Entero Therapeutics Inc 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30, 2025OR (561)589-7020(Registrant’stelephone number, including area code) Securities registered pursuant to Section12(b)of the Act: Name of Each Exchange on Which RegisteredTheNasdaqCapital Market Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file suchreports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period thatthe 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 smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ There were3,361,903shares of the registrant’s common stock, par value $0.0001 per share (the “Common Stock”), outstanding asof November 18, 2025. TABLE OF CONTENTS PagePART I. FINANCIAL INFORMATIONItem 1.Unaudited Condensed Consolidated Financial Statements1Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations34Item 3.Quantitative and Qualitative Disclosures About Market Risk44Item 4.Controls and Procedures44PART II. OTHER INFORMATIONItem 1.Legal Proceedings45Item1A.Risk Factors45Item 2.Unregistered Sales of Equity Securities and Use of Proceeds45Item 3.Defaults Upon Senior Securities45Item 4.Mine Safety Disclosures45Item 5.Other Information45Item 6.Exhibits46SIGNATURES CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (“Quarterly Report”) contains forward-looking statements that involvesubstantial risks and uncertainties. All statements contained in this Quarterly Report other than statements of historicalfacts, including statements regarding our strategy, future operations, future financial position, future revenue, projectedcosts, prospects, plans, objectives of management and expected market growth, are forward-looking statements. Thesestatements involve known and unknown risks, uncertainties and other important factors that may cause our actualresults, performance or achievements to be materially different from any future results, performance or achievementsexpressed or implied by the forward-looking statements. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “target”,“potential”, “will”, “would”, “could”, “should”, “continue” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about: ●our ability to maintain compliance with the applicable listing requirements of The Nasdaq Capital Market;●our ability to satisfy our existing payment obligations and other payment obligations as they become due,including those related to the acquisition of First Wave Bio, Inc.and the Grid AI acquisition, as well as risksand uncertainties associated with integrating Grid AI’s operations and meeting related financial commitments;●statements regarding the impact of geopolitical events, including the war in Ukraine and the Middle East, andtheir effects on our operations, access to capital, research and development and clinical trials and potentialdisruption in the operations and business of third-party vendors, contract research organizations (“CROs”),contractdevelopment and manufacturing organizations(“CDMOs”),other service providers,andcollaborators with whom we conduct business;●the availability of capital to satisfy our working capital requirements;●our current and future capital requirements and our ability to raise additional funds to satisfy our capitalneeds;●our ability to consummate our disposal of our IMGX subsidiary and related liabilities;●the accuracy of our estimates regarding expense, future revenue and capital requirements;●our ability to continue operating as a going concern;●our plans to develop and commercialize our product