SenesTech Inc. 2025年季度报告

The number of shares of common stock outstanding as of May5, 2025:1,775,930 SENESTECH, INC.CONDENSED STATEMENTS OF CASH FLOWS SENESTECH, INC.NOTES TO CONDENSED FINANCIAL STATEMENTS NOTE 1:BASIS OF PRESENTATION Nature of Business SenesTech, Inc. (subsequently referred to in this report as “we,” “us,” “our,” or “our company”) was incorporated in the state ofNevada in July 2004. On November 12, 2015, we subsequently reincorporated in the state of Delaware. Our corporate headquartersand manufacturing site are in Surprise, Arizona. We have developed and are commercializing products for managing animal pest EvolveRat and Evolve Mouse. CONTRAPEST. ContraPest, our initial product, is a liquid bait containing the active ingredients 4-vinylcyclohexene diepoxide(“VCD”) and triptolide. ContraPest targets the reproductive systems of both male and female rats, is a highly palatable formulation,does not cause illness or changed behavior in rats, and leads to significant reductions in fertility and rat populations. Accordingly, In August 2016, the U.S. Environmental Protection Agency (“EPA”) granted an unconditional registration for ContraPest as arestricted use pesticide (“RUP”), requiring purchase or application oversight by a licensed professional. In October 2018, the EPAapproved the removal of the RUP designation and ContraPest was reclassified as a general use pesticide. To date, ContraPest isregistered in all50states and the District of Columbia (49states and the District of Columbia have approved the RUP designation) andtwomajor U.S. territories, Puerto Rico and The U.S. Virgin Islands. In March 2022, the EPA granted a sub-label for ContraPestallowing for an alternative delivery system in a hanging bait station. This sub-label is marketed as Elevate Bait Systemand wasTM EVOLVE. The Evolve product line, which began in the form of Evolve Rat, launched in January 2024, and is currently our leadproduct. Evolve Rat is a soft bait product that is novel to the pest control industry and contains the active ingredient, cottonseed oil.Evolve Rat reduces fertility in both male and female rats. Additionally, its palatable formulation produces high acceptance forsustained consumption even when other sought-after food sources are present. Evolve Rat does not cause illness in rats and, therefore, Evolve Rat meets the EPA’s minimum risk pesticide conditions under the Federal Insecticide, Fungicide, and Rodenticide Act(“FIFRA”), Section 25(b). Due to its classification, Evolve Rat is exempt from federal registration because it poses little to no risk tohuman health and the environment. Evolve Rat may also be used in agricultural application, as it is made from food ingredients withtolerance exemptions for both food and nonfood applications. There are 10 states that accept the federal exemption for pesticide In May 2024, we launched EvolveMouse, our latest expansion of the Evolve product line. Evolve Mouse is a variation of our soft baitformulation and contains the same active ingredient, cottonseed oil, in a different concentration. Evolve Mouse limits reproduction ofmale and female mice and is also considered a minimum risk pesticide under the EPA’s FIFRA, Section 25(b). To date, we are We are continuously enhancing ContraPest and Evolve to align with the unique needs and environments of our customers in our targetverticals while simultaneously pursuing regulatory approvals and amendments to our existing U.S. registration to broaden its use and Going Concern Our condensed financial statements as of March31, 2025 were prepared under the assumption that we would continue as a goingconcern. The reports of our independent registered public accounting firm that accompanies our financial statements for each of theyears ended December31, 2024 and December31, 2023 contain a going concern qualification in which such firm expressed Table of Contents that time. Specifically, we have incurred operating losses since our inception, and we expect to continue to incur significant expensesand operating losses for the foreseeable future. These prior losses and expected future losses have had, and will continue to have, anadverse effect on our financial condition. If we encounter continued issues or delays in the commercialization of fertility controlproducts, our expected future losses could have an adverse effect on our financial condition and negatively impact our ability to fundcontinued operations, obtain additional financing in the future and continue as a going concern. There are no assurances that suchfinancing, if necessary, will be available to us at all or will be available in sufficient amounts or on reasonable terms. Our financial Liquidity and Capital Resources Sinceour inception,we have sustained significant operating losses in the course of our research and development andcommercialization activities and expect such losses to continue for the near future. We have generated limited revenue to date fromproduct sales,