# EDGAR Filing Document

**Accession Number:** 0002108121
**File Stem:** 0001213900-26-059661
**Filing Date:** 2026-5
**Character Count:** 129709
**Document Hash:** bf7b8b96169f418f7dd2b1e61cfada4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-059661.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0001213900-26-059661

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260409

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260520

**DATE AS OF CHANGE**: 20260520

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ionetix Corp / DE /
- **CENTRAL INDEX KEY:** 0002108121
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 422828779
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56821
- **FILM NUMBER:** 261005190

**BUSINESS ADDRESS:**
- **STREET 1:** THE GALLERIA, 2 BRIDGE AVENUE
- **STREET 2:** SUITE 241
- **CITY:** RED BANK
- **STATE:** NJ
- **ZIP:** 07701
- **BUSINESS PHONE:** 732-241-3073

**MAIL ADDRESS:**
- **STREET 1:** THE GALLERIA, 2 BRIDGE AVENUE
- **STREET 2:** SUITE 241
- **CITY:** RED BANK
- **STATE:** NJ
- **ZIP:** 07701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JDEV Acquisition Corp
- **DATE OF NAME CHANGE:** 20260128

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION**

 **Washington, D.C. 20549**

**FORM 8-K/A**

**(Amendment No. 1)**

**CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): April 9, 2026**

![](ea029146501_img1.jpg)

**IONETIX CORPORATION**

(Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Delaware** | &nbsp;&nbsp;**000-56821** | &nbsp;&nbsp;**41-2828779** |
| &nbsp;&nbsp; (State or Other Jurisdiction<br> of Incorporation) | &nbsp;&nbsp; (Commission<br> File Number) | &nbsp;&nbsp; (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **3130 Sovereign Drive**<br> **Lansing, MI** | &nbsp;&nbsp;**48911** |
| &nbsp;&nbsp;(Address of Principal Executive Offices) | &nbsp;&nbsp;(Zip Code) |

---

**(517) 252-4069** (Registrant's telephone number, including area code)

**N/A** (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act: None.**

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

**EXPLANATORY NOTE**

This Amendment No. 1 (this "Amendment No. 1") to the Current Report on Form 8-K of Ionetix Corporation (f/k/a JDEV Acquisition Corporation) (the "Company") originally filed by the Company on April 16, 2026 (the "Original Form 8-K") is being filed solely for the purpose of supplementing the historical financial statements and pro forma combined financial information provided under Items 9.01(a) and 9.01(b) in the Original Form 8-K to include the unaudited interim financial statements of Ionetix prior to the Merger (collectively, "Legacy Ionetix") as of March 31, 2026 and for the three months ended March 31, 2026 and 2025, and the related Management's Discussion and Analysis of Financial Condition and Results of Operations of Legacy Ionetix for the three months ended March 31, 2026. This Amendment No. 1 does not amend any other item of the Original Form 8-K or purport to provide an update or a discussion of any developments at the Company subsequent to the filing date of the Original Form 8-K.

Capitalized terms used but not defined herein have the meanings assigned to them in the Original Form 8-K.

**Item 9.01. Financial Statements and Exhibits.**

(a) Financial Statements of Business Acquired.

The unaudited interim financial statements of Legacy Ionetix as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 are filed as Exhibit 99.3 to this Amendment No. 1 and are incorporated herein by reference. Management's Discussion and Analysis of Financial Condition and Results of Operations of Legacy Ionetix for the three months ended March 31, 2026 is also included as Exhibit 99.4 and is incorporated by reference into this Item 9.01.

(b) Pro Forma Financial Information.

The unaudited pro forma condensed combined financial information of the Company and Legacy Ionetix as of and for the three months ended March 31, 2026 is filed as Exhibit 99.5 to this Amendment No. 1 and is incorporated herein by reference.

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.3 | [Unaudited condensed consolidated financial statements of Legacy Ionetix as of March 31, 2026 and for the three months ended March 31, 2026 and 2025.](ea029146501ex99-3.htm) |
| 99.4 | [Management's Discussion and Analysis of Financial Condition and Results of Operations of Legacy Ionetix for the three months ended March 31, 2026 and 2025.](ea029146501ex99-4.htm) |
| 99.5 | [Unaudited pro forma condensed combined balance sheet of the Company and Legacy Ionetix as of March 31, 2026, and unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2026 and the year ended December 31, 2025.](ea029146501ex99-5.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: May 20, 2026 | **IONETIX CORPORATION** | **IONETIX CORPORATION** |
|  | By: | /s/ Kevin Cameron |
|  | Name: | Kevin Cameron |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.3

**Exhibit 99.3**

**Ionetix Corporation**

**INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| Condensed Consolidated Financial Statements |  |
| [Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#a_001) | F-2 |
| [Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025](#a_002) | F-3 |
| [Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit for the three months ended March 31, 2026 and 2025](#a_003) | F-4 |
| [Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#a_004) | F-5 |
| [Notes to Condensed Consolidated Financial Statements](#a_005) | F-6 |

---

**Ionetix Corporation**

**Condensed Consolidated Balance Sheets**

**(Unaudited, amounts in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $129 | $279 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 1329 | 1253 |
| &nbsp;&nbsp;&nbsp;Inventory, net | 207 | 293 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 644 | 570 |
| Total current assets | 2309 | 2395 |
| Inventory, non-current | 3143 | 3096 |
| Property and equipment, net | 26353 | 27214 |
| Leases right-of-use assets | 1311 | 1431 |
| Other non-current assets | 1398 | 848 |
| Total assets | $34514 | $34984 |
| **Liabilities, redeemable convertible preferred stock and stockholders' deficit** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $6182 | $6773 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 2959 | 1990 |
| &nbsp;&nbsp;&nbsp;Short-term debt | 6490 | 5753 |
| &nbsp;&nbsp;&nbsp;Short-term operating lease liabilities | 407 | 440 |
| Total current liabilities | 16038 | 14956 |
| Long-term liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 905 | 993 |
| &nbsp;&nbsp;&nbsp;SAFE liability |  | 4086 |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 2423 | 2601 |
| Total long-term liabilities | 3328 | 7680 |
| Total liabilities | $19366 | $22636 |
| Commitments and contingencies (Note 9) |  |  |
| Redeemable convertible preferred stock, $0.0001 par value; |  |  |
| Authorized shares: 157,039,424 shares as of March 31, 2026 and December 31, 2025. Issued and outstanding shares: 149,616,222 and 145,182,811 shares as of March 31, 2026 and December 31, 2025, respectively. Aggregate liquidation preference of $173,245 and $167,038 as of March 31, 2026 and December 31, 2025, respectively. | 197867 | 191199 |
| Stockholders' deficit |  |  |
| Common stock, $0.0001 par value; |  |  |
| Authorized shares: 219,481,484 shares as of March 31, 2026 and December 31, 2025. Issued and outstanding shares: 29,442,072 and 26,163,296 shares as of March 31, 2026 and December 31, 2025, respectively. | 3 | 3 |
| Additional paid-in capital | 10782 | 7709 |
| Accumulated deficit | (193504) | (186563) |
| Total stockholders' deficit | (182719) | (178851) |
| Total liabilities, redeemable convertible preferred stock and stockholders' deficit | $34514 | $34984 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements*

 

 

**Ionetix Corporation**

**Condensed Consolidated Statements of Operations**

**(Unaudited, amounts in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| Revenue | $1071 | $2590 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue | 1497 | 2090 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 2904 | 2882 |
| &nbsp;&nbsp;&nbsp;Research and development | 702 | 1347 |
| Total operating expenses | 5103 | 6319 |
| Loss from operations | (4032) | (3729) |
| Interest expense, net | (374) | (780) |
| Other income (expense), net | (2535) | 2118 |
| Loss before provision for income taxes | (6941) | (2391) |
| Provision for income taxes |  |  |
| Net loss | $(6941) | $(2391) |
| Weighted-average shares used in computing net loss per share attributable to common stockholders | 29292167 | 25157539 |
| Net loss per share attributable to common stockholders basic and diluted | $(0.24) | $(0.10) |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements*

**Ionetix Corporation**

**Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit**

**(Unaudited, amounts in thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable Convertible <br> Preferred Stock** | **Redeemable Convertible <br> Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Par Value** | **Additional Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total Stockholders'**<br>**Deficit** |
| **Balance December 31, 2025** | 145182811 | $191199 | 26163296 | $3 | $7709 | $(186563) | $(178851) |
| &nbsp;&nbsp;&nbsp;Net Loss |  |  |  |  |  | (6941) | (6941) |
| &nbsp;&nbsp;&nbsp;Conversion of SAFEs to Series F redeemable convertible preferred stock | 4433411 | 6668 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercise of stock options |  |  | 639738 |  | 100 |  | 100 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock warrants |  |  |  |  | 2822 |  | 2822 |
| &nbsp;&nbsp;&nbsp;Exercise of common stock warrants |  |  | 2639038 |  | 26 |  | 26 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  |  |  | 125 |  | 125 |
| **Balance March 31, 2026** | 149616222 | $197867 | 29442072 | $3 | $10782 | $(193504) | $(182719) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable Convertible <br> Preferred Stock** | **Redeemable Convertible <br> Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Par Value** | **Additional Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total Stockholders'**<br>**Deficit** |
| **Balance December 31, 2024** | 100608468 | $104634 | 24788845 | $2 | $3474 | $(146892) | $(143416) |
| &nbsp;&nbsp;&nbsp;Net Loss |  |  |  |  |  | (2391) | (2391) |
| &nbsp;&nbsp;&nbsp;Issuance of common stock warrants |  |  |  |  | 121 |  | 121 |
| &nbsp;&nbsp;&nbsp;Exercise of stock options |  |  | 8125 |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  |  |  | 183 |  | 183 |
| **Balance March 31, 2025** | 100608468 | $104634 | 24796970 | $2 | $3781 | $(149283) | $(145500) |

---

*The accompanying notes are an integral part of these condensed consolidated financial statement*

**Ionetix Corporation**

**Condensed Statements of Cash Flows** 

**(Unaudited, amounts in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(6941) | $(2391) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 916 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating right-of-use assets | 121 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 125 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and issuance costs | 235 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for inventory reserve | 107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of SAFE liability | 134 | (2114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative liabilities | 21 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (72) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash loss on issuance of SAFEs and common stock warrants | 2217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on abandoned financing transaction | 345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 3 | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (76) | (383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory, net | (57) | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (119) | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 690 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 259 | (1277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (121) | (118) |
| Net cash used in operating activities: | (2213) | (4385) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (1483) | (838) |
| Net cash used in investing activities | (1483) | (838) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of SAFEs | 2448 | 137 |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 100 | 3 |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of common stock warrants | 26 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from short-term debt, net of issuance costs | 831 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from related party advances | 360 |  |
| &nbsp;&nbsp;&nbsp;Repayment of related party advances | (30) |  |
| &nbsp;&nbsp;&nbsp;Repayment on short-term debt | (9) |  |
| &nbsp;&nbsp;&nbsp;Repayment on term loan |  | (26) |
| &nbsp;&nbsp;&nbsp;Payment for deferred transaction costs | (180) |  |
| Net cash provided by financing activities | 3546 | 114 |
| **Net decrease in cash and restricted cash** | (150) | (5109) |
| Cash and restricted cash, beginning of period | 432 | 5338 |
| Cash and restricted cash, end of period | $282 | $229 |
| **Components of cash and restricted cash** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | 129 | 64 |
| &nbsp;&nbsp;&nbsp;Restricted cash in prepaid expenses and other current assets | 12 | 12 |
| &nbsp;&nbsp;&nbsp;Restricted cash, non-current in other non-current assets | 141 | 153 |
| &nbsp;&nbsp;&nbsp;Total cash and restricted cash | 282 | 229 |
| **Supplemental cash flow disclosure:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes | $— | $12 |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $— | $261 |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment included in accounts payable | $3069 | $1168 |
| &nbsp;&nbsp;&nbsp;Issuance of preferred stock upon conversion of SAFEs | $6668 | $— |
| &nbsp;&nbsp;&nbsp;Issuance of common stock warrants in connection with issuance of SAFEs and promissory notes | $2822 | $121 |
| &nbsp;&nbsp;&nbsp;Conversion of related party advance into promissory note | $330 | $— |
| &nbsp;&nbsp;&nbsp;Transfer of inventory to property and equipment | $35 | $— |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations incurred and capitalized | $6 | $53 |
| &nbsp;&nbsp;&nbsp;Deferred transaction costs incurred but unpaid at period-end | $726 | $— |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements*

 

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

**1.** **Description of Business** 

***Organization and Business***

Ionetix Corporation (the "Company" or "Ionetix") is a cyclotron technology platform company providing full-service radioisotope production and end-to-end radiopharmaceutical manufacturing solutions. With its proprietary compact superconducting cyclotron technology, the Company manufactures short-lived diagnostic radioisotopes used in positron emission tomography imaging. The Company also manufactures therapeutic radioisotopes for targeted alpha therapy ("TAT"), an emerging cancer therapy utilizing alpha radionuclides. TAT delivers high-energy alpha particles to cancer cells and the tumor microenvironment to treat cancer while preserving healthy tissue.

The Company was incorporated in the state of Delaware on December 28, 2009, and maintains its principal office in Lansing, Michigan.

***Merger***

On April 9, 2026, the Company entered into an agreement and plan of merger and reorganization (the "Merger Agreement") with JDEV Acquisition Corp. ("JDEV"), and JDEV Merger Subsidiary, Inc., a wholly-owned subsidiary of JDEV ("Merger Sub"), pursuant to which Merger Sub will merge with and into the Company, with the Company surviving as a wholly-owned subsidiary of JDEV (the "Merger"). As further discussed in Note 17, Subsequent Events, the Merger closed on April 9, 2026.

***Liquidity***

The Company has incurred net losses from operations since inception, including $6.9 million and $2.4 million for the three months ended March 31, 2026 and 2025, respectively, and has an accumulated deficit of $193.5 million as of March 31, 2026. The Company has $282 in cash and restricted cash as of March 31, 2026.

On April 9, 2026, the Company completed the Merger described in Note 17, Subsequent Events. In connection with the closing of the Merger, the Company raised $29.7 million in net proceeds from a private placement financing, after deducting placement agent fees and commissions. The Company expects to fund its projected operating requirements through a combination of existing cash, the net proceeds from the private placement financing described above, anticipated revenues from its products and services, and additional financing activities.

The Company expects to continue to incur losses and negative cash flows for the foreseeable future as it continues to invest in research and development, manufacturing, sales and marketing efforts, and site deployment activities to support the growth of its business. If the Company does not perform in line with its operating plan, its capital resources may be depleted more rapidly than expected, and the Company may need to obtain additional financing sooner than anticipated. There can be no assurance that such financing will be available on acceptable terms, or at all.

These conditions raise substantial doubt about the Company's ability to continue as a going concern for one year from the date these condensed consolidated financial statements are issued. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

**2.** **Basis of Presentation and Summary of Significant Accounting Policies** 

***Basis of Presentation***

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") for interim financial information and include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation.

In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full fiscal year or any future period.

***Significant Accounting Policies***

The Company's significant accounting policies, including the recent accounting pronouncements adopted and recently issued accounting standards not yet adopted, are described in Note 2 of the "Basis of Presentation and Summary of Significant Accounting Policies" to the audited consolidated financial statements as of and for the fiscal years ended December 31, 2025 and 2024, included as Exhibit 99.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 16, 2026. There have been no material changes to these policies during the three months ended March 31, 2026.

***Segment Reporting***

The Company operates as a single operating and reportable segment. The Company's Chief Operating Decision Maker ("CODM") is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of financial performance review and allocation of resources. Net loss is the primary measure of segment profit or loss that the CODM reviews when assessing consolidated performance. Revenue from customers and significant segment expenses are presented in the Company's condensed consolidated statements of operations. The CODM does not evaluate segment performance using balance sheet information. All of the Company's long-lived assets and revenue are concentrated in the United States.

***Use of Estimates***

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported and disclosed in the Company's condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions including, but not limited to determination of allowance for credit losses, valuation of inventory, valuation and estimated useful life long-lived assets, valuation of SAFE liability, valuation of derivative liability, valuation of common stock and preferred stock warrants, stock-based compensation, the incremental borrowing rate applied to leases, and income tax related estimates. Actual results could differ materially from those estimates.

***Deferred Transaction Costs***

Deferred transaction costs consist of legal, accounting, placement agent fees, and other direct and incremental costs incurred in connection with the Company's reverse recapitalization transaction. Such costs are deferred and capitalized until the completion of the transaction, at which time they will be recorded as additional paid-in capital. In the event the transaction is not completed, the deferred transaction costs would be expensed in the period the transaction is determined to be no longer probable.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

During the three months ended March 31, 2026, the Company incurred $906 of transaction costs related to the reverse recapitalization, which were capitalized and included within other non-current assets on the condensed consolidated balance sheets as of March 31, 2026. No transaction costs were incurred during the three months ended March 31, 2025.

***Significant Customers***

The following table summarizes customers that accounted for 10% or more of revenue or accounts receivable:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Revenue** | **Revenue** | **Accounts Receivable** | **Accounts Receivable** |
|  | **Three Months Ended <br> March 31,** | **Three Months Ended <br> March 31,** | | |
|  | **2026** | **2025** | **As of <br> March 31,**<br>**2026** | **As of<br> December 31,**<br>**2025** |
| Customer A | 36% | 10% | 20% | 20% |
| Customer B | 25% | 14% | 53% | 49% |
| Customer C | 18% | \* | 14% | 18% |
| Customer D | 17% | \* | 10% | 11% |
| Customer E | \* | 62% | \* | \* |

---

*\** *Represents less than 10%*

***Accounts Receivable, Net***

Accounts receivable are stated net of an allowance for credit losses. The following table summarizes accounts receivable, net (in thousands):

 ****

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
| Gross accounts receivable | $1329 | $3382 |
| Allowance for credit losses |  | (2129) |
| Accounts receivable, net | $1329 | $1253 |

---

The allowance for credit losses is estimated using historical collection experience, the aging of receivables, customer-specific information, current economic conditions, and management's expectations regarding collectability. Receivables sharing similar risk characteristics are evaluated collectively, while receivables exhibiting specific credit risk indicators are evaluated individually.

No provision for credit losses was recognized during the three months ended March 31, 2026 or March 31, 2025.

***Revenue Recognition***

The Company recognizes revenue when control of goods or services is transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled. Revenue is recognized either at a point in time or over time depending on the nature of the performance obligation.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

The Company generates revenues primarily from (i) diagnostic drug and medical radioisotopes sales, (ii) cyclotron system sales (including installation, acceptance and spare parts), and (iii) consulting services and system support services.

The following table presents revenue disaggregated by major product and service lines for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| Diagnostic drug and medical radioisotopes sales | $1071 | $990 |
| Cyclotron system sales |  | 1600 |
| &nbsp;&nbsp;&nbsp;Total | $1071 | $2590 |

---

The Company's performance obligations are typically part of contracts that have an original expected duration of one year or less. As such, the Company does not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially satisfied) as of the end of the reporting period. The Company did not record any revenue related to performance obligations satisfied (or partially satisfied) during the three months ended March 31, 2026 and 2025.

***Other income (expense), net***

Other income (expense) , net consists of changes in the fair value of the Company's financial instruments measured at fair value, including the SAFE liability, preferred stock warrant liability, and derivative liabilities, losses recognized upon the issuance of equity-classified instruments where the aggregate fair value of instruments issued exceeds the proceeds received, and other non-operating gains and losses incidental to the Company's primary business activities. Changes in fair value of these instruments are recognized immediately in earnings as a component of other income (expense) , net in the condensed consolidated statements of operations.

**3.** **Fair Value Measurement** 

Certain assets and liabilities are carried at fair value. Fair value is defined as the price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date.

Valuation techniques used to measure fair value require the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy distinguishes between market participant assumptions based on market data from independent sources (observable inputs) and an entity's own assumptions based on the best information available (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to observable inputs (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the hierarchy are described below:

Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities.

Level 2 – Valuations based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

Level 3 – Valuations based on inputs that are supported by little or no market activity that are significant to determining the fair value of assets or liabilities, including pricing models, discounted cash flow methodologies, and similar techniques.

The Company's financial liabilities measured at fair value on a recurring basis consist of SAFE liability, preferred stock warrant liabilities, and derivative liabilities. Cash, accounts receivable, accounts payable, and accrued expenses and other current liabilities are carried at amounts that approximate fair value due to the short-term nature of these instruments.

The following table sets forth, by level, within the fair value hierarchy, the financial liabilities carried at fair value on a recurring basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value measurements as of** | **Fair value measurements as of** | **Fair value measurements as of** | **Fair value measurements as of** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Warrant liability | $— | $— | $99 | $99 |
| Derivative liability |  |  | 132 | 132 |
| &nbsp;&nbsp;&nbsp;Total | $— | $— | $231 | $231 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value measurements as of** | **Fair value measurements as of** | **Fair value measurements as of** | **Fair value measurements as of** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| SAFE liability | $— | $— | $4086 | $4086 |
| Warrant liability |  |  | 171 | 171 |
| Derivative liability |  |  | 111 | 111 |
| &nbsp;&nbsp;&nbsp;Total | $— | $— | $4368 | $4368 |

---

All recurring fair value measurements are classified within Level 3 due to the use of significant unobservable inputs. During the three months ended March 31, 2026 and 2025, there were no transfers or reclassifications between fair value measurement levels of assets or liabilities.

***SAFE Liability***

As discussed in Note 7, the Company determined that its SAFEs are freestanding financial instruments and classified them as liabilities. The Company measures the SAFEs at fair value based on significant inputs not observable in the market, which causes it to be classified as a Level 3 measurement within the fair value hierarchy. On March 31, 2026, all remaining outstanding SAFEs converted into 4,433,411 shares of Series F redeemable convertible preferred stock. Accordingly, no SAFE liability remained outstanding as of March 31, 2026. See Note 7 for additional information.

***Preferred Stock Warrant Liability***

In connection with the 2023 Term Loan, the Company issued to the term loan investor warrants to purchase shares of the Company's preferred stock (the "Preferred Stock Warrants"), as described in Note 5, Short-term Debt. The Preferred Stock Warrants are classified as a liability and were initially measured at fair value on the date of issuance. The Preferred Stock Warrant liability is subsequently remeasured to fair value at each reporting date while the warrants remain outstanding.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

The following assumptions were used in the valuation of preferred stock warrant liability as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
| Volatility | 58% | 84% |
| Dividend Yield |  |  |
| Contractual life (in years) | 6.9 | 7.2 |
| Risk free rate | 4.3% | 3.9% |

---

***Derivative Liability***

Derivative liabilities consist of make-whole provisions associated with the October 31, 2025 Conversion Agreement and SAFE conversion (see Note 6, Convertible Notes and Note 7, SAFE Liability). These derivative liabilities are remeasured to fair value at each reporting date. Key valuation input includes as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
| Risk free rate | 3.7% | 3.6% |
| Volatility | 51.2% | 43.5% |
| Expected term (in years) | 0.25 | 0.33 |

---

The following table presents a roll-forward of the aggregate fair values of the Company's Level 3 financial liabilities for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **SAFE<br> liability** | **Warrant liability** | **Derivative liability** |
| Balance as of December 31, 2025 | $4086 | $171 | $111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuances | 2448 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value | 134 | (72) | 21 |
| &nbsp;&nbsp;&nbsp;Settlement | (6668) |  |  |
| Balance as of March 31, 2026 | $— | $99 | $132 |

---

The change in fair value of SAFEs liabilities, preferred stock warrant liability, and derivative liability is included in other income (expense), net in the condensed consolidated statements of operations.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

**4.** **Condensed Consolidated Balance Sheets Details** 

***Inventory, Net***

Inventory consists of sub-assemblies, components, and raw materials, and work-in-process. Inventory not expected to be sold or consumed within one year, including inventory expected to be capitalized into property and equipment as cyclotron systems are completed, is classified as inventory, non-current. The composition of inventory, non-current as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
| Sub-assemblies, components, and raw materials | $2358 | $2211 |
| Work-in-process | 1690 | 1683 |
| Inventory, non-current, gross | $4048 | $3894 |
| Less: allowance for inventory obsolescence | (905) | (798) |
| Inventory, non-current | $3143 | $3096 |

---

The Company maintains an allowance for inventory obsolescence to reduce the carrying value of slow-moving, obsolete, or damaged inventory to its estimated net realizable value. The allowance is based on historical write-offs, current inventory aging, and management's assessment of future demand. No allowance for inventory obsolescence was recorded against inventory included in total current assets during the three months ended March 31, 2026 or March 31, 2025.

Activity in the allowance for inventory obsolescence, related solely to inventory, non-current was as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Balance as of December 31, 2025 | $798 |
| Provision charged to cost of revenue | 107 |
| Balance as of March 31, 2026 | $905 |

---

No provision for inventory obsolescence was charged to cost of revenue for the three months ended March 31, 2025.

***Prepaid Expenses and Other Current Assets***

The composition of prepaid expenses and other current assets as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Inventory deposits | $389 | $435 |
| Prepaid insurance | 115 |  |
| Prepaid software subscriptions | 75 | 52 |
| Other prepaid expenses and other current assets | 65 | 83 |
| Total | $644 | $570 |

---

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

***Property and Equipment, Net***

The composition of property and equipment, net as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
| Specialized Technical Equipment | $9393 | $9393 |
| Production and laboratory equipment | 7243 | 7198 |
| Computer equipment | 319 | 319 |
| Computer software | 302 | 302 |
| Leasehold improvements | 13765 | 13760 |
| Construction in progress | 8452 | 8452 |
| Total property and equipment | 39474 | 39424 |
| Less accumulated depreciation | (13121) | (12210) |
| Property and equipment, net | $26353 | $27214 |

---

Construction in progress represents costs incurred for leasehold improvements and a cyclotron system that were not substantially complete and ready for their intended use as of March 31, 2026 and December 31, 2025. Construction in progress includes direct costs of acquisition, installation, and other expenditures necessary to bring the assets to the condition necessary for their intended use. No depreciation is recorded on construction in progress until the related assets are substantially complete and placed into service.

Depreciation expense was $912 and $806 for the three months ended March 31, 2026 and March 31, 2025, respectively.

***Accrued Expenses and Other Current Liabilities***

The composition of accrued expenses and other current liabilities as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Accrued compensation and benefits | $827 | $569 |
| Accrued interest | 765 | 390 |
| Customer deposits | 600 | 600 |
| Other accrued expenses and other current liabilities | 767 | 431 |
| Total | $2959 | $1990 |

---

***Other Non-Current Liabilities***

The composition of other non-current liabilities as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Customer deposits | $1000 | $1000 |
| Government grant obligation | 750 | 750 |
| Asset retirement obligation | 574 | 568 |
| Other | 99 | 283 |
| Total | $2423 | $2601 |

---

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

**5.** **Short-term Debt** 

***2023 Term Loan and Warrants***

In February 2023, the Company entered into a term loan agreement with a principal amount of $5.5 million (the "2023 Term Loan"), bearing interest at 17% per annum with an existing investor of the Company who is a related party. See Note 16 for additional information regarding related party transactions. The 2023 Term Loan matures in May 2026, as amended. Interest is payable at maturity.

In connection with the issuance of the 2023 Term Loan, the Company issued 220,000 warrants to purchase shares of Series F redeemable convertible preferred stock at an exercise price of $1.40 per share (the "Preferred Stock Warrants"). The Preferred Stock Warrants expire in February 2033. The Preferred Stock Warrants are classified as a liability and are remeasured at fair value at each reporting date, with changes in fair value recognized in other income (expense), net in the condensed consolidated statements of operations (see Note 3 Fair Value Measurement). In August 2025, the investor exercised 110,000 of the Preferred Stock Warrants. As of March 31, 2026 and December 31, 2025, there were 110,000 Preferred Stock Warrants outstanding, respectively.

In connection with subsequent amendments, the Company issued an aggregate of 1,250,000 common stock warrants, which are equity classified and were recorded as a debt discount amortized to interest expense over the remaining term of loan at the time of each amendment.

The outstanding principal balance was $5.5 million at March 31, 2026 and December 31, 2025, respectively. Accrued interest was $427 and $164 as of March 31, 2026 and December 31, 2025, respectively. The unamortized debt discount was $66 and $187 as of March 31, 2026 and December 31, 2025, respectively. Total interest expense, including amortization of the debt discount, was $548 and $287 for the three months ended March 31, 2026 and 2025, respectively.

***Promissory Notes***

In April 2025, the Company issued an unsecured promissory note to a board member in the principal amount of $440. The note bears interest at 11% per annum and matures on April 9, 2026. Interest is payable at maturity, and all unpaid principal and accrued interest are due on the maturity date.

In March 2026, the Company entered into note purchase agreements with the same board member and issued (i) an unsecured promissory note in the principal amount of $330, arising from the conversion of a related party advance, bearing interest at 11% per annum and maturing on March 1, 2027, (ii) an unsecured promissory note in the principal amount of $200, bearing interest at 11% per annum and maturing on March 12, 2027, and (iii) an unsecured promissory note in the principal amount of $375, bearing interest at 15% per annum and maturing on April 24, 2026. This promissory note included warrants to purchase 300,000 shares of the Company's common stock with an exercise price of $0.01 per share. The common stock warrants are equity classified. The fair value of the warrants at issuance was recorded as a debt discount against the related promissory note and is amortized to interest expense over the term of the note. The warrants had an aggregate fair value of $430.

In March 2026, the Company also issued an unsecured promissory note in the principal amount of $150 to an existing investor, bearing interest at 15% per annum and maturing on April 30, 2026, with warrants to purchase 120,000 shares of the Company's common stock at an exercise price of $0.01 per share. The common stock warrants issued in connection with the promissory notes are equity classified and were recorded as a debt discount amortized to interest expense over the respective terms of the notes. The warrants had an aggregate fair value of $175.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

As of March 31, 2026 and December 31, 2025, the outstanding principal balance of the promissory notes was $1.5 million and $0.4 million, respectively. Accrued interest totaled $54 and $40 as of March 31, 2026 and December 31, 2025, respectively, and was included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. Total interest expense related to the promissory notes, including amortization of the debt discount, was $139 and $0 for the three months ended March 31, 2026 and 2025, respectively.

***Financing Agreements***

In March 2026, the Company entered into two financing agreements with an unrelated third party with aggregate principal amounts of $62 and $44. The agreements bear interest at 8.2% and 8.3% per annum, respectively, and mature on November 1, 2026. As of March 31, 2026 the outstanding principal balance of the financing agreements was $106 and was classified as short-term debt on the condensed consolidated balance sheets. Interest expense was not material for the three months ended March 31, 2026.

***Repayment of short-term debt***

All outstanding short-term debt agreements, including accrued interest, were repaid in connection with the closing of the Merger in April 2026. Refer to Note 17, Subsequent Events, for additional information.

**6.** **Convertible Notes** 

***2023 Notes and 2024 Note***

During 2023 and 2024, the Company issued unsecured convertible promissory notes with aggregate principal amounts of $10.0 million each (the "2023 Notes" and "2024 Note," respectively). The 2024 Note included an embedded conversion feature that was bifurcated and accounted for as a derivative liability, remeasured to fair value at each reporting date, with changes in fair value recognized in other income (expense), net in the condensed consolidated statements of operations.

On October 31, 2025, the Company and the holders entered into a conversion agreement pursuant to which all outstanding principal and accrued interest were converted into shares of Series F redeemable convertible preferred stock at $1.40 per share. The Company accounted for the transaction as a debt extinguishment. Upon conversion, the embedded conversion feature derivative was remeasured to fair value immediately prior to conversion and extinguished. As a result, there were no outstanding balances related to the 2023 Notes, the 2024 Note, or the related embedded derivative as of March 31, 2026 or December 31, 2025.

No interest expense was recognized on the 2023 Notes or 2024 Note during the three months ended March 31, 2026. Interest expense related to the 2023 Notes and 2024 Note was $207 and $197, respectively, for the three months ended March 31, 2025. No change in fair value of the embedded conversion feature was recognized during the three months ended March 31, 2026 as the derivative was extinguished on October 31, 2025. The Company recognized a change in fair value of $3 on the embedded conversion feature during the three months ended March 31, 2025.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

***Make-Whole Provision***

The Conversion Agreement includes a one-time make-whole provision that may require the Company to issue additional shares of Series F redeemable convertible preferred stock if the price per share in the Company's next equity financing is below a stated threshold. The Company determined that the make-whole provision represents a derivative liability. The derivative liability was initially recorded at its estimated fair value on October 31, 2025 of $1.0 million and is remeasured at fair value at each reporting date, with changes in fair value recognized in other income (expense), net in the condensed consolidated statements of operations. The fair value of the make-whole derivative liability was $48 and $40 as of March 31, 2026 and December 31, 2025, respectively. The Company recognized a change in fair value of $8 during the three months ended March 31, 2026. No change in fair value was recognized during the three months ended March 31, 2025 as the make-whole provision did not exist prior to October 31, 2025. As further discussed in Note 17, Subsequent Events, in connection with the closing of the Merger, the make-whole derivative liability was derecognized in its entirety in April 2026.

**7.** **SAFE Liability** 

Since inception, the Company has issued Simple Agreements for Future Equity ("SAFEs") to multiple investors for aggregate principal proceeds of $45.7 million. The SAFE holders are entitled to receive shares of the Company's redeemable convertible preferred stock upon the occurrence of a qualifying equity financing event. In the event of a liquidity or dissolution event, the SAFEs provide for settlement in accordance with their contractual terms. The SAFEs grant holders the right to receive shares of the Company's redeemable convertible preferred stock upon the occurrence of a qualifying equity financing event at a 15% discount to the price per share paid by other investors in such financing.

The Company determined that the SAFEs are freestanding financial instruments and are classified as liabilities, as the SAFEs represent an obligation to issue a variable number of shares for a fixed monetary amount. The SAFEs are initially recorded at fair value upon issuance and subsequently remeasured to fair value at each reporting date, with changes in fair value recognized in the condensed consolidated statements of operations. Issuance costs related to the SAFEs are expensed as incurred.

During the three months ended March 31, 2026 and 2025, the Company issued SAFEs with aggregate proceeds of $2.4 million and $0.1 million, respectively. All SAFEs issued during the three months ended March 31, 2026 included common stock warrant coverage. The warrants are equity classified. The SAFE liability and the warrants were recorded at their respective fair values on the issuance date, with $2.4 million and $2.2 million allocated to the SAFE liability and the warrants, respectively. Any excess of the aggregate fair value of the instruments issued over the proceeds received was recognized as an upfront loss of $2.2 million and included in other income (expense), net in the condensed consolidated statements of operations during the three months ended March 31, 2026. No SAFEs with common stock warrant coverage were issued during the three months ended March 31, 2025. The Company recognized a loss on change in fair value of the SAFE liability of $134 and a gain of $2.1 million during the three months ended March 31, 2026 and 2025, respectively.

***Election to Convert SAFEs***

On October 31, 2025, holders of SAFEs with an aggregate carrying value of $50.7 million elected to settle their SAFEs into shares of the Company's Series F redeemable convertible preferred stock at a conversion price of $1.40 per share. The Company accounted for the transaction as an extinguishment of the SAFE liability and, in connection with the conversion, recognized a freestanding make-whole derivative liability as described below.

On March 31, 2026, holders of all remaining outstanding SAFEs converted into shares of the Company's Series F redeemable convertible preferred stock at $1.40 per share. The SAFE liability was remeasured to fair value immediately prior to conversion, and the Series F redeemable convertible preferred stock was recorded at an amount equal to that fair value. No additional gain or loss was recognized upon conversion. As a result, no SAFE liability remained outstanding as of March 31, 2026.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

***Make-Whole Provision***

In connection with the October 31, 2025 SAFE conversion, the Company granted a one-time make-whole right to the converted investors. No make-whole provision was granted in connection with the March 31, 2026 SAFE conversion. The Company determined that the make-whole provision represents a freestanding derivative liability. The derivative liability was initially recorded at its estimated fair value of $1.9 million on October 31, 2025 and is subsequently remeasured at fair value at each reporting date, with changes in fair value recognized in the condensed consolidated statements of operations. The fair value of the derivative liability related to the make-whole provision was $84 and $71 as of March 31, 2026 and December 31, 2025. The Company recognized a change in fair value of $13 for the three months ended March 31, 2026. As further discussed in Note 17, Subsequent Events, in connection with the closing of the Merger, the make-whole derivative liability was derecognized in its entirety in April 2026.

**Contingent Equity Arrangement Associated with a SAFE**

In connection with a SAFE issued in 2023, the Company entered into an arrangement that provided the investor with the right to receive a warrant upon the occurrence of certain future events. The Company previously concluded that no present obligation existed under this arrangement prior to the resolution of the applicable contingencies and, accordingly, no amount had been recognized in the Company's historical financial statements. As further discussed in Note 17, Subsequent Events, the Company settled this arrangement in April 2026.

**8.** **Operating Leases** 

The Company leases various facilities under operating leases. Leased facilities include manufacturing facilities, radiopharmaceutical production facilities, and office spaces. The Company combines lease and non-lease components, therefore there is no allocation of lease payments to non-lease components. Short-term leases with an initial term of 12 months or less are recognized on a straight-line basis over the lease term.

The components of total lease costs for operating leases during the three months ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| Operating lease cost | $144 | $137 |
| Variable lease cost | 36 | 23 |

---

The supplemental cash flow information related to operating leases during the three months ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| Cash payment for operating lease | $144 | $141 |
| Operating lease liabilities arising from obtaining new operating lease ROU assets during the period |  | 164 |

---

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

The weighted-average remaining lease terms and discount rates for operating leases as of March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **March 31,<br> 2025** |
| Weighted-average remaining lease term (years) | 3.6 | 3.7 |
| Weighted-average discount rate | 6.8% | 6.5% |

---

Future minimum lease payments under non-cancellable leases as of March 31, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Remainder of 2026 | $379 |
| 2027 | 413 |
| 2028 | 306 |
| 2029 | 235 |
| 2030 | 142 |
| Thereafter |  |
| Total undiscounted lease payments | 1475 |
| Less: Imputed interest | (163) |
| Operating lease liabilities | $1312 |

---

**9.** **Commitments and Contingencies** 

***Litigation and Claims***

From time to time, the Company may be involved in legal proceedings in the normal course of business. The Company assesses the need to record a liability for litigation and contingencies. Reserve estimates are recorded when and if it is determined that a loss-related matter is both probable and reasonably estimable.

<u>Litigation Settlement and Revenue Impact</u>

The Company was party to litigation associated with a prior commercial arrangement. In January 2026, the Company resolved the matter by entering into a supply agreement with the customer. Under the terms of the agreement, the customer may purchase specified radioisotopes at a per-unit contractual discount until aggregate discounts total $2.8 million (the "Settlement Credit"). The credit is nonrefundable and does not require the customer to make minimum purchase commitments.

The Company concluded that the Settlement Credit represents consideration payable to a customer within the scope of ASC 606, Revenue from Contracts with Customers. Accordingly, the Settlement Credit will be recognized as a reduction of transaction price and recorded as a reduction of revenue as the customer exercises its right to purchase product at the discounted price. Revenue will continue to be recognized upon transfer of control of the product to the customer.

***Purchase Commitments***

As of March 31, 2026, the Company did not have any significant noncancelable purchase commitments.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

**10.** **Redeemable Convertible Preferred Stock** 

Redeemable convertible preferred stock as of March 31, 2026 is comprised of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series** | **Original<br> issue price** | **Shares<br> authorized** | **Issued and<br> outstanding** | **Carrying<br> value** | **Liquidation<br> preference** |
|  | (Per share) |  |  |  |  |
| A | $0.05 | 12285713 | 12285713 | $645 | $645 |
| B | 0.21 | 7500000 | 7500000 | 1575 | 1575 |
| C | 0.85 | 5000000 | 5000000 | 4250 | 4250 |
| D | 1.00 | 4100799 | 4100799 | 4101 | 4101 |
| E | 1.12 | 22671428 | 22671428 | 25392 | 25392 |
| F | 1.40 | 105481484 | 98058282 | 161904 | 137282 |
|  |  | 157039424 | 149616222 | $197867 | $173245 |

---

Redeemable convertible preferred stock as of December 31, 2025 is comprised of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series** | **Original<br> issue price** | **Shares<br> authorized** | **Issued and<br> outstanding** | **Carrying<br> value** | **Liquidation<br> preference** |
|  | (Per share) |  |  |  |  |
| A | $0.05 | 12285713 | 12285713 | $645 | $645 |
| B | 0.21 | 7500000 | 7500000 | 1575 | 1575 |
| C | 0.85 | 5000000 | 5000000 | 4250 | 4250 |
| D | 1.00 | 4100799 | 4100799 | 4101 | 4101 |
| E | 1.12 | 22671428 | 22671428 | 25392 | 25392 |
| F | 1.40 | 105481484 | 93624871 | 155236 | 131075 |
|  |  | 157039424 | 145182811 | $191199 | $167038 |

---

During the three months ended March 31, 2026, all remaining outstanding SAFEs converted into 4,433,411 shares of Series F redeemable convertible preferred stock at a conversion price of $1.40 per share. Because the redemption events are not solely within the control of the Company, the redeemable convertible preferred stock continues to be presented outside of permanent equity as mezzanine equity on the condensed consolidated balance sheets.

**11.** **Stockholders' Deficit** 

***Common Stock***

Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to the prior right of holders of all series of stock outstanding. Through March 31, 2026, no dividends have been declared or paid.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

As of March 31, 2026 and December 31, 2025, the Company had reserved common stock for future issuance as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
| Conversion of Series F redeemable convertible preferred stock | 98058282 | 93624871 |
| Conversion of common stock warrants | 9706064 | 10176273 |
| Outstanding options under the 2010 Plan | 638957 | 1092810 |
| Outstanding options under the 2016 Plan | 12864633 | 13069838 |
| Options reserved for future issuance under the 2016 Plan | 578931 | 559611 |
| Other ⁽¹⁾ | 51667940 | 51667940 |
| Total | 173514807 | 170191343 |

---

(1) Includes shares reserved
 for conversion of Series A (12,285,713), Series B (7,500,000), Series C (5,000,000), Series
 D (4,100,799), and Series E (22,671,428) redeemable convertible preferred stock and conversion
 of preferred stock warrants (110,000). There were no changes in these reserved shares during
 the three months ended March 31, 2026.

**12*.*** **Stock Option Plan** 

***Equity Incentive Plan***

In 2010, the Company adopted the 2010 Equity Compensation Plan (the "2010 Plan"). There have been no issuances under the 2010 Plan since the adoption of the 2016 Equity Incentive Plan (the "2016 Plan"). The 2010 Plan expired in 2025, and all options available for issuance under the 2010 Plan upon expiration were moved to the 2016 Plan. Accordingly, no shares are available for future issuance under the 2010 Plan as of March 31, 2026.

In 2016, the Company's Board of Directors adopted the 2016 Plan under which incentive stock options ("ISOs"), nonqualified stock options ("NSOs"), stock appreciation rights ("SARs"), restricted stock, and restricted stock units ("RSUs") may be granted to employees, directors, and consultants. Under the 2016 Plan, ISOs can only be granted to employees and NSOs can be granted to employees, directors, and key advisors. The Board of Directors determines the terms and conditions of the awards, including the number of awards to be granted and vesting criteria at the time of grant. The term of each option shall be stated in the option agreement; however, the term shall be no more than ten years from the date of the grant thereof. Stock options must be granted with an exercise price no less than the stock's fair market value at the date of grant.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

***Stock option***

Stock option activity during the three months ended March 31, 2026 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> options** | **Weighted<br> average<br> exercise<br> price** | **Weighted<br> average<br> remaining<br> contractual<br> life <br> (years)** | **Aggregate<br> intrinsic<br> value** |
| Balance as of December 31, 2025 | 14162648 | $0.31 | 6.41 | $2541 |
| Options granted | 135000 | 1.09 |  |  |
| Options exercised | (639738) | 0.16 |  | 598 |
| Options cancelled | (154320) | 0.32 |  |  |
| Balance as of March 31, 2026 | 13503590 | $0.33 | 6.33 | $10322 |
| Vested and expected to vest at March 31, 2026 | 13503590 | $0.33 | 6.33 | $10322 |
| Exercisable at March 31, 2026 | 9433058 | $0.27 | 5.25 | $7765 |

---

The options granted during the three months ended March 31, 2026 and 2025 had a weighted-average grant-date fair value per share of $0.76 and $0.30, respectively. The total fair value of options vested was $207 and $176 during the three months ended March 31, 2026 and 2025, respectively.

***Fair Value Inputs***

The fair value of stock options granted was estimated using the following weighted-average assumptions:

---

| | | |
|:---|:---|:---|
|  | **Three months ended <br> March 31,** | **Three months ended <br> March 31,** |
|  | **2026** | **2025** |
| Expected term (in years) | 6.1 | 5.7 |
| Expected volatility | 64.9% | 65.4% |
| Risk-free rate | 3.9% | 4.1% |
| Dividend yield |  |  |

---

***Stock-Based Compensation***

The Company's total stock-based compensation was as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| Cost of revenue | $18 | $3 |
| Research and development | 11 | 11 |
| Selling, general and administrative | 96 | 169 |
| Total stock-based compensation | $125 | $183 |

---

As of March 31, 2026 the unrecognized stock-based compensation related to outstanding unvested options was $1.1 million and is expected to be recognized over a weighted average period of 2.6 years.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

***13.***  ***Common Stock Warrants*** 

The following table summarizes common stock warrant activity for the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **Number of warrants** | **Weighted Average Exercise Price** |
| Outstanding at December 31, 2025 | 10176273 | $1.08 |
| Issued | 2168829 | 0.01 |
| Exercised | (2639038) | 0.01 |
| Outstanding at March 31, 2026 | 9706064 | $1.13 |

---

During the three months ended March 31, 2026, the Company issued an aggregate 2,168,829 common stock warrants, consisting of 1,748,829 common stock warrants issued in connection with SAFEs, as described in Note 7 SAFE Liability, and 420,000 common stock warrants issued in connection with promissory notes, as described in Note 5 Short-Term Debt. These warrants have an exercise price of $0.01 per share and a contractual term of ten years.

The fair value of common stock warrants issued was estimated using the following assumptions:

---

| | |
|:---|:---|
|  | **Three months ended<br> March 31,<br> 2026** |
| Expected term (in years) | 10 |
| Expected volatility | 56.6% - 57.9% |
| Risk-free rate | 4.0% - 4.3% |
| Dividend yield | 0% |

---

**14.** **Income Taxes** 

For the three months ended March 31, 2026 and 2025, the Company recorded no income tax expense or benefit. The Company incurred pre-tax losses for the three months ended March 31, 2026 and 2025 and continues to maintain a full valuation allowance against its deferred tax assets due to its cumulative loss position and projected future losses. Accordingly, the Company's effective tax rate was 0.0% for each of the three months ended March 31, 2026 and 2025. The Company's effective tax rate differs from the U.S. federal statutory rate of 21.0% primarily due to the valuation allowance recorded against the Company's net deferred tax assets.

**15.** **Net Loss Attributable to Common Stockholders** 

Basic net loss per share attributable to the Company's common stockholders is computed by dividing the net loss attributable to the Company's common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is the same as basic net loss per share for all years presented because the effects of potentially dilutive items were anti-dilutive given the Company's net loss position in each period presented.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

The following table presents the calculation of basic and diluted net loss per share:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| Net loss attributable to common stockholders | $(6941) | $(2391) |
| Weighted-average shares outstanding, basic and diluted | 29292167 | 25157539 |
| &nbsp;&nbsp;&nbsp;Net loss per share, basic and diluted | $(0.24) | $(0.10) |

---

The following outstanding potential shares of common stock were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **March 31,<br> 2025** |
| Redeemable convertible preferred stock | 149616222 | 100608468 |
| Outstanding stock options | 13503590 | 15667899 |
| Preferred stock warrants | 110000 | 220000 |
| Common stock warrants | 7277404 | 7277404 |
| Convertible notes |  | 7540509 |
| SAFE liability |  | 24606557 |
| &nbsp;&nbsp;&nbsp;Total | 170507216 | 155920837 |

---

**16.** **Related Party Transactions** 

***Operating Lease***

The Company leases a building for R&D and production use from one of the Company's investors. The terms of the lease were negotiated on an arm's-length basis. The lease commenced in February 2021 and expires in January 2031. The lease requires monthly base rent of $6 and is accounted for as an operating lease. Operating lease cost related to this lease was $18 for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, the Company's operating lease right-of-use assets are $316 and $330 respectively, and total operating lease liabilities of $310 and $324 respectively. Of the total lease liabilities, $56 were classified as current liabilities as of March 31, 2026 and December 31, 2025, with the remaining $254 and $268 classified as long-term liabilities, respectively.

***2023 Term Loan***

The Company has an outstanding term loan balance with an existing investor who is a related party. For additional information regarding the 2023 Term Loan and related accounting, see Note 5 Short-Term Debt.

***Related Party Advances and promissory notes***

In January 2026, the Company received unsecured, non-interest-bearing, payable-on-demand advances of $330 from a board member and $30 from an executive officer to support the Company's liquidity needs. In February 2026, the $30 advance from the executive officer was repaid. In March 2026, the $330 advance from the board member was converted into an unsecured promissory note. During the three months ended March 31, 2026, the Company also issued two additional promissory notes to the same board member. As of March 31, 2026 and December 31, 2025, no related party advances were outstanding. See Note 5 — Short-Term Debt for the terms of all promissory notes issued to the Board member.

**Ionetix Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(Amounts in thousands, except share and per share data)**

**17.** **Subsequent Events** 

The Company has evaluated subsequent events through May 20, 2026, the date the condensed consolidated financial statements were issued.

***Reverse Merger and Related Transactions***

As discussed in Note 1, Description of Business, On April 9, 2026, the Company completed its merger with JDEV Acquisition Corp. ("JDEV") pursuant to the Agreement and Plan of Merger. The Company survived as a wholly owned subsidiary of JDEV, which was subsequently renamed Ionetix Corporation (the "combined company"). The merger was treated as a reverse recapitalization, with the Company determined to be the accounting acquirer. At the effective time of the merger, each outstanding share of the Company's common stock and preferred stock was converted into shares of the combined company's common stock at a conversion ratio of 0.5014. All outstanding options and warrants of the Company were assumed by JDEV and converted into options and warrants to purchase shares of the combined company's common stock, with the number of underlying shares and exercise prices adjusted based on the conversion ratio.

Contemporaneously with the closing of the merger, the combined company sold 10,777,268 shares of common stock in a private placement at a purchase price of $3.00 per share, generating aggregate gross proceeds of $32.3 million. The combined company also issued warrants to purchase an aggregate of 862,183 shares of combined company common stock at an exercise price of $3.00 per share to the placement agent of the transaction with an aggregate grant date fair value of approximately $1.5 million.

In connection with the closing of the merger, the make-whole derivative liability was remeasured to fair value immediately prior to closing, with the related fair value adjustment being not material. Upon closing, the make-whole derivative liability was derecognized in its entirety, resulting in a gain or loss that was not material.

In connection with the closing of the merger, all outstanding short-term debt was also repaid. See Note 5 — Short-Term Debt for additional information.

***Settlement of Contingent Equity Arrangement***

As further described in Note 7, SAFE Liability, the Company was party to a contingent equity arrangement associated with a SAFE issued in 2023. On April 9, 2026, the Company settled the arrangement in full by terminating all prior warrants and contingent rights and issuing a new ten-year warrant to purchase 6,443,076 shares of the Company's common stock at an exercise price of $0.01 per share. The new warrant is classified within stockholders' equity. The Company determined the fair value of the new warrant at issuance to be approximately $10.0 million, which was recognized as expense with a corresponding increase to additional paid-in capital. Upon the closing of the Merger, the new warrant was exchanged for a warrant to purchase shares of the combined company's common stock pursuant to the terms of the Merger Agreement.

***Termination agreement with an Investor***

In April 2026, the Company entered into a termination agreement with an investor pursuant to which the make-whole right and certain other investor rights and related agreements were terminated in their entirety. In connection with the termination, the combined company issued 277,696 shares of common stock to the investor as consideration.

The make-whole derivative liability was remeasured to fair value immediately prior to the termination date, and the related fair value adjustment was immaterial. Upon execution of the termination agreement, the make-whole derivative liability was derecognized, and the 277,696 shares issued were measured at fair value of $833 as of the termination date, based on the $3.00 per share price of the contemporaneous private placement of the combined company's common stock. The difference between the carrying amount of the make-whole derivative liability and the fair value of the shares issued was recognized in the condensed consolidated statements of operations.

## Exhibit 99.4

**Exhibit 99.4** 

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

 

*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the unaudited condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 and the related notes thereto, included as Exhibit 99.3 to this Current Report on Form 8-K/A. The following discussion should also be read alongside the Management's Discussion and Analysis of Financial Condition and Results of Operations for the years ended December 31, 2025 and 2024 included in our Current Report on Form 8-K filed with the SEC on April 16, 2026, along with the corresponding audited financial statements for such periods contained therein. Some of the information contained in this discussion and analysis or set forth elsewhere in this Current Report, including information with respect to our plans and strategy for our business, includes forward-looking statements involving risks and uncertainties as described under the heading "Forward-Looking Statements" elsewhere in this Current Report. You should review the section titled "Risk Factors" in our Current Report on Form 8-K filed with the SEC on April 16, 2026, as supplemented by this Current Report, for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements and could otherwise affect our intended plans of operations.*

**Overview**

**Background**

Incorporated in the State of Delaware in 2009, Ionetix Corporation (following the Merger described below, "Ionetix" or the "Company") was founded to develop superconducting cyclotron technology to produce isotopes for medical and industrial purposes. Our founding premise was to use this novel cyclotron technology to produce isotopes in a smaller and thus more cost-effective footprint. Our mission is to produce otherwise hard-to-obtain isotopes, using a combination of our proprietary cyclotron technology and equipment sourced from third parties.

Our leadership team has a combined 50+ years of direct experience with nuclear medicines, cyclotron technology solutions and engineering, government and community engagement. Our board members include pre-eminent experts in pharmaceutical and biotechnology research and development and manufacturing. We believe that the depth of our expertise and our cyclotron technology solutions uniquely position us to become the market leader in the manufacturing of isotopes for medical and industrial purposes.

 ****

***The Reverse Merger***

On April 9, 2026, JDEV Acquisition Corp. ("JDEV" and after the Merger, Ionetix), JDEV Merger Subsidiary ("Merger Sub") and pre-Merger Ionetix Corporation ("Legacy Ionetix") completed the merger contemplated by the Agreement and Plan of Merger and Reorganization dated April 9, 2026, pursuant to which Merger Sub merged with and into Legacy Ionetix, with Legacy Ionetix continuing as the surviving corporation and becoming a wholly owned subsidiary of the Company (the "Merger"). In connection with the Merger, JDEV changed its name to Ionetix Corporation, and the combined company will continue the existing business operations of Ionetix as a public reporting company.

At the effective time of the Merger, each outstanding share of Legacy Ionetix common stock and preferred stock was converted into shares of common stock of the combined company based on the Conversion Ratio. All outstanding stock options and warrants of Legacy Ionetix were assumed and converted into options and warrants to purchase shares of common stock of the combined company, with the number of underlying shares and exercise prices adjusted based on the Conversion Ratio.

For financial reporting purposes, the Merger was accounted for as a reverse recapitalization, with Ionetix determined to be the accounting acquirer. Accordingly, the historical financial results of Legacy Ionetix prior to the Merger are treated as the historical financial results of the combined company, and the results of operations discussed below for the three months ended March 31, 2026 and 2025 represent the historical results of Legacy Ionetix prior to the Merger.

Contemporaneously with the closing of the Merger, we sold 10,777,268 shares of common stock in a private placement at a purchase price of $3.00 per share, generating aggregate gross proceeds of $32.3 million and net proceeds of $29.7 million after deducting placement agent fees and expenses. The net proceeds are expected to be used for general working capital and corporate purposes, including research and development, engineering and scale-up manufacturing of our medical isotopes, as well as fees and expenses related to the Merger and the private placement financing.

For additional information regarding the Merger and related transactions, see our Current Report on Form 8-K filed with the SEC on April 16, 2026.

**Components of Results of Operations**

 ****

***Revenue***

Our revenues are generated primarily from (i) diagnostic drug and medical radioisotopes sales, (ii) cyclotron system sales, and (iii) consulting services and system support services.

 

*Diagnostic drug and medical radioisotopes sales* represent our principal source of revenue. Under these arrangements, customers place purchase orders pursuant to master sales agreements, with each delivered dose representing a distinct performance obligation. Revenue is recognized upon delivery, when control of the product transfers to the customer. Because these products are ordered based on clinical requirements and administered as part of patient care, demand is closely tied to real-time utilization. We have only begun sales of therapeutic radioisotopes in late 2025, and we expect revenues from the sale of diagnostic drugs to continue to represent the primary driver of our business, with future growth influenced by the development and commercialization of additional isotopes, including therapeutic isotopes, as well as continuing utilization of PET imaging products.

 

*Cyclotron system revenues* are generated from the delivery of equipment together with installation and related activities necessary to verify functionality in accordance with contractual specifications. These activities are combined into a single performance obligation, and revenue is recognized upon completion of installation and formal customer acceptance. Cyclotron system sales are generally driven by customer-specific deployment needs and the timing of system installations. As a result, we expect revenues from cyclotron sales to fluctuate from period to period.

 

*Consulting services and system support services* are typically recognized over time as services are performed because the customer simultaneously receives and consumes the benefits of our performance. We measure progress using a cost-to-cost input method, recognizing revenue based on costs incurred relative to total estimated costs, with estimates updated as facts and circumstances change.

 ****

***Operating Expenses***

 

*Cost of Revenue*

Cost of revenue consists primarily of costs associated with the manufacture and delivery of our products and related services, including materials and components, personnel-related costs, production-related overhead and shipping and handling costs. Production-related overhead includes facility costs, utilities, depreciation of production equipment, and hosting and cloud infrastructure costs. Cost of revenue also includes manufacturing-related adjustments such as production variances, warranty costs, scrap, and write-downs of excess or obsolete components. As production volume and system deliveries increase, cost of revenue is expected to increase in absolute dollars.

 

*Selling, General and Administrative*

Selling, general and administrative expenses consist primarily of personnel-related costs, including salaries, health insurance, payroll taxes, and stock-based compensation. Selling, general and administrative expenses also include consulting and professional service fees and other general corporate and administrative expenses.

As we continue to grow our business and expand our commercial presence, we expect selling, general and administrative expenses to increase in absolute dollars. In addition, we expect selling, general and administrative expenses to increase in the near term as a result of operating as a public company, including costs associated with compliance with SEC reporting requirements, audit and legal fees, insurance, and other corporate governance and administrative expenses.

 

*Research and Development*

Research and development expenses consist of costs incurred in connection with our development activities and are expensed as incurred. These expenses primarily include personnel-related costs, such as salaries, health insurance, and other employee benefits. Research and development expenses also include depreciation and amortization of development equipment and related assets, legal and regulatory costs, and other expenses necessary to support our development activities.

We have invested, and intend to continue to invest, in research and development activities to support the expansion of our diagnostic isotope offerings and the advancement of therapeutic isotope programs, including alpha-emitting radionuclides. Research and development expenses may fluctuate from period to period based on the timing and scope of development initiatives, regulatory activities, and clinical supply programs. We expect research and development expenses to increase in absolute dollars as we continue to invest in technology, production capabilities, and isotope development.

 

*Interest Expense, Net*

Interest expense, net consists primarily of interest incurred on outstanding debt obligations, partially offset by interest income earned on our cash and cash equivalents.

 

*Other Income (Expense), Net*

Other *Income (*expense), net consists primarily of non-cash charges related to the fair value remeasurement of financial instruments and gains or losses associated with financing transactions, as well as other non-operating items.

 

*Provision for Income Taxes*

We have incurred net losses since inception and maintain a full valuation allowance against our deferred tax assets. As a result, income tax expense was not material for the periods presented.

**Results of Operations**

The following table sets forth selected condensed consolidated statements of operations data for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
|  | **(In thousands)** | **(In thousands)** |
| Revenue | $1071 | $2590 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue | 1497 | 2090 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 2904 | 2882 |
| &nbsp;&nbsp;&nbsp;Research and development | 702 | 1347 |
| Total operating expenses | 5103 | 6319 |
| Loss from operations | (4032) | (3729) |
| Interest expense, net | (374) | (780) |
| Other income (expense), net | (2535) | 2118 |
| Loss before provision for income taxes | (6941) | (2391) |
| Provision for income taxes |  |  |
| Net loss | $(6941) | $(2391) |

---

***Revenue***

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** | |
|  | **2026** | **2025** |<br>**Change %** |
|  | **(In thousands)** | **(In thousands)** |  |
| Revenue | $1071 | $2590 | -59% |

---

Total revenue was $1.1 million for the three months ended March 31, 2026 compared to $2.6 million for the three months ended March 31, 2025, a decrease of $1.5 million, or 59%. The decrease was primarily driven by a $1.6 million decrease in cyclotron system sales, as no cyclotron system sales were recognized during the current period, compared to $1.6 million recognized in the prior-year period in connection with the fulfilment of a cyclotron contract. This decrease reflected the timing of customer-specific system deployments and installations. Diagnostic drug and medical radioisotopes sales were $1.1 million for the three months ended March 31, 2026 compared to $1.0 million for the three months ended March 31, 2025.

 ****

 ****

***Cost of Revenue***

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** | |
|  | **2026** | **2025** |<br>**Change %** |
|  | **(In thousands)** | **(In thousands)** |  |
| Cost of revenue | $1497 | $2090 | -28% |

---

Cost of revenue was $1.5 million for the three months ended March 31, 2026 compared to $2.1 million for the three months ended March 31, 2025, a decrease of $0.6 million, or 28%. The change was primarily driven by the decrease in system sales costs, reflecting that no cyclotron system sales were recognized in the current period.

***Selling, General and Administrative***

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** | |
|  | **2026** | **2025** |<br>**Change %** |
|  | **(In thousands)** | **(In thousands)** |  |
| Selling, general and administrative | $2904 | $2882 | 1% |

---

Selling, general and administrative expenses remained relatively flat at $2.9 million for the three months ended March 31, 2026 compared to the same period in 2025.

 **

***Research and Development***

 **

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** | |
|  | **2026** | **2025** |<br>**Change %** |
|  | **(In thousands)** | **(In thousands)** |  |
| Research and development | $702 | $1347 | -48% |

---

Research and development expenses were $0.7 million for the three months ended March 31, 2026 compared to $1.3 million for the three months ended March 31, 2025, a decrease of $0.6 million, or 48%. The decrease was primarily driven by a $0.4 million decrease in personnel-related costs, reflecting the transition of certain employees and related costs from research and development activities associated with alpha-emitting isotopes to cost of revenue in December 2025, as the related facility progressed toward operational readiness.

 **

***Interest Expense, Net***

 **

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** | |
|  | **2026** | **2025** |<br>**Change %** |
|  | **(In thousands)** | **(In thousands)** |  |
| Interest expense, net | $374 | $780 | -52% |

---

Interest expense, net was $0.4 million for the three months ended March 31, 2026 compared to $0.8 million for the three months ended March 31, 2025, a decrease of $0.4 million, or 52%. The decrease was primarily driven by the conversion of the convertible notes in the fourth quarter of 2025, which eliminated the related interest expense in the three months ended March 31, 2026.

 **

***Other Income (Expense), Net***

 **

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** | |
|  | **2026** | **2025** |<br>**Change %** |
|  | **(In thousands)** | **(In thousands)** |  |
| Other income (expense), Net | $(2535) | $2118 | -220% |

---

Other expense, net was $2.5 million for the three months ended March 31, 2026 compared to other income, net, of $2.1 million for the three months ended March 31, 2025, representing change of $4.7 million. The change was primarily driven by a $2.2 million upfront loss recognized in connection with the issuance of SAFEs with common stock warrant coverage during the three months ended March 31, 2026, reflecting the excess of the aggregate fair value of the instruments issued over the proceeds received. Additionally, the fair value of SAFE liabilities swung from a $2.1 million gain during the three months ended March 31, 2025 to a $0.1 million loss during the three months ended March 31, 2026, reflecting changes in the estimated fair value of outstanding SAFEs prior to their conversion into Series F redeemable convertible preferred stock on March 31, 2026.

**Liquidity and Capital Resources**

Since inception, we have financed our operations primarily through the issuance of redeemable convertible preferred stock, SAFEs, convertible notes, short-term debt and, most recently, the proceeds from the private placement financing completed in connection with the Merger. Our primary requirements for liquidity and capital are to fund working capital, capital expenditures, research and development, manufacturing, sales and marketing efforts, site deployment activities, commercial expansion and general corporate purposes.

We have incurred significant operating losses and negative cash flows since inception. For the three months ended March 31, 2026, we incurred a net loss of $6.9 million. As of March 31, 2026, we had an accumulated deficit of $193.5 million and cash and restricted cash of approximately $0.3 million. On April 9, 2026, we completed the Merger, in connection with which the combined company raised $29.7 million after deducting placement agent fees and expenses from a private placement financing.

We have incurred operating losses to date and expect to continue to incur losses for the foreseeable future as we invest in the growth of our business. Based on our current operating plan, we believe that our existing cash, together with the net proceeds from the private placement, will not be sufficient to fund our operations for at least the next twelve months.

Our future capital requirements will depend on many factors, including the timing and extent of our research and development activities, the scale-up of manufacturing operations, the pace of commercial expansion, and the timing of site deployments. We may seek to raise additional capital through equity or debt financings, strategic collaborations, or other arrangements to support our long-term growth objectives. There can be no assurance that such financing will be available on favorable terms, or at all.

**Cash Flows**

The following table summarizes our cash flows for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
|  | **(In thousands)** | **(In thousands)** |
| Net cash used in operating activities | $(2213) | $(4385) |
| Net cash used in investing activities | $(1483) | $(838) |
| Net cash provided by financing activities | $3546 | $114 |

---

 

*Operating Activities*

Net cash used in operating activities for the three months ended March 31, 2026 was $2.2 million, which resulted from a net loss of $6.9 million, adjusted for non-cash charges of $4.1 million and net cash inflows from changes in operating assets and liabilities of $0.6 million. Non-cash charges of $4.1 million primarily consisted of upfront loss of $2.2 million recognized in connection with the issuance of SAFEs with common stock warrant coverage during the three months ended March 31, 2026, reflecting the excess of the aggregate fair value of the instruments issued over the proceeds received, depreciation and amortization of $0.9 million, amortization of debt discount and issuance costs of $0.2 million, and stock-based compensation of $0.1 million. Cash inflows from changes in operating assets and liabilities was $0.6 million, primarily due to increases of $0.7 million in accounts payable reflecting the timing of payments.

Net cash used in operating activities for the three months ended March 31, 2025 was $4.4 million, which resulted from a net loss of $2.4 million, adjusted for net non-cash adjustments of $1.0 million and net cash outflows from changes in operating assets and liabilities of $1.0 million. Net non-cash adjustments primarily reflected a $2.1 million gain on the change in fair value of SAFE liabilities, partially offset by depreciation and amortization expense of $0.8 million, stock-based compensation of $0.2 million, and amortization of debt discount and issuance costs of $0.1 million. Net cash outflows from changes in operating assets and liabilities of $1.0 million were primarily due to a $1.3 million decrease in accrued expenses and other liabilities, primarily reflecting a decrease in customer deposits as services were performed, and a $0.4 million increase in accounts receivable, reflecting revenue recognized from diagnostic drug and medical radioisotopes sales in the period, partially offset by a $0.7 million decrease in inventory consumed in production.

 

 

*Investing Activities*

Net cash used in investing activities for the three months ended March 31, 2026 and 2025 was $1.5 million and $0.8 million, respectively, and consisted primarily of purchases of property and equipment to support ongoing operational and capacity expansion.

 

*Financing Activities*

Net cash provided by financing activities was $3.5 million for the three months ended March 31, 2026, primarily consisting of $2.4 million of SAFE issuances, $0.8 million of net proceeds from short-term debt, and $0.4 million proceeds from related party advances.

Net cash provided by financing activities was $0.1 million for the three months ended March 31, 2025, primarily consisting of $0.1 million of SAFE issuances.

**Contractual Obligations and Commitments**

As of March 31, 2026, our material contractual obligations consisted primarily of debt arrangements and operating lease commitments.

As of March 31, 2026, we had $6.5 million of short-term debt obligations outstanding. The short-term debt matures between April 2026 and March 2027. Subsequent to March 31, 2026, all outstanding short-term debt obligations, including accrued interest, were repaid in full in connection with the closing of the Merger.

We also have operating lease commitments for our facilities and equipment. These lease obligations extend beyond March 31, 2026 in accordance with the respective lease terms. As of March 31, 2026, we had aggregate future minimum operating lease commitments of approximately $1.5 million, of which approximately $0.5 million is payable within the next 12 months.

We do not have any off-balance sheet arrangements and have no material purchase commitments.

**Critical Accounting Policies and Estimates**

Our condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of condensed consolidated financial statements also requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from the estimates made by management. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations, and cash flows will be affected.

There have been no material changes to our critical accounting policies and estimates as compared to those described in the section titled "Critical Accounting Policies and Estimates" in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Current Report on Form 8-K filed with the SEC on April 16, 2026.

**Quantitative and Qualitative Disclosure About Market Risk**

As a smaller reporting company, we are not required to provide the information required by this Item.

**Emerging Growth Company Status and Smaller Reporting Company Status**

We are an emerging growth company and a smaller reporting company, as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended, and we may rely on certain reduced disclosure requirements available to such companies. For additional information, see our Current Report on Form 8-K filed with the SEC on April 16, 2026*.*

## Exhibit 99.5

**Exhibit 99.5**

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

The following unaudited pro forma condensed combined financial information and accompanying notes present the combination of the financial information of JDEV Acquisition Corp. ("JDEV" or "Parent") and Ionetix Corporation ("Ionetix"), adjusted to give effect to the Merger and related transactions (collectively, the "Transactions").

The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses." For purposes of this section, Ionetix and JDEV are collectively referred to as the "Companies," and the Companies, subsequent to the Merger, are referred to herein as the "Combined Company."

The historical financial information of JDEV was derived from the unaudited financial statements as of and for the three months ended March 31, 2026 included in JDEV's Quarterly Report on Form 10-Q filed with the SEC on May 20, 2026 (the "JDEV 10-Q") and the audited financial statements of JDEV as of and for the period from November 26, 2025 (inception) to December 31, 2025 included in JDEV's Form 10 filed with the SEC on February 4, 2026 (the "JDEV Form 10"). The historical financial information of Ionetix was derived from the unaudited financial statements of Ionetix as of and for the three months ended March 31, 2026, and the audited condensed financial statements of Ionetix as of and for the year ended December 31, 2025 included elsewhere in this Current Report on Form 8-K (this "Report"). This unaudited pro forma condensed combined financial information should be read together with (i) JDEV's historical financial statements and related notes included in JDEV's 10-Q and Form 10 and (ii) Ionetix's historical financial statements and related notes, and the section titled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and other financial information included elsewhere in this Report. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Report.

Contemporaneously with the Merger, JDEV conducted a private placement offering (the "Offering") and sold 10,777,268 shares of its common stock at a purchase price of $3.00 per share for gross proceeds of $32.3 million. In connection with the Offering, JDEV also issued warrants to purchase an aggregate of 862,183 shares of PubCo common stock at an exercise price of $3.00 per share to the Placement Agent. The unaudited pro forma condensed combined financial information and accompanying notes are adjusted to give effect to the Offering.

Notwithstanding the legal form, the Merger is expected to be accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). Under this method of accounting, JDEV will be treated as the acquired company for accounting purposes, and Ionetix will be treated as the accounting acquirer. Accordingly, the Merger will be treated as the equivalent of Ionetix issuing shares for the net assets of JDEV, accompanied by a recapitalization. Consequently, the net assets of JDEV will be stated at historical cost, with no goodwill or other intangible assets recorded, and operations prior to the Merger will be those of Ionetix. Ionetix has been determined to be the accounting acquirer for purposes of the Merger based on an evaluation of the following facts and circumstances:

● The assets of Ionetix represent a significant majority of the assets of the Combined Company.

● Ionetix stockholders have a majority of the voting power of the Combined Company.

● The executive officers of the Combined Company immediately after the Closing are the same individuals as those of Ionetix immediately prior to the Closing.

● Ionetix's operations comprise the ongoing operations of the Combined Company.

The table directly below presents shares outstanding after the Transactions, as depicted in the unaudited pro forma condensed combined financial information, after giving effect to the Conversion Ratio:

---

| | | |
|:---|:---|:---|
| **Pro Forma Ownership** | **Shares** | **Fully <br> Diluted %** |
| Legacy Ionetix Stockholders (1)(3) | 97932163 | 77.72% |
| Private Placement Investors | 10777268 | 8.55% |
| Retained Pre-Merger Shares | 4400000 | 3.49% |
| Eli Lilly and Company Shares (2) | 277696 | 0.22% |
| Placement Agent Warrants | 862183 | 0.68% |
| 2026 EIP Shares Reserved (unissued) | 5000000 | 3.97% |
| 2026 Plan Option Issued and Outstanding (4) | 6770701 | 5.37% |
| **Total shares outstanding and reserved for issuance** | **126020011** | **100.00%** |

---

(1) Includes (i) 29,442,072 shares of Ionetix common stock, (ii)
149,616,222 shares of Ionetix redeemable convertible preferred stock, (iii) 9,706,064 Ionetix common stock warrants, and (iv) 110,000
Ionetix preferred stock warrants outstanding as of March 31, 2026. Such securities will be exchanged for shares of PubCo common stock
at the Conversion Ratio pursuant to the Merger Agreement.

(2) Includes
277,696 shares of PubCo common stock issued subsequent to March 31, 2026 to Eli Lilly and Company pursuant to the Termination Agreement
as consideration for the termination of certain pre-Merger agreements.

(3) Includes 6,443,076 shares underlying Ionetix common stock warrants
issued subsequent to March 31, 2026 and prior to the Effective Time of the Merger in connection with the settlement of a contingent equity
arrangement. These warrants are assumed to be exchanged for warrants exercisable for shares of PubCo common stock at the Conversion Ratio
pursuant to the Merger Agreement.

(4) Reflects options outstanding under Ionetix's 2016 EIP
and 2010 EIP as of March 31, 2026, which will be assumed by Combined Company and converted into options to purchase shares of PubCo common
stock at the Conversion Ratio pursuant to the Merger Agreement. Such awards will be transitioned into the 2026 EIP at Closing.

The following unaudited pro forma condensed combined balance sheet as of March 31, 2026, and the unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2026 and for the year ended December 31, 2025, are based on the historical financial statements of JDEV and Ionetix. The unaudited pro forma adjustments are based on information currently available, and assumptions and estimates underlying the unaudited pro forma adjustments are described in the accompanying notes. Actual results may differ materially from the assumptions used to present the accompanying unaudited pro forma condensed combined financial information.

These unaudited pro forma condensed combined financial statements are for informational purposes only. They do not purport to indicate the results that would have been obtained had the Merger and related transactions actually been completed on the assumed dates or for the periods presented, or which may be realized in the future. The pro forma adjustments are based on the information currently available and the assumptions and estimates underlying the pro forma adjustments are described in the accompanying notes. Actual results may differ materially from the assumptions within the accompanying unaudited pro forma condensed combined financial information.

**UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET AS OF MARCH 31, 2026 (in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ionetix<br> (Historical)** | **JDEV<br> Acquisition<br> Corp.<br> (Historical)** | **Pro Forma<br> Transaction<br> Accounting<br> Adjustments** | **Pro Forma<br> Combined** |
| **Assets** | | | | |
| Current assets: |  |  |  |  |
| Cash | $129 | $10 | $32332 (A) | $21697 |
|  |  |  | (2891) (C) |  |
|  |  |  | (25) (H) |  |
|  |  |  | (7858) (I) |  |
| Accounts receivable, net | 1329 |  |  | 1329 |
| Inventory, net | 207 |  |  | 207 |
| Prepaid expenses and other current assets | 644 |  |  | 644 |
| **Total current assets** | 2309 | 10 | 21558 | $23877 |
| Inventory, non-current | 3143 |  |  | 3143 |
| Property and equipment, net | 26353 |  |  | 26353 |
| Leases right-of-use assets | 1311 |  |  | 1311 |
| Other non-current assets | 1398 |  | (906) (C) | 492 |
| **Total Assets** | $34514 | $10 | $20652 | $55176 |
| **Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)** |  |  |  |  |
| Current liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $6182 | $— | $— | $6182 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 2959 |  | (132) (B) | 2061 |
|  |  |  | — (H) |  |
|  |  |  | (766) (I) |  |
| &nbsp;&nbsp;&nbsp;Short-term debt | 6490 | 25 | (6490) (I) |  |
|  |  |  | (25) (H) |  |
| &nbsp;&nbsp;&nbsp;Short-term operating lease liabilities | 407 |  |  | 407 |
| **Total current liabilities** | 16038 | 25 | (7413) | 8650 |
| Operating lease liabilities, non-current | 905 |  |  | 905 |
| Other non-current liabilities | 2423 |  | (99) (F) | 2324 |
| **Total liabilities** | 19366 | 25 | (7512) | 11879 |
| **Commitments and contingencies** |  |  |  |  |
| Redeemable convertible preferred stock | 197867 |  | (197867) (D) |  |
| Stockholders' deficit: |  |  |  |  |
| JDEV common stock |  |  |  |  |
| Ionetix common stock | 3 |  | (3) (E) |  |
| PubCo common stock |  |  | 1 (A) | 10 |
|  |  |  | — (B) |  |
|  |  |  | 8 (D) |  |
|  |  |  | 1 (E) |  |
| Additional paid-in capital | 10782 |  | 32331 (A) | 248094 |
|  |  |  | 833 (B) |  |
|  |  |  | (3797) (C) |  |
|  |  |  | 197859 (D) |  |
|  |  |  | 2 (E) |  |
|  |  |  | 99 (F) |  |
|  |  |  | 10000 (G) |  |
|  |  |  | (15) (J) |  |
| Accumulated deficit | (193504) | (15) | (701) (B) | (204807) |
|  |  |  | (10000) (G) |  |
|  |  |  | (602) (I) |  |
|  |  |  | 15 (J) |  |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | (182719) | (15) | 226031 | 43297 |
| **Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)** | $34514 | $10 | $20652 | $55176 |

---

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2026**

**(in thousands, except share and per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ionetix<br> (Historical)** | **JDEV<br> Acquisition<br> Corp.<br> (Historical)** | **Pro Forma<br> Transaction<br> Accounting<br> Adjustments** | **Pro Forma<br> Combined** |
| **Revenue** | $1071 | $— | $— | $1071 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue | 1497 |  |  | 1497 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 2904 | 16 |  | 2920 |
| &nbsp;&nbsp;&nbsp;Research and development | 702 |  |  | 702 |
| **Total operating expenses** | 5103 | 16 |  | 5119 |
| **Loss from operations** | (4032) | (16) |  | (4048) |
| **Interest and other income (expense):** |  |  |  |  |
| Interest (expense) income, net | (374) |  | 691 (dd) | 317 |
| Other (expense) income, net | (2535) |  | 134 (aa) | (235) |
|  |  |  | (72) (bb) |  |
|  |  |  | 21 (cc) |  |
|  |  |  | 2217 (ee) |  |
| **Loss before provision for income tax** | (6941) | (16) | 2991 | (3966) |
| Provision for income tax |  |  |  |  |
| **Net loss** | $(6941) | (16) | $2991 | $(3966) |
| Weighted average shares of Ionetix common stock | 29292167 |  |  |  |
| Net loss per share of Ionetix common stock – basic and diluted | $(0.24) |  |  |  |
| Weighted average shares of JDEV common stock |  | 5500000 |  |  |
| Net loss per share of JDEV common stock – basic and diluted |  | $— |  |  |
| Weighted average shares of PubCo Common Stock |  |  |  | 109683082 |
| Net loss per share of PubCo Common Stock – basic and diluted |  |  |  | $(0.04) |

---

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2025**

**(in thousands, except share and per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ionetix<br> (Historical)** | **JDEV<br> Acquisition<br> Corp.<br> (Historical)** | **Pro Forma<br> Transaction<br> Accounting<br> Adjustments** | **Pro Forma<br> Combined** |
| **Revenue** | $6012 | $— | $— | $6012 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue | 6160 |  |  | 6160 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 14540 |  |  | 14540 |
| &nbsp;&nbsp;&nbsp;Research and development | 5129 |  |  | 5129 |
| **Total operating expenses** | 25829 |  |  | 25829 |
| **Loss from operations** | (19817) |  |  | (19817) |
| **Interest and other income (expense):** |  |  |  |  |
| Interest expense, net | (3254) |  | 3214 (dd) | (40) |
| Other income (expense), net | (16594) |  | 328 (aa) | (26845) |
|  |  |  | 12 (bb) |  |
|  |  |  | (2842) (cc) |  |
|  |  |  | 3061 (ee) |  |
|  |  |  | (10000) (ff) |  |
|  |  |  | (810) (gg) |  |
| **Loss before provision for income tax** | (39665) |  | (7037) | (46702) |
| Provision for income tax | 6 |  |  | 6 |
| **Net loss** | $(39671) |  | $(7037) | $(46708) |
| Weighted average shares of Ionetix common stock | 25623837 |  |  |  |
| Net loss per share of Ionetix common stock – basic and diluted | $(1.55) |  |  |  |
| Weighted average shares of JDEV common stock |  | 5500000 |  |  |
| Net loss per share of JDEV common stock – basic and diluted |  | $— |  |  |
| Weighted average shares of PubCo Common Stock |  |  |  | 109683082 |
| Net loss per share of PubCo Common Stock – basic and diluted |  |  |  | $(0.43) |

---

**Note 1 — Basis of Pro Forma Presentation**

The unaudited pro forma condensed combined financial information was prepared in accordance with Article 11 of Regulation S-X, as amended by the final rule, Release No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses," and presents the Combined Company's pro forma financial condition and results of operations based upon the historical financial information of each of JDEV and Ionetix after giving effect to the Transactions set forth in the notes to the unaudited pro forma condensed combined financial information. The adjustments presented in the unaudited pro forma condensed combined financial information have been identified and presented to provide relevant information necessary for an understanding of the Combined Company upon consummation of the Transactions.

Notwithstanding the legal form, the Merger will be accounted for as a reverse recapitalization in accordance with U.S. GAAP, as outlined above.

In connection with the Offering, JDEV also issued 862,183 warrants to purchase shares of PubCo Common Stock to the Placement Agent at an exercise price of $3.00 per share (the "Placement Agent Warrants"). The Placement Agent Warrants are accounted for as equity-classified instruments in accordance with U.S. GAAP and are initially measured at fair value. As the Placement Agent Warrants were issued to the Placement Agent in connection with the Offering, a capital transaction, they are considered offering costs recorded through additional paid-in capital.

The unaudited pro forma condensed combined financial information presented does not reflect any cost savings, operating synergies, tax savings or revenue enhancements that the consolidated company may achieve as a result of the Merger. Ionetix and JDEV did not have any historical relationship prior to the Merger. Accordingly, no pro forma adjustments were required to eliminate activities between the Companies.

The unaudited pro forma condensed combined financial information has been prepared based on the Ionetix and JDEV historical financial statements, as adjusted to give effect to the Merger and Offering. The unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2026 and for the year ended December 31, 2025 give effect, on a pro forma basis, to the Transactions as if they had been consummated as of January 1, 2025. The unaudited pro forma condensed combined balance sheet as of March 31, 2026 is derived from the historical balance sheets of each of Ionetix and JDEV, adjusted on a pro forma basis as if the Transactions had been consummated as of March 31, 2026.

The pro forma adjustments reflecting the consummation of the Transactions are based on certain currently available information and certain assumptions and methodologies that each of Ionetix and JDEV believes are reasonable under the circumstances. The pro forma adjustments, which are described in the following notes, may be revised as additional information becomes available and is evaluated. Therefore, it is likely that the actual adjustments will differ from the pro forma adjustments, and it is possible the differences may be material. Each of Ionetix and JDEV believes that its assumptions and methodologies provide a reasonable basis for presenting all the significant effects of the Transactions based on information available to management at this time and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial information. There were no significant differences in accounting policies between JDEV and Ionetix that required pro forma adjustments in order to conform the historical condensed combined financial information.

**Note 2 — Adjustments to Unaudited Pro Forma Condensed Combined Financial Information**

The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X. The pro forma condensed combined financial information does not include an income tax adjustment based on the history of Ionetix's losses and the expectation that the Combined Company would not be able to realize the tax benefits of such losses. The pro forma condensed combined provision for income taxes does not necessarily reflect the amounts that would have resulted had the Companies filed consolidated income tax returns during the periods presented.

  ****

 **

***The pro forma notes and adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:***

 

***Pro Forma Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet***

&nbsp;&nbsp;&nbsp;&nbsp;(A) To reflect the issuance and sale of 10,777,268 shares of Parent common stock, par value of $0.0001 per
share, to Private Placement Investors, for aggregate proceeds of $32.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;(B) To reflect the derecognition of Ionetix's derivative liability upon settlement related to the make-whole
provision associated with the Series F preferred stock issued by Ionetix in October 2025.

In April 2026, the Company entered into a termination agreement with one of the Series F October 2025 investors pursuant to which the make-whole right and certain other investor rights and related agreements were terminated in their entirety. In connection with the termination, the investor received 277,696 shares of PubCo common stock as consideration.

The make-whole derivative liability related to this investor was remeasured to fair value immediately prior to the termination date, and the related fair value adjustment was immaterial. Upon execution of the termination agreement, the make-whole derivative liability was derecognized, and the 277,696 shares issued were measured at fair value of $0.8 million as of the termination date. The difference between the carrying amount of the make-whole derivative liability and the fair value of the shares issued was recognized in the condensed combined statements of operations.

This pro forma adjustment also includes the derecognition of the make-whole liability related to all other Series F preferred stock issued in October 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(C) To reflect settlement of $5.3 million of estimated transaction costs incurred in connection with the Transaction,
of which $2.9 million is settled in cash at the Closing and $0.9 million was previously capitalized as other noncurrent assets as of March
31, 2026. These transaction costs are preliminary estimates subject to change. The final amounts of Ionetix's and JDEV's transaction
costs and the resulting effect on the financial position and results of operations of the Combined Company may differ significantly. These
transaction costs are in connection with the Closing and related transactions and are deemed to be direct and incremental costs of the
Merger. The transaction costs are accounted for as equity issuance costs and the unaudited pro forma condensed balance sheet reflects
these costs as a reduction in cash with a corresponding decrease to additional paid-in-capital.

The total estimated transaction costs settled in cash include banker fees of $2.6 million, audit and accounting professional service fees of $0.6 million, and legal fees and other transaction related expenses of $0.6 million. The total estimated transaction costs include the issuance of 862,183 warrants to purchase shares of PubCo Common Stock to the Placement Agent, recorded as offering costs through additional paid-in capital of $1.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;(D) To reflect the conversion of Ionetix redeemable convertible preferred stock into shares of PubCo Common
Stock pursuant to the Conversion Ratio concurrent with the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(E) To reflect the recapitalization of Ionetix through the conversion of Ionetix common stock into PubCo Common
Stock pursuant to the Conversion Ratio concurrent with the Closing, including the Ionetix common stock issued subsequent to quarter-end
included in Note (B) above.

&nbsp;&nbsp;&nbsp;&nbsp;(F) To reflect the exchange of Ionetix's Preferred Stock Warrants into warrants to purchase shares of
PubCo Common Stock, pursuant to terms of the Merger Agreement. The Preferred Stock Warrants were previously redeemable, resulting in Ionetix
classifying such warrants as liabilities in its historical financial statements.

Ionetix's outstanding common stock warrants were also exchanged into warrants to purchase shares of PubCo Common Stock, pursuant to terms of the Merger Agreement. The Ionetix common stock warrants were previously classified as equity in Ionetix's historical financial statements, and as a result, no pro forma adjustment is needed for the exchange of these common stock warrants.

&nbsp;&nbsp;&nbsp;&nbsp;(G) In connection with a SAFE issued in 2023, Ionetix was party to a side letter and subsequent formalized
agreements (entered into in 2024) that provided an investor with the right to receive a warrant upon the occurrence of certain future
events, including specified corporate transactions. The arrangement had not been recognized in Ionetix's historical financial statements
as of March 31, 2026, as no present obligation existed prior to the resolution of the applicable contingencies.

Ionetix settled the arrangement in full by terminating all prior warrants and contingent rights and issuing a new warrant to purchase shares of Ionetix common stock. The Company evaluated the new warrant and determined it meets the criteria for equity classification under U.S. GAAP. The fair value of the new warrant is approximately $10.0 million, which is recognized as a pro forma adjustment immediately prior to the Closing, with a corresponding increase to accumulated deficit and additional paid-in capital. Upon the Closing, the new warrant was exchanged for a warrant to purchase shares of PubCo Common Stock pursuant to the terms of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(H) To reflect the settlement of JDEV's historical liabilities that will be settled at transaction close.

&nbsp;&nbsp;&nbsp;&nbsp;(I) To reflect the repayment of Ionetix's historical debt, including (i) the $5.5 million outstanding
balance under Ionetix's 2023 Term Loan, (ii) the $1.6 million of other short-term debt outstanding, and (iii) related accrued interest
of $0.8 million, in each case using proceeds from the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;(J) To reflect the elimination of JDEV's historical accumulated deficit to additional paid-in capital
as part of the reverse recapitalization of the Merger.

***Pro Forma Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations – Three Months Ended March 31, 2026***

The pro forma adjustments included in the unaudited pro forma condensed combined statement of operations for the three months ended March 31, 2026 are as follows:

(aa) To reflect reversal of $0.1 million related to the change in fair value of Ionetix's SAFE liabilities, assuming the SAFEs were converted at the beginning of the period presented.

(bb) To reflect reversal of less than $0.1 million related to the change in fair value of Ionetix's Preferred Stock Warrant liability recognized during the three months ended March 31, 2026, assuming the Preferred Stock Warrants were converted at the beginning of the period presented.

(cc) To reflect reversal of less than $0.1 million related to the change in fair value of Ionetix's derivative liabilities recognized during the three months ended March 31, 2026.

(dd) To reflect reversal of $0.7 million of interest expense, of which $0.6 million is related to the interest expense recognized on Ionetix's 2023 Term Loan and $0.1 million is related to the interest expense recognized on Ionetix's promissory notes. This pro forma adjustment assumes all outstanding debt was fully repaid at the beginning of the period presented.

(ee) To reflect reversal of $2.2 million related to the non-cash loss recognized in connection with the issuance of SAFEs and common stock warrants.

 ****

***Pro Forma Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations – Year Ended December 31, 2025***

The pro forma adjustments included in the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2025 are as follows:

(aa) To reflect reversal of $0.3 million related to the change in fair value of Ionetix's SAFE liabilities, assuming the SAFEs were converted at the beginning of the period presented.

(bb) To reflect reversal of $0.1 million related to the change in fair value of Ionetix's Preferred Stock Warrant liability recognized during the year ended December 31, 2025, assuming the Preferred Stock Warrants were converted at the beginning of the period presented.

(cc) To reflect reversal of $2.8 million related to the change in fair value of Ionetix's derivative liabilities recognized during the year ended December 31, 2025.

(dd) To reflect reversal of $3.2 million of interest expense, of which $1.5 million is related to the interest expense recognized on Ionetix's 2023 Term Loan and $1.7 million is related to the interest expense recognized on Ionetix's 2023 Notes and 2024 Note, and $0.1 million is related to the interest expense recognized on Ionetix's unsecured promissory note. This pro forma adjustment assumes all outstanding debt was fully repaid at the beginning of the period presented.

(ee) To reflect reversal of $3.1 million related to the non-cash loss recognized in connection with the issuance of SAFEs and common stock warrants.

(ff) To reflect the $10.0 million expense recognized in connection with the settlement of a contingent equity arrangement immediately prior to the Closing, through the issuance of a new warrant to purchase shares of Ionetix common stock, as described in Note (G) above.

(gg) To reflect the $0.8 million expense recognized in connection with the settlement of a portion of the Ionetix make-whole derivative liability upon execution of a termination agreement with an investor, through the issuance of PubCo common stock, as described in Note (B) above.

**Note 3 — Net Loss per Share**

Represents the pro forma basic and diluted net loss per share to holders of Parent common stock calculated using the weighted-average common shares outstanding as a result of the pro forma adjustments. The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined statement of operations are based on the number of shares of Parent common stock expected to be outstanding as if the Transactions had occurred on January 1, 2025. The calculation of weighted-average shares outstanding for pro forma basic and diluted earnings per share assumes that the shares issuable in connection with the Transactions have been outstanding for the entirety of the year presented.

Pro forma weighted-average shares outstanding, basic and diluted, are calculated as follows for the three months ended March 31, 2026 and the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| <br>**(in thousands, except share and per share data)** | **For the Three Months Ended March 31, 2026** | **For the <br> Year Ended<br> December 31,<br> 2025** |
| **Numerator:** | | |
| Pro forma net loss | $(3966) | $(46708) |
| **Denominator:** |  |  |
| Ionetix Stockholders | 94228118 | 94228118 |
| Private Placement Investors | 10777268 | 10777268 |
| Retained Pre-Merger Shares | 4400000 | 4400000 |
| Eli Lilly and Company Shares | 277696 | 277696 |
| **Pro forma weighted-average shares outstanding – basic and diluted** | **109683082** | **109683082** |
| **Pro forma basic and diluted loss per share** | $**(0.04)** | $**(0.43)** |

---

The following potential outstanding securities were excluded from the computation of pro forma net loss per share, basic and diluted, because their effect would have been anti-dilutive:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended <br> March 31, 2026** | **For the<br> Year Ended <br> December 31, <br> 2025** |
| Ionetix options that will convert into a right to purchase shares of PubCo Common Stock | 6770701 | 6770701 |
| Ionetix warrants that will convert into warrants to purchase shares of PubCo Common Stock | 3704043 | 3704043 |
| Placement Agent Warrants | 862183 | 862183 |
| **Total** | **11336927** | **11336927** |

---