indication means any solid cancer indication (e.g., without limitation, breast, pancreas, colon cancer), with each affected human organ counting as a specific solid cancer indication. The rights retained by OSR, and extending to its affiliates, include the right to use the licensed technology for internal research within the field(s) of use, the right to use the licensed technology within the field(s) of use other than in relation to the licensed products, and the right to use the licensed technology for any use outside the field(s) of use, but subject to the options described below. In addition, the Company granted OSR a perpetual, worldwide, royalty-free, non-exclusive license to any improvement generated by the Company with respect to the licensed technology, to conduct internal research within the field(s) of use directly, or in or with the collaboration third parties; and, for any use outside the field(s) of use, in which case the license is sublicensable by OSR. Finally, the world-wide rights for the field(s) of use granted to the Company regarding the Lentigen know-how are non-exclusive and cannot be sublicensed due to a pre-existing nonexclusive sublicense to these rights between OSR and GlaxoSmithKline Intellectual Property Development Limited. Pursuant to the ARLA, the Company has an exclusive option exercisable until April 20, 2026 to any OSR product improvements at no additional cost, which could be useful for the development and/or commercialization of licensed products in the field of use. The Company also has an exclusive option exercisable until April 20, 2026 (the “LHI Option Period”) to any lympho-hematopoietic indication(s) to be included as part of the field of use, on an indication-by-indication basis, subject to the payment of specified option fees and milestone payments: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">●</td> <td style="font: 10pt Times New Roman, Times, Serif">€1.0 million for the first lympho-hematopoietic indication;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif">€0.5 million for the second lympho-hematopoietic indication; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif">€0.3 million for the third lympho-hematopoietic indication.</td></tr> </table> No option fee is due for the fourth lympho-hematopoietic indication and any subsequent lympho-hematopoietic indications. The Company has the right to extend the LHI Option Period twice for additional 12-month periods, subject to the payment of specified extension fees. Prior to the effective date of the ARLA, the Company paid OSR an upfront fee in amount equal to €250,000 pursuant to the Original OSR License Agreement. Pursuant to the ARLA, as consideration, the Company agreed to pay OSR additional license fees equal to up to €875,000 in total, which are payable on April 20, 2023, December 31, 2023, and upon our entering into a sublicense agreement with a third party sublicensee (pursuant to which the Company is entitled to receive an upfront payment in an amount exceeding a specified threshold from such sublicensee) during the period between September 30, 2022 and April 20, 2028 (with most of these additional license fees being triggered upon our entering into such a sublicense agreement). In addition, the Company has agreed to pay OSR royalties and on a single digit percentage of the net sales of each licensed product. The royalty may be reduced upon the introduction of generic competition or patent stacking, but in no event would the royalty be less than half of what it would have otherwise been, but for the generic competition or patent stacking. The Company also agreed to pay OSR a royalty of our net sublicensing income for each licensed product and to pay OSR certain milestone payments upon the achievement of certain milestone events, such as the initiation of different phases of clinical trials of a licensed product, market authorization application (“MAA”) approval by a major market country, MAA approval in the United States, the first commercial sale of a licensed product in the United States and certain E.U. countries, and achievement of certain net sales levels. As part of the ARLA, the Company has agreed to use reasonable efforts to involve OSR in Phase I clinical trials for licensed products in the field of use, subject to OSR maintaining any required quality standards and providing its services on customary and reasonable terms and consistent with then-applicable market standards. The Company is also obligated to carry out its development activities using qualified and experienced professionals and sufficient level of resources. In particular, consistent with the terms of the Original OSR License Agreement, the ARLA continues to require the Company to invest (a) at least €5,425,000 with respect to the development of the licensed products, and (b) at least €2,420,000 with respect to the manufacturing of such licensed products (subject to certain adjustments). (See Note 18. Commitments and contingencies.) OSR maintains control of the preparation, prosecution and maintenance of the patents licensed. The Company is obligated to pay those costs unless additional licensees benefit from these rights, in which case the cost will be shared pro rata. OSR controls enforcement of the patents and know-how rights, at its own expense. In the event that OSR fails to file suit to enforce such rights after notice from the Company, the Company has the right to enforce the licensed technology within the field of use. Both the Company and OSR must consent to settlement of any such litigation, and all monies recovered will be shared, after reimbursement for costs, in relation to the damages suffered by each party, or failing a bona fide agreement between the Company and OSR, on a 50% - 50% basis. The ARLA expires upon the expiry of the “Royalty Term” for all licensed products and all countries, unless terminated earlier. The Royalty Term begins on the first commercial sale of a licensed product in each country, on a country by country basis, and ends upon the later of the (a) expiration of the commercial exclusivity for such product in that country (wherein the commercial exclusivity refers to any remaining valid licensed patent claims covering such licensed product, any remaining regulatory exclusivity to market and sell such licensed product or any remaining regulatory data exclusivity for such licensed product), and (b) 10 years from the first commercial sale of such licensed product in such country. The parties may terminate the agreement in the event the other party breaches its obligations therein, which termination shall become effective 60 business days following written notice thereof to the breaching party. The breaching party shall have the right to cure such breach or default during such 60 business days. OSR may terminate the agreement for failure to pay in the event that the Company fail to pay any of the upfront payment, additional license fees, sublicensing income or milestone payments within 30 days of due dates for each. In addition, OSR may terminate (with a 60-business-day prior written notice) the Company’s rights as to certain fields of use for the Company’s failure to achieve certain development milestones for specified licensed products within certain time periods, which may be subject to extension. In addition, OSR may terminate the agreement in the event that commercialization of a licensed product is not started within 24 months from the grant of both (i) the MAA approval and (ii) the pricing approval of such licensed product, provided that such termination will relate solely to such licensed product and to such country or region to which both such MAA approval and pricing approval were granted. Amendment to OSR Amended and Restated License Agreement On September 28, 2023, the Company and OSR entered into an amendment to the ARLA, whereby the Company and OSR agreed that the Company had fulfilled the obligations as set forth in the ARLA specific to Candidate Products 1 pursuant to the CP1 SRA. Furthermore, the amendment provides that the Company and OSR have no further obligations to negotiate and execute a sponsored research agreement for the performance of feasibility studies related to certain gene therapy products consisting of any lentiviral vectors regulated by miR126 and/or miR130 and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of cytokines and their variants (other than IFN or in addition to IFN) under the control of a Tie2 promoter, either alone or in combination with any immunotherapy (“Candidate Products 2”). Notwithstanding the removal of the obligation to enter into a sponsored research agreement with regards to Candidate Products 2, OSR granted the Company an exclusive option, to be exercised by sending written notice to OSR on or before September 30, 2025, to include certain intellectual property related to Candidate Products 2 and Candidate Products 2 as part of the licensed patents and licensed products under the ARLA. The option fee and the Company’s fee to extend the option period, if necessary, remain consistent with the prior fees to those costs reflected in the ARLA specific to Candidate Products 2. OSR will also have the right to prepare, file and prosecute patents and patent applications with respect to the results of Candidate Products 2. The amendment provides that the costs of the foregoing activities will be borne by the Company. At December 31, 2025, the cumulative total amount of expense for the OSR clinical trial activity from inception amounted to approximately €<span id="xdx_907_eus-gaap--OperatingCostsAndExpenses_pn5n6_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToOSRAmendedandRestatedLicenseAgreementMember__us-gaap--AwardTypeAxis__custom--FirstSolidCancerIndicationOptionFeeMember_z2HpPX5E8KQb">12.0 million and including the cost for the exercise of the first and the second solid cancer indication option fee of €<span id="xdx_907_ecustom--OptionFee_pn5n6_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToOSRAmendedandRestatedLicenseAgreementMember__us-gaap--AwardTypeAxis__custom--SecondSolidCancerIndicationOptionFeeMember_zawXR5EiArdc" title="Option fees">1.0 million, as well as the cost for ARLA fees of approximately €0.4 million. At December 31, 2025, there were no pending activities with OSR related to any agreement in place prior to the ARLA effective date, except for the project called “TEM-MM unspent budget reallocated to the TEM-GBM study”, for which the last tranche of activities corresponding to the 20% of the total project of approximately €<span id="xdx_90E_ecustom--TotalProjectCashConsideration_pn5n6_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToOSRAmendedandRestatedLicenseAgreementMember_zaM6I2oOb9wh" title="Total project cash consideration">0.2 million still pending completion. OSR Sponsored Research Agreement On August 1, 2023, the Company entered into a Sponsored Research Agreement (“CP1 SRA”), which was contemplated under the ARLA, pursuant to which the Company will fund feasibility studies for certain gene therapy products consisting of any lentiviral vectors regulated by miR126 and/or miR130 and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of IFN under the control of a Tie2 promoter, in combination with any immunotherapy (“Candidate Products 1”), along with three additional research projects, to be conducted at OSR. If OSR determines that additional funds are needed, OSR will inform the Company and provide an estimate for completing the research. During the period from the date of execution from the CP1 SRA until six months from the last report delivered to the Company under the CP1 SRA (the “CP1 Option Period”), the Company has the exclusive option to include certain intellectual property related to Candidate Products 1 and Candidate Products 1 as part of the licensed patents and licensed products under the ARLA. To exercise this option, the Company must pay an option exercise fee. The Company also has the right to extend the CP1 Option Period twice for additional 24-month periods. The extension requires payment of an extension fee for each 24-month extension. As of December 31, 2025, the Company recorded and paid approximately €<span id="xdx_909_eus-gaap--PaymentsToAcquireInProcessResearchAndDevelopment_pn5n6_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--OSRSponsorResearchAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zlXxcxm399y2">0.5 million for the CP1 SRA studies. Operating leases The Company entered into a non-cancelable lease agreement for office space in December 2020, effective since December 2019. On February 5, 2026, the Company provided formal notice to OSR of its intention to terminate the office lease agreement. The Company has indicated its availability to vacate the premises prior to the contractual expiration date. As of the date of issuance of these financial statements, the Company is awaiting confirmation from OSR regarding the effective termination date and any related financial implications. (see Note 18 Commitments and contingencies below). Carlo Russo Dr. Carlo Russo served the Company as Chief Medical Officer and Head of Development until September 30, 2025. He was responsible for the clinical development of Temferon™, the Company’s gene therapy platform. His employment arrangement was with the U.S. subsidiary and provided for an annual gross salary of $500,000, plus a 30% bonus, subject to Board approval. In June 2025, previously accrued performance bonuses for the years 2023 and 2024 were reversed for a total amount of approximately €260,000. No bonuses were accrued for the six months ended June 30, 2025. In June 2025, Dr. Russo received NSOs on 65,000 of the Company’s ADSs, compared to July 2024, when he received NSOs on 100,000 of the Company’s ADSs. On September 30, 2025, Dr. Carlo Russo resigned and his role was assigned to Dr. Francesco Galimi. Accordingly, as of the end of the 2025 fiscal year, Dr. Carlo Russo is no longer considered a related party. Any stock options granted to him that had not vested at the time of his resignation were forfeited.

<p id="xdx_894_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_hcustom--StatementOfIncomeLocationBalanceAxis__custom--ResearchAndDevelopmentExpensesMember_zkaUD83XX9i2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The Company’s research and development (R&D) expenses are a combination of third-party expenses and related-party expenses, as detailed below: Schedule of third party and related party expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zk1wr898gcV1" style="border-bottom: Black 1pt solid; text-align: center">Third Parties</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedPartiesMember_zLJScfJcUGTd" style="border-bottom: Black 1pt solid; text-align: center">Related Parties</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20251231_zbN7ZoH1SoO1" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended December 31, 2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">Third Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">Related Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif">(in Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zon3hHlKBC6g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Consultants & other third parties</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">145,071</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">150,811</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">295,882</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_zJoZi2cTIas4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Materials & supplies</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,456,243</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,456,244</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--CompensationMember_zjNfYwqzwt1b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">721,095</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">191,170</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">912,264</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_zN2WemCMLgh9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Travel & entertainment</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--OtherMember_zc8lX3yhbWvb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Other</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,976</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,976</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ResearchAndDevelopmentExpense_ztNmFz5EnLg6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,357,361</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">341,981</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,699,342</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zZLOYWX6bFo7" style="border-bottom: Black 1pt solid; text-align: center">Third Parties</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedPartiesMember_z8gXYyNSWVbk" style="border-bottom: Black 1pt solid; text-align: center">Related Parties</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20241231_zTemS0PrEAC3" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended December 31, 2024</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Third Parties</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Related Parties</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">(In Euros)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zLZF5iWCn654" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%">Consultants & other third parties</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">€</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">262,229</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">€</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">753,679</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">€</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">1,015,908</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr id="xdx_406_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_zeAsRMPbauJh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Materials & supplies</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,301,038</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,301,038</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40E_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--CompensationMember_z6hyJRicTPhd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Compensation (including share-based)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">744,959</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">695,764</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,440,723</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_z17omyy7EUif" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Travel & entertainment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">29,137</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">29,137</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--OtherMember_zyHDCQYPmdZh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Other</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">26,048</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">26,048</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_402_eus-gaap--ResearchAndDevelopmentExpense_zt4l0zn9ylF1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif">Total</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">€</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,363,410</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">€</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,449,443</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">€</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,812,854</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zdqUD7r1oWIc" style="border-bottom: Black 1pt solid; text-align: center">Third Parties</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedPartiesMember_zmFaSn1Fdc58" style="border-bottom: Black 1pt solid; text-align: center">Related Parties</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20230101__20231231_zkGmDbI2HP3b" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended December 31, 2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Third Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Related Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(in Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zq7CsuXNo1Wi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Consultants & other third parties</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">305,289</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">1,331,166</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">1,636,455</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_zNnuyxOL7cd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Materials & supplies</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,639,920</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,639,920</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--CompensationMember_zVSYnvmChdI" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">467,557</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">645,932</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,113,489</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_zcdTDeunEKxa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Travel & entertainment</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">44,243</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">44,243</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ProductOrServiceAxis__custom--OtherMember_zuhunyR7QiIb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Other</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">39,965</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">369</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">40,334</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ResearchAndDevelopmentExpense_zXBujpAK5iIh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,496,974</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,977,467</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,474,441</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

145071

150811

295882

1456243

1456244

721095

191170

912264

17976

16976

2357361

341981

2699342

262229

753679

1015908

2301038

744959

695764

1440723

29137

26048

3363410

1449443

4812854

305289

1331166

1636455

3639920

467557

645932

1113489

44243

39965

369

40334

4496974

1977467

6474441

2700000

4800000

6500000

2200000

500000

400000

2100000 2100000 1700000

<p id="xdx_892_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_hcustom--StatementOfIncomeLocationBalanceAxis__custom--GeneralAndAdministrativeExpensesMember_zZcfHeL3cJ34" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The Company’s general and administrative expenses are also a combination of third-party and related party expenses, as detailed below: Schedule of third party and general and administrative expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended December 31, 2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(In Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_z6cTi5u4U0X8" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">749,515</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zQUUmpdFSr4i" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">1,232,384</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__srt--ProductOrServiceAxis__custom--CompensationMember_z2QExm2XBxT4" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">1,981,899</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounting, legal & other professional</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zjlQrbfdVEe2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">722,836</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zq7e61vz1LD5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zEn2Kt4Bkqqc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">722,836</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Communication & IT - related</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zAKZzdtvwNL5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">172,690</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zhig7fQkMCm6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zAKf2GfGq2mb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">172,690</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Facility & insurance - related</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zKZx6DJ3hbJc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">4,556</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zFyHp1RkF5H" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">16,260</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zLEst7CrBscc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">20,816</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Consultants & others</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zwW5AKkB9v6a" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">270,122</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zggcHRqwpYjh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">36,400</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zggd0rpaNB6e" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">306,522</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Others</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_z16xfSghxTH6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">695,193</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zjrEWbRHuzt7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">4,442</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__srt--ProductOrServiceAxis__custom--OtherMember_zq4UyxG7lva2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">699,635</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_zc4k3QSQd7Lc" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">2,614,912</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_zxNs7i0Fw519" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,289,486</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20250101__20251231_zLKBa8APlDT4" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">3,904,398</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended December 31, 2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(In Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zKwIJnniHksd" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">1,019,056</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98A_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zGxpGP9JN5m6" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">1,459,302</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__srt--ProductOrServiceAxis__custom--CompensationMember_zmr5VcvPqdJ7" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">2,478,358</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounting, legal & other professional</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zc5lvduFP5C3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">828,592</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zPb4VjgIogW" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zxtbza4tXA3h" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">828,592</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Communication & IT - related</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zitXl2ipk6N3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">188,951</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zLwZZZ33xDd3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">- </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zKUxNjUJThec" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">188,951</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Facility & insurance - related</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_z5bQh63qz7O3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">3,348</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zBrEkrIepjR4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">14,795</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zx6ahgAg9ZR2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">18,143</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Consultants & others</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zLvVdgb3DXNf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">561,458</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zFETdADO4rY8" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zlZiO94NHLCj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">561,458</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Other</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_z50iPEmGxo12" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">874,165</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zKMQ07klRh02" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,789</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__srt--ProductOrServiceAxis__custom--OtherMember_zMR44kazaWu1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">875,954</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_ztRMtRJtIPl9" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">3,475,570</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_zuOoMFShVng4" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,475,886</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20240101__20241231_zBMTSzQssJ84" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">4,951,456</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended December 31, 2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(In Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zZbMtzk2Hg0g" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">1,218,299</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zVtvmtMMGOsl" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">1,317,068</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__srt--ProductOrServiceAxis__custom--CompensationMember_zqKl02Wtlr5l" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Total">2,535,367</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounting, legal & other professional</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zmqFZ0SWWaKl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,026,534</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zM2yBn7MWwtc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zJRbMCD4l6Gd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,026,534</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Communication & IT related Facility</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zTz1oN25auw6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">166,416</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zfYikPDYxEz4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">166,416</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Facility & insurance related</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_z107p3eTYgY3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">6,180</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_z9KQMF03p6Ue" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">15,731</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zySP92tH9hl1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">21,911</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Consultants & other third parties</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zUgujbhU5iqj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">610,103</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zbLODIBS6tyh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zYykfXLWmFn2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">610,103</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Other</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zqbHKjb3Gyl3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">896,018</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_z1IM0VX2s6mi" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">2,152</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__srt--ProductOrServiceAxis__custom--OtherMember_zOjES7fRiK4d" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">898,170</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_zcqqfN5DyR0f" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">3,923,550</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_zljfxiVgDUdh" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,334,951</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20230101__20231231_zrEJ0de6xyE7" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">5,258,501</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

749515

1232384

1981899

722836

172690

4556

16260

20816

270122

36400

306522

695193

4442

699635

2614912

1289486

3904398

1019056

1459302

2478358

828592

188951

3348

14795

18143

561458

874165

1789

875954

3475570

1475886

4951456

1218299

1317068

2535367

1026534

166416

6180

15731

21911

610103

896018

2152

898170

3923550

1334951

5258501

3900000

5000000.0

1100000 500000 100000 300000 200000 100000

5000000.0

5300000

300000 <p id="xdx_894_ecustom--ScheduleOfAccountsPayableToRelatedPartiesTableTextBlock_zFkR8aVmifng" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The Company’s accounts payable to related parties are comprised as follows: Schedule of accounts payable to related parties <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; display: none"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zwiPnk01KnZ" style="border-bottom: Black 1pt solid; display: none; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20241231_zaX8OUt4FDr9" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20231231_zwYtlklnVhTe" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: right">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">At December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: top; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">(in Euros)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsPayableCurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--SanRaffaeleHospitalOSRMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zdDh0Jrj9Qcd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left; padding-bottom: 1pt">San Raffaele Hospital (OSR)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">300,328</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">180,116</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">170,888</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccountsPayableCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zs84Wh5nUnE" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">300,328</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">180,116</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">170,888</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

300328

180116

170888

300328

180116

170888

<p id="xdx_899_ecustom--ScheduleOfAccruedExpenseToRelatedPartiesTableTextBlock_zh9bwuNBhgIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The Company’s accrued expenses to related parties are comprised as follows: Schedule of accrued expenses to related parties <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; display: none"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zIrqVyHKm1f2" style="border-bottom: Black 1pt solid; display: none; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20241231_zlP271RlBOnh" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20231231_zSKvNpDtlDef" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">At December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="font: 10pt Times New Roman, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--SanRaffaeleHospitalOSRMember_z7Btj4hKdUkh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">San Raffaele Hospital (OSR)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">4,415</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">128,188</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">413,935</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--RichardSlanskyMember_z7Z0o8tbjKCa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Richard Slansky</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,043</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">243,101</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">116,738</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--PierluigiParacchiMember_zfMEc3a0Ciab" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Pierluigi Paracchi</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">46,678</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">336,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">175,254</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--FrancescoGalimiMember_zKNekch3rEog" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Francesco Galimi</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,036</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--CarloRussoMember_zDN86bwY41T5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Carlo Russo</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">324,055</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">155,651</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_zAlyED6txk23" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">78,172</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,031,345</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">861,578</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4415

128188

413935

10043

243101

116738

46678

336000

175254

17036

324055

155651

78172

1031345

861578

451560

0.40

45000

550430

91105

688000

87738

692000

260000

80000 180000

168000

336000

100000 50000 6250

68750

100000

45000

22500

2814 15000

5000

35939

45000

375000

0.30

320277

458000

456000

108000

116000

98832

49416

15338

4.36

47997

45902

2196

1318

108000

0.50

7669

4.36

23998

18531

3089

1853

1235

180000

60000

4.36

120000

1.48

25869

17037

27110

33839

19453

30000

5000

1000000.0 500000 300000 250000

875000

The Company is also obligated to carry out its development activities using qualified and experienced professionals and sufficient level of resources. In particular, consistent with the terms of the Original OSR License Agreement, the ARLA continues to require the Company to invest (a) at least €5,425,000 with respect to the development of the licensed products, and (b) at least €2,420,000 with respect to the manufacturing of such licensed products (subject to certain adjustments)

12000000.0

1000000.0 400000 200000

500000

0.30

260000

65000

100000

18. Commitments and contingencies The Company exercises considerable judgment in determining the exposure to risks and recognizing provisions or providing disclosure for contingent liabilities related to pending litigations or other outstanding claims and liabilities. Judgment is necessary in assessing the likelihood that a pending claim will succeed, or a liability will arise, and to quantify the possible range of the final settlement. Provisions are recorded for liabilities when losses are considered probable and can be reasonably estimated. Because of the inherent uncertainties in making such judgments, actual losses may be different from the originally estimated provision. Estimates are subject to change as new information becomes available, primarily with the support of internal specialists or outside consultants, such as actuaries or legal counsel. Adjustments to provisions may significantly affect future operating results. <p id="xdx_896_esrt--ContractualObligationFiscalYearMaturityScheduleTableTextBlock_z36xkVim67Sc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes the Company’s obligations by contractual maturity at December 31, 2025: Schedule of company obligations by contractual maturity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Payments by Period</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Less than a</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">More than</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">year</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1 to 3 years</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4 to 5 years</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5 years</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: left">OSR office rent</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--ContractualObligation_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zkYmVQAGaDEc" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right" title="Total">16,389</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_981_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_z3Y05gkXI7o8" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right" title="Less than a year">16,389</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_987_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zAGytAmu2Sh5" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right" title="1 to 3 years"> -</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_986_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zoTbfVcAclNi" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right" title="4 to 5 years"> -</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98B_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_z1dIV5rq6XH7" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right" title="More than 5 years"> -</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">AGC manufacturing</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--ContractualObligation_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_ztsiM0nb7Ykh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">17,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_982_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_z5KJh7kYc6dl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Less than a year">17,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_988_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_zg7MjwyiDFa7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="1 to 3 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98F_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_zgbvGla3trqj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="4 to 5 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_984_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_z5RVnsWGRma4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="More than 5 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Insurance policies</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--ContractualObligation_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--InsurancePolicyMember_zlcByzYM1Hk1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,166</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--InsurancePolicyMember_z4WYdOkRkKZ3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Less than a year">1,166</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_987_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--InsurancePolicyMember_zllqkgH8SrH2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="1 to 3 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--InsurancePolicyMember_zrY1nIDN153f" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="4 to 5 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_982_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--InsurancePolicyMember_zjs7LoAstVgk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="More than 5 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--ContractualObligation_iI_c20251231_zjwrMumQN6Tb" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">34,555</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20251231_zYlZL3thUKT9" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Less than a year">34,555</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20251231_zucHd4JsYzp6" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="1 to 3 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20251231_zVxSgz5csJL7" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="4 to 5 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98D_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20251231_zzBrf36gcvZj" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="More than 5 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The commitments with OSR relate to the office rent agreement and the ARLA. The commitments with AGC Biologics (“AGC”) relate to product manufacturing. Please see the following section, Legal Proceedings, for more information. Insurance on operating leases is related to the non-lease insurance component of the Company’s auto lease agreement, which was entered into in February 2022 and subsequently terminated in February 2026 with the purchase of the car. The Company has not included future milestone and royalty payments in the table above because the payment obligations under these agreements are contingent upon future events, such as the Company’s achievement of specified milestones or generating product sales, and the amount, timing, and likelihood of such payments are unknown and are not yet considered probable. CMOs and CROs agreements The Company enters into contracts in the normal course of business with CMOs, CROs, and other third parties for exploratory studies, manufacturing, clinical trials, testing, and services (shipments, travel logistics, etc.). These contracts do not contain minimum purchase commitments and, except as discussed below, are cancelable by the Company upon prior written notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including non- cancelable obligations of the Company’s vendors or third-party service providers, up to the date of cancellation. These payments are not included in the table above as the amount and timing of such payments are not known. OSR - San Raffaele Hospital As part of the ARLA, the Company is obligated to carry out development activities using qualified and experienced professionals and a sufficient level of resources. In particular, consistent with the terms of the Original OSR License Agreement, the ARLA continues to require the Company to invest (a) at least €5,425,000 with respect to the development of the licensed products, and (b) at least €2,420,000 with respect to the manufacturing of such licensed products (subject to certain adjustments). The Company incurred €<span id="xdx_905_eus-gaap--CostsAndExpensesRelatedParty_pn5n6_c20250101__20251231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffaeleHospitalMember_zOjIc4VdpCU5" title="Costs and expenses, related party">2.8 million, €<span id="xdx_90A_eus-gaap--CostsAndExpensesRelatedParty_pn5n6_c20240101__20241231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffaeleHospitalMember_zsYD9jKddLTd" title="Costs and expenses, related party">1.8 million and €<span id="xdx_902_eus-gaap--CostsAndExpensesRelatedParty_pn5n6_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffaeleHospitalMember_zedRXdnWvY9j" title="Costs and expenses, related party">2.5 million of expenses during the period ended December 31, 2025, 2024 and 2023 respectively. The cumulative expense to date is approximately €13.7 million, therefore, there is no residual commitment for the Company at December 31, 2025. The Company has agreed to pay OSR royalties for four percent (4%) of the net sales of each licensed product. The royalty may be reduced upon the introduction of generic competition or patent stacking, but in no event would the royalty be less than half of what it would have otherwise been, but for the generic competition or patent stacking. The Company also agreed to pay OSR a royalty of the Company’s net sublicensing income for each licensed product and to pay OSR certain milestone payments upon the achievement of certain milestone events, such as the initiation of different phases of clinical trials of a licensed product, market authorization application (“MAA”) approval by a major market country, MAA approval in the United States, the first commercial sale of a licensed product in the United States and certain E.U. countries, and achievement of certain net sales levels. No events have occurred or have been achieved (and none are considered probable) to trigger any contingent payments under the ARLA during the period ended December 31, 2025. AGC Biologics The AGC agreement is non-cancelable, except in the case of breach of contract, and includes a potential milestone of €0.3 million if a phase 3 study is approved by the relevant authority, as well as potential royalty fees between 0.5% and 1.0% depending on the volume of annual net sales of the first commercial and named patient sale of the product. In the AGC Agreement, the Company entrusts AGC with certain development activities that will allow the Company to carry out activities related to its clinical research and manufacturing. The AGC agreement also includes a technology transfer fee of €<span id="xdx_902_eus-gaap--NoninterestExpenseTransferAgentAndCustodianFees_pn5n6_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--AGCBiologicsAgreementMember_zUuzAcQp2s2l" title="Technology transfer fee">0.5 million related to the transfer of the manufacturing know-how and €1.0 million related to the marketability approval by regulatory authorities. The agreement is a “pay-as-you-go” type arrangement with all services expensed in the period the services were performed. During 2024, the Company and AGC reached an agreement to renew the Master Service Agreement (MSA) originally signed in March 2019. Initially, the same agreement was temporarily extended until June 2025 to allow for a better definition of the scope and terms of the new MSA, which was signed with effect from December 24, 2024. The new MSA was an open-ended agreement with no specific expiration date, as its term is tied to the completion of any service phase, or work statement (“WS”), starting with WS01. The services provided by AGC included activities of manufacturing, testing, and release of Cell Therapy Drug Product using an Exclusive GMP Suite (“EGS”) and a dedicated team (“EGS Team”). The services are remunerated through monthly fees that primarily cover the costs of the suite and the dedicated team, in addition to direct production costs for materials and other accessories if applicable. AGC retains control over both the logistical and organizational aspects of the services, as well as the operational aspects related to the hiring, training, and coordination of personnel. AGC also remains solely responsible for fulfilling any remuneration and social security obligations toward its personnel. WS01 included two main phases: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An initial Ramp-Up Phase with an estimated duration of 6 months, starting on February 1, 2025 (start of activities) and ending on August 1, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">A Routine Phase, which began on the first day of the subsequent month after the completion of the Ramp-Up Phase (specifically, after the receipt of authorization from the Regulatory Agency (“AIFA”) to use the Exclusive Suite and the successful completion of the training of personnel assigned to the dedicated team).</td></tr> </table> The Company had the right to terminate this schedule or work statement by providing twelve (12) months’ prior written notice to AGC. However, such notice could not be issued before the sixth (6th) month anniversary of the Ramp-Up Phase commencement date (for clarity, the notice was not to be sent before August 1, 2025). As a result of these contractual provisions, as of December 31, 2024, the Company had a commitment of approximately €3.5 million, and since the agreement was signed in December 2024, the commencement date of this agreement was February 2025. The Company is determining if the agreement qualifies as an operating lease under ASC 842. On July 1, 2025, AGC and the Company signed the Second Amendment to their original MSA dated 2019, effective on June 30, 2025, to further extend the term of the original MSA, until September 30, 2025, including the possibility of further extension upon mutual written agreement. On August 1, 2025, the Company issued a formal written notice of termination of Work Statement No. 01 dated December 24, 2024, pursuant to Section 4.1 of the MSA dated December 2024. This notice commenced the twelve-month prior notice period ending on July 31, 2026 (the “Termination Date”), during which AGC will continue to issue quarterly invoices in accordance with the MSA, and the Company will remain responsible for all payment obligations relating to the Exclusive GMP Suite (EGS) and the EGS Team, as specified in Section 3 of Schedule 1A of the Second Amendment to the MSA, until the Termination Date. On August 27, 2025, the Company received formal notification from AGC, referencing Work Statement 1 dated December 24, 2024, confirming that the Ramp-up phase—which began on February 1, 2025—had been successfully completed. AGC stated that both contractual conditions had been met: the Authorization from AIFA to use the Exclusive Suite was received on July 3, 2025, and the training of the personnel assigned to the Dedicated Team had been finalized. Consequently, the Routine Phase commenced on September 1, 2025. On September 24, 2025, the Company filed a civil action before the Court of Milan against AGC Biologics S.p.A., seeking a declaratory judgment of nullity and/or termination, with retroactive effect, of the Master Service Agreement and related amendments executed on December 24, 2024. The claim is based on the failure of an essential underlying assumption—the availability of a minimum number of patients required to initiate and sustain clinical production activities. As a result, the Company believes that the manufacturing agreement with AGC is no longer operative; however, the Company has proposed to continue working with AGC based on the availability of production slots, as in the previous agreement. The proceedings are ongoing, the first hearing was on March 11, 2026, and the next hearing is scheduled for June 3, 2026. (See Note 19. Subsequent events for more details). Office operating leases On December 1, 2019, the Company began a six-year non-cancelable (and renewable for further six (6) years until December 1, 2031) lease agreement for office space with OSR. Withdrawal is allowed from the fourth year with a notice of 12 months. As of December 31, 2025, neither party had communicated any termination of the lease agreement, which is therefore considered renewed until December 2031. On February 5, 2026, the Company provided formal written notice of termination of the lease agreement and expressed its willingness to vacate the premises earlier than the contractual expiration date. As of the date of issuance of these financial statements, the Company is awaiting confirmation from OSR regarding the effective termination date and any related financial implications. Since the annual rent amounts to approximately €16,000, at December 31, 2025, outstanding minimum payments amount to approximately €16,000. Legal proceedings AGC Biologics S.p.A In September 2025, the Company filed a civil action before the Court of Milan against AGC Biologics S.p.A., seeking a declaratory judgment of nullity and/or termination, with retroactive effect, of the Master Service Agreement and related amendments executed on December 24, 2024. The claim is based on the failure of an essential underlying assumption - the availability of a minimum number of patients required to initiate and sustain clinical production activities. As a result, the Company believes that the manufacturing agreement with AGC is no longer operative; however, the Company has proposed to continue working with AGC based on the availability of production slots, as in the previous agreement. AGC has asserted claims for alleged unpaid amounts arising under the Amendment and related services, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">€1,554,484 claimed in initial proceedings; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">aggregate invoiced amounts of €2,402,385, including invoice no. 26VIT00003 dated January 29, 2026 for €<span id="xdx_90B_ecustom--BillingsCost_iI_c20260129__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AGCBiologicsSpAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zBEhPiRUz6fe" title="Aggregate invoiced amounts">847,901.</td></tr></table> The parties additionally filed their respective third briefs pursuant to Article 171-ter of the Italian Code of Civil Procedure: AGC on February 25, 2026 (Third Brief – AGC v. Genenta), and the Company on February 27, 2026 (Memoria ex art. 171-ter, no. 3 c.p.c.). In summary, through their respective third briefs, the parties have consolidated their opposing positions: AGC attributes responsibility for the failed patient enrollment to the Company and defends the full validity of the contract and its credit claim, while the Company challenges the very effectiveness of the contractual title, maintains the essential nature of the minimum patient presupposition, and asserts that any breach and resulting damages are attributable to AGC. The proceedings are ongoing, the first hearing was on March 11, 2026, and the next hearing is scheduled for June 3, 2026. (See Note 19. Subsequent events for more details.)

<p id="xdx_896_esrt--ContractualObligationFiscalYearMaturityScheduleTableTextBlock_z36xkVim67Sc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes the Company’s obligations by contractual maturity at December 31, 2025: Schedule of company obligations by contractual maturity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Payments by Period</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Less than a</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">More than</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">year</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1 to 3 years</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4 to 5 years</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5 years</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: left">OSR office rent</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--ContractualObligation_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zkYmVQAGaDEc" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right" title="Total">16,389</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_981_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_z3Y05gkXI7o8" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right" title="Less than a year">16,389</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_987_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zAGytAmu2Sh5" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right" title="1 to 3 years"> -</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_986_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zoTbfVcAclNi" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right" title="4 to 5 years"> -</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98B_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_z1dIV5rq6XH7" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right" title="More than 5 years"> -</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">AGC manufacturing</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--ContractualObligation_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_ztsiM0nb7Ykh" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">17,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_982_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_z5KJh7kYc6dl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Less than a year">17,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_988_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_zg7MjwyiDFa7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="1 to 3 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98F_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_zgbvGla3trqj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="4 to 5 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_984_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_z5RVnsWGRma4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="More than 5 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Insurance policies</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--ContractualObligation_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--InsurancePolicyMember_zlcByzYM1Hk1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">1,166</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--InsurancePolicyMember_z4WYdOkRkKZ3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Less than a year">1,166</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_987_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--InsurancePolicyMember_zllqkgH8SrH2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="1 to 3 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--InsurancePolicyMember_zrY1nIDN153f" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="4 to 5 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_982_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--InsurancePolicyMember_zjs7LoAstVgk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="More than 5 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--ContractualObligation_iI_c20251231_zjwrMumQN6Tb" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total">34,555</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20251231_zYlZL3thUKT9" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Less than a year">34,555</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20251231_zucHd4JsYzp6" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="1 to 3 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20251231_zVxSgz5csJL7" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="4 to 5 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">€</td><td id="xdx_98D_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20251231_zzBrf36gcvZj" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="More than 5 years">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

16389

17000

1166

34555

In particular, consistent with the terms of the Original OSR License Agreement, the ARLA continues to require the Company to invest (a) at least €5,425,000 with respect to the development of the licensed products, and (b) at least €2,420,000 with respect to the manufacturing of such licensed products (subject to certain adjustments).

5425000

2800000

1800000

2500000

13700000

0.04

300000

500000

3500000

16000

1554484

2402385 847901

19. Subsequent events A.T.C. Acquisition On January 24, 2026, as part of the Company’s strategic transformation, the Company entered into an investment agreement (the “Investment Agreement”) with A.T.C. S.r.l. (“A.T.C.”), a privately held Italian manufacturer of high-precision tactical rifles, special-forces weapon systems, and competition-grade sporting firearms. Pursuant to the Investment Agreement, on January 26, 2026, the Company acquired an initial <span id="xdx_900_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_uPure_c20260126__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--InvestmentAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--ATCSrlMember_zQQGL93f0Qh" title="Equity acquisition">19.5% equity interest in A.T.C. for €<span id="xdx_901_eus-gaap--BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_iI_pn5n6_c20260126__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--InvestmentAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--ATCSrlMember_zTD5FDlkFI1c" title="Equity acquisition value">1.3 million, with the opportunity to increase its ownership to up to <span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260126__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--InvestmentAgreementMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ATCMember_zCBQmlNgQdX3" title="Ownership, percent">51% through multiple closings for an aggregate consideration of €<span id="xdx_90D_eus-gaap--OtherPaymentsToAcquireBusinesses_pn5n6_c20260126__20260126__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--InvestmentAgreementMember_zRdOyJwUU3X5" title="Final payment for acquisition">5.1 million. The completion of additional equity acquisitions is subject to A.T.C. achieving specified turnover and EBITDA performance milestones and maintaining the licences required under Italian law to conduct its business activities. The Investment Agreement also provides the Company with a put option, pursuant to which the Company may require A.T.C.’s existing shareholders to repurchase the Company’s entire equity interest if (i) A.T.C.’s required licences are revoked or suspended for a period of at least two months, or (ii) A.T.C. achieves less than 30% of the applicable turnover and EBITDA performance milestones. The consideration payable upon exercise of the put option would equal the Company’s total investment at the time of exercise. Shareholders’ Agreement with Fondazione Praexidia On January 25, 2026, the Company entered into a shareholders’ agreement (the “SHA”) with Pierluigi Paracchi, the Company’s Chief Executive Officer, Chairman of the Board of Directors (the “Board”), General Manager, and co-founder, and Fondazione Praexidia (the “Foundation”). Prior to entering into the SHA, Mr. Pierluigi Paracchi donated <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260125__20260125__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrPierluigiParacchiMember_z8Z2UGmfqCZ5" title="Number of shares issued">3,000 American Depositary Shares of the Company to the Foundation. The Foundation is an Italian private foundation that brings together senior figures from Italian government institutions, the defense industry, and the armed forces. The SHA has an initial term of five years and is automatically renewable for additional five-year periods, unless terminated by either party with at least one month’s prior written notice. The SHA provides for mutual commitments and consultation procedures between the Foundation and Mr. Pierluigi Paracchi in connection with transactions subject to the Italian Golden Power regime (the “Significant Transactions”). In the event that a Significant Transaction is included on the agenda of a Board meeting, Mr. Pierluigi Paracchi is required to inform the Foundation, which may provide a non-binding opinion to the Board. Mr. Pierluigi Paracchi will ensure that any such opinion is presented to the Board; however, both the Board and Mr. Pierluigi Paracchi retain full discretion in their respective deliberations, resolutions and votes. If a Significant Transaction is subject to approval at a shareholders’ meeting, Mr. Pierluigi Paracchi and the Foundation will consult with the aim, but not the obligation, of determining common voting indications. In the absence of a common position, each party may vote independently. The SHA does not grant the Foundation any management or decision-making authority over the Company. The SHA also includes a lock-up in respect of the shares held by Mr. Pierluigi Paracchi and the Foundation, subject to certain customary exceptions, including transfers to affiliates (provided such affiliates adhere to the SHA), transfers required by law, and transfers in connection with a public tender offer for a majority of the Company’s share capital. Mr. Paracchi is also permitted to transfer any shares held in excess of the number required to maintain majority voting power at the Company’s shareholders’ meetings. Enea Tech Biomedical (“ETB”) On January 27, 2026, the Company initiated legal proceedings before the Court of Milan against Fondazione Enea Tech Biomedical (“ETB”), with which the Company entered into a €<span id="xdx_900_eus-gaap--ConvertibleDebt_iI_pn6n6_c20260127__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyFiveAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EneaTechBiomedicalMember_zwCEOhq7URh" title="Convertible debt">20 million convertible bond loan agreement in March 2025 (the “Agreement”). To date, the Company has received €<span id="xdx_90C_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_c20260127__20260127__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyFiveAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EneaTechBiomedicalMember_zBd9vKczPCQh" title="Convertible debt amount received">7.5 million under the Agreement. The proceedings seek, among other things, a declaration that the Agreement is null and void and the recovery of damages. The Company’s claim is based on its assertion that ETB, following a memorandum of understanding entered into in 2022 and subsequent delays in executing the Agreement through two separate term sheets, modified the amount, number of instalments, and certain other terms of the financing before its execution in March 2025. The outcome of the proceedings cannot be predicted at this time, and no assurance can be given as to the ultimate resolution of this matter. Proceeds from ATM On January 28, 2026, the Company issued <span id="xdx_901_eus-gaap--SharesIssued_iI_c20260128__us-gaap--StatementEquityComponentsAxis__custom--AmericanDepositorySharesMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zEOyNSapuRfd" title="Shares issued">158,837 ADSs through its ATM program pursuant to the existing sales agreement with Rodman & Renshaw and Virtu Capital, generating gross proceeds of approximately €<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20260128__20260128__us-gaap--StatementEquityComponentsAxis__custom--AmericanDepositorySharesMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zsuQJ6M0lYSf" title="Gross proceeds for equity">277,047 (or $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_uUSD_c20260128__20260128__us-gaap--StatementEquityComponentsAxis__custom--AmericanDepositorySharesMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zXUUZZPrxEOf" title="Gross proceeds for equity">330,857). Following this transaction, the total number of the Company’s outstanding ordinary shares increased to <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_c20260128__20260128__us-gaap--StatementEquityComponentsAxis__custom--AmericanDepositorySharesMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zI84knSP0bH8" title="Shares increase">23,591,020. Office Operating Lease In February 2026, the Company provided formal notice of termination of its office lease agreement with OSR. The Company is currently awaiting OSR’s response regarding the effective termination date that in any case cannot exceed 12 months. The financial impact, if any, will be assessed once an agreement between the parties is finalized. AGC Biologics On March 11, 2026, the parties appeared before the Court and reiterated their respective arguments and objections, in particular regarding the application under art. 186-ter c.p.c. and the admissibility of claims and documents. The case, considered mainly documentary in nature, was not taken under advisement. The Court adjourned the proceedings to the hearing of June 3, 2026. Statement of Claim On March 18, 2026, the Company was served with an Italian statement of claim (“atto di citazione”) filed before the Tribunal of Milan by certain minority shareholders. The statement of claim challenges the validity of the May 2, 2024 shareholders’ resolution related to the Company’s loyalty share program that provided multiple votes per share depending on the amount of time an ordinary shareholder has held their shares (up to a maximum of 10 votes per share for ordinary shareholder that have held their shares for 10 years), and the October 29, 2025 shareholders’ resolution expanding the corporate purpose to allow Genenta to explore Golden Powers sectors. According to Italian civil procedure law, the Company must file its response by May 15, 2026. Although the Company does not believe these claims hold any merit, the outcome of the proceedings cannot be predicted at this time, and no assurance can be given as to the ultimate resolution of this matter. Sophia HT S.r.l. acquisition binding offer On March 23, 2026, the Company entered into a binding offer with Sophia High Tech S.r.l., structured as a phased minority-to-control transaction. The total potential consideration amounts to up to €<span id="xdx_90B_eus-gaap--OtherPaymentsToAcquireBusinesses_pn5n6_c20260325__20260325__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SophiaHighTechSrlMember_znsjuhAiXT4d" title="Payment for acquisition">6.0 million, including primary capital increases, a minor secondary purchase from the founders, and a performance-based earn-out. The transaction is structured in two phases. At the initial closing, the Company will subscribe to a capital increase of up to €<span id="xdx_903_eus-gaap--PartnersCapitalAccountPeriodIncreaseDecrease_pn4n6_c20260325__20260325__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SophiaHighTechSrlMember_zKvUlEsdA502" title="Capital increase">3.25 million, resulting in an equity interest of approximately <span id="xdx_90C_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_uPure_c20260325__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--BusinessAcquisitionAxis__custom--SophiaHighTechSrlMember_ztky5ID4NJr8" title="Equity acquisition">30%, secondary acquisition from the founders. A second tranche of up to €<span id="xdx_90F_eus-gaap--OtherPaymentsToAcquireBusinesses_pn4n6_c20260325__20260325__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SophiaHighTechSrlMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zoCSXih8aRck" title="Payment for acquisition">1.95 million is contemplated, subject to the achievement of an EBITDA target for FY2026 (with flexibility retained by the investor), which would increase the Company’s ownership to <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260325__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SophiaHighTechSrlMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ATCMember_zvErMfvKeLh2" title="Ownership, percent">51%, thereby granting control. The agreement also includes an earn-out component of up to €<span id="xdx_909_ecustom--EarnOutPayable_pn5n6_c20260325__20260325__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SophiaHighTechSrlMember_zw76NXNppjii" title="Earn Out Payable">0.5 million payable to the founders, aimed at aligning incentives and bridging valuation expectations. This transaction represents a structured growth investment designed to strengthen Sophia High Tech’s capital base, while enabling a progressive transfer of control and aligning the interests of the founders and the investor. Cancellation of Extraordinary Shareholders’ Meeting On March 23, 2026, the Company issued a notice of revocation announcing that its Board of Directors had resolved to revoke the call of the Extraordinary Shareholders’ Meeting (the “Meeting”), which had been scheduled to be held on March 25, 2026, on first call, and, if necessary, on March 26, 2026, on second call, and that the Meeting was cancelled. The Meeting had originally been called to seek shareholder approval of a proposed change to the Company’s corporate name. Following further evaluation, the Company concluded that its current corporate name, “Genenta,” continues to maintain significant recognition and association with the Company’s business. In addition, the initiatives underlying the proposed corporate name change remain at an early stage of development. OSR - ARLA – Development Obligations and Contractual Remedies On April 20, 2026, the first relevant contractual milestone under the Amended and Restated License Agreement (“ARLA”) between the Company and Ospedale San Raffaele, will occur, relating to the assessment of compliance with the minimum development obligations outlined in the agreement. Under the ARLA, failure to meet such obligations may entitle OSR to exercise contractual remedies, including termination of the agreement or conversion of the license from exclusive to non-exclusive. As of the date of approval of the financial statements, assessments regarding the fulfillment of such obligations and discussions with the counterparty are ongoing, and no final determinations have been made.

0.195

1300000

0.51

5100000

3000

20000000

7500000

158837

277047

330857

23591020

The statement of claim challenges the validity of the May 2, 2024 shareholders’ resolution related to the Company’s loyalty share program that provided multiple votes per share depending on the amount of time an ordinary shareholder has held their shares (up to a maximum of 10 votes per share for ordinary shareholder that have held their shares for 10 years), and the October 29, 2025 shareholders’ resolution expanding the corporate purpose to allow Genenta to explore Golden Powers sectors. According to Italian civil procedure law, the Company must file its response by May 15, 2026.

6000000.0

3250000

0.30

1950000

0.51

500000