ASP Isotopes Inc 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2025 OR (Registrant’s telephone number, including area code) Not Applicable(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: The NasdaqStock Market LLC Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ 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 1934during 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 filingrequirements 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 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).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 anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-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 for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant includedin the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30, 2025 was approximately $399.8 million.There were 125,903,447 shares of the registrant’s common stock, $0.01 par value, outstanding as of April 6, 2026.DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders (the “Proxy Statement”), to be filed within 120 days of the registrant’s fiscal year ended December 31, 2025, are incorporated by reference in Part III of this Annual Report on Form 10-K. Except with respect toinformation specifically incorporated by reference in this Annual Report on Form 10-K, the Proxy Statement is not deemed to be filed as part of thisAnnual Report on Form 10-K. 2ASP Isotopes Inc.Annual Report on Form 10-KFor the Year Ended December 31, 2025Table of ContentsPagePART IItem 1.Business5Item 1A.Risk Factors27Item 1B.Unresolved Staff Comments79Item 1C.Cybersecurity79Item 2.Properties79Item 3.Legal Proceedings79Item 4.Mine Safety Disclosures80PART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities80Item 6.[Reserved]81Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations82Item 7A.Quantitative and Qualitative Disclosures About Market Risk98Item 8.Financial Statements and Supplementary Data100Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure146Item 9A.Controls and Procedures146Item 9B.Other Information147Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections147PART IIIItem 10.Directors, Executive Officers and Corporate Governance148Item 11.Executive Compensation148Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters148Item 13.Certain Relationships and Related Transactions and Director Independence148Item 14.Principal Accounting Fees and Services148PART IVItem 15.Exhibits, Financial Statement Schedules149Item 16.Form 10-K Summary153 This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of the safe harbor provisions ofthe U.S. Private Securities Litigation Reform Act of 1995. Al