Greenwich LifeSciences (GLSI) loss widens as ATM equity raises fund trials

Rhea-AI Filing Summary

Greenwich LifeSciences, Inc. reported a net loss of $5.7 million for the quarter ended March 31, 2026, compared with $2.7 million a year earlier, as it continues developing its breast cancer immunotherapy GLSI-100 and expanding the Phase III Flamingo-01 trial.

Research and development spending rose to $5.2 million from $2.3 million, reflecting higher clinical trial costs, while general and administrative expenses were roughly flat at $0.5 million. The company had $10.5 million of cash on March 31, 2026, funded largely by equity sales through its at-the-market program.

Management states there is substantial doubt about the company’s ability to continue as a going concern within one year without additional capital. The filing also discloses material weaknesses in internal control over financial reporting, including inadequate segregation of duties and insufficient accounting systems.

Positive

• None.

Negative

• Going concern uncertainty: Ongoing net losses, negative operating cash flows, and reliance on new capital raise substantial doubt about the company’s ability to continue as a going concern within one year.
• Material weaknesses in internal control: Management reports ineffective disclosure controls due to limited personnel, poor segregation of duties, and inadequate accounting and stock award systems.

Insights

Biopharma equity analyst

Clinical R&D spending is accelerating while liquidity and control risks remain elevated.

Greenwich LifeSciences is clearly leaning into its Phase III Flamingo-01 program. Research and development expenses jumped to $5.2 million for the March 31, 2026 quarter, up from $2.3 million in 2025, mainly from higher clinical trial payables as the study footprint expands.

This burn is being financed primarily through equity. The company raised $9.0 million net via at-the-market share sales in Q1 2026 and a further $0.3 million net in early Q2 2026, lifting cash to $10.5 million at quarter-end. However, management still cites “substantial doubt” about its ability to continue as a going concern within one year, underscoring financing dependence.

The filing also notes material weaknesses in internal controls, including inadequate segregation of duties and lack of robust accounting systems. Taken together, increasing trial spend, recurring losses, going-concern language, and control weaknesses represent a higher-risk profile until sustained funding and remediation progress are demonstrated in future reporting periods.

Key Figures

Net loss: $5,657,137 Net loss prior-year quarter: $2,744,780 R&D expense: $5,207,564 +5 more

8 metrics

Net loss $5,657,137 Three months ended March 31, 2026

Net loss prior-year quarter $2,744,780 Three months ended March 31, 2025

R&D expense $5,207,564 Three months ended March 31, 2026

Cash balance $10,505,435 As of March 31, 2026

ATM net proceeds Q1 2026 $9,029,912 ATM offerings Jan 1–Mar 31, 2026

ATM net proceeds early Q2 2026 $310,664 ATM offerings Apr 1–Apr 15, 2026

Shares outstanding 14,678,208 shares Common stock issued and outstanding as of May 26, 2026

Total stockholders’ equity $5,270,206 As of March 31, 2026

Key Terms

going concern, At The Market (ATM) offerings, material weaknesses in our internal control over financial reporting, emerging growth company, +1 more

5 terms

going concern financial

"These circumstances raise substantial doubt about the Company’s ability to continue as a going concern within one year"

A going concern is a business that is expected to continue its operations and meet its obligations for the foreseeable future, rather than shutting down or selling off assets. This assumption matters to investors because it indicates stability and ongoing profitability, making the business a more reliable investment. Think of it as believing a restaurant will stay open and serve customers, rather than closing down suddenly.

At The Market (ATM) offerings financial

"the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright"

material weaknesses in our internal control over financial reporting financial

"our disclosure controls and procedures were not effective as of March 31, 2026, as a result of material weaknesses in our internal control over financial reporting"

emerging growth company regulatory

"As an “emerging growth company,” we intend to rely on certain of these exemptions"

An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

Phase III clinical trial medical

"We are a clinical-stage biopharmaceutical company focused on our Phase III clinical trial, Flamingo-01"

A phase iii clinical trial is the late-stage study where a new drug or medical treatment is tested in large groups of patients to confirm effectiveness, monitor side effects, and compare it to current standard care. For investors, successful results are a major milestone because they greatly increase the chance of regulatory approval and market access, similar to a final test flight that clears a new airplane for commercial service.

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10-Q Quarterly Reports: What Changes Quarter to Quarter →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

COMMISSION FILE NUMBER 001-39555

GREENWICH LIFESCIENCES, INC.

(Exact Name of registrant as specified in its charter)

Delaware		20-5473709
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

3992 Bluebonnet Dr., Building 14, Stafford, Texas		77477
(Address of principal executive offices)		(Zip Code)

(832) 819-3232

(Registrant’s telephone number, including area code)

Title of each class:		Trading Symbol(s)		Name of each exchange on which registered:
Common Stock		GLSI		Nasdaq Capital Market

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 26, 2026, the issuer had 14,678,208 shares of Common Stock issued and outstanding.

GREENWICH LIFESCIENCES, INC.

Table of Contents

		Page
PART I	FINANCIAL INFORMATION	3
Item 1.	Financial Statements (unaudited)	3
	Balance Sheets as of March 31, 2026 and December 31, 2025 (Unaudited)	3
	Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	4
	Statements of Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	5
	Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	6
	Notes to Financial Statements (Unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	13
Item 4.	Controls and Procedures	13
PART II	OTHER INFORMATION	14
Item 1.	Legal Proceedings	14
Item 1A.	Risk Factors	14
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	14
Item 3.	Defaults Upon Senior Securities	14
Item 4.	Mine Safety Disclosures	14
Item 5.	Other Information	14
Item 6:	Exhibits	15
SIGNATURES		16

-2-

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GREENWICH LIFESCIENCES, INC.

BALANCE SHEETS

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025 (UNAUDITED)

		March 31, 2026				December 31, 2025
Assets
Current assets
Cash		$	10,505,435			$	6,178,021
Total current assets			10,505,435				6,178,021
Total assets		$	10,505,435			$	6,178,021
Liabilities and stockholders’ equity
Current liabilities
Accounts payable & accrued interest		$	4,509,028			$	4,874,489
Deferred compensation			673,819				673,819
Unreimbursed expenses			52,382				276,496
Total current liabilities			5,235,229				5,824,804
Total liabilities			5,235,229				5,824,804
Stockholders’ equity
Common stock, $0.001 par value; 100,000,000 shares authorized; 14,665,993 and 14,298,446 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively			14,666				14,299
Additional paid-in capital			98,049,683				87,475,924
Accumulated deficit			(92,794,143	)			(87,137,006	)
Total stockholders’ equity			5,270,206				353,217
Total liabilities and stockholders’ equity		$	10,505,435			$	6,178,021

See accompanying notes to unaudited financial statements.

-3-

GREENWICH LIFESCIENCES, INC.

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)

		2026				2025
		Three Months Ended March 31,
		2026				2025
Revenue		$	—			$	—
Operating expenses
Research and development			5,207,564				2,271,148
General and administrative			518,190				497,602
Total operating expenses			5,725,754				2,768,750
Loss from operations			(5,725,754	)			(2,768,750	)
Interest income			68,617				23,970
Net loss		$	(5,657,137	)		$	(2,744,780	)
Per share information:
Net loss per common share, basic and diluted		$	(0.39	)		$	(0.21	)
Weighted average common shares outstanding, basic and diluted			14,565,230				13,171,555

See accompanying notes to unaudited financial statements.

-4-

GREENWICH LIFESCIENCES, INC.

STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)

										Additional								Total
		Common Stock								Paid-in				Accumulated				Stockholders’
		Shares				Par Amount				Capital				Deficit				Equity
Balances, December 31, 2024			13,152,729			$	13,153			$	68,674,261			$	(67,778,788	)		$	908,626
Stock-based compensation			—				—				1,544,214				—				1,544,214
Sale of common stock via ATM program, net of costs			39,918				40				492,383				—				492,423
Net loss			—				—				—				(2,744,780	)			(2,744,780	)
Balances, March 31, 2025			13,192,647			$	13,193			$	70,710,858			$	(70,523,568	)		$	200,483
Balances, December 31, 2025			14,298,446			$	14,299			$	87,475,924			$	(87,137,006	)		$	353,217
Stock-based compensation			—				—				1,544,214				—				1,544,214
Sale of common stock via ATM program, net of costs			367,547				367				9,029,545				—				9,029,912
Net loss			—				—				—				(5,657,137	)			(5,657,137	)
Balances, March 31, 2026			14,665,993			$	14,666			$	98,049,683			$	(92,794,143	)		$	5,270,206

See accompanying notes to unaudited financial statements.

-5-

GREENWICH LIFESCIENCES, INC.

STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)

		2026				2025
		Three Months Ended March 31,
		2026				2025
Operating activities:
Net loss		$	(5,657,137	)		$	(2,744,780	)
Adjustments required to reconcile net loss to net cash used in operating activities:
Amortization			—				903
Stock-based compensation			1,544,214				1,544,214
Changes in operating assets and liabilities:
Accounts payable			(365,461	)			(643,237	)
Unreimbursed expenses (accrued)			(224,114	)			8,446
Net cash used in operating activities			(4,702,498	)			(1,834,454	)
Financing activities:
Sale of common stock via ATM program, net of costs			9,029,912				492,423
Net cash provided by financing activities			9,029,912				492,423
Net increase (decrease) in cash			4,327,414				(1,342,031	)
Cash, beginning of period			6,178,021				4,091,990
Cash, end of period		$	10,505,435			$	2,749,959

See accompanying notes to unaudited financial statements.

-6-

GREENWICH LIFESCIENCES, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)

1. Organization and Description of the Business

Greenwich LifeSciences, Inc. (the “Company”) was incorporated in the state of Delaware in 2006 under the name Norwell, Inc. In March 2018, Norwell, Inc. changed its name to Greenwich LifeSciences, Inc. In February 2023, Greenwich LifeSciences Europe Limited was incorporated as a wholly owned subsidiary in Ireland. The Company is developing a breast cancer immunotherapy focused on preventing the recurrence of breast cancer following surgery.

2. Going Concern

The Company has prepared its financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. However, the Company has incurred net losses since its inception and has negative operating cash flows. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date these financial statements are issued. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern.

As of March 31, 2026, the Company had cash of $10,505,435. For the foreseeable future, the Company’s ability to continue its operations is dependent upon its ability to obtain additional capital.

3. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto of the Company contained elsewhere herein.

In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements of the Company for the years ended December 31, 2025 and 2024 as reported in the Company’s Form 10-K have been omitted.

Leases

In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02-Leases (Topic 842), which significantly amends the way companies are required to account for leases. Under the updated leasing guidance, some leases that did not have to be reported previously are now required to be presented as an asset and liability on the balance sheet. In addition, for certain leases, what was previously classified as an operating expense must now be allocated between amortization expense and interest expense. The Company elected to adopt this update using the modified retrospective transition method and prior periods have not been restated. The current monthly rent is approximately $4,445. The month-to-month sub-lease is from a related party and the underlying lease expires in July of 2026. Any right of use asset and liability is deemed to be nominal as of March 31, 2026 and December 31, 2025.

Basic and Diluted Loss per Share

As of March 31, 2026 the Company had no common stock equivalents related to warrants outstanding. As of March 31, 2025, the Company had common stock equivalents related to warrants outstanding to acquire 20,174 shares of the Company’s common stock.

As of March 31, 2026 and 2025, the Company had common stock equivalents related to options outstanding to acquire 3,226,065 and 3,126,065 shares of the Company’s common stock, respectively.

As of March 31, 2026 and 2025, the Company has no common stock equivalents related to convertible preferred stock issued and outstanding.

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated:

 Schedule of Basic and Diluted Net Loss Per Common Share

		2026				2025
		Three Months Ended March 31,
		2026				2025
Basic and diluted net loss per share calculation:
Net loss, basic			(5,657,137	)			(2,744,780	)
Change in fair value of warrants			—				—
Net loss, diluted			(5,657,137	)			(2,744,780	)
Weighted average common shares outstanding, basic and diluted			14,565,230				13,171,555
Net loss per common share, basic and diluted		$	(0.39	)		$	(0.21	)

-7-

4. Related Party Transactions

Unreimbursed expenses have been accrued and incurred by management, which total $52,382 as of March 31, 2026 and $276,496 as of December 31, 2025.

Two other members of Snehal Patel’s family are contracted or employed by the Company. The total cash compensation paid to the two family members for the three months ended March 31, 2026 and 2025 were approximately $65,000 and $56,000, respectively. The total option compensation paid to the two family members for the three months ended March 31, 2026 and 2025 were approximately $66,000 and $66,000, respectively.

The total reimbursements submitted for the three months ended March 31, 2026 and 2025 were approximately $2.2 million and $0.7 million, respectively.

5. Commitments and Contingencies

Accounts payable total $4,288,183 and $4,653,644 as of March 31, 2026 and December 31, 2025, respectively.

License Obligation, Legal Expenses, and Manufacturing Agreements

The Company entered into an exclusive license agreement with The Henry M. Jackson Foundation (“HJF”) in April 2009, as amended, pursuant to which it acquired exclusive marketing rights to GP2, the Company’s product candidate. In consideration for such licensed rights, the Company issued HJF 202,619 shares of the Company’s common stock valued at $0.267 per share, which is amortized over 15 years at $3,607 per year. Pursuant to the exclusive license agreement, the Company is required to pay an annual maintenance fee, milestone payments and royalty payments based on sales of GP2 and to reimburse HJF for patent expenses related to GP2. The Company currently depends on third-party contract manufacturers for all required raw materials, active pharmaceutical ingredients, and finished product candidate for the Company’s clinical trials.

Accounts payable includes the following obligations to HJF which include accrued interest which totals $220,845 and patent expense reimbursement which totals $245,966 as of March 31, 2026 and December 31, 2025.

Deferred Compensation

Bonus compensation of $367,538 for senior management for services provided in 2025 has been deferred. Bonus compensation of $306,281 for senior management for services provided in 2024 has been deferred.

Legal Proceedings

From time to time, the Company may be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of business. Any of these claims could subject the Company to costly legal expenses and, while management generally believes that there will be adequate insurance to cover different liabilities at such time the Company becomes a public company and commences clinical trials, the Company’s future insurance carriers may deny coverage or policy limits may be inadequate to fully satisfy any damage awards or settlements. If this were to happen, the payment of any such awards could have a material adverse effect on the results of operations and financial position. Additionally, any such claims, whether or not successful, could damage the Company’s reputation and business. The Company is currently not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, could have a material adverse effect on our results of operations or financial position.

6. Stockholders’ Equity

As of March 31, 2026, 893,181 shares of the 908,362 shares of the common stock grant, which includes an additional grant of 120 shares issued during the vesting period due to rounding up of fractional shares, had vested at approximately $2,009,657 value and 15,181 shares remain unvested and unrecognized at approximately $34,157 value. There were no shares vested during the three months ended March 31, 2026 and 2025.

On January 23, 2022, November 30, 2022, November 17, 2023, March 12, 2024, March 2, 2025, and December 27, 2025, the board of directors sequentially extended the lock-up of the shares owned by the Company’s directors, officers, and existing pre-IPO investors to September 30, 2026 (approximately 72 months from date of the Company’s IPO). During this period, current officers, directors and certain shareholders will not be able to sell their shares of the Company’s common stock unless otherwise modified by the board of directors. After September 30, 2026, leak-out provisions will become effective unless otherwise modified by the board of directors.

Between January 1, 2026 and March 31, 2026, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of 367,547 shares of its common stock at an average offering price of $25.33 per share for gross proceeds of $9,309,189 and net proceeds of $9,029,912, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $279,277.

Between January 1, 2025 and March 31, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of 39,918 shares of its common stock at an average offering price of $12.52 per share for gross proceeds of $499,936 and net proceeds of $492,423, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $7,513.

Total shares outstanding as of May 26, 2026, do not exclude 108,208 shares of common stock which were cancelled on January 10, 2026, due to breaches of agreements by an existing shareholder.

-8-

Options

On June 22, 2022, prior to the close of the Nasdaq market, 1,498,128 shares of common stock were granted to employees, consultants, and directors issuable upon exercise of outstanding stock options under the Company’s 2019 Equity Incentive Plan at an exercise price of $7.63 per share, which was the most recent prior closing share price on June 21, 2022. The options had a fair value on the grant date of $9,512,356, based on a risk-free rate of 3.2% and an annualized volatility of 106%. As of March 31, 2026, $8,977,282 was expensed and $535,074 may be expensed in the future if and as vesting occurs. As of March 31, 2025, $6,599,194 was expensed. Vesting will be based on time of service over a four year period.

On December 24, 2024, prior to the close of the Nasdaq market, 1,627,937 shares of common stock were granted to employees, consultants, and directors issuable upon exercise of outstanding stock options under the Company’s Amended 2024 Equity Incentive Plan at an exercise price of $12.16 per share, which was the most recent prior closing share price on December 23, 2024. The options had a fair value on the grant date of $16,190,565, based on a risk-free rate of 4.5% and an annualized volatility of 103%. As of March 31, 2026, $9,623,699 was expensed and $6,566,866 may be expensed in the future if and as vesting occurs. As of March 31, 2025, $5,824,931 was expensed. Vesting will be based on time of service over a three year period.

On November 13, 2025, after the close of the Nasdaq market, 100,000 shares of common stock were granted and vested to management issuable upon exercise of outstanding stock options under the Company’s Amended 2024 Equity Incentive Plan at an exercise price of $8.20 per share, which was the closing share price on November 13, 2025. The options had a fair value on the grant date of $626,469, based on a risk-free rate of 3.7% and an annualized volatility of 101%, of which $626,469 was expensed through December 31, 2025.

7. Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation 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. The Company views its operations and manages its business as one operating segment, which includes all activities related to its clinical development programs. The determination of a single reportable segment is consistent with the financial information provided to the CODM. The CODM views and manages the Company’s clinical development programs as a single reportable segment for which all operations are centralized and does not evaluate any other discrete financial information. The accounting policies of the Company’s single reportable segment are the same as those for the financial statements.

Segment loss is measured as the Company’s net loss as reported on the statement of operations, which includes segment expenses such as research and development and general and administrative expenses and other segment items such as interest expense. As the Company does not currently generate revenues or profit, the CODM evaluates performance, makes decisions, allocates resources, and plans future activities through analysis of segment expense information. The CODM also monitors the Company’s cash and cash equivalents and net cash used in operations as reported on the balance sheet and the statement of cash flows, respectively. The measure of total segment assets is reported on the balance sheet as total assets.

8. Subsequent Events

The Company has evaluated events through the filing date of this Quarterly Report on Form 10-Q, and determined that there have been no subsequent events that occurred that would require adjustments to our disclosures in the financial statements, other than the following:

Between April 1, 2026 and April 15, 2026, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of 12,215 shares of its common stock at an average offering price of $26.22 per share for gross proceeds of $320,279 and net proceeds of $310,664, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $9,615.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding the future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions.

In addition, our business and financial performance may be affected by the factors that are discussed under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2025. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for us to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

The following discussion and analysis is qualified in its entirety by, and should be read in conjunction with, the more detailed information set forth in the financial statements and the notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. This discussion should not be construed to imply that the results discussed herein will necessarily continue into the future, or that any conclusion reached herein will necessarily be indicative of actual operating results in the future. Such discussion represents only the best present assessment of our management.

Overview

We are a clinical-stage biopharmaceutical company focused on our Phase III clinical trial, Flamingo-01, which is evaluating GLSI-100, an immunotherapy to prevent breast cancer recurrences. GP2 is a 9 amino acid transmembrane peptide of the HER2/neu protein, a cell surface receptor protein that is expressed in a variety of common cancers, including expression in 75% of breast cancers at low (1+), intermediate (2+), and high (3+ or over-expressor) levels. The combination of GP2 + GM-CSF is called GLSI-100. We are currently expanding Flamingo-01 into Europe with plans to open up to 150 sites globally. Flamingo-01 is designed to evaluate the safety and efficacy of GLSI-100 in HER2/neu positive patients with residual disease or high-risk pathologic complete response at surgery and who have completed both neoadjuvant and postoperative adjuvant trastuzumab based treatment.

To date, we have not generated any revenue and we have incurred net losses. Our net losses were approximately $19.4 million and $17.4 million for the years ended December 31, 2025 and 2024, respectively and $5.7 million and $2.7 million for the three months ended March 31, 2026 and 2025, respectively.

Our net losses have resulted from costs incurred in developing the drug in our pipeline, planning and preparing for clinical trials and general and administrative activities associated with our operations. We expect to continue to incur significant expenses and corresponding increased operating losses for the foreseeable future as we continue to develop our pipeline. Our costs may further increase as we conduct clinical trials and seek regulatory approval for and prepare to commercialize our product candidate. We expect to incur significant expenses to continue to build the infrastructure necessary to support our expanded operations, clinical trials, commercialization, including manufacturing, marketing, sales and distribution functions. We will also experience increased costs associated with operating as a public company.

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Results of Operations for the Three Months Ended March 31, 2026 and 2025

Research and Development Expenses

Research and development expenses increased by $2,936,416, or 129%, to $5,207,564 for the three months ended March 31, 2026 from $2,271,148 for the three months ended March 31, 2025. The increase was primarily the result of an increase in accounts payable for clinical trial expenses.

General and Administrative Expenses

General and administrative expenses increased by $20,588, or 4%, to $518,190 for the three months ended March 31, 2026 from $497,602 for the three months ended March 31, 2025.

Liquidity and Capital Resources

Since our inception in 2006, we have devoted most of our cash resources to research and development and general and administrative activities. We have not yet achieved commercialization of our product and have a cumulative net loss from our operations. We will continue to incur net losses for the foreseeable future. Our financial statements have been prepared assuming that we will continue as a going concern.

We will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through the sale of equity and/or debt securities; however, there is no assurance that we will be successful at raising additional capital in the future. If our plans are not achieved and/or if significant unanticipated events occur, we may have to further modify our business plan, which may require us to raise additional capital. As of March 31, 2026 and December 31, 2025, our principal source of liquidity was our cash, which totalled $10,505,435 and $6,178,021, respectively, and additional loans and accrued unreimbursed expenses from related parties. Historically, our principal sources of cash have included proceeds from the sale of common stock and preferred stock and related party loans. Our principal uses of cash have included cash used in operations. We expect that the principal uses of cash in the future will be for continuing operations, funding of research and development, including our clinical trials, and general working capital requirements.

Cash Flow Activities for the Three Months Ended March 31, 2026 and 2025

We incurred net losses of $5,657,137 and $2,744,780 during the three month periods ended March 31, 2026 and 2025, respectively. The increase was primarily the result of an increase in accounts payable for clinical trial expenses.

Operating Activities

Net cash used in operating activities was $4,702,498 for the three months ended March 31, 2026 and $1,834,454 for the three months ended March 31, 2025. The increase was primarily the result of an increase in clinical trial expenses.

Investing Activities

We did not use or generate cash from investing activities during the three months ended March 31, 2026 and 2025.

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Financing Activities

Between January 1, 2026 and March 31, 2026, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of 367,547 shares of its common stock at an average offering price of $25.33 per share for gross proceeds of $9,309,189 and net proceeds of $9,029,912, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $279,277.

Between January 1, 2025 and March 31, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of 39,918 shares of its common stock at an average offering price of $12.52 per share for gross proceeds of $499,936 and net proceeds of $492,423, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $7,513.

Between April 1, 2026 and April 15, 2026, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of 12,215 shares of its common stock at an average offering price of $26.22 per share for gross proceeds of $320,279 and net proceeds of $310,664, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $9,615.

Contractual Obligations and Commitments

As of March 31, 2026, we did not have any material contractual obligations, other than employment and shareholder agreements and the license for GP2 from HJF.

Off-Balance Sheet Arrangements

As of March 31, 2026, we did not have any off-balance sheet arrangements as described by Item 303(a)(4) of Regulation S-K.

Critical Accounting Policies and Estimates

Our financial statements are prepared in conformity with U.S. GAAP, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses in the periods presented.

On an ongoing basis, we evaluate our estimates and judgments, including those related to accrued expenses and stock-based compensation. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the reported amounts of expenses that are not readily apparent from other sources. Actual results could differ from those estimates, particularly given the significant social and economic disruptions and uncertainties associated with the ongoing coronavirus pandemic and the COVID-19 control responses. There are no critical accounting policies or estimates for the year ended December 31, 2025 and three months ended March 31, 2026.

Recent Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The main objective of the standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this standard replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The update is effective for the Company beginning January 1, 2023 with early adoption permitted. The Company adopted the standard on January 1, 2023. The adoption of this standard did not have a material effect on the Company’s audited financial statements and related disclosures.

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In October 2024, the FASB issued ASU 2024-03, which requires public business entities to provide detailed disclosures of specific expense categories—such as employee compensation, depreciation, and amortization—within the relevant expense captions on the income statement (e.g., Cost of Sales, SG&A). The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statement disclosures. As this guidance relates to disclosure only, it is not expected to have a material impact on the Company’s financial position or results of operations.

Recently Issued Accounting Pronouncements Not Yet Adopted

In October 2023, the FASB issued ASU 2023-06—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The main objective of the amendment is to modify the disclosure or presentation requirements of various Topics in the Codification. Certain amendments represent clarifications to or technical corrections of the current requirements. to eliminate disclosure requirements that were redundant, duplicative, overlapping, outdated, or superseded. The effective date for each amendment will be when the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is still evaluating the impact of the adoption of this standard.

JOBS Act

On April 5, 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (“Securities Act”) for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.

We have chosen to take advantage of the extended transition periods available to emerging growth companies under the JOBS Act for complying with new or revised accounting standards until those standards would otherwise apply to private companies provided under the JOBS Act. As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates for complying with new or revised accounting standards.

Subject to certain conditions set forth in the JOBS Act, as an “emerging growth company,” we intend to rely on certain of these exemptions, when available to the Company, including, without limitation, (i) providing an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act and (ii) complying with any requirement that may be adopted by the Public Company Accounting Oversight Board (“PCAOB”) regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements, known as the auditor discussion and analysis. We will remain an “emerging growth company” until the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.07 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date of the completion of our initial public offering; (iii) the date on which we have issued more than $1 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a smaller reporting company, as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended, and are not required to provide the information required under this Item 3.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We maintain “disclosure controls and procedures,” as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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Our management, with the participation of our principal executive officer and principal accounting and financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our principal executive officer and principal accounting and financial officer has concluded that as of March 31, 2026, our disclosure controls and procedures were not effective as of such date as a result of material weaknesses in our internal control over financial reporting due to inadequate segregation of duties within account processes due to limited personnel and insufficient written policies and procedures for accounting, IT and financial reporting and record keeping, lack of accounting system for financial reporting/bookkeeping and software for stock awards, and insufficient policies and procedures for processing and approving employee expense reports. Under the direction of our principal executive officer and principal financial and accounting officer, we are developing a plan to remediate the material weaknesses.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting during our most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on Effectiveness of Controls and Procedures

Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives as specified above. Management does not expect, however, that our disclosure controls and procedures will prevent or detect all errors and fraud. Any control system, no matter how well designed and operated, is based upon certain assumptions and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, 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, within the Company have been detected.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we may be subject to litigation and claims arising in the ordinary course of business. We are not currently a party to any material legal proceedings, and we are not aware of any pending or threatened legal proceeding against us that we believe could have a material adverse effect on our business, operating results, cash flows or financial condition.

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors disclosed in our Form 10-K for the year ended December 31, 2025:

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS

Exhibit Number		Description of Exhibit
31.1		Certification of Chief Executive Officer and Principal Financial and Accounting Officer required by Rule 13a-14(a)/15d-14(a) under the Exchange Act.
32.1		Certification of Chief Executive Officer and Principal Financial and Accounting 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.SCH		Inline XBRL Taxonomy Extension Schema
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase
101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase
104		Cover Page Interactive Data File - the cover page from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 is formatted in Inline XBRL

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SIGNATURES

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

	GREENWICH LIFESCIENCES, INC.
June 3, 2026	By:	/s/ Snehal Patel
		Snehal Patel
		Chief Executive Officer
		(Principal Executive Officer and Principal Accounting and Financial Officer)

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FAQ

How did Greenwich LifeSciences (GLSI) perform financially in Q1 2026?

Greenwich LifeSciences posted a net loss of about $5.7 million for the quarter ended March 31, 2026, widening from $2.7 million a year earlier. The larger loss mainly reflects higher research and development spending tied to its Phase III Flamingo-01 breast cancer trial.

What is GLSI’s cash position and burn rate as of March 31, 2026?

As of March 31, 2026, Greenwich LifeSciences held $10.5 million in cash, up from $6.2 million at year-end 2025. Net cash used in operating activities was $4.7 million for the quarter, indicating a meaningful burn rate driven primarily by clinical development expenses.

Did Greenwich LifeSciences (GLSI) raise capital during and after Q1 2026?

Yes. Between January 1 and March 31, 2026, GLSI sold 367,547 shares via its at-the-market program for $9.0 million net. Between April 1 and April 15, 2026, it sold an additional 12,215 shares, generating roughly $0.3 million in net proceeds for ongoing operations.

What going concern risks does GLSI disclose in its Q1 2026 report?

The company states that recurring net losses, negative operating cash flows, and dependence on new funding create substantial doubt about its ability to continue as a going concern within one year. Continued operations rely on successfully obtaining additional capital for its clinical and corporate needs.

How much is Greenwich LifeSciences spending on research and development?

Research and development expenses were $5.2 million for the three months ended March 31, 2026, up from $2.3 million in the prior-year quarter. Management attributes this 129% increase primarily to higher clinical trial-related accounts payable as its Flamingo-01 Phase III study advances.

What internal control issues does GLSI report in the Q1 2026 filing?

Management concludes disclosure controls and procedures were not effective as of March 31, 2026. Material weaknesses include inadequate segregation of duties, insufficient written accounting and IT policies, lack of robust financial reporting systems, and weak processes for stock awards and employee expense approvals.

How is GLSI’s share count changing and what equity plans are in place?

Common shares outstanding were 14,666,0​00 approximately at March 31, 2026 and 14,678,208 by May 26, 2026, reflecting ATM issuances. The company also has over 3.2 million stock options outstanding under its equity incentive plans, with significant unrecognized compensation expense tied to vesting.