Aspire Biopharma (NASDAQ: ASBP) slashes H1 2026 loss and rebuilds equity
Aspire Biopharma Holdings, Inc. reported minimal commercial activity but a much stronger balance sheet for the quarter and six months ended June 30, 2026. Net revenue was $63,104 for the quarter and $91,457 for the first half of 2026, producing a negative gross margin due to $73,421 of cost of revenue and a $42,372 inventory write-off. The company remains in an early commercialization phase.
The operating loss was $2.68 million for the quarter and $4.32 million year-to-date, but total net loss of $4.49 million for the first half of 2026 improved significantly from $17.92 million a year earlier as prior-period stock-based compensation and financing-related charges rolled off. Cash and cash equivalents increased to $12.17 million from $1.00 million at December 31, 2025, and working capital reached $11.78 million.
Major capital structure changes included issuance of 26,250 shares of Series A Convertible Preferred Stock in February and April 2026, of which 17,050 remained outstanding at June 30, 2026, and multiple conversions of debt and preferred stock into common shares, increasing common shares outstanding to 1,295,234 after two reverse stock splits. Total liabilities fell to $1.78 million from $7.69 million, turning a $(6.38) million stockholders’ deficit into positive equity of $11.76 million. Management states existing liquidity is sufficient to fund operations for at least one year after issuance of these statements.
Positive
- Net loss narrowed sharply to $4.49 million for the first half of 2026 from $17.92 million a year earlier, reflecting reduced stock-based compensation and financing costs.
- Balance sheet strengthened: stockholders’ position moved from a $(6.38) million deficit at December 31, 2025 to positive equity of $11.76 million at June 30, 2026.
- Liquidity improved significantly, with cash and cash equivalents rising to $12.17 million and working capital at $11.78 million; management expects funding sufficiency for at least one year.
Negative
- Revenue remains very limited, at $91,457 for the first half of 2026, and gross margin was negative due to low scale and a $42,372 inventory write-off.
- Ongoing operating losses persisted, with operating expenses of $4.30 million for the first half and a loss from operations of $4.32 million, indicating continued cash burn.
- Significant potential dilution exists from 17,050 Series A Convertible Preferred shares outstanding, price-protected conversion terms, an ELOC for up to $100 million of common stock, and substantial outstanding public and private warrants.
Key Figures
Key Terms
Reverse Recapitalization financial
Equity Line of Credit financial
original issue discount financial
forward purchase agreement liability financial
Series A Convertible Preferred Stock financial
Probability Weighted Expected Return Model financial
Earnings Snapshot
FAQ
How much revenue did Aspire Biopharma (ASBP) generate in the first half of 2026?
What was Aspire Biopharma’s (ASBP) net loss for the six months ended June 30, 2026?
What is Aspire Biopharma’s (ASBP) cash position and working capital as of June 30, 2026?
How has Aspire Biopharma’s (ASBP) balance sheet changed since December 31, 2025?
How many Aspire Biopharma (ASBP) shares are outstanding, and what reverse splits occurred?
What preferred stock and potential dilution does Aspire Biopharma (ASBP) have outstanding?
What major acquisition did Aspire Biopharma (ASBP) agree to in 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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ASPIRE BIOPHARMA HOLDINGS, INC.
TABLE OF CONTENTS
| Page | ||
| PART 1 – FINANCIAL INFORMATION | ||
| Item 1. | Financial Statements | 3 |
| Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (Unaudited) | 3 | |
| Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (Unaudited) | 4 | |
| Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the three and six months ended June 30, 2026 and 2025 (Unaudited) | 5 | |
| Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited) | 6 | |
| Notes to Condensed Consolidated Financial Statements (Unaudited) | 7 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 24 |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 43 |
| Item 4. | Controls and Procedures | 43 |
| PART II – OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 44 |
| Item 1A. | Risk Factors | 44 |
| Item 2. | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 44 |
| Item 3. | Defaults Upon Senior Securities | 44 |
| Item 4. | Mine Safety Disclosures | 44 |
| Item 5. | Other Information | 44 |
| Item 6. | Exhibits | 45 |
| SIGNATURES | 46 | |
| 2 |
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
ASPIRE BIOPHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
| June 30, 2026 | December 31, 2025 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Prepaid expenses and other current assets | ||||||||
| Inventories | ||||||||
| Total current assets | ||||||||
| Deferred financing costs | - | |||||||
| Total assets | $ | $ | ||||||
| Liabilities and stockholders’ equity (deficit) | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | $ | ||||||
| Accrued expenses | ||||||||
| Due to affiliate | - | |||||||
| Notes payable – related party | - | |||||||
| Promissory note fee – related party | - | |||||||
| Derivative liability | - | |||||||
| Loan and transfer notes payable – related party | - | |||||||
| Subscription agreement loans | - | |||||||
| Convertible notes | - | |||||||
| Total current liabilities | ||||||||
| Forward purchase agreement liability | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies (Note 6) | - | |||||||
| Stockholders’ equity (deficit) | ||||||||
| Preferred stock; $ | - | - | ||||||
| Series A convertible preferred stock, | - | |||||||
| Common stock; $ | ||||||||
| Additional paid-in capital | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total stockholders’ equity (deficit) | ( | ) | ||||||
| Total liabilities and stockholders’ equity (deficit) | $ | $ | ||||||
| * |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| 3 |
ASPIRE BIOPHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net revenue | $ | $ | - | $ | $ | - | ||||||||||
| Cost of revenue | - | - | ||||||||||||||
| Inventory write off | - | - | ||||||||||||||
| Gross margin | ( | ) | - | ( | ) | - | ||||||||||
| OPERATING EXPENSES | ||||||||||||||||
| General and administrative (including stock based compensation of $ | ||||||||||||||||
| Research and development | ||||||||||||||||
| Sales and marketing | ||||||||||||||||
| Merger and acquisition expenses | - | - | ||||||||||||||
| Total operating expenses | ||||||||||||||||
| Loss from operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | - | - | ||||||||||||||
| Interest expense | - | ( | ) | ( | ) | ( | ) | |||||||||
| Change in fair value of derivative liabilities and convertible notes | ( | ) | ( | ) | ( | ) | ||||||||||
| Gain (loss) on extinguishment of debt | ( | ) | ( | ) | ||||||||||||
| Total other expense, net | ( | ) | ( | ) | ( | ) | ||||||||||
| Loss before provision for income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Income tax expense | - | - | - | |||||||||||||
| Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Weighted average common shares outstanding – basic and diluted | ||||||||||||||||
| Net loss per common share – basic and diluted- | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| * | Retroactively restated for
a |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| 4 |
ASPIRE BIOPHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
(unaudited)
| Shares* | Amount | Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
| Common Stock | Preferred Stock | Additional Paid-in | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||
| Shares* | Amount | Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
| Balance – December 31, 2025* | $ | - | $ | - | $ | $ | ( | ) | $ | ( | ) | |||||||||||||||||
| Issuance of Series A Convertible Preferred Stock | - | - | - | |||||||||||||||||||||||||
| Conversion of convertible notes to Series A Convertible Preferred Stock | - | - | - | - | ||||||||||||||||||||||||
| Conversion of convertible notes to common stock | - | - | - | - | ||||||||||||||||||||||||
| Issuance of incentive shares pursuant to the January 2026 Share Purchase Agreement | - | - | - | |||||||||||||||||||||||||
| Issuance of commitment fee shares under ELOC agreement | - | - | - | - | ||||||||||||||||||||||||
| Issuance of shares pursuant to debt exchange agreements | - | - | - | |||||||||||||||||||||||||
| Net loss | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||
| Balance – March 31, 2026 | ( | ) | ||||||||||||||||||||||||||
| Issuance of Series A Convertible Preferred Stock | - | - | - | |||||||||||||||||||||||||
| Conversion of Series A Convertible Preferred Stock to common stock | ( | ) | - | ( | ) | - | - | |||||||||||||||||||||
| Shares issued for consulting services | - | - | - | - | ||||||||||||||||||||||||
| Net loss | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||
| Balance – June 30, 2026 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||
| * |
| Shares* | Amount | Capital | Deficit | Deficit | ||||||||||||||||
| Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | |||||||||||||||||
| Shares* | Amount | Capital | Deficit | Deficit | ||||||||||||||||
| Balance – December 31, 2024* | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| Conversion of warrants | ( | ) | - | - | ||||||||||||||||
| Issuance of shares in Reverse Recapitalization | ( | ) | - | ( | ) | |||||||||||||||
| Issuance of shares under working capital loans and non redemption agreements | ( | ) | - | - | ||||||||||||||||
| Issuance of commitment fee shares under ELOC agreement | ( | ) | - | - | ||||||||||||||||
| Stock based compensation | - | - | ||||||||||||||||||
| Net loss | - | - | - | ( | ) | ( | ) | |||||||||||||
| Balance – March 31, 2025 | ( | ) | ( | ) | ||||||||||||||||
| Balance | ( | ) | ( | ) | ||||||||||||||||
| Shares issued from debt extinguishment | - | - | ||||||||||||||||||
| Net loss | - | - | - | ( | ) | ( | ) | |||||||||||||
| Balance – June 30, 2025 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| Balance | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| * |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| 5 |
ASPIRE BIOPHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| 2026 | 2025 | |||||||
| For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile net loss to net cash flows used in operating activities: | ||||||||
| Amortization of debt discount | - | |||||||
| Interest expense | - | |||||||
| (Gain) loss on extinguishment of debt | ( | ) | ||||||
| Change in fair value of derivative liabilities and convertible notes | ( | ) | ||||||
| Interest capitalized | - | |||||||
| Inventory write-off | - | |||||||
| Stock-based compensation expense | ||||||||
| Changes in operating assets and liabilities: | ||||||||
| Prepaid expenses and other current assets | ( | ) | ( | ) | ||||
| Inventories | ( | ) | - | |||||
| Accounts payable | ( | ) | ||||||
| Accrued expenses | ( | ) | ( | ) | ||||
| Due from related party | - | ( | ) | |||||
| Other current liabilities | - | ( | ) | |||||
| Net cash flows used in operating activities | ( | ) | ( | ) | ||||
| Cash flows from financing activities: | ||||||||
| Issuance of Series A convertible preferred stock | - | |||||||
| Proceeds from Reverse Recapitalization | - | |||||||
| Proceeds from issuance of convertible notes | - | |||||||
| Deferred financing costs | ( | ) | - | |||||
| Proceeds from debenture | - | |||||||
| Repayment of debenture | ( | ) | - | |||||
| Proceeds from notes payable - related party | - | |||||||
| Repayment of notes payable – related party | ( | ) | ( | ) | ||||
| Net cash flows provided by financing activities | ||||||||
| Net increase in cash and cash equivalents | ||||||||
| Cash and cash equivalents, beginning of the period | ||||||||
| Cash and cash equivalents, end of the period | $ | $ | ||||||
| Supplemental cash flow information: | ||||||||
| Cash paid for interest | $ | - | $ | - | ||||
| Supplemental disclosure of non-cash investing and financing activities: | ||||||||
| Conversion of convertible notes to common stock | $ | $ | - | |||||
| Issuance of incentive shares pursuant to the January 2026 Share Purchase Agreement | $ | $ | - | |||||
| Issuance of shares pursuant to debt exchange agreements | $ | $ | - | |||||
| Conversion of convertible notes to Series A convertible preferred stock | $ | $ | - | |||||
| Conversion of Series A convertible preferred stock to common stock | $ | $ | - | |||||
| Issuance of commitment fee shares under ELOC agreement | $ | $ | - | |||||
| Due to affiliate write-off | $ | - | ||||||
| Accounts payable and other liabilities combined, net | $ | - | $ | |||||
| Promissory note fee - related party, write-off | - | |||||||
| Promissory note fee - related party, combined | $ | - | $ | |||||
| Subscription agreement loans combined | $ | - | $ | |||||
| Loan and transfer notes payable combined | $ | - | $ | |||||
| Forward purchase agreement liability combined | $ | - | $ | |||||
| Issuance of common stock for services | $ | $ | ||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| 6 |
ASPIRE BIOPHARMA HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 1. Description of Organization and Business
Organization and Business
Aspire Biopharma Holdings, Inc. (the “Company” or “Aspire”) was incorporated as PowerUp Acquisition Corp., a Cayman Islands exempted company, on February 9, 2021, then domesticated to Delaware as a corporation on February 17, 2025. On February 17, 2025, the Company completed the reverse recapitalization transaction (“Reverse Recapitalization”) (see Note 3. Reverse Recapitalization) and changed its name to Aspire Biopharma Holdings, Inc.
Aspire is an early-stage biopharmaceutical company which engages in the business of developing and marketing disruptive technology for novel sublingual delivery mechanisms initially for known drugs and supplements, such as aspirin and caffeine products.
The Company has two wholly-owned subsidiaries, Aspire Biopharma Inc., a Delaware corporation, formed on October 8, 2021, and Buzz Bomb Caffeine Co. LC, a Utah LLC, formed on May 5, 2025.
Reverse Recapitalization
On August 26, 2024, the Company (then known as PowerUp Acquisition Corp.) entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with PowerUp Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), Srirama Associates, LLC, a Delaware limited liability company (the “New Sponsor”), Stephen Quesenberry, in the capacity as the seller representative, and Aspire Biopharma, Inc., a Puerto Rico corporation.
On February 17, 2025 (the “Closing Date”), the Company consummated the reverse recapitalization transaction (the “Reverse Recapitalization”) in accordance with the terms of the Merger Agreement. In connection with the consummation of the Reverse Recapitalization, the Company changed its name from PowerUp Acquisition Corp. to “Aspire Biopharma Holdings, Inc.” (see Note 3. Reverse Recapitalization).
Reverse Stock Split
On January 16, 2026, the Company effected a 1-for-40 reverse stock split with respect to its common stock (the “Reverse Split”). All share and per share information in these unaudited condensed consolidated financial statements gives effect to this reverse stock split, including restating prior period amounts.
On May 11, 2026, the Company effected a 1-for-30 reverse stock split with respect to its common stock (the “Second Reverse Split”) (collectively with the Reverse Split, the “Reverse Splits”). All share and per share information in these unaudited condensed consolidated financial statements gives effect to the Reverse Splits, including restating prior-period amounts.
The Reverse Splits had no effect on the Company’s authorized number of shares of common stock, the par value of common stock, the public warrants outstanding, total assets, total liabilities, or stockholders’ equity (deficit). The Company restated the common stock outstanding (shares and amount) and additional paid-in capital to reflect the number of shares outstanding after the Reverse Splits.
Liquidity and Management’s Plan
The
Company’s primary sources of liquidity have been cash from financing activities. As of June 30, 2026, working capital was $
| 7 |
In
February 2025, the Company received proceeds of approximately $
Management has determined that the Company’s current liquidity position is sufficient to fund its operations for at least one year after the filing of these unaudited condensed consolidated financial statements.
Note 2. Summary of Significant Accounting Policies
Please see Note 2. Summary of Significant Accounting Policies to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Annual Report on Form 10-K”), filed with the SEC on March 30, 2026, as amended on Form 10-K/A filed with the SEC on April 8, 2026, for a description of all significant accounting policies.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company as of June 30, 2026, and December 31, 2025, and for the three and six months ended June 30, 2026, and 2025. The Company’s condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and therefore do not include all information and footnotes necessary for a fair presentation of consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2025, which are included in the 2025 Annual Report on Form 10-K, as amended on Form 10-K/A.
The interim condensed consolidated financial statements are unaudited, and in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of results for the periods presented. The results of operations for the three and six months ended June 30, 2026, are not necessarily indicative of the results to be expected for the full year due primarily to the impact of the continued uncertainty of general economic conditions that may impact the Company’s markets for the remainder of fiscal year 2026. All intercompany accounts and transactions have been eliminated in consolidation.
Cash, Cash Equivalents and Concentrations
Cash
and cash equivalents consist of short-term, highly liquid investments with an original maturity of three months or less from the date
of acquisition. Certain of the Company’s cash and cash equivalents balances exceed Federal Deposit Insurance Corporation (“FDIC”)
insured limits or are invested in money market accounts with investment banks that are not FDIC-insured. The Company places its cash
and cash equivalents in what it believes to be credit-worthy financial institutions. At June 30, 2026, and December 31, 2025, cash equivalents
were $
Concentrations
The following table details total revenues by major geographic area for the periods presented:
Schedule of Total Revenues by Major Geographical Area
| For the Three Months Ended | For the Six Months Ended | |||||||
| June 30, 2026 | ||||||||
| United States | $ | $ | ||||||
| Canada | ||||||||
| International(1) | ||||||||
| Total revenues | $ | $ | ||||||
| (1) |
One customer accounted for approximately 15% of the Company’s total revenues during the six months ended June 30, 2026. Revenue from this customer primarily related to a one-time sale and is not expected to represent a recurring source of revenue. No other customer accounted for 10% or more of the Company’s total revenues during the period.
| 8 |
Inventories
Inventory
consisting of finished goods are stated at the lower of cost or net realizable value with cost determined on a first-in, first-out
basis. Inventories on hand are evaluated on an on-going basis to determine if any items are obsolete, spoiled, or in excess of
future demand. The Company records an impairment that is charged directly to cost of revenue when it determines the product is
obsolete, spoiled or in excess of future demand, and the Company will not be able to sell it at a normal profit above it carrying
value. During the three months ended June 30, 2026, the Company determined that $
Recently Issued Accounting Pronouncements
On November 4, 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-04) — Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01 — Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the statement of operations as well as disclosures about specific types of expenses included in the expense captions presented in the statement of operations. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently assessing the impact of this ASU; however expects to enhance expense disclosures based on the new requirements.
In December 2025, the FASB issued ASU 2025-11 – Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 clarifies the interim reporting guidance in the Accounting Standards Codification (“ASC”), adding a comprehensive list of required interim disclosures and a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating these new disclosure requirements.
All other ASUs issued and not yet effective as of June 30, 2026, and through the date of this report, were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s current or future financial position or results of operations.
Note 3. Reverse Recapitalization
On August 26, 2024, PowerUp Acquisition Corp. (“PowerUp”) entered into Merger Agreement with PowerUp Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), the New Sponsor, Stephen Quesenberry, in the capacity as the seller representative, and Aspire Biopharma, Inc., a Puerto Rico corporation.
On February 17, 2025 prior to the time of the consummation of the Reverse Recapitalization (the “Closing Date”), Merger Sub merged with and into Aspire Biopharma, Inc., with Aspire Biopharma, Inc. being the surviving company. After giving effect to the Reverse Recapitalization, Aspire Biopharma, Inc. became a wholly-owned subsidiary of Aspire Biopharma Holdings, Inc., a Delaware corporation (f/k/a PowerUp Acquisition Corp.) (“New Aspire”).
In accordance with the Merger Agreement, PowerUp migrated out of the Cayman Islands and domesticated as a Delaware corporation. Also, prior to the Closing Date, Aspire Biopharma, Inc. deregistered as a Puerto Rican entity and domesticated as a Delaware corporation (the “Aspire Domestication”). In connection with the Aspire Domestication, all issued and outstanding shares of Aspire’s pre-domestication voting common stock, Series A preferred stock, and any unconverted warrants automatically converted, on a one-for-one basis, into shares of the post-domesticated entity’s common stock, Series A preferred stock, and warrants, respectively.
The Reverse Recapitalization was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, PowerUp, who is the legal acquirer, was treated as the “acquired” company for financial reporting purposes and Aspire Biopharma, Inc. was treated as the accounting acquirer. Accordingly, for accounting purposes, the Reverse Recapitalization was treated as the equivalent of a capital transaction in which Aspire issued stock for the net assets of PowerUp. The net assets of PowerUp will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Reverse Recapitalization will be those of Aspire Biopharma, Inc.
Transaction Proceeds
Upon
the closing of the Reverse Recapitalization, the Company received gross proceeds of $
| 9 |
The following table reconciles the elements of the Reverse Recapitalization to the unaudited consolidated statement of cash flows and the unaudited consolidated statement of changes in stockholders’ deficit:
Schedule of Reconciles the Elements of the Business Combination
| Cash-trust and cash, net of redemptions | $ | |||
| Less: transaction costs, paid | ( | ) | ||
| Net proceeds from the Reverse Recapitalization | ||||
| Less: Accounts payable, Accrued liabilities and Other current liabilities combined | ( | ) | ||
| Less: Promissory note fee – related party combined | ( | ) | ||
| Less: Subscription agreement loans combined | ( | ) | ||
| Less: Loan and transfer notes payable combined | ( | ) | ||
| Less: Forward purchase agreement liability combined | ( | ) | ||
| Add: Other assets, net | ||||
| Reverse Recapitalization, net | $ | ( | ) |
The following table summarized the number of shares of common stock issued and outstanding immediately following the consummation of the Reverse Recapitalization:
Schedule of Consummation of the Business Combination
| PowerUp Class A common stock, outstanding prior to the Reverse Recapitalization | ||||
| Less: Redemption of PowerUp Class A common stock | ( | ) | ||
| Class A common stock of PowerUp | ||||
| PowerUp Class B common stock, outstanding prior to the Reverse Recapitalization | — | |||
| Total Reverse Recapitalization Class A common stock, before giving effect to Reverse Splits (see Note 1. Description of Organization and Business) | ||||
| Reverse Recapitalization Class A common stock, after giving effect to the Reverse Splits (see Note 1. Description of Organization and Business) | ||||
| Issuance of shares related to working capital agreements | ||||
| Aspire Biopharma, Inc. shares | ||||
| Common Stock immediately after the Reverse Recapitalization, after giving effect to the Reverse Splits (see Note 1. Description of Organization and Business) |
The following table summarizes the number of Aspire Biopharma, Inc. shares after giving effect to the Reverse Splits (see Note 1. Description of Organization and Business):
Schedule of Number of Shares Conversion Ratio
| Aspire Biopharma, Inc. shares | Aspire’s shares after conversion ratio | |||||||
| Common stock issued to existing Aspire Biopharma, Inc. shareholders | ||||||||
| Common stock obligation shares issued | — | |||||||
| Number of common shares | ||||||||
Public and private placement warrants
There
were
| 10 |
Note 4. Related Party Transaction
Loan and transfer agreements
In order to finance transaction costs in connection with the Reverse Recapitalization, the New Sponsor or an affiliate of the New Sponsor, or certain affiliates of PowerUp loaned monies for working capital purposes (“Working Capital Loans”) by entering into several Loan and Transfer Agreements.
On
February 17, 2025, the Company assumed $
On
February 17, 2025, the Company assumed $
On
February 17, 2025, the Company assumed $
On
February 17, 2025, the Company assumed $
On
April 14, 2026 and April 15, 2026, the Company entered into payment agreements with SSVK, Apogee and Sheth, to which the Company settled
in cash the total balance of $
Subscription Agreements
On
March 5, 2024, PowerUp entered into four separate Subscription Agreements (each, a “First Subscription Agreement”) with the
New Sponsor, Visiox, VKS Capital, LLC, an affiliate of, and an entity under common control with, the New Sponsor (the “Affiliate”),
and four separate investors (each, an “Investor”), whereby the Investors collectively contributed to New Sponsor a total
of $
On
May 9, 2024, PowerUp entered into four separate Subscription Agreements (each, a “Second Subscription Agreement”) with the
New Sponsor, the Affiliate, and four separate Investors, whereby, the Investors collectively contributed to the New Sponsor a total of
$
PowerUp accounted for the First and Second Subscription Agreements under ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”) and concluded that bifurcation of a single derivative that comprises all of the fair value of the conversion feature(s) (i.e., derivative instrument(s)) is not necessary under ASC 815-15-25-7 through 25-10. As a result, all debt proceeds received from Investor have been recorded using the relative fair value method of accounting under ASC 470, Debt (“ASC 470”). Pursuant to ASC 470, the Company recorded the fair value of the subscription liability on the unaudited condensed consolidated balance sheets using the relative fair value method. The initial fair value of the subscription liability at issuance was estimated using a Black Scholes and Probability Weighted Expected Return Model. At the close of the Reverse Recapitalization, 1,458 of commitment fee shares, after giving effect to the Reverse Splits (see Note 1. Description of Organization and Business), owing to the Investors under these agreements were transferred by affiliates to the Investors.
On
February 17, 2025, the Company assumed $
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Promissory Note Fee – related party
On
October 2, 2024, after Aspire and PowerUp had signed their BCA in August 2024, PowerUp entered into a Promissory Note Fee Agreement with
the Sponsor, Srirama Associates LLC (the “Promissory Note Fee Agreement”). Pursuant to the Promissory Note Fee Agreement, PowerUp and the Sponsor agreed that the
Sponsor took a significant risk on behalf of the Company by entering into the Visiox Promissory Note in exchange for payment of the Original
Promissory Note Fee, and that the Sponsor should be compensated for that risk despite the termination of the right to receive the Original
Promissory Note Fee as a result of the termination of the proposed merger with previous target, Visiox. As consideration for the foregoing,
PowerUp agreed to pay Sponsor a modified promissory note fee of $
In
April 2026, Srirama Associates, LLC filed a lawsuit in the Superior Court of the State of Delaware alleging breach of contract in
connection with the modified Promissory Note Fee Agreement. The complaint sought not less than $
Due to affiliate
On
February 17, 2025, in conjunction with the closing of the business combination, the Company had placed on its books $
Notes payable – related party
During
the years 2024 and 2023, Aspire Biopharma, Inc. incurred expenses and costs related to officer and director compensation, rental of office
space, reimbursable expenses paid by affiliates and non-interest bearing working capital loans. On September 27, 2024, to formalize the
related party working capital advances, Aspire Biopharma, Inc. issued three nonconvertible
On
December 31, 2024, the Company issued one non-convertible
The following table reflects the total balances of the Notes payable – related party for the periods presented.
Schedule of Note Issuance
| Issuance date | June 30, 2026 | December 31, 2025 | ||||||
| September 27, 2024 | $ | - | $ | |||||
| December 31, 2024 | - | |||||||
| Total | $ | - | $ | |||||
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Note 5. Convertible Notes
February 2025 Securities Purchase Agreement
On
February 17, 2025, the Company entered into a Securities Purchase Agreement (“Securities Purchase Agreement”) with Cobra
Alternative Capital Strategies, LLC, an entity controlled by the Company’s former Director of Investor Relations, Lance Friedman,
whose services were provided through a consulting agreement with Blackstone Capital Advisors, Inc. that was terminated effective February
17, 2025, and Target Capital X LLC (collectively, the “Investors”). Under the Securities Purchase Agreement, the Company
issued
The
Company analyzed the Securities Purchase Agreement under ASC 480 and ASC 815 and concluded that bifurcation of a single derivative that
comprises all of the fair value of the conversion feature(s) (i.e., derivative instrument(s)) is not necessary. As a result, all debt
proceeds received have been recorded using the fair value method of accounting under ASC 825, Fair Value Measurement (“ASC 825”).
Pursuant to ASC 825, the Company recorded the fair value of the subscription liability on the unaudited condensed consolidated balance
sheet using the fair value method. The initial fair value of the subscription liability at issuance was estimated using a Monte Carlo
Model. In August and September 2025, the Company repaid a total of $
In
January 2026, the remaining balance of $
August 2025 Securities Purchase Agreement
On
August 19, 2025, the Company entered into a Securities Purchase Agreement (the “August Securities Purchase Agreement”) with
certain investors (the “Purchasers”), pursuant to which the Company sold to the Purchasers certain notes in an aggregate
principal amount of $
During
the year ended December 31, 2025, a total value of $
January 2026 Securities Purchase Agreement
On
January 26, 2026, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with certain
investors (the “Purchasers”), pursuant to which the Company sold to the Purchasers certain debentures in an aggregate principal
amount of $
| 13 |
NOTE 6. Commitments and Contingencies
Registration Rights
The
holders of the Private Placement Warrants and Public Warrants that may be issued upon conversion of working capital loans, if any, are entitled
to registration rights pursuant to a registration rights agreement dated February 17, 2022. These holders are entitled to certain demand
and “piggyback” registration rights. The Company will bear the expenses incurred in connection with the filing of any such
registration statements. On May 13, 2025, the Company filed a Registration Statement on Form S-1 to register
Equity Line of Credit (“ELOC”) Agreement
On
November 11, 2025, the Company entered into a new Purchase Agreement (the “Second ELOC Agreement”) with Arena Business Solutions
AG/RA SA Ltd. (“Arena”). Under the Second ELOC Agreement, the Company has the right, but not the obligation, to direct Arena
to purchase up to $
The
term of the Second ELOC Agreement began on November 11, 2025, and ends on the earlier of (i) the first day of the month following the
36-month anniversary of the execution date, (ii) the date on which the Investor shall have purchased the maximum amount of Second ELOC
Shares, or (iii) the effective date of any written notice of termination delivered pursuant to the terms of the Second ELOC Agreement
(the “Commitment Period”).
The
Company issued
Instaprin Acquisition
On March 28, 2022, the Company closed on an asset purchase agreement (“APA”) of Instaprin Pharmaceuticals, Inc.’s (“Instaprin”) intangible assets, inclusive of U.S. Patent No. 62/794141, International Publication No. 2020/15460 A1 and WO 2020/150685 A1, and the Instaprin U.S. Trademark No. 86274378, trade secrets and proprietary information, all applications for any of the foregoing, commercial and scientist relationships, and any license or agreements granting rights related to the foregoing.
The
purchase price for the Acquired Assets (as defined in the APA) was $
| 14 |
Purchase Agreement
On June 10, 2026, the Company entered into a purchase agreement (the “Purchase Agreement”) with FireFish TopCo, LLC (the “Seller”, and, collectively with its Subsidiaries listed in the Purchase Agreement, “Sellers”), pursuant to which (i) the Seller agreed to sell, and cause the applicable Sellers to sell, and the Company agreed to purchase or cause certain of its Affiliates to purchase, all of the equity interests in certain of Seller’s subsidiaries of the Purchase Agreement (the aforementioned equity interests, collectively, the ‘Transferred Equity Interests”, and such subsidiaries, “Transferred Entities”), free and clear of all Liens, other than the Permitted Liens and in accordance with the applicable Local Transfer Documents and (ii) the Seller agreed to sell, and cause the applicable Sellers to sell, and the Company agreed to purchase, or cause certain of its affiliates to purchase, all of the assets of the other Business Entities as defined as Transferred Entities, DUS Operating Inc. with respect to the U.S. Enterprise and Automotive Czech with respect to the KOP Enterprise constituting the balance of the Business as defined as the business of designing, manufacturing, marketing and selling automotive systems that facilitate electronic driver control and the migration toward vehicle electrification, safety, light weighting and sustainability, as conducted by the Transferred Entities on June 10,2026, and in respect to (a) Automotive Czech, the business conducted by the KOP Enterprise and (b) DUS Operating Inc., the business conducted by the U.S. Enterprise.
Purchase
Price and Consideration: As consideration for such purchase,
On August 6, 2026, the Company entered into an Escrow and Closing Agreement pursuant to which the parties acknowledged and agreed that all conditions to the closing of the transactions per the Purchase Agreement had been satisfied. (see Note 11. Subsequent Events)
Commitment Letter for Credit Facility
In
May 2026, the Company entered into a commitment letter with a national financial institution providing for a senior secured credit
facility of Aspire in an aggregate principal amount of up to $
| 15 |
The
Aspire Credit Facility is expected to consist of a senior secured five-year term loan, at an interest rate equal to 325 basis points
above the one-month term Secured Overnight Financing Rate. The final terms of the Aspire Credit Facility, including the senior secured
term loan, will be subject to execution of definitive credit documentation and the satisfaction of customary closing conditions. During
the three and six months ended June 30, 2026, $
Legal Proceedings
The Company is and may be subject to various claims, lawsuits and proceedings in the ordinary course of the Company’s business. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. While there can be no assurances as to the ultimate outcome of any legal proceeding or other loss contingency involving the Company, in the opinion of management, such claims are either adequately covered by insurance or otherwise indemnified, or are not expected individually or in the aggregate, to result in a material, adverse effect on the Company’s financial condition, results of operations or cash flows. However, it is possible that the Company’s results of operations, financial position and cash flows in a particular period could be materially affected by these contingencies.
Legal Claim
Note 7. Securities Purchase Agreement
February 2026 Securities Purchase Agreement
On
February 6, 2026, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain
accredited investors (the “Investors”), pursuant to which the Company agreed to issue and sell, in a private placement (the
“Offering”), up to
Pursuant to the Certificate of Designation on February 6, 2026, subject to Stockholder Approval (as defined below), each share of Preferred Stock is convertible at the option of the holder into shares of Common Stock at a conversion price equal to 80% of the lowest closing price of our Common Stock as of the closing of the Principal Market (as such term is defined in the Certificate of Designation) for each of the five (5) Trading Days (as such term is defined in the Certificate of Designation) immediately prior to the date of conversion, or other date of determination (but in no event less than the floor price), subject to certain adjustments as set forth in the Certificate of Designation (the “Conversion Price”). The floor price is equal to 20% of the Minimum Price (as such term is defined by the rules and regulations of The Nasdaq Stock Market LLC under Nasdaq Listing Rule 5635(d)(1)(A)) or such lower amount as permitted, from time to time, by the Principal Market (the “Floor Price”). The number of shares of Common Stock issuable upon conversion of a share of Preferred Stock shall be determined by dividing (x) the stated value of the Preferred Stock to be converted by (y) the Conversion Price.
| 16 |
In
connection with the Offering,
In addition, the Company and each Investor entered into a registration rights agreement (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, within fifteen (15) days following the Initial Closing, the Company shall file a resale registration statement on Form S-1 (or Form S-3 if the Company is S-3 eligible) providing for the resale by the Investors of the Registrable Securities (as defined in the Registration Rights Agreement) and to use its best efforts to cause such resale registration statement to be declared effective by the staff of the Commission within forty five (45) days following the Initial Closing, or within sixty five (65) days in the event of a review by the Commission.
Pursuant to the Securities Purchase Agreement, the Investors have the right to appoint one (1) director to our Board of Directors. The Securities Purchase Agreement and Registration Rights Agreement contain certain representations and warranties, covenants and indemnities customary for similar transactions. The representations, warranties and covenants contained in the Securities Purchase Agreement and Registration Rights Agreement were made solely for the benefit of the parties to the Securities Purchase Agreement and Registration Rights Agreement and may be subject to limitations agreed upon by the contracting parties.
Series A Convertible Preferred Stock Issuance
Pursuant
to the terms of the February 2026 Securities Purchase Agreement, on February 2, 2026, the Company filed the certificate of
designation (the “Certificate of designation”) with The Delaware Secretary of State designating,
On
April 13, 2026, the Company filed the further amendment to the Certificate of designation with the Delaware Secretary of State designating,
During
the three months ended June 30, 2026, holders of the preferred stock converted
The following is a summary of the terms of the Preferred Stock:
Conversion
Pursuant to the Certificate of Designation, each share of Preferred Stock, subject to the Stockholder Approval (as defined in the Certificate of Designation), is convertible at the option of the holder into shares of common stock at a conversion price equal to 80% of the lowest closing price of our Common Stock as of the closing of the Principal Market (as such term is defined in the Certificate of Designation) for each of the five (5) Trading Days (as such term is defined in the Certificate of Designation) immediately prior to the date of conversion, or other date of determination (but in no event less than the floor price), subject to certain adjustments as set forth in the Certificate of Designation (the “Conversion Price”). The floor price is equal to 20% of the Minimum Price (as such term is defined by the rules and regulations of the Nasdaq Stock Market LLC, Rule 5635(d)(1)(A)) (or such lower amount as permitted, from time to time, by the Principal Market (the “Floor Price”). The number of shares of common stock issuable upon conversion of a share of Preferred Stock shall be determined by dividing (x) the stated value of the Preferred Stock to be converted by (y) the Conversion Price.
| 17 |
Ranking
The Series A shall rank (i) senior to all of the common stock; (ii) senior to any class or series of capital stock of the Corporation hereafter created specifically ranking by its terms junior to any Series A (“Junior Securities”); (iii) on parity with any class or series of capital stock of the Corporation created specifically ranking by its terms on parity with the Preferred Stock (“Parity Securities”); and (iv) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking by its terms senior to any Series A (“Senior Securities”), in each case, as to dividends or distributions of assets upon liquidation, dissolution, winding up of the Corporation, whether voluntarily or involuntarily. Subject to any superior liquidation rights of the holders of any Senior Securities of the Corporation and the rights of the Corporation’s existing and future creditors, upon any liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary (a “Liquidation”), each Holder shall be entitled to be paid out of the assets of the Corporation legally available for distribution to stockholders, prior and in preference to any distribution of any of the assets or surplus funds of the Corporation to the holders of the Common Stock and Junior Securities and pari passu with any distribution to the holders of Parity Securities, an amount equal to the Stated Value for each share of Series A held by such Holder plus an amount equal to any accrued and unpaid dividends thereon, and thereafter the Holders shall be entitled to receive out of the assets, whether capital or surplus, of the Corporation the same amount that a holder of Common Stock would receive if the Series A were fully converted (disregarding for such purposes any conversion limitations hereunder) to common stock which amounts shall be paid pari passu with all holders of common stock. The Corporation shall mail written notice of any such Liquidation, not less than sixty (60) days prior to the payment date stated therein, to each Holder.
Price Protection
Except for any Exempt Issuance, in the event the Corporation issues or sells any securities including options or convertible securities (or amends any outstanding securities of the Company), at an effective price of, or with an exercise or conversion price of less than the conversion price, then upon such issuance or sale, the conversion price shall be reduced to the lesser of (i) the Floor Price; or (ii) the sale price or the exercise or conversion price of the securities issued or sold. In case any shares of common stock, convertible securities or options are issued in connection with the issue or sale of other securities of the Company, together comprising one integrated transaction, each share of common stock underlying any such convertible securities or options shall be deemed to be one additional share of common stock for the purposes of determining the effective price of the non-Exempt Issuance.
Participation Rights
Subject to certain terms and conditions in the Certificate of Designation, until the six (6) month anniversary of the issuance of the Series A to the Holder, upon any subsequent financing, the Holders of the outstanding Series A shall have the right to participate in an amount equal to an aggregate of 30% of the Subsequent Financing on the same terms, conditions and price provided for in the Subsequent Financing.
Note 8. Stockholders’ equity (deficit)
Preferred
Stock—The Company is authorized to issue
Series
A Convertible Preferred Stock—The Company is authorized to issue
Common
Stock— The Company is authorized to issue
PowerUp Warrants
As
part of the PowerUp IPO, PowerUp issued warrants to third-party investors where
| 18 |
At
December 31, 2025, there are
The
Public Warrants became exercisable
Upon the warrants becoming exercisable, the Company may redeem the warrants:
● in whole and not in part;
●
at a redemption price of $
●
upon not less than
if,
and only if, the reported last sale price of the Company’s Common Stock equals or exceeds $
The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the IPO, except that the Private Placement Warrants and the common stock issuable upon the exercise of the Private Placement Warrants are not transferable, assignable, or saleable until 30 days after the completion of a Reverse Recapitalization, subject to certain limited exceptions.
The Company has determined that Public Warrants and the Private Placement Warrants issued in connection with its IPO in February 2022 are subject to treatment as equity. Upon the closing of the Reverse Recapitalization, in accordance with the guidance contained in ASC 815, the warrants continue to be classified as equity.
Stock based compensation
On
February 29, 2024, Aspire Biopharma, Inc. entered into a Corporate Advisory Agreement with an advisory firm, pursuant to which the advisory
firm will receive
Stock-based
compensation expense which is included in general and administrative expenses on the unaudited condensed consolidated statement of operations
was $
Aspire Biopharma Inc. warrants
During
the year ended December 31, 2024, Aspire Biopharma, Inc. issued
Other Share issuances
On
April 28, 2025, in connection with the Settlement Agreement, the Company issued
During
the year ended December 31, 2025, a total value of $
| 19 |
As
stated in Note 6. Commitments and Contingencies, In January 2026, the Company issued
As
stated in Note 5. Convertible Notes, The Company issued
On
April 7, 2026, the Company issued
Exchange Agreements
On
January 1, 2026, the Company entered into Exchange Agreements (the “Exchange Agreements”) with certain holders of the Company’s
subscription agreement loans (the “Holders”) to exchange approximately $
Pursuant to the Exchange Agreements, the Holders may, in their discretion, submit a notice of exchange setting forth the Exchange Amount, the Exchange Shares, and the applicable Exchange Price. Within one business day of receipt of an Exchange Notice, the Company will issue to such Holder the number of Exchange Shares equal to the Exchange Amount divided by the Exchange Price, and such Exchange Amount shall be deducted from the Outstanding Balance. Each Holder may submit up to four (4) Exchange Notices, but each Exchange Notice may not exchange more than thirty percent (30%) of the applicable Holder’s Outstanding Balance.
In
addition,
In
January 2026, pursuant to the Exchange Agreements, the Subscription Agreement Loan balances along with applicable interest were converted
into
Note 9. Fair Value Measurements
The following table presents the Company’s fair value hierarchy assets and liabilities that are measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.
Schedule of Assets and Liabilities That are Measured at Fair Value On a Recurring Basis
| June 30, 2026 | Balance Sheet Classification | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Other Unobservable Inputs | ||||||||||
| (Level 1) | (Level 2) | (Level 3) | ||||||||||||
| Assets: | ||||||||||||||
| Money market funds | Cash and cash equivalents | $ | $ | — | $ | — | ||||||||
| Liabilities: | ||||||||||||||
| Forward purchase agreement liability | $ | — | $ | — | $ | |||||||||
| December 31, 2025 | Balance Sheet Classification | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Other Unobservable Inputs | ||||||||||||
| (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
| Liabilities: | ||||||||||||||||
| Convertible notes | $ | — | $ | — | $ | |||||||||||
| Forward purchase agreement liabilities | $ | — | $ | — | $ | |||||||||||
| Derivative liability | $ | — | $ | — | $ | |||||||||||
| Total liabilities | $ | — | $ | — | $ | |||||||||||
| 20 |
Convertible notes
As discussed in Note 5. Convertible Notes, the February 2025 Convertible Debentures are classified and accounted for as a financial liability which is measured at fair value on a recurring basis (one of the instruments is accounted for at fair value on a recurring basis under ASC 480-10, as a derivative instrument under ASC 815).
The financial liabilities are valued under a Monte Carlo Model. The estimated fair value of the financial liabilities component is determined using Level 3 inputs. Inherent in the pricing models are assumptions related to expected share-price volatility, expected life and risk-free interest rate.
The significant inputs of the models used to value the Company’s February 2025 Convertible Debentures as of December 31, 2025 were:
Schedule of Convertible Notes
| Inputs | December 31, 2025 | |||
| Term Remaining - Years | ||||
| Share Price | $ | |||
| Debt Rate | % | |||
The change in the fair value of the February 2025 Convertible Notes measured using Level 3 inputs is summarized as follow:
Schedule of Fair Value of the Convertible Notes
| Balance at, December 31, 2025 | $ | |||
| Convertible notes, beginning balance | $ | |||
| Paid in kind interest | ||||
| Change in fair value | ( | ) | ||
| Repayment of Convertible notes | ( | ) | ||
| Balance at June 30, 2026 | $ | - | ||
| Convertible notes, ending balance | $ | - |
Forward purchase agreement liabilities
As discussed in Note 6. Commitment and Contingencies, the forward purchase agreement liabilities are classified and accounted for as financial liabilities which are measured at fair value on a recurring basis.
The forward purchase agreements liabilities are valued under a Probability Weighted Expected Return Model (“PWERM”) which fair values reportable capital investment and uses a Black Scholes Model that fair values the conversion features within the convertible debt. The PWERM is a multistep process in which value is estimated based on the probability-weighted present value of various future outcomes. The estimated fair value of the forward purchase agreements liabilities are determined using Level 3 inputs. Inherent in the pricing models are assumptions related to expected share-price volatility, expected life and risk-free interest rate.
The significant inputs of the models used to value the forward purchase agreement liabilities as of June 30, 2026 and December 31, 2025 were:
Schedule of Models Used in Forward Purchase Agreements Liabilities
| Inputs | June 30, 2026 | December 31, 2025 | ||||||
| Share Price | $ | $ | ||||||
| Risk Free Rate | ||||||||
| Likelihood of a call | ||||||||
| 21 |
The change in the fair value of the forward purchase agreement liabilities measured using Level 3 inputs is summarized as follows:
Schedule of Fair Value Forward Purchase Agreement Liabilities
| Balance at December 31, 2025 | $ | |||
| Change in fair value | ||||
| Balance at March 31, 2026 | ||||
| Balance | ||||
| Change in fair value | ||||
| Balance at June 30, 2026 | $ | |||
| Balance | $ |
Derivative liability
As
discussed in Note 5. Convertible Notes, the Company accounted for the August 2025 Notes under ASC 470 and ASC 815 and concluded
that bifurcation of multiple embedded features was necessary under ASC 815-15-25-1. As a result, the Company separately accounted for
it as a single compound derivative. The initial fair value of the derivative liability at issuance was $
The change in the fair value of the derivative liability measured using Level 3 inputs is summarized as follows:
Summary of Change in Fair Value of Derivative Liability
| Balance at December 31, 2025 | $ | |||
| Change in fair value | ( | ) | ||
| Balance at March 31, 2026 | - | |||
| Derivative liability, beginning balance | - | |||
| Change in fair value | - | |||
| Balance at June 30, 2026 | $ | - | ||
| Derivative liability, ending balance | $ | - |
The significant inputs of the models used to value the Company’s derivative liability as of December 31, 2025, were:
Schedule of Key Inputs of Models Used to Value Derivative Liability
| Inputs | December 31, 2025 | |
| Term Remaining - Years | ||
| Share Price | $ | |
| Risk Free Rate |
Note 10. Segments
The Company determines its operating segments in accordance with FASB ASC 280, Segment Reporting (“ASC 280”). ASC 280 defines operating segments as components where discrete financial information is regularly reviewed by the chief operating decision maker (“CODM”), which for the Company is the Chief Executive Officer, to determine resource allocation and assess performance. As such, based on the way the CODM monitors and makes decisions affecting operations, the Company has concluded that it has one operating and reportable segment. The CODM is regularly provided with only the consolidated expenses as noted on the face of the condensed consolidated statements of operations. As the Company has only one operating segment and is managed on a consolidated basis, the measure of profit or loss is consolidated net income or loss. The metrics are used to review operating trends, to perform analytical comparisons between periods and to monitor budget to actual variances. When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net loss, which include the following:
All other segment items included in net loss are reported on the unaudited condensed consolidated statements of operations and described within their respective disclosures.
| 22 |
Note 11. Subsequent Events
The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the unaudited condensed consolidated financial statements were issued. Based upon this review, other than disclosed below or within these unaudited condensed consolidated financial statements, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.
Conversion of Preferred Stock and Effects on Stockholders’ Equity
In July 2026, certain holders of the Series A
Convertible Preferred Stock converted
Purchase Agreement
On June 10, 2026, the Company entered into a purchase
agreement (“Purchase Agreement”) with FireFish Topco LLC (the “Seller and collectively with its Subsidiaries as identified
in the Purchase Agreement, “Sellers”) pursuant to which the Company purchased all of the equity interests in certain of the
Seller’s subsidiaries and all of the assets and liabilities of other Business Entities (see Note 6. Commitments and Contingencies)
for an amount equal to (i) $
On August 6, 2026, the Company entered into an Escrow and Closing Agreement (see below) pursuant to which the parties acknowledged and agreed that all conditions to the closing of the transactions per the Purchase Agreement had been satisfied.
As a result of the limited time since the acquisition date and the effort required to conform the financial statements to the Company’s practices and policies, the initial accounting for the business combination is incomplete at the time of this filing. As a result, the Company is unable to provide the amounts recognized as of the acquisition date for the major classes of assets acquired and liabilities assumed.
Escrow and Closing Agreement
On August 6, 2026, the Company and FireFish TopCo, LLC (the “Seller”) entered into an Escrow and Closing Agreement (the “Closing Agreement”), pursuant to which the parties acknowledged and agreed that all conditions to the closing of the transactions contemplated by the Purchase Agreement (see Note 6. Commitments and Contingencies) (the “Closing”) had been irrevocably satisfied or irrevocably waived by the party entitled to the benefit thereof, and that all Transaction Documents, certificates and other deliverables required to effect the Closing (collectively, the “Closing Documents”) had been duly executed and irrevocably delivered by the parties and were being held in escrow by the parties (or their respective counsel) pending automatic release as described below.
According to the Closing Agreement, the Closing Documents will be automatically released from escrow without any further action, and the Closing will be deemed to occur automatically and without any further action, immediately upon payment by the Company to the Seller of the Closing Purchase Price in accordance with the closing statement delivered by the Seller to the Company on July 28, 2026 under the Purchase Agreement.
The Company has agreed to immediately pay the Closing Purchase Price to the Seller upon receipt of funds from its debt financing source (the “Financing”). The Closing Agreement provides that the Financing is not, and was not, a condition to the Closing, that the Seller entered into the Closing Agreement as an accommodation to the Company and without prejudice to the Seller’s rights (including its right to terminate the Purchase Agreement pursuant to Section 9.01(c) or Section 9.01(e) thereof to the extent the Closing does not promptly occur after July 31, 2026), and that the Company will use reasonable best efforts to obtain the Financing so as to enable it to pay the Closing Purchase Price as promptly as possible.
Working Capital Financing; Note Purchase Agreement
On
July 31, 2026, the board of directors of the Company (the “Board”) adopted resolutions by written consent authorizing the
Company to issue convertible promissory notes (the “Notes”) pursuant to a Convertible Promissory Note Purchase Agreement,
dated as of August 6, 2026 (the “Note Purchase Agreement”), by and among the Company and the investors named therein (the
“Investors”). Pursuant to the Note Purchase Agreement, the Company will issue and sell to the Investors Notes in an aggregate
principal amount of $
The Board ratified, confirmed, consented to and approved the Company’s entry into the Note Purchase Agreement and authorized the Company’s officers to negotiate, execute, deliver and perform the Note Purchase Agreement and related ancillary documents, and to issue the Conversion Shares (as defined below) upon conversion of the Notes.
The
Notes are convertible into shares of the Company’s common stock, par value $
RBW Capital Partners LLC acted as exclusive financial
advisor to the Company in connection with the foregoing transactions. Any securities or brokerage services were offered through Dawson
James Securities, Inc. RBW received a placement agency fee equal to
Management Services Agreement
A Management Services Agreement (the “Agreement”) was entered into on May 10, 2026, between the Company and Lakewood Capital, LLC (“Lakewood”) becoming effective on the closing date of the acquisition of the Drivers Control Systems (“DCS”) business of Dura Automotive (the “Dura Transaction”), August 6, 2026, (the “Effective Date”) (see Escrow and Closing Agreements above). The term of the Agreement is for a period of five years from the Effective Date.
The Management
Services to be provided during the term of the Agreement include consultation in connection to the DCS operations with respect to
the development and implementation of strategies for improving operating, engineering, manufacturing, marketing, and/or financial
performance of the Company, its subsidiaries or affiliates. In consideration of the Management Services,
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following “Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)” should be read in conjunction with our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025 and our audited financial statements as of the year ended December 31, 2025, included in Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 30, 2026.
This discussion includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included herein. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other SEC filings.
Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “Aspire,” “we”, “us”, “our”, and the “Company” are intended to refer to (i) following the Reverse Recapitalization (as defined below), the business and operations of Aspire Biopharma Holdings, Inc. (formerly PowerUp Acquisition Corp.) and its consolidated subsidiaries, and (ii) prior to the Reverse Recapitalization, Aspire Biopharma, Inc. (the predecessor entity in existence prior to the consummation of the Reverse Recapitalization) and its consolidated subsidiaries.
Overview
We are an early-stage biopharmaceutical and supplements company. Aspire Biopharma Holdings, Inc. (the “Company” or “Aspire”) is a Delaware Company that was incorporated as PowerUp Acquisition Corp., a Cayman Islands exempted company, on February 9, 2021. On February 17, 2025, the Company completed the Reverse Recapitalization described below and changed its name to Aspire Biopharma Holdings, Inc. The Company engages in the business of developing and marketing the disruptive technology for novel sublingual delivery mechanisms initially for known drugs and supplements. Prior to our Reverse Recapitalization, we were a privately held Puerto Rico corporation incorporated in September 2021.
Growth Strategy and Outlook
Business Plan
We expect to generate revenue through developing and marketing drugs and nutraceuticals using the technology for the novel sublingual delivery. Further, from time to time, we may enter into license or collaboration agreements with other companies that include development funding and significant upfront and milestone payments and/or royalties, which may become an important source of our revenue. Accordingly, our revenue may depend on development funding and the achievement of development and clinical milestones under current and any potential future license and collaboration agreements and sales of our products, if approved. We do not currently have any licensing or collaboration agreements.
On August 10, 2026, we completed the acquisition of Dura Drive Control Systems (“DCS”), a tier-one supplier specializing in automotive systems that facilitate electronic driver control and the migration toward vehicle electrification, safety, lightweighting, and sustainability. The acquisition is expected to enhance our ability to deliver increased revenues, durable earnings and cash flow, driven by a new portfolio of product offerings in the large and growing markets for vehicle and mobility control systems.
Critical Accounting Policies
Revenue
We currently contract with third parties for the manufacture of our product candidates for preclinical studies, clinical trials, and sale, and intend to do so in the future. We do not own or operate manufacturing facilities for the production of clinical or commercial quantities of our product candidates. We currently have no plans to build our own clinical or commercial scale manufacturing capabilities. To meet our projected needs for commercial manufacturing, third parties with whom we currently work will need to increase their scale of production or we will need to secure alternate suppliers. Although we rely on contract manufacturers, we have personnel with manufacturing experience to oversee our relationships with contract manufacturers.
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We entered into a development and manufacturing agreement with a contract manufacturer, Glatt, in the fourth quarter of 2024, under which Glatt produced sufficient quantities of our high-dose sublingual aspirin product (sometimes referred to informally herein as “Instaprin” for ease of reference) for our clinical trials required to obtain FDA approval to market the product and complete clinical trials. Glatt currently has the capabilities to manufacture our aspirin drug product for potential commercial use, however, their current capacity may be insufficient to meet our planned needs and may require us to engage additional or alternative third-party manufacturers in the future. In addition, we have entered into a fill-and-finish agreement with a contract manufacturer to convert the aspirin product manufactured by Glatt into packaged drug product that can be utilized in clinical trials. We believe that both Glatt and the fill-and-finish contract manufacturer are compliant under current good manufacturing practice, or cGMP, requirements and have experience with cGMP inspections of their respective facilities. We have also entered into a manufacturing agreement with Microsize, a CDMO in Quakertown, PA in January 2026 to manufacture aspirin products for the next round of clinical trials of the high-dose aspirin for myocardial infarction.
We used drug product manufactured by Glatt to conduct clinical trials to support approval of a section 505(b)(2) New Drug Application (“NDA”) for the aspirin product. A successful clinical trial was completed in the third quarter of 2025 in Florida studying the pharmacokinetics of aspirin and its metabolites in blood following sublingual administration of a single dose of each of two different formulations of our aspirin drug product and a single dose of standard oral aspirin. This trial enrolled 6 healthy adult volunteers with each dose separated by a washout period of fourteen days and provided information required to (i) select the optimal drug product formulation and (ii) support FDA approval. This trial also studied sublingual administration of our aspirin products and how it delivers therapeutic concentrations of drug into the bloodstream, comparable to those of standard oral aspirin, but faster and without gastro-intestinal toxicity associated with oral aspirin. This clinical trial concluded in the third quarter of 2025. We received the final report in September 2025. The result of the clinical trials was positive, demonstrating that Aspire’s sublingual delivery technology results in much faster aspirin bioavailability in the blood (compared to aspirin tablets) and that the anti-coagulant effect of aspirin occurs much quicker with Aspire’s product. These results will be the backbone of a 505(b)(2) submission to the FDA planned for the first six months of 2027, once the next clinical trial is concluded.
Commercialization of Aspirin Products
We have not yet established a sales, marketing, or product distribution infrastructure for our aspirin products because our lead product candidates are still in early-stage clinical development. We generally plan to retain commercial rights in the United States for our product candidates for which we hope to receive marketing approvals. We believe that it will be possible for us to access the heart attack and stroke prevention market through a targeted hospital and/or specialty care sales force. We are also strongly considering the licensing of the aspirin products and have received inquiries about the availability of that product for license.
Our Products
The Company has developed and acquired disruptive sublingual delivery technologies that are patent-pending and which address emergencies and drug efficacy, dosage management, and response time. In March 2023, the Company filed application number 63/456,290 with the United States Patent and Trademark Office (“USPTO”) with the goal of securing patent protection for its new technology and aspirin formulation. The Company’s new patent pending formulation is a significant improvement on the previous formulation which was acquired by the Company through the Instaprin Pharmaceuticals, Inc. acquisition. This technology will facilitate development of any number of products in a soluble, fast acting powder or granule form which has been developed by using our patent pending formulation, and “trade secret” process. Aspire’s drug delivery which allows for rapid sublingual absorption. The benefits of “rapid absorption” are to provide rapid treatment impact and also allows high dose absorption. The Company’s patent pending delivery system includes components specifically formulated to allow rapid sublingual absorption of drugs into the blood stream, thus by-passing the gastrointestinal tract. A second patent application was filed in October 2024 for a high-dose version of our sublingually administered aspirin product (application number 63/702,381) using a micelle variation on our technology which can be used with a variety of substances.
In the initial development launch of its aspirin product, Aspire has focused on the delivery of aspirin, which may be the most studied and accepted analgesic and anti-inflammatory drug on the market. Aspirin is over a century old and is traditionally available in several forms, including effervescence, powder, capsule, and tablet. Over 100 years of documented safety and efficacy data is readily available. Aspirin is the only drug in history to receive a certified recommendation by the FDA for heart attack, stroke, and colon cancer. However, current aspirin applications are often limited due to side effects from gastric irritation. Aspire plans to submit its FDA 505(b)(2) approval request in late 2026 or early 2027 for the prescription strength high dose aspirin product given the history of aspirin (and over 100 years of history).
Current Development Status of Aspire’s Aspirin Product
Aspire’s cGMP batch of high-dose aspirin was manufactured by Glatt in its New Jersey facility in March 2025. Glatt used this batch to finalize the packaging and manufacturing process, and to provide the products which were used in the clinical trials which took place in Florida and ended in the third quarter of 2025, with the final clinical trial study results provided to Aspire on September 5, 2025. Glatt’s scientific team conducted the stability testing required by the FDA on this batch to help determine product shelf life. This is in addition to prior similar initial testing done in 2022 by Glatt which provided important background data on the stability and manufacturing process for Aspire’s low dose sublingual aspirin product. Aspire’s new manufacturer, Microsize, is currently conducting tests and preparing the high-dose product for the next clinical tests, and improving the formulation. Pace Analytical is assisting with the testing process.
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Aspire’s consultants have completed (1) a comprehensive review of relevant regulatory issues and regulatory strategy (including regulations, guidance documents, FDA reviews of approved NDAs for other relevant products, Pediatric Research Equity Act requirements, FDA’s trade name approval requirements, opportunities for accelerated regulatory processes, etc.), (2) a comprehensive summary of relevant safety, efficacy and pharmacokinetic data to support IRB approvals, IND, and 505(b)(2) NDA approval, (3) a target product profile (including product description, composition, strength, route of administration, prescription v. OTC, indications, dosing and claims to differentiate from other aspirin products), and (4) an integrated product development plan (including plans to support each module of an NDA submission: CMC, preclinical safety, human PK, clinical safety, clinical efficacy, timelines, critical path, Gantt chart, etc.). These reviews were done in preparation for Aspire’s communication with the FDA, its clinical testing, and its NDA.
Aspire recently conducted an in vivo single-dose bioavailability study in healthy human volunteers which ended in the third quarter of 2025. The final clinical trial report was received on September 5, 2025. This clinical trial evaluated pharmacokinetic endpoints including but not limited to maximum concentrations of aspirin and/or its metabolites in plasma (“Cmax”), time of maximum concentrations (“Tmax”), and area under the time curve concentrations (“AUC”) following sublingual dosing of two different pharmaceutical formulations of Aspire’s sublingual aspirin compared to standard oral aspirin. Pharmacodynamic effect on serum thromboxane B2 (TXB2, a market relating to platelet inhibition) was evaluated as a secondary endpoint. Data from this bioavailability study will be used to select the optimal pharmaceutical formulation of aspirin and to support filing of an NDA. This trial was exempt from Investigational New Drug (“IND”) filing requirements under 21 C.F.R. 320.31(d) because it is a human bioavailability trial of an FDA-approved active ingredient that is not a new chemical entity, a radioactively labeled drug product, or cytotoxic drug product, using a dose not exceeding the dose specified in the labeling of the approved drug product, conducted in compliance with the requirements for review by an Institutional Review Board (IRB), with reserve test article samples retained by the study sponsor. The results showed that Aspire’s product entered the bloodstream faster than conventional aspirin and had a more significant impact on TxB2 than conventional aspirin. Management believes that both results are very positive.
Following receipt and analysis of the clinical trial results, Aspire submitted a pre-IND written request to the FDA on October 31, 2025, to which the FDA responded positively on November 13, 2025, providing essential guidance for the proposed next clinical trial of approximately 32 healthy human volunteers to evaluate the pharmacodynamic effect of a single dose of Aspire’s high dose aspirin on platelet inhibition compared to that of standard oral aspirin. The proposed primary endpoint for additional trial would be time to TXB2 inhibition. Variability of TXB2 inhibition and pharmacokinetic parameters (Cmax, Tmax, AUC, etc.) for aspirin and/or its metabolites in plasma will be analyzed as secondary endpoints. If needed, the additional trial will be designed to demonstrate a shorter time to clinically meaningful pharmacodynamic effect (TXB2 inhibition) following administration of Aspire’s aspirin compared to standard oral aspirin (standard of care for treatment of suspected acute myocardial infarction). Aspire is hoping to conduct this next trial during the first six months of 2027. Following completion of this additional trial, Aspire would submit a section 505(b)(2) NDA for Aspire’s aspirin product to the FDA seeking approval to market the product for treatment of suspected acute myocardial infarction. Additional clinical trials focused on differentiating Aspire’s aspirin from standard oral aspirin based on TxB2 inhibition and gastrointestinal irritation, ulceration and bleeding during longer term use may be conducted to support subsequent 505(b)(2) NDAs and/or supplemental NDAs for our aspirin in other therapeutic indications focused on the antithrombotic and analgesic effects of aspirin.
Current Development Status of Other Products
Melatonin: Aspire’s scientists have developed a working formulation for a sublingually administered melatonin sleep-aid product, in 3mg, 5mg, and 10mg doses and has created a batch of product and completed limited testing. Aspire may, although is not required to, conduct a limited pharmacokinetic study using at least eight volunteers, comparing to orally administered melatonin products on the market, in order to support its claims and labeling. No FDA approval is required for melatonin, which is sold as a supplement. Melatonin is a popular sleep aid and Aspire has begun exploring licensing possibilities. The Company has filed for patent protection of its melatonin formulation in patent application 63/890,248 filed on 9/25/25 (part of the “Omnibus Patent”).
Vitamins: Aspire’s scientists have developed a working formulation for sublingually administered vitamins D, E and K. The Company has filed for patent protection of its vitamin products in the Omnibus Patent.
ED Medication: Aspire’s scientists are also developing a working formulation for a sublingual ED (erectile dysfunction) product. The timeline to market will be similar depending on the speed of formulation, availability of resources, market conditions and other factors. FDA approval would likely take at least 2-3 years as ED medication is not likely a candidate for fast-track/breakthrough therapy approval. The Company has filed for patent protection of its ED formulation in the Omnibus Patent.
Caffeine Products: Aspire has developed a working formula for a single-serving sublingual caffeine supplement using its patent-pending sublingual absorption technology. Aspire first manufactured initial runs of this supplement and conducted consumer and safety testing in the second quarter of 2025. Aspire entered into a manufacturing agreement with Desert Stream, Inc. (Nephi, UT), a nutrition and supplement manufacture with experience in caffeine products, through its wholly owned subsidiary Buzz Bomb Caffeine Company LC. Aspire and Desert Stream developed a half dozen flavors of the product. Aspire has registered several trademarks that it intends to use with these products and obtained domain names as well. The trademark for the wordmark “Buzz Bomb” was issued to Aspire by the USPTO in July 2026. Aspire unveiled its caffeine product at two large fitness conventions in the first week of August 2025 and began selling initial versions of its caffeine products on a limited basis in the third quarter of 2025. After that product was well-received, Aspire entered into a manufacturing contract with SupraNaturals (Springville, UT) to manufacture 2,000,000 units of its caffeine supplement which is marketed under the trademark “Buzz Bomb.” The new marketing and labeling of these 2,000,000 units began on January 15, 2026. The Company has subsequently placed more product orders and is selling Buzz Bomb products online (see buzzbombcaffeine.com), on Amazon, and at events all over the country.
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Other Products: Aspire’s scientists have created formulations for anti-nausea products (meclizine and ondansetron), alprazolam (generic Xanax), clopidogrel, and microdose nicotine, and are considering formulations for anti-psychotic products, seizure medication, and several other classes of drugs, all using our sublingual mode of administration. We anticipate taking several of these products to market as the research and development dictates, as well as market conditions and company funding. Aspire has filed patents protecting several of these products: nicotine (Omnibus Patent), alprazolam (patent application 63/957,370 filed 1/9/26), meclizine (patent application 63/971,320 filed 1/29/26), clopidogrel (patent application 63/957,361 filed 1/9/26), and ondansetron (patent application 63/970,377 filed on 1/28/26).
Competition
The biopharmaceutical industry is characterized by rapidly advancing technologies, intense competition and strong emphasis on proprietary products. While we believe that our sublingual absorption technology, knowledge, experience and scientific resources provide us with competitive advantages, we face potential competition from many sources, including major pharmaceutical, specialty pharmaceutical and biotechnology companies, academic institutions and government agencies and public and private research institutions. Any product candidates that we successfully develop and commercialize will compete with existing therapies and new therapies that may become available in the future.
Many of our competitors, either alone or with their strategic partners, have substantially greater financial, technical and human resources than we do and significantly greater experience in the discovery and development of product candidates, obtaining FDA and other regulatory approvals of treatments and commercializing those treatments. These same competitors may invent technology that competes with our product candidates. Mergers and acquisitions in the biotechnology and pharmaceutical industries may result in even more resources being concentrated among a smaller number of our competitors. These competitors also compete with us in recruiting and retaining qualified scientific and management personnel and establishing clinical study sites and subject registration for clinical studies, as well as in acquiring technologies complementary to, or necessary for, our programs. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies.
We expect any products that we develop and commercialize to compete on the basis of, among other things, efficacy, safety, convenience of administration and delivery, price, the level of generic or biosimilar competition and the availability of adequate reimbursement from government and other third-party payors.
Our commercial opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective, have fewer or less severe side effects, are more convenient or are less expensive than any products that we may develop. Our competitors also may obtain FDA or other regulatory approval for their products more rapidly than we may obtain approval for ours, which could result in our competitors establishing a strong market position before we are able to enter the market. In addition, we expect that our products, if approved, will be priced at a premium over competitive generic products and our ability to compete may be affected in many cases by insurers or other third-party payors seeking to encourage the use of generic products.
We expect that Aspire’s aspirin products will compete with currently approved products, such as Bayer aspirin, Advil and Tylenol, and, if approved, other product candidates currently under development. To our knowledge, there are currently no sublingual aspirin products on the market and none listed inside of the Food and Drug Administration’s (the “FDA”) Approved Drug Products with Therapeutic Equivalence Evaluations book, also known as the “Orange Book.”
Intellectual Property
Our commercial success depends in part on our ability to obtain and maintain proprietary or intellectual property protection for our drug candidates, including our drugs and supplements using our patent-pending sublingual absorption technology, and other knowhow; to operate without infringing on the proprietary rights of others; and to prevent others from infringing our proprietary or intellectual property rights. Our practice is to seek to protect our proprietary and intellectual property position by, among other methods, filing U.S. and international patent applications related to our proprietary drug candidates, inventions and improvements that are important to the development and implementation of our business. We also rely on trade secrets, know-how and continuing technological innovation to develop and maintain our proprietary and intellectual property position.
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Any patents granted from national/regional phase applications of International Application No. PCT/US2024/022318 (which claims priority to U.S. Application No. 63/456,290) or applications claiming priority to International Application No. PCT/US2024/022318 will have a nominal expiration of March 29, 2044. The Company further intends to file a PCT application on October 1, 2025, claiming priority to U.S. Application No. 63/702,381. Any patents granted from national/regional phase applications of this PCT application or applications claiming priority to this PCT application will have a nominal expiration of October 1, 2045. The patent applications cover composition of matter (formulations), including product-by-process coverage, as well as uses of the formulations.
Provisional patent application Serial No. 62/794,141 expired on January 19, 2020. Prior to expiration of 62/794,141, two nonprovisional patent applications were filed under the Patent Cooperation Treaty (PCT), each claiming priority to 62/794,141. These PCT applications have PCT Application Nos. PCT/US2020/013863 and PCT/US2020/014218, respectively. National/regional phase entries of these PCT applications were due on July 18, 2021, or August 18, 2021, depending on the specific country/region. No national/regional phase entries were completed by the deadlines.
The expired patent properties do not describe Aspire’s aspirin formulation technology. Aspire’s aspirin formulation technology is covered by pending patent application nos. PCT/US2024/022318 and 63/702,381, which are Aspire’s primary patent properties. The expired patent properties were intended to supplement the later-filed primary patent properties covering Aspire’s aspirin formulation technology. At the time of its acquisition of assets, Aspire was not aware that the patent properties had expired. Aspire’s Omnibus Patent to extend its novel intellectual property rights to cover many other classes of drugs and supplements was filed in October 2025, as set forth above. In addition, Aspire has file the patents referred to above which it intends to file further patents as warranted.
Trademark Registration No. 4823125 (granted from Trademark Serial No. 86274378) was cancelled on April 8, 2022, for failure to file maintenance documents due on March 29, 2022. Aspire was not aware of the March 29, 2022, filing deadline at the time of the Asset Purchase Agreement, which was executed one day prior to the filing deadline. Aspire has filed new trademark application Serial No. 98793226, which covers the “Instaprin” mark.
The Company believes that it is important to note that while the previously acquired intellectual property is dead or expired, Aspire has used these technologies and relationships as the foundation of their new patent applications and formulations. Aspire’s management had always intended to build upon the acquired intellectual property assets and enhance the patent protections and apply the technology to new patented products and classes of products. Aspire has maintained the relationships with the individuals who cultivated the original science and research. Aspire has built upon these technologies, research, and relationships to improve and expand upon the previous intellectual property as reflected in their most recent patent applications.
The following table sets forth details of our intellectual property registrations and applications:
IP Schedule for Aspire Biopharma, Inc. as of June 30, 2026
| PATENT FILINGS | ||||||||
| Country | Substance | Application No. | Filing Date | Status | ||||
| United States | ORAL MUCOSAL FORMULATIONS OF ALPRAZOLAM | 63/957,370 | 9-Jan-26 | Pending | ||||
| World Intellectual Property Organization | LOWER DOSE ASPIRIN | 63/456,290 | 3-Mar-23 | Pending | ||||
| United States | HIGHER DOSE ASPIRIN | 63/702,381 | 2-Oct-24 | Pending | ||||
| United States | ORAL MUCOSAL FORMULATIONS OF CLOPIDOGREL | 63/957,361 | 9-Jan-26 | Pending | ||||
| United States | ORAL MUCOSAL FORMULATIONS OF MECLIZINE | 63,971,320 | 29-Jan-26 | Pending | ||||
| United States | ORAL MUCOSAL FORMULATIONS OF ONDANSETRON | 63/970,377 | 28-Jan-26 | Pending | ||||
| United States | VARDENAFIL (OMNIBUS) | 63/890,248 | 29-Sep-25 | Pending | ||||
| United States | CAFFEINE (OMNIBUS) | 63/890,248 | 29-Sep-25 | Pending | ||||
| United States | MELATONIN (OMNIBUS) | 63/890,248 | 29-Sep-25 | Pending | ||||
| United States | NICOTINE (OMNIBUS) | 63/890,248 | 29-Sep-25 | Pending | ||||
| United States | VITAMIN A (OMNIBUS) | 63/890,248 | 29-Sep-25 | Pending | ||||
| TRADEMARK FILINGS | ||||||||
| Country | Wordmark | Serial No. / Registration No. |
Filing or Registration Date | Status | ||||
| United States | BUZZ BOMB | 88447682 | 16-Oct-25 | Pending | ||||
| United States | BUZZ BOMB | 99146781 | 20-Apr-25 | Approved | ||||
| United States | BUZZ BOMB | 99287743 | 16-Jul-25 | Pending | ||||
| United States | CAFFEINE…ACCELERATED | 99287826 | 16-Jul-25 | Pending | ||||
| United States | WITHOUT THE CUP | 99287858 | 14-Oct-25 | Pending | ||||
We also hold numerous domains, including, but not limited to, aspire-biopharma.com, aspirebiolabs.com, and buzzbombcaffeine.com. Additionally, Aspire plans to enter into customer and license agreements to protect its intellectual property. All other intellectual property is in the form of trade secrets, business methods and know-how and is protected through intellectual assignment and confidentiality agreements with Aspire employees, advisors and consultants.
Recent Development
Recapitalization
On August 26, 2024, PowerUp Acquisition Corp. (‘PowerUp”) entered into an Agreement and Plan of Merger (as amended from time to time, the “Merger Agreement”) with PowerUp Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), the New Sponsor, Stephen Quesenberry, in the capacity as the seller representative, and Aspire Biopharma, Inc., a Puerto Rico corporation.
On the Closing Date, Merger Sub merged with and into Aspire Biopharma, Inc., with Aspire Biopharma, Inc. being the surviving company. After giving effect to the Reverse Recapitalization, Aspire Biopharma, Inc. became a wholly-owned subsidiary of New Aspire. In accordance with the terms and subject to the conditions of the Merger Agreement and the Proposed Charter, at Closing Date, the Aspire Biopharma, Inc. Stockholders collectively received, in the aggregate, a number of shares of duly authorized, validly issued, fully paid and nonassessable shares of New Aspire Common Stock with an aggregate value equal to (a) $350 million less (b) the amount by which Aspire Biopharma, Inc.’s cash at Closing is less than the Minimum Cash Condition (but only in the event the Minimum Cash Condition is waived by PowerUp), if any, less (c) Aspire’s Indebtedness at Closing.
To the satisfaction or waiver of the conditions of the Merger Agreement, PowerUp migrated out of the Cayman Islands and domesticated as a Delaware corporation. Also prior to the Closing Date, Aspire Biopharma, Inc. deregistered as a Puerto Rican entity and domesticated as a Delaware corporation (the “Aspire Domestication”) in accordance with Section 3746 of the Puerto Rico General Corporations Act (as amended) and Section 388 of the Delaware General Corporation Law. Pursuant to the Aspire Domestication, Aspire’s jurisdiction of incorporation was changed from Puerto Rico to the State of Delaware. In connection with the Aspire Domestication, all issued and outstanding shares of Aspire’s pre-domestication voting common stock, Series A preferred stock, and any unconverted warrants automatically converted, on a one-for-one basis, into shares of the post-domesticated entity’s common stock, Series A preferred stock, and warrants, respectively.
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In connection with the change of PowerUp’s jurisdiction of incorporation from the Cayman Islands to the State of Delaware ( the “PowerUp Domestication”), prior to the consummation of the Reverse Recapitalization (the” Closing Date”): (i) each issued and outstanding Class A ordinary share, par value $0.0001 per share (the “Class A common stock”), of PowerUp converted, on a one-forone basis, into a duly authorized, validly issued, fully paid and nonassessable share of common stock, par value $0.0001 per share, of New Aspire (the “New Aspire Common Stock”); and (ii) each issued and outstanding whole warrant to purchase Class A common stock of PowerUp automatically represented the right to purchase one share of New Aspire Common Stock, at an exercise price of $460 per share, after giving effect to the Reverse Split as described in Note 1. Description of Organization and Business, on the terms and conditions set forth in the Warrant Agreement, dated as of February 17, 2022, by and between PowerUp and Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company), a New York limited purpose trust company, as warrant agent (in such capacity, the “Warrant Agent”, also referred to herein as the “Transfer Agent”) (the “Warrant Agreement”).
Immediately following the PowerUp Domestication, (i) the New Aspire Common Stock reclassified as common stock, par value $0.0001 per share (the “New Aspire Common Stock”); (ii) each issued and outstanding unit of PowerUp that has not been previously separated into the underlying Class A ordinary share and underlying one-half of one warrant upon the request of the holder thereof were cancelled and entitled the holder thereof to one share of New Aspire Common Stock and one-half of one public warrant, with a whole public warrant representing the right to acquire one share of New Aspire Common Stock at an exercise price of $460 per share, after giving effect to the Reverse Splits as described in Note 1. Description of Organization and Business, on the terms and conditions set forth in the Warrant Agreement; (iii) the governing documents of PowerUp were amended and restated and become the certificate of incorporation and the bylaws of New Aspire and (iv) the form of the certificate of incorporation and the bylaws were appropriately adjusted to give effect to any amendments contemplated by the form of certificate of incorporation or the bylaws that are not adopted and approved by the PowerUp shareholders, other than the amendments to the PowerUp governing documents that are contemplated by the Organizational Documents Proposal, which is a condition to the Closing of the Reverse Recapitalization. No fractional warrants were issued upon the separation of units and only whole warrants are traded.
Immediately prior to the effective time of the consummation of the Reverse Recapitalization, Aspire Biopharma, Inc. caused (i) each share of Aspire Biopharma, Inc. Preferred Stock that is issued and outstanding immediately prior to the effective time of the Reverse Recapitalization to be automatically converted into a number of shares of Aspire Common Stock at the then-effective conversion rate (the “Preferred Conversion”); All the shares of Aspire Preferred Stock converted into shares of Aspire Common Stock were no longer outstanding and ceased to exist, and each holder of Aspire Biopharma, Inc. Preferred Stock thereafter ceased to have any rights with respect to such Aspire Biopharma, Inc. Preferred Stock. Aspire Biopharma, Inc. caused each Aspire Biopharma, Inc. warrant to be terminated in exchange for shares of Aspire Common Stock in accordance with the respective warrant agreements associated with each such warrant.
On February 17, 2025 (the “Closing Date), the Reverse Recapitalization was consummated. In connection with the consummation of the Reverse Recapitalization PowerUp Acquisition Corp. changed its name to Aspire Biopharma Holdings, Inc.
On February 17, 2025, the Company entered into a Securities Purchase Agreement (“Securities Purchase Agreement”) with Cobra Alternative Capital Strategies, LLC, a sole member entity controlled by Aspire’s former Director of Investor Relations, Lance Friedman, which services were provided through a consulting agreement with Blackstone Capital Advisors, Inc. that was terminated effective February 17, 2025, and Target Capital X LLC (collectively, the “Investors”). Under the Securities Purchase Agreement, the Company issued two 20% original issue discount senior secured convertible debentures (“Debentures”) in an aggregate principal amount of $3,750,000, and may issue additional Debentures upon the mutual agreement of the Company and the holders of Debentures representing at least a majority of the aggregate principal and interest owed under the outstanding Debentures (“Requisite Holders”), under the Securities Purchase Agreement (the “Offering”). The conversion price per share of each Debenture is equal to 92.5% of the lowest daily VWAP (as defined in the Debentures) of the Company’s shares of common stock during the five trading day period ending on the trading day immediately prior to delivery or deemed delivery of the applicable Conversion Notice (as defined in the Debentures), subject to adjustments related to the trading price of the Company’s common stock provided that no conversion may be at a price per share less than the floor price of $4.00 per share (see Note 5. Convertible Notes).
In connection with the Reverse Recapitalization, on the Closing Date, certain officers, directors, and stockholders of Aspire Biopharma, Inc. each entered into a non-competition agreement and lock-up agreements with the Company.
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The Reverse Recapitalization was accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, PowerUp, who is the legal acquirer, was treated as the “acquired” company for financial reporting purposes and Aspire Biopharma, Inc. was treated as the accounting acquirer. Aspire Biopharma, Inc. has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances under the redemption scenarios:
| ● | Aspire Biopharma Inc.’s existing stockholders will have more than 64.4% of the voting interest of New Aspire under both the no redemption and maximum redemption scenarios; | |
| ● | Aspire Biopharma Inc.’s senior management will comprise the senior management of New Aspire; | |
| ● | the directors nominated by Aspire will represent the majority of the board of directors of New Aspire; | |
| ● | Aspire Biopharma Inc.’s operations will comprise the ongoing operations of New Aspire; and | |
| ● | New Aspire will assume Aspire’s name. |
Accordingly, for accounting purposes, the Reverse Recapitalization was treated as the equivalent of a capital transaction in which Aspire is issuing stock for the net assets of PowerUp. The net assets of PowerUp will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Reverse Recapitalization will be those of Aspire Biopharma, Inc.
Equity line of credit Agreement
On November 11, 2025, the Company entered into a new Purchase Agreement (the “Second ELOC Agreement”) with Arena Business Solutions Global SPC II, Ltd. (“Arena”). Under the Second ELOC Agreement, the Company has the right, but not the obligation, to direct Arena to purchase up to $100,000,000 in shares of the Company’s common stock (the “ELOC Shares”) upon satisfaction of certain terms and conditions contained in the Second ELOC Agreement, including, without limitation, an effective registration statement filed with the SEC registering the resale of the ELOC Commitment Fee Shares (as defined below) and additional shares to be sold to Arena from time to time under the ELOC Agreement.
The term of the ELOC Agreement began on November 11, 2025 and ends on the earlier of (i) the first day of the month following the 36-month anniversary of the execution date, (ii) the date on which the Investor shall have purchased the maximum amount of ELOC Shares, or (iii) the effective date of any written notice of termination delivered pursuant to the terms of the ELOC Agreement (the “Commitment Period”). In consideration for the Arena’s execution and delivery of the ELOC Agreement, the Company is required to issue Common Shares to Arena equal to $250,000 divided by the lowest 1-Trading Day VWAP of the Common Shares of the five (5) Trading Days immediately preceding the effectiveness of the initial registration statement (the “Commitment Fee Shares”), plus $25,000 in Common shares for fees associated with the prior ELOC Agreement with the Company, based on a price equal to the lowest 1-Trading Day VWAP of the Common Shares of the five (5) Trading Days immediately preceding the date of execution and delivery of this Agreement.
No Common Shares have been issued to Arena under the Second ELOC Agreement after the balance sheet date through the date that the financial statements were issued. Second ELOC Agreement replaces the ELOC Agreement (see Note 6. Commitment and Contingencies).
Securities Purchase Agreement
On February 17, 2025, the Company entered into a Securities Purchase Agreement (“Securities Purchase Agreement”) with Cobra Alternative Capital Strategies, LLC (“Cobra”), a sole member entity controlled by Aspire’s former Director of Investor Relations, Lance Friedman, which services were provided through a consulting agreement with Blackstone Capital Advisors, Inc. (a firm that Mr. Friedman controls) that was terminated effective February 17, 2025, and Target Capital X LLC (collectively, the “Investors”). Under the Securities Purchase Agreement, the Company issued two 20% original issue discount senior secured convertible debentures (“Debentures”) in an aggregate principal amount of $3,750,000 and may issue additional Debentures upon the mutual agreement of the Company and the holders of Debentures representing at least a majority of the aggregate principal and interest owed under the outstanding Debentures (“Requisite Holders”), under the Securities Purchase Agreement (the “Offering”). The conversion price per share of each Debenture is equal to 92.5% of the lowest daily VWAP (as defined in the Debentures) of the Company’s shares of common stock during the five trading day period ending on the trading day immediately prior to delivery or deemed delivery of the applicable Conversion Notice (as defined in the Debentures), subject to adjustments related to the trading price of the Company’s common stock provided that no conversion may be at a price per share less than the floor price of $4.00 per share.
The closing was consummated on February 20, 2025 (the “SPA Closing”) and the Company issued to the Investors Debentures in an aggregate principal amount of $3,750,000 (the “Closing Debentures”). The Closing Debentures were sold to the Investors for a purchase price of $3,000,000, representing an original issue discount of twenty percent (20%). The Company may issue additional Debentures under the terms of the Securities Purchase Agreement if the Requisite Holders agree. Any such additional closings would be in such amounts as the Company and the Requisite Holders mutually agree upon and would be subject to substantially the same closing conditions as the Closing Debentures.
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As consideration for the Investors’ consummation of the SPA Closing, concurrently with the SPA Closing, each Investor received a pro rata portion of 1,755 shares of common stock after giving effects to the Reverse Splits (see Note 1. Description of Organization and Business), of which 25,000 were freely tradable, subject to a leak out agreement (the “Leak Out Agreement”) whereby each Investor’s sales may not exceed 15% of the daily trading volume of the common stock on the date of sale.
Convertible Notes
On August 19, 2025, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with certain investors (the “Purchasers”), pursuant to which the Company sold to the Purchasers certain notes in an aggregate principal amount of $9,687,500 for a subscription price of $7,750,000 (the “August 2025 Notes”) with a maturity date of February 19, 2026. The Notes have a 20% original issue discount which is included in the aggregate principal amount of $9,687,500 and do not bear an interest rate. Of the $7,750,000 total funding under the Securities Purchase Agreement, $4,500,000 was funded on August 19, 2025 (the “first Tranche”), $1,000,000 was funded on September 22, 2025 (the “Second Tranche”), and the balance of $2,250,000 (the “Third Tranche”) was funded on September 30, 2025. The Notes are convertible into up to an aggregate of 122,647 Common Stock (the “Conversion Shares”) after giving effects to the Reverse Splits (see Note 1. Description of Organization and Business), subject to certain conditions. The Company incurred debt issuance costs of $907,500 which is capitalized and amortized over the term on the Notes.
The Notes are convertible (in whole or in part) at any time on or after the thirty-first (31st) day following the Issuance Date into such number of shares of Common Stock as shall be determined by dividing (x) that portion identified by the Purchaser of (A) the outstanding principal amount, plus (B) accrued and unpaid interest with respect to such outstanding principal amount of such Purchaser’s Note and any other amounts owing under such Note or other Transaction Documents (the as that term is defined in the Notes) by (y) the conversion price then in effect on the date on which the Purchaser delivers a notice of conversion. The conversion price means the greater of (i) eighty (80%) percent of the lowest Closing Price on any Trading Day during the five (5) Trading Days prior to the applicable conversion date or (ii) the floor price (the “Floor Price”). The Floor Price means 20% of the average closing price of our Common Stock for the five days prior to the Closing Date.
The Notes may not be converted and shares of Common Stock may not be issued under Notes if, after giving effect to the conversion or issuance, such Purchaser (together with its affiliates, if any) would beneficially own in excess of 4.99% of our outstanding shares of our Common Stock, which we refer to herein as the “Note Blocker”. The Note Blocker may be raised or lowered to any other percentage not in excess of 9.99% at the option of the applicable Purchaser of Notes, except that any raise will only be effective upon 61-days’ prior notice to us.
In connection with the Purchase Agreement, the Company entered into a registration rights agreement, dated as of August 19, 2025 (the “Registration Rights Agreement”), pursuant to which the Company agreed to file the initial resale registration statement by no later than September 18, 2025, to register the resale of the Common Stock underlying the Notes. The resale registration statement became effective on September 30, 2025.
Conversion of Notes
In October 2025 and November 2025, a total value of $9,523,683 of convertible notes were converted into 73,998 shares of common stock of the Company after giving effects to the Reverse Splits (see Note 1. Description of Organization and Business).
In January 2026, a total value of $163,817 of convertible notes were converted into 1,630 shares of common stock of the Company after giving effects to the Second Reverse Split (see Note 1. Description of Organization and Business).
Nasdaq Notices
On April 16, 2025, the Company received two letters from The Nasdaq Stock Market LLC (“Nasdaq”), each addressing a separate compliance deficiency under the Nasdaq Listing Rules. The first letter notified of the deficiency with regard to Rule 5450(b)(2)(A) (the “MVLS Notice”), which requires a company, whose securities are listed on The Nasdaq Global Market under the “Market Value Standard,” to maintain a minimum Market Value of Listed Securities of “MVLS”) of $50,000,000. The deficiency was caused by the Company’s MVLS having been below the minimum level for the prior 30 consecutive business days. Under Nasdaq Listing Rule 5810(c)(3)(C), the Company was entitled to a 180-day grace period, which ended on October 13, 2025, to rectify the deficiency. In order to do so, the Company was required to achieve and maintain an MVLS of at least $50,000,000 for a minimum of 10 consecutive business days (Nasdaq may monitor the MVLS compliance for up to 10 consecutive business days).
The second letter notified of the deficiency with regard to Rule 5450(a)(1) (the “Bid Price Notice” together with the MVLS Notice, the “Notices”), which requires the Company to maintain a minimum bid price of $1.00 per share (the “Bid Price Rule”) for continued listing on The Nasdaq Global Market.
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The Company did not regain compliance with the MVLS Rule or the Bid Price Rule within the relevant compliance periods. Accordingly, on October 15, 2025, (the “October Letter”) the Staff notified the Company that its securities were subject to delisting from Nasdaq unless the Company timely requested a hearing before the Nasdaq Hearings Panel (the “Panel”). Both items of noncompliance serve as an independent basis for delisting the Company’s securities from Nasdaq.
The Company retained an advisor and requested a hearing before the Panel and held the hearing. At the hearing, the Company was granted until February 17, 2026, to regain compliance with the two deficiencies. On February 3, 2026, the Company was notified that it had regained compliance with the Bid Price Rule. As a result of the Preferred Stock Offering, the Company believes that it exceeds the $2,500,000 stockholders’ equity rule and is waiting for confirmation that it meets the stockholders’ equity rule.
On February 18, 2026, the Company was notified that it has regained compliance with Listing Rule 5450(b)(2)(A), the “MVLS Rule,” and is in full compliance with the terms set forth in the Panel’s (“Panel”) decision dated December 11, 2025.
Default Notices and Settlement Agreement
On April 1, 2025, the Company received two default notices, first citing failure to timely file the Company’s Form 10-K by March 31, 2025 and for late filing of the Form S-1, as required by Blackstone Subscription Agreement discussed in Note 5. Convertible Notes, and second citing a cross default to the Securities Purchase Agreement (“Securities Purchase Agreement”) with Cobra Alternative Capital Strategies, LLC as described in Note 7. Securities Purchase Agreements, both entities controlled by the Company’s former Director of Investor Relations, Lance Friedman, which services were provided through a consulting agreement with Blackstone Capital Advisors, Inc. that was terminated effective February 17, 2025. The Company maintains that it was not in default at any time since the Company filed Form NT 10-K and the required filings were made within the automatic extension period.
On April 24, 2025, the Company entered into a settlement agreement (the “Settlement Agreement”) with Cobra Alternative Capital Strategies LLC, Blackstone Capital Advisors, Inc., and their affiliates (collectively, the “Lenders”) to resolve all matters related to previously issued notices of default and to amend certain outstanding loan agreements. Pursuant to the Agreement, the Lenders withdrew and cancelled all prior notices of default and acceleration previously delivered to the Company on April 1, 2025. Any alleged previous defaults under the Company’s loan agreements were deemed cured, and all previous accelerations of payment were rendered null and void. The Company maintains that it was not in default at any time. Additionally, the Agreement provides for an extension of the maturity dates of key promissory notes to seventy-five (75) days, extending the earliest maturity date to August 15, 2025, and amending additional notes to extend their maturity dates to September 10, 2025.
In connection with the Agreement, the Company agreed to issue $21 shares of common stock after giving effect to the Reverse Splits as described in Note 1. Description of Organization and Business to Blackstone Capital Advisors, Inc. and to register those shares, along with certain other restricted securities, through the filing of a registration statement on Form S-1 no later than May 13, 2025. The Company also agreed to remove lock-up restrictions on certain shares held by Cobra Alternative Capital Strategies LLC, Blackstone Capital Advisors, Inc., and Thor Special Situations LLC, enabling such shares to be made eligible for transfer to the Direct Registration System. The Lenders also agreed to enter into lock-up/leak-out agreements governing the sale of Company shares through August 20, 2025, with sale limitations tied to the Company’s daily trading volume, as detailed in the Agreement.
Board Changes
On January 7, 2026, Surendra Ajjarapu, a Director of the Company, notified the board of directors of his intention to step down from the role of Director, effective immediately. Mr. Ajjarapu’s decision to resign is not due to any disagreement with the Company, the Board of Directors, or any member of the Company’s management.
On February 6, 2026, Donald G. Fell resigned from the Company’s board of directors. Mr. Fell’s decision to resign is not due to any disagreement with the Company, the Board of Directors, or any member of the Company’s management.
In connection with this transition, Philip Balatsos has been appointed to fill one of the vacancies on the Board of Directors left by the aforementioned resignations. Philip Balatsos is a Senior financial markets executive with experience in foreign exchange and emerging market sales and trading. He has a proven track record of driving revenue growth, expanding institutional client relationships, and building businesses across global markets. His experience spans bulge-bracket banks, international financial institutions, entrepreneurial ventures, and public company boards. He presently holds a senior position at Oscar Gruss & Son Inc. in foreign exchange sales and trading. He previously served as vice president of foreign exchange and emerging markets rates sales and trading at XP Investments US LLC and was the director of foreign exchange hedge fund sales at Barclays Capital. He currently serves on the Board of Directors of Ciso Global, Inc. and Inspire Veterinary Partners, Inc. (OTCMKTS: IVPR) and served on the Board of Directors of Sadot Group Inc. from October 2019 through December 2023. He earned his Bachelor of Science in business administration from Skidmore College.
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Exchange Agreements
On January 1, 2026, the Company entered into Exchange Agreements (the “Exchange Agreements”) with certain holders of the Company’s debt (the “Holders”) to exchange approximately $1.75 million in debt for shares (the “Exchange Shares”) of the Company’s common stock (the “Exchanges”) (see Note 5. Convertible Notes). The debt was incurred by the Company’s predecessor, PowerUp Acquisition Corp. (“PowerUp”) pursuant to subscription agreements dated March 4, 2024, and May 9, 2024. The Holders were Sponsors of PowerUp’s initial public offering.
Pursuant to the Exchange Agreements, the Holders may, in their discretion, submit a notice of exchange setting forth the Exchange Amount, the Exchange Shares, and the applicable Exchange Price (as those terms are defined in the Exchange Agreements). Within one business day of receipt of an Exchange Notice, the Company will issue to such holder the number of Exchange Shares equal to the Exchange Amount divided by the Exchange Price, and such Exchange Amount shall be deducted from the Outstanding Balance (as that term is defined in the Exchange Agreements) owed to such Holder. The Exchange Price is equal to the closing price of the Company’s Common Stock on the Trading Day immediately prior to any Exchange Notice less one cent ($0.01) which shall be deemed an administrative fee to cover the costs of depositing the Exchange Shares. Each Holder may submit up to four (4) Exchange Notices, but each Exchange Notice may not exchange more than thirty percent (30%) of the applicable Holder’s Outstanding Balance. Each Holder must submit all Exchange Notices it determines to submit pursuant to the terms of the Exchange Agreements by no later than January 31, 2026, subject to certain reasonable exceptions. The Exchange Shares shall be delivered to the Holders as freely tradeable, free and clear of any transfer restrictions, and without any restrictive legends.
In addition, upon a financing in excess of $3,000,000 (a “Financing”), the Company may repay part or all of any Holder’s Outstanding Balance. Upon a Financing, a Holder may elect to receive cash proceeds from any Financing in an amount equal to twenty five percent (25%) of such Holder’s Outstanding Balance, to be applied to such Holder’s Outstanding Balance. If a Holder elects to require any part of its Outstanding Balance to be repaid from the proceeds of a Financing, it can elect to receive up to 33.33% of the aggregate proceeds of such Financing.
In January 2026, pursuant to the Exchange Agreements, the Subscription Agreement Loan balances along with applicable interest were converted into 13,121 shares of common stock of the Company after giving effects to the Reverse Splits (see Note 1. Description of Organization and Business).
Reverse Stock Splits
On January 16, 2026, the Company effected a 1-for-40 reverse stock split. The authorized shares and par value per share of common stock were unchanged by the reverse stock split.
On May 11, 2026, the Company effected a 1-for-30 reverse stock split. The authorized shares and par value per share of common stock were unchanged by the reverse stock split.
January 2026 Securities Purchase Agreement
On January 26, 2026, Aspire Biopharma Holdings, Inc. (the “Company”), entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with certain investors (the “Purchasers”), pursuant to which the Company sold to the Purchasers certain debentures in an aggregate principal amount of $2,173,913 for a subscription price of $2,000,000 (the “Debentures”) with a maturity date of April 23, 2026. The Notes have an 8% original issue discount and do not bear any annual interest. The Debentures are due the sooner of (i) 90 days, or (ii) upon the Company’s receipt of gross proceeds of at least $8,000,000 in any equity or debt financing. The Company shall have the option to prepay this Debenture(s) at any time after the Original Issue Date at an amount equal to the Principal Amount. The Company shall provide Holder(s) with ten (10) Business Days’ prior written notice of intention to satisfy the Debentures, whether at maturity, by prepayment, or in default. The Debentures are not convertible into common stock. In connection with the financing the Purchasers received an aggregate of 790,000 Shares of the Company’s common stock as incentive shares.
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Series A Convertible Preferred Stock
Pursuant to the terms of the Securities Purchase Agreement, on February 2, 2026, the Company filed the Certificate of Designation with the Delaware Secretary of State designating 30,000 shares of its authorized and unissued preferred stock as Series A Convertible Preferred Stock. The Certificate of Designation sets forth the rights, preferences and limitations of the shares of Preferred Stock. Terms not otherwise defined in this item shall have the meanings given in the Certificate of Designation.
The following is a summary of the terms of the Preferred Stock:
Conversion. Pursuant to the Certificate of Designation, which is filed as Exhibit 3.1 to this Current Report on Form 8-K (the “Certificate of Designation”), each share of Preferred Stock, subject to the Stockholder Approval (as defined in the Certificate of Designation), is convertible at the option of the holder into shares of Common Stock at a conversion price equal to 80% of the lowest closing price of our Common Stock as of the closing of the Principal Market (as such term is defined in the Certificate of Designation)for each of the five (5) Trading Days (as such term is defined in the Certificate of Designation)immediately prior to the date of conversion, or other date of determination (but in no event less than the floor price), subject to certain adjustments as set forth in the Certificate of Designation (the “Conversion Price”). The floor price is equal to 20% of the Minimum Price (as such term is defined by the rules and regulations of The Nasdaq Stock Market LLC, Rule 5635(d)(1)(A)) (or such lower amount as permitted, from time to time, by the Principal Market (the “Floor Price”). The number of shares of Common Stock issuable upon conversion of a share of Preferred Stock shall be determined by dividing (x) the stated value of the Preferred Stock to be converted by (y) the Conversion Price.
The shares of Preferred Stock will be convertible immediately upon issuance, at the option of the holder, at the Conversion Price, subject to a conversion cap that limits the conversion of the Preferred Stock such that an Investor may not beneficially own more than 4.99% (the “Maximum Percentage”) of the shares of Common Stock that would be issued and outstanding following such conversion (the “Maximum Percentage”). An Investor may decrease or increase the Maximum Percentage by written notice to the Company from time to time to any other percentage not in excess of 9.99%, provided that any increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered to the Company, provided further that a holder shall not convert any Preferred Stock to the extent that, after giving effect to such conversion, the aggregate number of shares of Common Stock issued or issuable upon conversion of the Preferred Stock would exceed 19.99% of the issued and outstanding shares of the Company’s Common Stock unless and until the Company has obtained the shareholder approval required by Nasdaq Listing Rule 5635(d).
Ranking. The Series A shall rank (i) senior to all of the Common Stock; (ii) senior to any class or series of capital stock of the Corporation hereafter created specifically ranking by its terms junior to any Series A (“Junior Securities”); (iii) on parity with any class or series of capital stock of the Corporation created specifically ranking by its terms on parity with the Preferred Stock (“Parity Securities”); and (iv) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking by its terms senior to any Series A (“Senior Securities”), in each case, as to dividends or distributions of assets upon liquidation, dissolution, winding up of the Corporation, whether voluntarily or involuntarily. Subject to any superior liquidation rights of the holders of any Senior Securities of the Corporation and the rights of the Corporation’s existing and future creditors, upon any liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary (a “Liquidation”), each Holder shall be entitled to be paid out of the assets of the Corporation legally available for distribution to stockholders, prior and in preference to any distribution of any of the assets or surplus funds of the Corporation to the holders of the Common Stock and Junior Securities and pari passu with any distribution to the holders of Parity Securities, an amount equal to the Stated Value for each share of Series A held by such Holder and an amount equal to any accrued and unpaid dividends thereon, and thereafter the Holders shall be entitled to receive out of the assets, whether capital or surplus, of the Corporation the same amount that a holder of Common Stock would receive if the Series A were fully converted (disregarding for such purposes any conversion limitations hereunder) to Common Stock which amounts shall be paid pari passu with all holders of Common Stock. The Corporation shall mail written notice of any such Liquidation, not less than sixty (60) days prior to the payment date stated therein, to each Holder.
Price Protection. Except for any Exempt Issuance, in the event the Corporation issues or sells any securities including Options or Convertible Securities (or amends any outstanding securities of the Company), at an effective price of, or with an exercise or conversion price of less than the Conversion Price, then upon such issuance or sale, the Conversion Price shall be reduced to the lesser of (i) the Floor Price; or (ii) the sale price or the exercise or conversion price of the securities issued or sold. In case any shares of Common Stock, Convertible Securities or Options are issued in connection with the issue or sale of other securities of the Company, together comprising one integrated transaction, each share of Common Stock underlying any such Convertible Securities or Options shall be deemed to be one additional share of Common Stock for the purposes of determining the effective price of the non-Exempt Issuance.
Participation Rights. Subject to certain terms and conditions in the Certificate of Designation, until the six (6) month anniversary of the issuance of the Series A to the Holder, upon any Subsequent Financing, the Holders of the outstanding Series A shall have the right to participate in an amount equal to an aggregate of 30% of the Subsequent Financing on the same terms, conditions and price provided for in the Subsequent Financing.
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February 2026 Securities Purchase Agreement
On February 6, 2026, Aspire Biopharma Holdings, Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which the Company agreed to issue and sell, in a private placement (the “Offering”), up to 25,000 shares (the “Shares”) of the Company’s newly-designated Series A Convertible Preferred Stock, par value $0.0001 per share (the “Preferred Stock”), which Preferred Stock is convertible into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) as more fully described in the Certificate of Designations, Preferences and Rights of the Series A Convertible Preferred Stock (the “Certificate of Designation”).
Pursuant to the Certificate of Designation on February 6, 2026, subject to Stockholder Approval (as defined below), each share of Preferred Stock is convertible at the option of the holder into shares of Common Stock at a conversion price equal to 80% of the lowest closing price of our Common Stock as of the closing of the Principal Market (as such term is defined in the Certificate of Designation) for each of the five (5) Trading Days (as such term is defined in the Certificate of Designation) immediately prior to the date of conversion, or other date of determination (but in no event less than the floor price), subject to certain adjustments as set forth in the Certificate of Designation (the “Conversion Price”).The floor price is equal to 20% of the Minimum Price (as such term is defined by the rules and regulations of The Nasdaq Stock Market LLC under Nasdaq Listing Rule 5635(d)(1)(A)) or such lower amount as permitted, from time to time, by the Principal Market (the “Floor Price”). The number of shares of Common Stock issuable upon conversion of a share of Preferred Stock shall be determined by dividing (x) the stated value of the Preferred Stock to be converted by (y) the Conversion Price.
The shares of Preferred Stock will be convertible immediately upon issuance, at the option of the holder, at the Conversion Price, subject to a conversion cap that limits the conversion of the Preferred Stock such that an Investor may not beneficially own more than 4.99% of the shares of Common Stock that would be issued and outstanding following such conversion (the “Maximum Percentage”). An Investor may decrease or increase the Maximum Percentage by written notice to the Company from time to time to any other percentage not in excess of 9.99%, provided that any increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered to the Company, provided further that a holder shall not convert any Preferred Stock to the extent that, after giving effect to such conversion, the aggregate number of shares of Common Stock issued or issuable upon conversion of the Preferred Stock would exceed 19.99% of the issued and outstanding shares of the Company’s Common Stock unless and until the Company has obtained the shareholder approval required by Nasdaq Listing Rule 5635(d) (“Shareholder Approval”).
Pursuant to the Securities Purchase Agreement, the Company closed on an aggregate of 13,750 Shares resulting in gross proceeds of $11,000,000 including the conversion of $943,801 in existing debt into Shares on the same terms, before deducting fees to be paid to the placement agents and financial advisors of the Company and other estimated offering expenses payable by the Company.
RBW Capital Partners, LLC acted as placement agent for the Offering. As compensation in connection with the Offering, the Company paid the placement agent a placement agent fee equal to $900,000.
The initial closing of the issuance of Preferred Stock occurred on February 6, 2026 (the “Initial Closing”). At the Initial Closing, the Company issued 13,750 Shares of Preferred Stock for aggregate gross proceeds of $11,000,000, which included $943,801 of debt that converted into Preferred Shares on the same terms. Subject to the satisfaction or waiver of certain conditions set forth in the Purchase Agreement, a second closing may take place, pursuant to which the Company may issue up to 12,500 additional Shares of Preferred Stock for aggregate proceeds not to exceed $10,000,000 (the “Second Closing”). The Second Closing is contingent on the effectiveness of the registration statement to register the shares of Common Stock issuable upon conversion of the Shares and receipt of Shareholder Approval.
In connection with the Offering, the Company filed a proxy statement with the United States Securities and Exchange Commission (the “Commission”) seeking the approval of its stockholders for (i) the transactions contemplated by the Securities Purchase Agreement, (ii) the issuance of the Preferred Stock and the Common Stock issuable upon the conversion of the Preferred Stock, (iii) a reverse stock split of the Company’s Common Stock at a range of one for five (1-for-5) to a maximum of one for five hundred (1-for-500) shares, whether effected in a single transaction or in multiple transactions, and all related amendments to the Company’s certificate of incorporation, and (iv) an amendment to the Company’s certificate of incorporation to effect an increase in the Company’s authorized shares to the extent required to issue the securities. Pursuant to the Securities Purchase Agreement, the Company was required to file a proxy statement within ten (10) business days after the initial closing.
In addition, the Company and each Investor entered into a registration rights agreement (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, within fifteen (15) days following the Initial Closing, the Company shall file a resale registration statement on Form S-1 (or Form S-3 if the Company is S-3 eligible) providing for the resale by the Investors of the Registrable Securities (as defined in the Registration Rights Agreement) and to use its best efforts to cause such resale registration statement to be declared effective by the staff of the Commission within forty five (45) days following the Initial Closing, or within sixty five (65) days in the event of a review by the Commission.
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Pursuant to the Securities Purchase Agreement, the Investors have the right to appoint one (1) director to our Board of Directors. The Securities Purchase Agreement and Registration Rights Agreement contain certain representations and warranties, covenants and indemnities customary for similar transactions. The representations, warranties and covenants contained in the Securities Purchase Agreement and Registration Rights Agreement were made solely for the benefit of the parties to the Securities Purchase Agreement and Registration Rights Agreement and may be subject to limitations agreed upon by the contracting parties.
Amendments to Articles of Incorporation or Bylaws: Change in Fiscal Year
On April 13, 2026, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to the Certificate of Designation of Series A Convertible Preferred Stock to amend the Company’s previously filed Certificate of Designation of Series A Convertible Preferred Stock, which was originally filed on February 2, 2026. Pursuant to the Certificate of Amendment, the Company amended certain provisions of the Certificate of Designation, including clarifying and restating provisions relating to the designation and number of shares of Series A Convertible Preferred Stock. As amended, the Company has designated 30,000 shares of Series A Convertible Preferred Stock, each with a par value of $0.0001 and a stated value of $1,000 per share.
On April 13, 2026, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to the Certificate of Designation of Series A Convertible Preferred Stock to amend the Company’s previously filed Certificate of Designation of Series A Convertible Preferred Stock, which was originally filed on February 2, 2026 in order to clarify and restate provisions relating to the designation and number of shares of Series A Convertible Preferred Stock. As amended, the Company has designated 30,000 shares of Series A Convertible Preferred Stock, each with a par value of $0.0001 and a stated value of $1,000 per share.
On May 11, 2026, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to the Company’s Certificate of Incorporation to effect a 1-for-30 reverse stock split of the Company’s issued and outstanding common stock.
Purchase Agreement
On June 10, 2026, the Company entered into a purchase agreement (the “Purchase Agreement”) with FireFish TopCo, LLC (the “Seller”, and, collectively with its Subsidiaries listed in the Purchase Agreement, “Sellers”), pursuant to which (i) the Seller agreed to sell, and cause the applicable Sellers to sell, and the Company agreed to purchase or cause certain of its Affiliates to purchase, all of the equity interests in certain of Seller’s subsidiaries listed in the Purchase Agreement (the aforementioned equity interests, collectively, the ‘Transferred Equity Interests”, and such subsidiaries, “Transferred Entities”), free and clear of all Liens, other than the Permitted Liens and in accordance with the applicable Local Transfer Documents and (ii) the Seller agreed to sell, and cause the applicable Sellers to sell, and the Company agreed to purchase, or cause certain of its affiliates to purchase, all of the assets of the other Business Entities as defined as Transferred Entities, DUS Operating Inc. with respect to the U.S. Enterprise and Automotive Czech with respect to the KOP Enterprise constituting the balance of the Business defined as the business of designing, manufacturing, marketing and selling automotive systems that facilitate electronic driver control and the migration toward vehicle electrification, safety, light weighting and sustainability, as conducted by the Transferred Entities on June 10,2026, and in respect to (a) Automotive Czech, the business conducted by the KOP Enterprise and (b) DUS Operating Inc., the business conducted by the U.S. Enterprise.
Purchase Price and Consideration: As consideration for such purchase, the Company agreed to pay the Seller (or one or more of its designated other Sellers or Affiliates) at least two (2) Business Days prior to the date of Closing (“Closing Date”) an amount equal to: (i) $30,000,000 (the “Purchase Price”) plus (ii) $800,000 in respect of deferred revenue of the Business Entities (such $800,000 representing an agreed upon fixed credit for the deferred revenue, regardless of the actual amount of the deferred revenue), minus (iii) any Income Tax obligations of the Transferred Entities net of any Income Tax receivables, minus (iv) Indebtedness of the Transferred Entities as of the closing (such final amount, the “Closing Purchase Price”). The Purchase Price will be allocated among the Transferred Entities and/or business units listed in the Purchase Agreement. To the extent relevant under applicable Tax Law, the Purchase Price associated with each Transferred Entity and/or business unit will be further allocated among the assets of such Transferred Entities in a manner consistent with Section 1060 of the Internal Revenue Code.
On August 6, 2026, the Company entered into an Escrow and Closing Agreement pursuant to which the parties acknowledged and agreed that all conditions to the closing of the transactions per the Purchase Agreement had been satisfied. (see Note 11. Subsequent Events)
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Commitment Letter for Credit Facility
The Company entered into a commitment letter with a national financial institution providing for a senior secured credit facility of Aspire in an aggregate principal amount of up $22,500,000 (the “Aspire Credit Facility”). Aspire intends to use the proceeds of the Aspire Credit Facility, if consummated, to finance the acquisition of 100% of DCS. The Company does not anticipate procuring any new equity raise to consummate the purchase.
The Aspire Credit Facility is expected to consist of a senior secured five-year term loan, at an interest rate equal to 325 basis points above the one-month term Secured Overnight Financing Rate. The final terms of the Aspire Credit Facility, including the senior secured term loan, will be subject to execution of definitive credit documentation and the satisfaction of customary closing conditions.
Key Financial Definitions/Components of Results
Revenue
The Company began earning revenue in the fourth quarter of 2025 from the sale of its nutraceutical products.
Operating Expenses
We classify our operating expenses into the following categories:
| ● | General and administrative expenses. General and administrative expenses consist primarily of personnel-related expenses for our executives, consultants and advisors. These expenses also include non-personnel costs, such as rent, office supplies, legal, audit and accounting services and other professional fees. | |
| ● | Research and development expenses. Research and development expenses include internal personnel and third-party consulting costs related to preliminary research and development of the Company’s products. | |
| ● | Merger and acquisition expenses. Merger and acquisition expenses include costs directly related to business acquisitions. | |
| ● | Sales and marketing expenses. Sales and marketing expenses consist primarily of business development professional fees, advertising and marketing costs. |
Critical Accounting Estimates
Management’s discussion and analysis of our financial condition and results of operations is based on our unaudited condensed consolidated financial statements, which are prepared in conformity with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make certain estimates, judgments, and assumptions that we believe are reasonable based upon the information available. These estimates and assumptions can be subjective and complex and may affect the reported amounts of assets and liabilities, revenues, and expenses reported in those financial statements. As a result, actual results could differ from such estimates and assumptions. Such changes to estimates could potentially result in impacts that would be material to the consolidated financial statements.
While our significant accounting policies are described in (Note 2. Significant Accounting Policies) to our unaudited condensed consolidated financial statements appearing in Item 1 to this Quarterly Report on Form 10-Q, we believe that the following accounting policies were most critical to the judgments and estimates used in the preparation of our unaudited condensed consolidated financial statements.
Use of Estimates
The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those significant estimates. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Significant accounting estimates included in these financial statements are the determination of the fair value of the subscription agreements, convertible notes and the securities purchase agreement liability. Such estimates may be subject to change as more current information becomes available and accordingly, the actual results could differ significantly from those estimates.
Segment Information
ASC 280, Segment Reporting (“ASC 280”), defines operating segments as components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer, who has ultimate responsibility for the operating performance of the Company and the allocation of resources. The CODM reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that there is only one reportable segment. The CODM assesses performance for the single reportable segment and decides how to allocate resources based on operating expenses that also is reported on the statements of operations as net income. The measure of segment assets is reported on the consolidated balance sheet as total assets. When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in operating expenses and cash and cash equivalents.
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Gross margin, operating expenses, inclusive of general and administrative costs, research and development costs and sales and marketing costs, other expenses, net and income tax expense, are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to fund operations. The CODM also reviews operating expenses to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements. The categories of operating expenses, as reported on the unaudited condensed consolidated statements of operations, are the significant segment expenses provided to the CODM on a regular basis.
Share-Based Compensation
The Company accounts for share-based compensation arrangements granted to employees and vendors in accordance with ASC 718 by measuring the grant date fair value of the award and recognizing the resulting expense over the period during which the employee is required to perform service in exchange for the award. Equity-based compensation expense is only recognized for awards subject to performance conditions if it is probable that the performance condition will be achieved. The Company accounts for forfeitures when they occur.
Warrants
The Company reviews the terms of warrants to purchase its common stock to determine whether warrants should be classified as liabilities or stockholders’ equity (deficit) in its unaudited condensed consolidated balance sheets. In order for a warrant to be classified in stockholders’ equity (deficit), the warrant must be (i) indexed to the Company’s equity and (ii) meet the conditions for equity classification.
If a warrant does not meet the conditions for stockholders’ equity (deficit) classification, it is carried on the unaudited condensed consolidated balance sheets as a warrant liability measured at fair value, with subsequent changes in the fair value of the warrant recorded in other nonoperating losses (gains) in the unaudited condensed consolidated statements of operations. If a warrant meets both conditions for equity classification, the warrant is initially recorded, at its relative fair value on the date of issuance, in stockholders’ equity (deficit) in the unaudited condensed consolidated balance sheets, and the amount initially recorded is not subsequently remeasured at fair value.
Revenue recognition
The Company recognizes revenue in accordance with ASC 606. The core principle of the guidance in ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, the Company applied the following five-step model that requires entities to exercise judgment:
(1) Identify the contracts or agreements with a customer: The Company sells pharmaceutical products directly to customers from its website. The Company’s revenue is derived from the customer orders evidenced by invoices issued. Orders placed by customers constitute the Company’s contracts with customers.
(2) Identifying the performance obligations in the contract or agreement: The contract with the customer contains a single performance obligation: the sale of the product.
(3) Determine the transaction price: The Company’s sales arrangements for pharmaceutical products require a full prepayment from the customer at a fixed price per unit based on the terms of the invoice with the customer and before the shipment of products. The transaction price is the amount that reflects the consideration which the Company expects to receive.
(4) Allocate the transaction price to the separate performance obligations: All transaction prices are allocated to the single performance obligation.
(5) Recognize revenue as each performance obligation is satisfied: This performance obligation is satisfied when control of the product is transferred to the customer, which generally occurs upon shipment. The Company receives orders for products to be delivered over multiple dates that may extend across reporting periods. The Company’s accounting policy treats shipping and handling activities as a fulfillment cost. The Company invoices for each order upon payment and recognizes revenue at the fixed price for each distinct product delivered when transfer of control has occurred, which is generally upon shipment.
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The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.
Recent Accounting Pronouncements
A discussion of recently issued accounting standards applicable to us is described in Note 2, Significant Accounting Policies, in the notes to the unaudited condensed consolidated financial statements contained elsewhere in this Quarterly Report on Form 10-Q.
Results of Operations
The following tables set forth the results of our operations for the periods presented, as well as the changes between periods. The period-to-period comparison of financial results is not necessarily indicative of future results.
Comparison of Three Months Ended June 30, 2026 and 2025
The following table sets forth our unaudited condensed consolidated statements of operations data for the three months ended June 30, 2026, and 2025:
| Three Months Ended June 30, | ||||||||||||
| 2026 | 2025 | Change | ||||||||||
| Net revenue | $ | 63,104 | $ | - | $ | 63,104 | ||||||
| Cost of revenue | 50,818 | - | 50,818 | |||||||||
| Inventory write off | 42,372 | - | 42,372 | |||||||||
| Gross margin | (30,086 | ) | - | (30,086 | ) | |||||||
| Operating expenses | ||||||||||||
| General and administrative | 970,211 | 395,692 | 574,519 | |||||||||
| Research and development | 233,482 | 352,887 | (119,405 | ) | ||||||||
| Sales and marketing | 1,215,025 | 51,311 | 1,163,714 | |||||||||
| Merger and acquisition | 229,418 | - | 229,418 | |||||||||
| Total operating expenses | 2,648,136 | 799,890 | 1,848,246 | |||||||||
| Loss from operations | (2,678,222 | ) | (799,890 | ) | (1,878,332 | ) | ||||||
| Other income (expenses): | ||||||||||||
| Interest income | 56,676 | - | 56,676 | |||||||||
| Interest expense | - | (527,893 | ) | 527,893 | ||||||||
| Change in fair value of derivative liabilities and convertible notes | (275 | ) | (289,401 | ) | 289,126 | |||||||
| Gain (loss) on extinguishment of debt | 1,353,679 | (364,109 | ) | 1,717,788 | ||||||||
| Total other expense, net | 1,410,080 | (1,181,403 | ) | 2,591,483 | ||||||||
| Net loss | $ | (1,268,142 | ) | $ | (1,981,293 | ) | $ | 713,151 | ||||
Gross Margin
For the three months ended June 30, 2026, total revenue was $63,104 and total cost of revenue was $50,818 and a write-off of obsolete inventory to it carrying value totaling $42,372. We began selling our products during the quarter ended September 30, 2025; therefore no sales were recorded during the three months ended June 30, 2025.
General and Administrative
General and administrative expenses for the three months ended June 30, 2026, was $970,211 as compared to $395,692 for the three months ended June 30, 2025. The $574,519 increase in general and administrative primarily consists of increases in professional fees such as legal and accounting.
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Research and Development
Research and development expenses for the three months ended June 30, 2026, was $233,482 as compared to $352,887 for the three months ended June 30, 2025. The $119,405 decrease in research and development reflects the reduction in product development costs as our products are now marketable.
Sales and Marketing
Sales and marketing for the three months ended June 30, 2026, was $1,215,025 as compared to $51,311 for the three months ended June 30, 2025. The $1,163,714 increase in sales and marketing reflects increases in marketing such as investor awareness costs and product sampling as we continue to develop our products.
Merger and acquisition
Merger and acquisition expenses for the three months ended June 30, 2026, was $229,418 as compared to $0 for the three months ended June 30, 2025. The $229,418 increase in merger and acquisition expenses is a result of costs incurred related to the anticipated DCS transaction.
Interest Income
Interest income was $56,676 for the three months ended June 30, 2026, and is due to an increase in cash deposits during the second quarter of 2026.
Interest expense
Interest expense for the three months ended June 30, 2026 was $0 as compared to $527,893 for the three months ended June 30, 2025. The decrease in interest expense of $527,893 is a result of the full payment or conversion to equity of the outstanding balances of the convertible notes, subscription agreement loans, and the amortization of debt discount associated with the notes payable – related party in 2025.
Change in fair value of derivative liabilities and convertible notes
Change in fair value of derivative liabilities and convertible notes for the three months ended June 30, 2026, was $0 as compared to $289,126 for the three months ended June 30, 2025. The $289,126 reduction in change in fair value of derivative liabilities and convertible notes is the result of the full payment or conversion to equity of the outstanding balance of the subscription agreement loans, convertible notes and the related derivative liability.
Gain (loss) on extinguishment of debt
The gain (loss) on extinguishment of debt for the three months ended June 30, 2026 of $1,353,679 was primarily due to the write off of balances related to the Srirama Associates LLC legal claim following the dismissal of the claim with prejudice on June 29, 2026.
Comparison of Six Months Ended June 30, 2026 and 2025
The following table sets forth our unaudited condensed consolidated statements of operations data for the six months ended June 30, 2026 and 2025:
| For the Six Months Ended June 30, | ||||||||||||
| 2026 | 2025 | Change | ||||||||||
| Net revenue | $ | 91,457 | $ | - | $ | 91,457 | ||||||
| Cost of revenue | 73,421 | - | 73,421 | |||||||||
| Inventory write off | 42,372 | - | 42,372 | |||||||||
| Gross margin | (24,336 | ) | - | (24,336 | ) | |||||||
| Operating expenses | ||||||||||||
| General and administrative | 1,990,668 | 15,469,240 | (13,478,572 | ) | ||||||||
| Research and development | 530,205 | 615,980 | (85,775 | ) | ||||||||
| Sales and marketing | 1,549,764 | 271,150 | 1,278,614 | |||||||||
| Merger and acquisition | 229,418 | - | 229,418 | |||||||||
| Total operating expenses | 4,300,055 | 16,356,370 | (12,056,315 | ) | ||||||||
| Loss from operations | (4,324,391 | ) | (16,356,370 | ) | 12,031,979 | |||||||
| Other income (expenses): | ||||||||||||
| Interest income | 61,685 | - | 61,685 | |||||||||
| Interest expense | (1,595,315 | ) | (817,824 | ) | (777,491 | ) | ||||||
| Change in fair value of derivative liabilities and convertible notes | 251,532 | (384,318 | ) | 635,850 | ||||||||
| Gain (loss) on extinguishment of debt | 1,115,455 | (364,109 | ) | 1,479,564 | ||||||||
| Total other expense, net | (166,643 | ) | (1,566,251 | ) | 1,399,608 | |||||||
| Net loss | $ | (4,491,034 | ) | $ | (17,922,621 | ) | $ | 13,431,587 | ||||
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Gross Margin
For the six months ended June 30, 2026, total revenue was $91,457 and total cost of revenue was $73,421 and a write-off of obsolete inventory to it carrying value totaling $42,372. We began selling our products during the quarter ended September 30, 2025; therefore no sales were recorded during the six months ended June 30, 2025.
General and Administrative
General and administrative expenses for the six months ended June 30, 2026 was $1,990,668 as compared to $15,469,240 for the six months ended June 30, 2025. The $13,478,572 decrease in general and administrative expenses is primarily due to a reduction in stock-based compensation.
Research and Development
Research and development expenses for the six months ended June 30, 2026 was $530,205 as compared to $615,980 for the six months ended June 30, 2025. The $85,775 decrease in research and development is due to a reduction in product development costs as our products are now marketable.
Sales and Marketing
Sales and marketing for the six months ended June 30, 2026 was $1,549,764 as compared to $271,150 for the six months ended June 30, 2025. The $1,278,614 increase in sales and marketing reflects increases in marketing costs related to investor awareness and product sampling as we continue to develop our products.
Merger and acquisition
Merger and acquisition expenses for the six months ended June 30, 2026 was $229,418 as compared to $0 for the six months ended June 30, 2025. The $229,418 increase in merger and acquisition expenses is a result of costs incurred related to the anticipated DCS transaction.
Inventory write off
During the six months ended June 30, 2026, we wrote off $42,372 of obsolete inventory to its carrying value.
Interest Income
Interest income of $61,685 for the six months ended June 30, 2026, and is due to an increase in cash deposits during the second quarter of 2026.
Interest expense
Interest expense for the six months ended June 30, 2026 was $1,595,315 as compared to $817,824 for the six months ended June 30, 2025. The decrease in interest expense of $777,491 is a result of the full payment or conversion to equity of the outstanding balances of the convertible notes, subscription agreement loans, and the amortization of debt discount associated with the notes payable – related party in 2025
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Change in fair value of derivative liabilities and convertible notes
Change in fair value of derivative liabilities and convertible notes for the six months ended June 30, 2026 was $251,532 as compared to $384,318 for the six months ended June 30, 2025. The $635,850 decrease in change in fair value of derivative liabilities and convertible notes is a result of the full payment or conversion to equity of the outstanding balance of the subscription agreement loans, convertible notes and the related derivative liability.
Gain (loss) on extinguishment of debt
The gain (loss) on extinguishment of debt for the six months ended June 30, 2026 of $1,353,679 is primarily the result of the write off of the Srirama Associates LLC legal claim following the dismissal of the claim with prejudice on June 29, 2026 partially offset by the loss on costs related to certain debt conversions.
Liquidity and Capital Resources
Our primary source of liquidity has been cash from financing activities. As of June 30, 2026, working capital was $11,779,348 and cash was $12,167,136. For the six months ended June 30, 2026, our net loss was $4,491,034 and we had an accumulated deficit of $31,749,115.
In February 2025, we received proceeds of approximately $265,827 as a result of the Reverse Recapitalization. Immediately after the consummation of the Reverse Recapitalization, we received $3,000,000 from the issuance of convertible notes and an additional net cash proceeds of $2,661,459 after partial repayment of the convertible notes and deal costs pursuant to the August 19, 2025 Securities Purchase Agreement (see Note 5. Convertible Notes). In February 2026, we entered into a Securities Purchase Agreement (see Note 7. Securities Purchase Agreement) pursuant to which we received net payout of approximately $6,777,206 after repayment of the remaining convertible notes and deal costs under the first tranche for purchases of convertible preferred stock. We also entered into an ELOC agreement in November 2025, to which we can sell up to $100 million in common stock over 24 months. In April 2026, we closed the final tranche of the Securities Purchase Agreement and received an additional $9,000,000 after payment of applicable fees.
We assess our liquidity in terms of our ability to generate adequate amounts of cash to meet current and future needs. Our expected primary uses of cash on a short- and long-term basis are for working capital requirements and other liquidity needs. Management has determined that our current liquidity position is sufficient to fund our operations for at least one year after the filing of these unaudited condensed consolidated financial statements.
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Cash Flows for the Six Months Ended June 30, 2026 and 2025
The following table summarizes our cash flows from operating and financing activities for the six months ended June 30, 2026 and 2025:
| Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| Net cash used in operating activities | $ | (5,154,196 | ) | $ | (2,891,838 | ) | ||
| Net cash provided by financing activities | $ | 16,317,428 | $ | 3,094,438 | ||||
Net Cash Flows Used in Operating Activities
Net cash flows used in operating activities was $5,154,196 during the six months ended June 30, 2026, compared to net cash flows used in operating activities of $2,891,838 during the six months ended June 30, 2025. The period-to-period change was a result of the change in noncash stock compensation of $14,102,094 and the decrease in net loss for the periods, increase in prepaid expenses and other assets and decrease in accounts payable and due from related party.
Net Cash Flows Provided by Financing Activities
For the six months ended June 30, 2026, net cash flows provided by financing activities was $16,317,428, compared to net cash flows provided by financing activities of $3,094,438 during the six months ended June 30, 2025. The period-to-period change was primarily due to proceeds from the issuance of Series A Convertible Preferred Stock of $17,951,119, partially offset by repayments of convertible notes and debentures.
Off-Balance Sheet Financing Arrangements
We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2026. We do not participate in transactions that create relationships with entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide disclosure under this Item 3.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2026. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective including those controls surrounding complex accounting areas such as the accounting for the Company’s recapitalization.
Limitations on the Effectiveness of Controls
Management of the Company, including its Chief Executive Officer and its Chief Financial Officer, does not expect that the Company’s disclosure controls and procedures or its internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Furthermore, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons or by the collusion of two or more persons. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of the effectiveness of controls to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.
Changes in Internal Control over Financial Reporting
During the fiscal quarter ended June 30, 2026, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Our process for evaluating controls and procedures is continuous and encompasses constant improvement of the design and effectiveness of established controls and procedures.
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PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As discussed in Note 6. Commitments and Contingencies to the Notes to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q, we are engaged in certain legal proceedings and the disclosure set forth in Note 6. Commitments and Contingencies relating to legal proceedings is incorporated herein by reference.
ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors disclosed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 30, 2026, as amended on Form 10-K/A filed with the SEC on April 8, 2026.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
During the six months ended June 30, 2026, we issued an aggregate of 26,250 shares of our Series A Convertible Preferred Stock in a private placement to institutional investors for gross proceeds of $20,000,000, pursuant to a Securities Purchase Agreement entered into in February 2026. The shares were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D. The investors are accredited and represented their investment intent; no general solicitation or advertising was used.
In January 2026, we issued 26,333 shares of common stock as incentive shares to investors in connection with a short-term debenture financing, and 21,525 shares of common stock to certain lenders pursuant to exchange agreements that converted outstanding subscription agreement loans and accrued interest into equity. We also issued 207 “true-up” shares of common stock to Arena under our equity line of credit commitment fee. These issuances were made in private transactions exempt from registration under Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D.
We did not repurchase any of our equity securities during the three and six months ended June 30, 2026. There were no proceeds used from a registered offering during the periods.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. MINE SAFETY DISCLOSURES
None
ITEM 5. OTHER INFORMATION
During
the three and six months ended June 30, 2026, none of our directors or officers
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ITEM 6. EXHIBITS
| Exhibit No. | Description | |
| 3.1* | Certificate of Amendment to the Certificate of Designation of Series A Convertible Preferred Stock, filed with the Secretary of State of the State of Delaware on April 13, 2026 | |
| 3.2* | Certificate of Amendment to the Certificate of Incorporation of Aspire Biopharma Holdings, Inc., filed with the Secretary of State of the State of Delaware on May 11, 2026. | |
| 10.1 | Form of Purchase Agreement (incorporated by reference from Exhibit 10.1 to the Current Report 8-K filed with the SEC on February 20, 2025) | |
| 10.2 | Form of Leak Out Agreement (incorporated by reference from Exhibit 10.2 to the Current Report 8-K filed with the SEC on February 20, 2025) | |
| 10.3 | Form of Securities Purchase Agreement (incorporated by reference from Exhibit 10.1 to the Current Report 8-K filed with the SEC on February 21, 2025) | |
| 10.4* | Form of Debenture | |
| 10.5 | Purchase Agreement, dated November 11, 2025, between Aspire Biopharma Holdings, Inc. and Arena Business Solutions Global SPC II, Ltd. (incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed November 14, 2025) | |
| 10.6* | Form of Purchase Agreement, dated June 10, 2026, by and among Aspire Biopharma Holdings, Inc. and FireFish TopCo, LLC | |
| 10.7 | Escrow and Closing Agreement, dated as of August 6, 2026, by and between FireFish TopCo, LLC and Aspire Biopharma Holdings, Inc. (incorporated by reference from Exhibit 10.2 to the Current Report on Form 8-K filed August 10, 2026). | |
| 10.8 | Convertible Promissory Note Purchase Agreement, dated as of August 6, 2026, by and among Aspire Biopharma Holdings, Inc. and the Investors named therein (incorporated by reference from Exhibit 10.3 to the Current Report on Form 8-K filed August 10, 2026). | |
| 10.9 | Form of Convertible Promissory Note (incorporated by reference from Exhibit 10.4 to the Current Report on Form 8-K filed August 10, 2026). | |
| 31.1* | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
| 31.2* | Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
| 32.1** | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
| 32.2** | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
| 101.INS* | Inline XBRL Instance Document | |
| 101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
| 101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
| 101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
| 101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101) |
* Filed herewith.
| 45 |
ASPIRE BIOPHARMA HOLDINGS, INC.
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ASPIRE BIOPHARMA HOLDINGS, INC. | ||
| Date: August 13, 2026 | By: | /s/ Kraig T. Higginson |
| Name: | Kraig T. Higginson | |
| Title: | Chief Executive Officer and Chairman | |
| (Principal Executive Officer) | ||
| Date: August 13, 2026 | By: | /s/ Ernest J. Scheidemann |
| Name: | Ernest J. Scheidemann | |
| Title: | Chief Financial Officer | |
| (Principal Financial and Accounting Officer) | ||
| 46 |