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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended September 30, 2025


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

	For the transition period from __________________ to __________________

Commission File Number: 001-40458

TAO SYNERGIES INC.

(Exact name of registrant as specified in its charter)


Delaware	46-1585656
(State or other jurisdiction of incorporation or	(I.R.S. Employer
organization)	Identification No.)

1185 Avenue of the Americas, 3rd Floor
New York, New York	10036
(Address of principal executive offices)	(Zip code)

(973) 242-0005

(Registrant’s telephone number, including area code)

Synaptogenix, Inc.

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class		Trading Symbol(s)		Name of each exchange on which registered


Common Stock, $0.0001 par value per share		TAOX		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

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

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

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

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

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

As of November 11, 2025, there were 7,128,912 shares of the registrant’s common stock, $0.0001 par value per share, issued and outstanding.

Table of Contents

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION

Certain statements in this report contain or may contain forward-looking statements. These statements, identified by words such as “plan,” “anticipate,” “believe,” “estimate,” “should,” “expect” and similar expressions, include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements were based on various factors and were derived utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, crypto asset trading activity, including trading volume and the prevailing trading prices for crypto assets, which can be highly volatile; market conditions of, and overall sentiment towards, the cryptoeconomy; system failures, outages or interruptions, including with respect to third-party crypto networks; our lack of control over decentralized or third-party blockchains and networks that may experience downtime, cyberattacks, critical failures, errors, bugs, corrupted files, data losses, or other similar software failures, outages, breaches and losses; regulatory developments related to crypto assets and crypto asset markets, which could adversely affect our business, financial condition, and results of operations; the crypto markets being historically characterized by limited liquidity and trading volumes compared to sovereign currencies markets, relative anonymity, potential susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and decentralized network; our new media platform, including the accuracy of Bittensor - related information provided thereon; the reputational impact of our new media platform; our inability to expand our business, significant government regulation of pharmaceuticals and the healthcare industry, existing or increased competition, stock volatility and illiquidity, and our failure to implement our business plans or strategies. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. You should carefully review this report in its entirety, including but not limited to our financial statements and the notes thereto and the risks described in Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on March 27, 2025, as updated in our quarterly reports and current reports filed with the SEC from time to time. We advise you to carefully review the reports and documents we file from time to time with the SEC including our current reports on Form 8-K. Except for our ongoing obligations to disclose material information under securities laws, we undertake no obligation to publicly release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

Table of Contents

TABLE OF CONTENTS


	Page
Part I – FINANCIAL INFORMATION	4

Item 1. Financial Statements (Unaudited)	4

Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	4

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2025 and 2024	5

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024	6

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	8

Notes to Condensed Consolidated Financial Statements	9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	39

Item 3. Quantitative and Qualitative Disclosures about Market Risk	49

Item 4. Controls and Procedures	50

Part II – OTHER INFORMATION	51

Item 1. Legal Proceedings	51

Item 1A. Risk Factors	51

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	64

Item 3. Defaults upon Senior Securities	65

Item 4. Mine Safety Disclosures	65

Item 5. Other Information	65

Item 6. Exhibits	66

Signatures	67

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements.

TAO SYNERGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	September 30,		December 31,
	2025		2024
ASSETS

CURRENT ASSETS
Cash and cash equivalents	$	1,445,427	$	17,656,221
Digital assets		15,381,039		—
Prepaid expenses and other current assets		1,522,410		64,633

TOTAL CURRENT ASSETS		18,348,876		17,720,854

Fixed assets, net of accumulated depreciation		10,111		12,925

TOTAL ASSETS	$	18,358,987	$	17,733,779


LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES
Accounts payable	$	949,650	$	317,287
Accrued expenses		92,396		696,980

TOTAL CURRENT LIABILITIES		1,042,046		1,014,267

Warrant liability		646,000		3,766,000
Derivative liability		2,000		6,177,000

TOTAL LIABILITIES		1,690,046		10,957,267

Commitments and contingencies

Series C Convertible redeemable preferred stock, $.0001 par value and $1,000 face value, 1,000,000 shares authorized; 0 and 4,285 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively. Liquidation preference of $0 as of September 30, 2025.		—		912,830

Series D Convertible redeemable preferred stock, $.0001 par value and $1,000 face value, 1,000,000 shares authorized; 1,204 and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively. Liquidation preference of $ 1,204,000 plus dividends accrued at 5% per annum of $56,725 as of September 30, 2025.		603,797		—


STOCKHOLDERS’ EQUITY
Common stock - 150,000,000 shares authorized, $0.0001 par value; 4,527,412 shares issued and outstanding as of September 30, 2025 and 1,357,165 shares issued and outstanding as of December 31, 2024.		453		137
Additional paid-in capital		84,531,703		53,027,049
Accumulated other comprehensive income		5,702		5,702
Accumulated deficit		(68,472,714)		(47,169,206)

TOTAL STOCKHOLDERS’ EQUITY		16,065,144		5,863,682

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,358,987	$	17,733,779

See accompanying notes to condensed consolidated financial statements.

Table of Contents

TAO SYNERGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)


	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2025		2024		2025		2024
REVENUES:
Revenues from TAO staking	$	203,371	$	—	$	207,333	$	—

OPERATING EXPENSES:
Research and development		54,388		222,897		263,759		1,174,214
General and administrative		1,948,483		1,136,772		5,148,227		3,457,916
Warrant issuance costs		—		618,375		699,845		618,375
TOTAL OPERATING EXPENSES		2,002,871		1,978,044		6,111,831		5,250,505

OPERATING INCOME (LOSS)		(1,799,500)		(1,978,044)		(5,904,498)		(5,250,505)

OTHER INCOME:
Interest income		43,292		300,681		378,424		1,094,584
Share of net loss in equity investment		—		(12,025)		—		(30,475)
Unrealized loss on digital assets		(2,382,129)		—		(2,396,497)		—
Loss on issuance of Series C Preferred Stock		—		(3,812,625)		—		(3,812,625)
Change in fair value of warrant liability		109,090		(218,000)		(13,055,585)		(314,000)
Change in fair value of derivative liability		106,000		(22,000)		(76,000)		1,091,000
TOTAL OTHER INCOME		(2,123,747)		(3,763,969)		(15,149,658)		(1,971,516)

Net income (loss) before income taxes		(3,923,247)		(5,742,013)		(21,054,156)		(7,222,021)

Provision for income taxes		—		—		—		—

Net income (loss)		(3,923,247)		(5,742,013)		(21,054,156)		(7,222,021)

Preferred Stock dividends		45,210		306,725		249,352		680,919

Net income (loss) attributable to common stockholders	$	(3,968,457)	$	(6,048,738)	$	(21,303,508)	$	(7,902,940)

Change in fair value of available for sale debt security		—		5,400		—		4,800

Net comprehensive income (loss)	$	(3,968,457)	$	(6,043,338)	$	(21,303,508)	$	(7,898,140)

PER SHARE DATA:

Basic income (loss) per common share	$	(1.56)	$	(5.01)	$	(9.84)	$	(6.63)

Basic and fully diluted weighted average common shares outstanding		2,549,600		1,206,600		2,164,500		1,192,500

See accompanying notes to condensed consolidated financial statements.

Table of Contents

TAO SYNERGIES INC.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)


	Three Months Ended September 30, 2024
													Additional				Accumulated Other
	Series B Preferred Stock			Series C Preferred Stock			Series D Preferred Stock			Common Stock			Paid-In		Accumulated		Comprehensive
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Capital		Deficit		Income (Loss)		Total

Balance July 1, 2024	—	$	—	—	$	—	—	$	—	1,254,309	$	127	$	54,261,123	$	(35,464,950)	$	302	$	18,796,602

Stock based compensation	—		—	—		—	—		—	—		—		3,791		—		—		3,791

Issuance of Preferred Stock	—		—	5,000		—	—		—	—		—		—		—		—		—

Issuance of common stock for consulting fees	—		—	—		—	—		—	1,304		—		4,500		—		—		4,500

Preferred stock dividends paid	—		274,140	—		13,194	—		—	—		—		—		(287,334)		—		(287,334)

Deemed dividend - preferred stock	—		19,392	—		—	—		—	—		—		—		(19,392)		—		(19,392)

Preferred stock redemptions and conversions	—		—	—		—	—		—	100,000		10		341,687		—		—		341,697

Accrual of preferred stock and dividend redemption	—		(293,532)	—		—	—		—	—		—		—		—		—		—

Preferred stock accretion	—		—	—		301,279	—		—	—		—		(301,279)		—		—		(301,279)

Comprehensive income	—		—	—		—	—		—	—		—		—		—		5,400		5,400

Net loss	—		—	—		—	—		—	—		—		—		(5,742,013)		—		(5,742,013)

Balance September 30, 2024	—	$	—	5,000	$	314,473	—	$	—	1,355,613	$	137	$	54,309,822	$	(41,513,689)	$	5,702	$	12,801,972


	Three Months Ended September 30, 2025
													Additional				Accumulated Other
	Series B Preferred Stock			Series C Preferred Stock			Series D Preferred Stock			Common Stock			Paid-In		Accumulated		Comprehensive
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Capital		Deficit		Income (Loss)		Total

Balance July 1, 2025	—	$	—	223	$	267,761	5,500	$	446,942	2,504,911	$	251	$	81,747,969	$	(64,504,257)	$	5,702	$	17,249,665

Stock based compensation	—		—	—		—	—		—	—		—		53,774		—		—		53,774

Exercise of investor warrants	—		—	—		—	—		—	512,699		51		1,530,406		—		—		1,530,457

Issuance of Series D preferred stock and warrants	—		—	—		—	—		—	—		—		—		—		—		—

Issuance of common stock for consulting fees	—		—	—		—	—		—	727		—		4,500		—		—		4,500

Issuance of warrants for consulting fees	—		—	—		—	—		—	—		—		1,039,089		—		—		1,039,089

Preferred stock dividends	—		—	—		—	—		45,210	—		—		—		(45,210)		—		(45,210)

Deemed dividends on preferred stock	—		—	—		—	—		—	—		—		—		—		—		—

Preferred stock redemptions and conversions	—		—	(223)		(267,761)	(4,296)		(1,078,832)	1,509,075		151		1,346,442		—		—		1,346,593

Preferred stock accretion	—		—	—		—	—		1,190,477	—		—		(1,190,477)		—		—		(1,190,477)

Net income	—		—	—		—	—		—	—		—		—		(3,923,247)		—		(3,923,247)

Balance September 30, 2025	—	$	—	—	$	—	1,204	$	603,797	4,527,412	$	453	$	84,531,703	$	(68,472,714)	$	5,702	$	16,065,144

Table of Contents


	Nine Months Ended September 30, 2024
													Additional				Accumulated Other
	Series B Preferred Stock			Series C Preferred Stock			Series D Preferred Stock			Common Stock			Paid-In		Accumulated		Comprehensive
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Capital		Deficit		Income		Total

Balance January 1, 2024	6,000	$	1,236,940	—	$	—	—	$	—	963,389	$	96	$	57,957,008	$	(33,610,748)	$	902	$	24,347,258

Stock based compensation	—		—	—		—	—		—	—		—		21,618		—		—		21,618

Issuance of Preferred Stock	—		—	5,000		—	—		—	—		—		—		—		—		—

Issuance of common stock for consulting fees	—		—	—		—	—		—	18,005		3		113,498		—		—		113,501

Preferred stock dividends paid	—		396,640	—		13,194	—		—	—		—		—		(409,834)		—		(409,834)

Deemed dividends on preferred stock	—		271,086	—		—	—		—	—		—		—		(271,086)		—		(271,086)

Preferred stock redemptions and conversions	(2,000)		(1,088,630)	—		—	—		—	374,219		38		1,430,289		—		—		1,430,327

Accrual of preferred stock and dividend redemption	(4,000)		(5,727,348)	—		—	—		—	—		—		—		—		—		—

Preferred stock accretion	—		4,911,312	—		301,279	—		—	—		—		(5,212,591)		—		—		(5,212,591)

Change in fair value of convertible note receivable - investment in debt security	—		—	—		—	—		—	—		—		—		—		4,800		4,800

Net loss	—		—	—		—	—		—	—		—		—		(7,222,021)		—		(7,222,021)

Balance September 30, 2024	—	$	—	5,000	$	314,473	—	$	—	1,355,613	$	137	$	54,309,822	$	(41,513,689)	$	5,702	$	12,801,972


	Nine Months Ended September 30, 2025
													Additional				Accumulated Other
	Series B Preferred Stock			Series C Preferred Stock			Series D Preferred Stock			Common Stock			Paid-In		Accumulated		Comprehensive
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Capital		Deficit		Income		Total

Balance January 1, 2025	—	$	—	4,285	$	912,830	—	$	—	1,357,165	$	137	$	53,027,049	$	(47,169,206)	$	5,702	$	5,863,682

Stock based compensation	—		—	—		—	—		—	73,971		7		639,590		—		—		639,597

Exercise of investor warrants	—		—	—		—	—		—	674,707		67		2,014,716		—		—		2,014,783

Issuance of Series D preferred stock and warrants	—		—	—		—	5,500		105,341	—		—		157,442		—		—		157,442

Issuance of common stock for consulting fees	—		—	—		—	—		—	35,244		3		113,613		—		—		113,616

Issuance of warrants for consulting fees	—		—	—		—	—		—	—		—		1,763,319		—		—		1,763,319

Preferred stock dividends	—		—	—		80,363	—		62,016	—		—		—		(142,379)		—		(142,379)

Deemed dividends on preferred stock	—		—	—		106,973	—		—	—		—		—		(106,973)		—		(106,973)

Preferred stock redemptions and conversions	—		—	(4,285)		(4,851,157)	(4,296)		(1,078,832)	2,386,325		239		4,294,589		—		—		4,294,828

Preferred stock accretion	—		—	—		3,407,659	—		1,515,272	—		—		(4,922,931)		—		—		(4,922,931)

Modification of Series C Preferred Stock	—		—	—		343,332	—		—	—		—		6,017,668		—		—		6,017,668

Reclassification of warrants upon amendment	—		—	—		—	—		—	—		—		21,426,648		—		—		21,426,648

Net loss	—		—	—		—	—		—	—		—		—		(21,054,156)		—		(21,054,156)

Balance September 30, 2025	—	$	—	—	$	—	1,204	$	603,797	4,527,412	$	453	$	84,531,703	$	(68,472,714)	$	5,702	$	16,065,144

See accompanying notes to condensed consolidated financial statements.

Table of Contents

TAO SYNERGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Nine Months Ended		Nine Months Ended
	September 30, 2025		September 30, 2024
CASH FLOW USED IN OPERATING ACTIVITIES
Net income (loss)	$	(21,054,156)	$	(7,222,021)
Adjustments to reconcile net loss to net cash used by operating activities
Stock based compensation		639,590		21,618
Non-cash revenue from digital assets		(207,333)		—
Unrealized loss on digital assets		2,396,497		—
Warrant issuance costs		699,845		618,375
Loss on issuance of Series C Convertible Preferred Stock		—		3,812,625
Change in fair value of warrant liability		13,055,585		314,000
Change in fair value of derivative liability		76,000		(1,091,000)
Share of net loss in equity investment		—		30,475
Consulting services paid by issuance of common stock		113,616		113,501
Consulting services paid by issuance of warrants		418,773		—
Depreciation expense		2,814		4,405
Change in assets and liabilities:
(Increase) decrease in prepaid expenses and other current assets		(113,223)		221,531
Increase (decrease) in accounts payable		632,363		(158,283)
Decrease in accrued expenses		(604,584)		(381,349)
		17,109,943		3,505,898

Net Cash Used in Operating Activities		(3,944,213)		(3,716,123)

CASH FLOWS USED IN INVESTING ACTIVITIES
Purchase of available for sale debt security		—		(1,000,000)
Purchase of crypto currency		(17,570,203)		—

Net Cash Used in Investing Activities		(17,570,203)		(1,000,000)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from investor warrant exercises		2,014,783		—
Net proceeds from Series C Convertible Preferred Stock offering		—		4,463,000
Net proceeds from Series D Convertible Preferred Stock offering		4,924,000		—
Redemption of Series B Convertible Preferred Stock		—		(7,831,677)
Redemption of Series C Convertible Preferred Stock		(1,430,000)		—
Dividends on Series B Convertible Preferred Stock		—		(950,918)
Dividends on Series C Convertible Preferred Stock		(205,161)		—

Net Cash Provided by (Used in) Financing Activities		5,303,622		(4,319,595)

NET DECREASE IN CASH AND EQUIVALENTS		(16,210,794)		(9,035,718)

CASH AND EQUIVALENTS AT BEGINNING OF PERIOD		17,656,221		28,661,498

CASH AND EQUIVALENTS AT END OF PERIOD	$	1,445,427	$	19,625,780

DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Issuance of Common Stock for Series B Convertible Preferred Stock installment conversions	$	—	$	1,430,327
Accretion of Series B Convertible Preferred Stock to redemption value	$	—	$	4,911,312
Accretion of Series C Convertible Preferred Stock to redemption value	$	3,407,659	$	301,279
Accretion of Series D Convertible Preferred Stock to redemption value	$	1,515,272	$	—
Accrual of Series B Convertible Preferred Stock and Dividend Redemption	$	—	$	5,727,348
Warrant liability upon issuance of Series C Convertible Preferred stock	$	—	$	2,797,000
Warrant liability upon issuance of Series D Convertible Preferred stock	$	5,248,062	$	—
Reclassification of warrant liability	$	21,426,648	$	—
Derivative liability upon issuance of Series C Convertible Preferred stock	$	—	$	6,096,000
Derivative liability upon issuance of Series D Convertible Preferred stock	$	113,000	$	—
Reclassification of derivative liability	$	6,361,000

TAO Synergies Inc. 10-Q