{"url_path":"/sec/clnn/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1822791/0001437749-26-016878-index.html","accession_number":"0001437749-26-016878","cik":"0001822791","ticker":"CLNN","issuer_name":"Clene Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1822791/0001437749-26-016878-index.html","primary_entity_key":"0001822791","primary_entity_name":"Clene Inc."},"word_count":2308,"has_tables":true,"body_markdown":"clnn20260331_10q.htm\n\n0001822791\nClene Inc.\nfalse\n--12-31\nQ1\n2026\n\n0.0001\n0.0001\n600,000,000\n600,000,000\n11,778,307\n11,778,307\n10,849,974\n10,849,974\n3\n5\n10\n10\n7\n10\n7\n5\n311\n15,000\n2.8\n0.00\n0.00\n7.00\n600,000,000\n0.0001\n1,000,000\n0.0001\n11,778,307\n10,849,974\n0\n0\n0\n0\n0\n0\n1\n0\n0\n1\n0\n0\n0\n3\n5\n5\n5\nfalse\nfalse\nfalse\nfalse\nIncludes expenses for travel, meals, dues, subscriptions, continuing education, lobbying, banking fees, postage, and other office and miscellaneous expenses.\nWe issued the Series A Warrants to purchase 1.2 shares of Common Stock each in a January 2026 public equity offering. The Series A Warrants expire three years from issuance unless, if on or after the first trading day immediately following the Series A Price Measurement Date, the closing price of our Common Stock is in-the-money, then we shall have the right, for a period of seven business days (such seventh day, the “Call Date”) following such trading date, to redeem or call for cancellation all or any portion of the Series A Warrants for which a notice of exercise has not yet been delivered for consideration equal to $0.01 per share (the “Redemption Price”). Any portion not exercised by 5:00 p.m. Eastern Time on the Call Date shall be automatically redeemed by us for the Redemption Price and shall thereafter be null and void. As of March 31, 2026, no Series A Warrants had been exercised.\nWe issued the Tranche A Warrants to purchase one share of Common Stock each in a June 2023 public equity offering. The Tranche A Warrants expire on the earlier of (i) 60 days following the date of our public announcement that an NDA for CNM-Au8 has been accepted by the FDA, or (ii) June 16, 2026. As of March 31, 2026 and December 31, 2025, no Tranche A Warrants had been exercised.\nExcludes $1.1 million of stock options issued to pay deferred employee compensation recorded in accrued liabilities.\nWe issued the 2024 Common Warrants to purchase one share of Common Stock each in an October 2024 public equity offering. As of March 31, 2026 and December 31, 2025, no 2024 Common Warrants had been exercised.\nIncludes expenses for travel, meals, dues, subscriptions, continuing education, and other miscellaneous expenses.\nWe issued the 2023 Avenue Warrant pursuant to a loan with Avenue (see Note 12). As of March 31, 2026 and December 31, 2025, the 2023 Avenue Warrant had not been exercised.\nWe issued warrants to purchase one share of Common Stock each in a June 2023 public equity offering (the “Tranche B Warrants”). The Tranche B Warrants expire on the earlier of (i) 60 days following the date of our public announcement that an NDA for CNM-Au8 has been approved by the FDA, or (ii) June 16, 2030. As of March 31, 2026 and December 31, 2025, no Tranche B Warrants had been exercised.\nWe issued the Series B Warrants to purchase 2.8 shares of Common Stock each in a January 2026 public equity offering. The Series B Warrants expire five years from issuance unless, if on or after the first trading day immediately following the Series B Price Measurement Date, the closing price of our Common Stock is in-the-money, then we shall have the right, for a period of seven business days following such trading date, to redeem or call for cancellation all or any portion of the Series B Warrants for which a notice of exercise has not yet been delivered for the Redemption Price. Any portion not exercised by 5:00 p.m. Eastern Time on the Call Date shall be automatically redeemed by us for the Redemption Price and shall thereafter be null and void. As of March 31, 2026, no Series B Warrants had been exercised.\nRepresents consolidated total other income (expense), net, as reported on the consolidated statements of operations and comprehensive 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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM 10-Q**\n\n(Mark One)\n\n**☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\nFor the quarterly period ended March 31, 2026\n\nor\n\n**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\nFor the transition period from _____________ to _____________\n\nCommission file number: **001-39834******\n\n**CLENE INC.**\n\n(Exact name of registrant as specified in its charter)\n\n \n\n**Delaware**\n \n**85-2828339**\n\n(State or other jurisdiction of\nincorporation or organization)\n \n(I.R.S. Employer\nIdentification No.)\n\n \n\n**6550 South Millrock Drive, Suite G50**\n\n**Salt Lake City, Utah**\n \n**84121**\n\n(Address of principal executive offices)\n \n(Zip Code)\n\n \n\n **(801) 676-9695** \n\n(Registrant’s telephone number, including area code)\n\n **N/A** \n\n(Former name, former address, and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n**Title of each class**\n \n**Trading Symbol(s)**\n \n**Name of each exchange on which registered**\n\nCommon Stock, $0.0001 par value\n \nCLNN\n \nThe Nasdaq Capital Market\n\nIndicate 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 ☐\n\nIndicate 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 ☐\n\nIndicate 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.\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n  \nEmerging growth company\n\n☐\n\nIf 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. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nThe number of shares outstanding of the registrant’s common stock as of May 11, 2026 was 12,778,307.\n\n \n\n[Table of Contents](#toc)\n\n \n\n**CLENE INC.**\n\n**Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2026**\n\n \n\n \n**Page**\n\n[**PART I**—**FINANCIAL INFORMATION**](#PART_IFINANCIAL_INFORMATION)\n\n[1](#PART_IFINANCIAL_INFORMATION)\n\n \n\n[Item 1.](#Item_1._Financial_Statements)\n\n[Financial Statements (Unaudited)](#Item_1._Financial_Statements)\n\n[1](#Item_1._Financial_Statements)\n\n \n \n\n[Condensed Consolidated Balance Sheets](#BALANCE_SHEETS)\n\n[1](#BALANCE_SHEETS)\n\n \n \n\n[Condensed Consolidated Statements of Operations and Comprehensive Loss](#INCOME_STATEMENT)\n\n[2](#INCOME_STATEMENT)\n\n \n \n\n[Condensed Consolidated Statements of Stockholders’ Deficit](#STATEMENTS_OF_STOCKHOLDERS_EQUITY)\n\n[3](#STATEMENTS_OF_STOCKHOLDERS_EQUITY)\n\n \n \n\n[Condensed Consolidated Statements of Cash Flows](#STATEMENTS_OF_CASH_FLOWS)\n\n[4](#STATEMENTS_OF_CASH_FLOWS)\n\n \n \n\n[Notes to Condensed Consolidated Financial Statements](#NOTES_TO_THE_FINANCIAL_STATEMENTS)\n\n[5](#NOTES_TO_THE_FINANCIAL_STATEMENTS)\n\n \n\n[Item 2.](#Item_2._Managements_Discussion_and_Analysis_of_Financial_Condition_and_Results_of_Operations)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item_2._Managements_Discussion_and_Analysis_of_Financial_Condition_and_Results_of_Operations)\n\n[27](#Item_2._Managements_Discussion_and_Analysis_of_Financial_Condition_and_Results_of_Operations)\n\n \n\n[Item 3.](#Item_3._Quantitative_and_Qualitative_Disclosures_About_Market_Risk)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#Item_3._Quantitative_and_Qualitative_Disclosures_About_Market_Risk)\n\n[40](#Item_3._Quantitative_and_Qualitative_Disclosures_About_Market_Risk)\n\n \n\n[Item 4.](#Item_4._Controls_and_Procedures)\n\n[Controls and Procedures](#Item_4._Controls_and_Procedures)\n\n[40](#Item_4._Controls_and_Procedures)\n\n \n \n \n \n\n[**PART II**—**OTHER INFORMATION**](#PART_IIOTHER_INFORMATION)\n\n[42](#PART_IIOTHER_INFORMATION)\n\n \n\n[Item 1.](#Item_1._Legal_Proceedings)\n\n[Legal Proceedings](#Item_1._Legal_Proceedings)\n\n[42](#Item_1._Legal_Proceedings)\n\n \n\n[Item 1A.](#Item_1A._Risk_Factors)\n\n[Risk Factors](#Item_1A._Risk_Factors)\n\n[42](#Item_1A._Risk_Factors)\n\n \n\n[Item 2.](#Item_2._Unregistered_Sales_of_Equity_Securities_and_Use_of_Proceeds)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#Item_2._Unregistered_Sales_of_Equity_Securities_and_Use_of_Proceeds)\n\n[42](#Item_2._Unregistered_Sales_of_Equity_Securities_and_Use_of_Proceeds)\n\n \n\n[Item 3.](#Item_3._Defaults_Upon_Senior_Securities)\n\n[Defaults Upon Senior Securities](#Item_3._Defaults_Upon_Senior_Securities)\n\n[42](#Item_3._Defaults_Upon_Senior_Securities)\n\n \n\n[Item 4.](#Item_4._Mine_Safety_Disclosures)\n\n[Mine Safety Disclosures](#Item_4._Mine_Safety_Disclosures)\n\n[42](#Item_4._Mine_Safety_Disclosures)\n\n \n\n[Item 5.](#Item_5._Other_Information)\n\n[Other Information](#Item_5._Other_Information)\n\n[42](#Item_5._Other_Information)\n\n \n\n[Item 6.](#Item_6._Exhibits)\n\n[Exhibits](#Item_6._Exhibits)\n\n[43](#Item_6._Exhibits)\n\n \n\ni\n\n[Table of Contents](#toc)\n\n \n\n**CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS**\n\n \n\nCertain statements in this Quarterly Report on Form 10-Q (“Quarterly Report”) may constitute “forward-looking statements” for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding our future operations. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Quarterly Report may include, for example, statements about:\n\n \n\n \n\n●\n\nour future financial performance, including our ability to continue as a going concern;\n\n \n\n \n\n●\n\nour plans and strategies to raise additional funding;\n\n \n\n \n\n●\n\nthe clinical results of our drug candidates;\n\n \n\n \n\n●\n\nthe likelihood of commercial success for our drug candidates;\n\n \n\n \n\n●\n\nour plans and strategies to obtain and maintain regulatory approvals of our drug candidates;\n\n \n\n \n\n●\n\nthe size and growth potential of the markets for our drug candidates, and our ability to serve those markets, either alone or in combination with others;\n\n \n\n \n\n●\n\nchanges in the market for our drug candidates;\n\n \n\n \n\n●\n\nexpansion plans and opportunities; and\n\n \n\n \n\n●\n\nany other statements that address events or developments that we intend or believe will or may occur in the future.\n\n \n\nThese forward-looking statements represent our views as of the date of this Quarterly Report and involve a number of judgments, risks and uncertainties. We anticipate that subsequent events and developments will cause our views to change. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date.\n\n \n\nAs a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include:\n\n \n\n \n\n●\n\nour substantial dependence on the successful commercialization of our drug candidates, if approved, in the future;\n\n \n\n \n\n●\n\nour significant net losses and net operating cash outflows;\n\n \n\n \n\n●\n\nour ability to demonstrate the efficacy and safety of our drug candidates;\n\n \n\n \n\n●\n\nthe clinical results for our drug candidates, which may not support further development or marketing approval;\n\n \n\n \n\n●\n\nactions of regulatory agencies, which may affect the initiation, timing, and progress of clinical trials and marketing approval;\n\n \n\n \n\n●\n\nour ability to achieve commercial success for our drug candidates, if approved;\n\n \n\n \n\n●\n\nour ability to obtain and maintain protection of intellectual property for our technology and drug candidates;\n\n \n\n \n\n●\n\nour reliance on third parties to conduct research, drug development, and other services;\n\n \n\n \n\n●\n\nour limited operating history and our ability to obtain additional funding for operations and to complete the licensing or development and commercialization of our drug candidates;\n\n \n\n \n\n●\n\nthe impact of any future epidemics, pandemics, or conflicts;\n\n \n\nii\n\n[Table of Contents](#toc)\n\n \n\n \n\n●\n\nchanges in applicable laws or regulations;\n\n \n\n \n\n●\n\nthe effects of inflation;\n\n \n\n \n\n●\n\nthe effects of staffing and materials shortages;\n\n \n\n \n\n●\n\nthe possibility that we may be adversely affected by other economic, business, and/or competitive factors; and\n\n \n\n \n\n●\n\nother risks and uncertainties set forth in the section entitled “*Risk Factors*” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.\n\n \n\nIn addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to rely unduly upon these statements.\n\n \n\niii\n\n[Table of Contents](#toc)\n\n \n\n**PART I**—**FINANCIAL INFORMATION**"}