{"url_path":"/sec/ug/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-03-27","source_url":"https://www.sec.gov/Archives/edgar/data/101295/0001171843-26-001973-index.html","accession_number":"0001171843-26-001973","cik":"0000101295","ticker":"UG","issuer_name":"UNITED GUARDIAN INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/101295/0001171843-26-001973-index.html","primary_entity_key":"0000101295","primary_entity_name":"UNITED GUARDIAN 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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM 10-K**\n\n \n\n(Mark One)\n\n \n\n**☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor the fiscal year ended December 31, 2025\n\n \n\nor\n\n \n\n**☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF** **1934**\n\n \n\nFor the transition period from _______________________ to ___________________________________________\n\n \n\nCommission file number 1-10526\n\n \n\n**UNITED-GUARDIAN, INC**.\n\n(Exact name of registrant as specified in its charter)\n\n \n\nDelaware\n\n \n\n11-1719724\n\nState or other jurisdiction of incorporation or organization\n\n \n\n(I.R.S. Employer Identification No.)\n\n \n\n230 Marcus Blvd., Hauppauge, NY 11788\n\n(Address of principal executive offices, including zip code)\n\n \n\n(631) 273-0900\n\nRegistrant's telephone number, including area code\n\n \n\nSecurities registered pursuant to Section l2(b) of the Act:\n\n \n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nCommon Stock, $0.10 par value\n\nUG\n\nThe NASDAQ Global Market\n\n \n\nSecurities registered pursuant to Section 12(g) of the Act:\n\nNone\n\n \n\nIndicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☑\n\n \n\nIndicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑\n\n \n\n \n\n \n\n \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\n \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\n \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\n \n\n \n\nLarge accelerated filer \n\n☐\n\n \n\nSmaller reporting company  \n\n☑\n\n \n\n \n\nAccelerated filer  \n\n☐\n\n \n\nEmerging growth company\n\n☐\n\n \n\n \n\nNon-accelerated filer  \n\n☑\n\n \n \n \n \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\n \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal 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 that prepared or issued its audit report. ☐\n\n \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\n \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐       \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑\n\n \n\nAs of June 30, 2025, the last business day of the Registrant’s most recently completed second fiscal quarter, the aggregate market value of the voting and non-voting common equity held by non-affiliates, computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, was approximately $36,754,552 (based on a closing price of $8.00 per share). (For the purpose of this report it has been assumed that all officers and directors of the Registrant, as well as all stockholders holding 10% or more of Registrant's stock, are affiliates of the Registrant).\n\n \n\nAs of March 1, 2026, the Registrant had issued and outstanding 4,594,319 shares of Common Stock, $0.10 par value per share.                  \n\n \n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\n \n\nSelected portions of the Registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the Registrant’s fiscal year ended December 31, 2025.\n\n \n\n \n\n2\n\n \n\n  \n\n \n\n**SPECIAL NOTE ABOUT FORWARD LOOKING STATEMENTS**\n\n \n\nThis Annual Report on Form 10-K for the year ended December 31, 2025 (“Annual Report”) contains both historical and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which provides a safe harbor for forward-looking statements by the Registrant about its expectations or beliefs concerning future events, such as financial performance, business prospects, and similar matters. The Registrant desires to take advantage of such “safe harbor” provisions and is including this statement for that express purpose. Words such as “anticipates”, “believes”, “expects”, “intends”, “future”, and similar expressions identify forward-looking statements. Any such forward-looking statements in this report reflect the Registrant's views as of the date of filing of this report with the United States Securities and Exchange Commission (the “SEC”) with respect to future events and financial performance, and are subject to a variety of factors that could cause the Registrant's actual results or performance to differ materially from historical results or from the anticipated results or performance expressed or implied by such forward-looking statements. Because of such factors, there can be no assurance that the actual results or developments anticipated by the Registrant will be realized or, even if substantially realized, that they will have the anticipated results. The risks and uncertainties that may affect the Registrant's business include, but are not limited to: economic conditions, governmental regulations, technological advances, pricing and competition, acceptance by the marketplace of new products, retention of key personnel, the sufficiency of financial resources to sustain and expand the Registrant's operations, and other factors described in this report and in prior filings with the SEC. Readers should not place undue reliance on such forward-looking statements, which speak only as of the date hereof, and should be aware that except as may be otherwise legally required of the Registrant, the Registrant undertakes no obligation to publicly revise any such forward-looking statements to reflect events or circumstances that may arise after the date hereof. Past results are no guaranty of future performance.\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n3\n\n \n\n \n\n \n\n**INDEX TO ANNUAL REPORT ON FORM 10-K**\n\n \n\n[**Part I**](#pt1)\n\n \n\n[5](#pt1)\n\n \n \n \n\n[Item 1.](#itm1)\n\n[Business](#itm1)\n\n[5](#itm1)\n\n[Item 1A.](#itm1a)\n\n[Risk Factors](#itm1a)\n\n[16](#itm1a)\n\n[Item 1B.](#itm1b)\n\n[Unresolved Staff Comments](#itm1b)\n\n[16](#itm1b)\n\n[Item 1C.](#itm1c)\n\n[Cybersecurity](#itm1c)\n\n[16](#itm1c)\n\n[Item 2.](#itm2)\n\n[Properties](#itm2)\n\n[17](#itm2)\n\n[Item 3.](#itm3)\n\n[Legal Proceedings](#itm3)\n\n[17](#itm3)\n\n[Item 4.](#itm4)\n\n[Mine Safety Disclosures](#itm4)\n\n[17](#itm4)\n\n \n \n \n\n[**Part II**](#part2)\n\n \n\n[17](#part2)\n\n \n \n \n\n[Item 5.](#itm5)\n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#itm5)\n\n[17](#itm5)\n\n[Item 6.](#itm6)\n\n[[Reserved]](#itm6)\n\n[18](#itm6)\n\n[Item 7.](#itm7)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#itm7)\n\n[24](#itm9)\n\n[Item 7A.](#itm7a)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#itm7a)\n\n[24](#itm7a)\n\n[Item 8.](#itm8)\n\n[Financial Statements and Supplementary Data](#itm8)\n\n[24](#itm8)\n\n[Item 9.](#itm9)\n\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#itm9)\n\n[24](#itm9)\n\n[Item 9A.](#imt9a)\n\n[Controls and Procedures](#imt9a)\n\n[24](#imt9a)\n\n[Item 9B.](#itm9b)\n\n[Other Information](#itm9b)\n\n[25](#itm9b)\n\n[Item 9C.](#itm9c)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#itm9c)\n\n[25](#itm9c)\n\n \n \n \n\n[**Part III**](#pt3)\n\n \n\n[25](#pt3)\n\n \n \n \n\n[Item 10.](#itm10)\n\n[Directors, Executive Officers and Corporate Governance](#itm10)\n\n[25](#itm10)\n\n[Item 11.](#itm11)\n\n[Executive Compensation](#itm11)\n\n[25](#itm11)\n\n[Item 12.](#itm12)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#itm12)\n\n[25](#itm12)\n\n[Item 13.](#itm13)\n\n[Certain Relationships and Related Transactions and Director Independence](#itm13)\n\n[25](#itm13)\n\n[Item 14.](#itm14)\n\n[Principal Accountant Fees and Services](#itm14)\n\n[25](#itm14)\n\n \n \n \n\n[**Part IV**](#part4)\n\n \n\n[26](#part4)\n\n \n \n \n\n[Item 15.](#itm15)\n\n[Exhibits and Financial Statement Schedules](#itm15)\n\n[26](#itm15)\n\n \n \n \n\n[Signatures](#sig)\n\n[26](#sig)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n4\n\n \n\n  \n\n \n\n**PART I**"}