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of Contents](#toc)\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n \n\n**Washington, DC 20549**\n\n \n\n**FORM 10-Q**\n\n \n\n☒         Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2026\n\n \n\nOR\n\n \n\n☐         Transmission Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______\n\n \n\nCommission file number: 001-41052\n\n \n\n \n\n**Valion Bio, Inc.**\n\n(Exact name of registrant as specified in its charter)\n\n \n\n**Delaware**\n\n(State or other jurisdiction of incorporation or organization)\n\n**81-4016391**\n\n(I.R.S. Employer Identification No.)\n\n \n\n \n\n**1305 E. Houston St., Building 1, Suite 311**\n\n**San Antonio, TX 78205**\n\n(Address of principal executive offices including zip code)\n\n**(888) 276-6888**\n\n(Registrant’s telephone number, including area code)\n\n \n\nSECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:\n\n \n\nTitle of Each Class\n\n**Common Stock, par value $0.0001 per share**\n\nTrading Symbol(s)\n\n**VBIO**\n\nName of Each Exchange on Which Registered\n\n**The Nasdaq Stock Market LLC**\n\n \n\nIndicate by check mark whether the registrant (1) 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, 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 (Check one):\n\n \n\n☐   Large accelerated Filer\n\n☐   Accelerated Filer\n\n☒   Non-accelerated Filer\n\n☒   Smaller reporting company\n\n☒   Emerging Growth Company\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 is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nAs of May 10, 2026 there were 3,200,824 shares of the registrant’s common stock, par value $0.0001 per share, were issued and outstanding.\n\n \n\nWe own or have rights to trademarks, service marks and trade names that we use in connection with the operation of our business, including our corporate name, logos and website names. We own the trademarks Tivic®, Tivic Health®, Valion®, and Valion Bio® as well as the graphic trademark found on our website. Other trademarks, service marks and trade names appearing in this Quarterly Report on Form 10-Q are the property of their respective owners. Solely for convenience, some of the trademarks, service marks and trade names referred to in this Quarterly Report on Form 10-Q are listed without the ® and ™ symbols, but we will assert, to the fullest extent under applicable law, our rights to our trademarks, service marks and trade names.\n\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n    \n\n \n\n**Table of Contents**\n\n \n\n \n\n**PART I - FINANCIAL INFORMATION**\n\n \n\n \n\n \n\n \n \n\nPage\n\n[Item 1.](#financialstmts)\n\n[Financial Statements](#financialstmts)\n\n[1](#financialstmts)\n\n \n\n \n\n \n\n[Item 2.](#mda)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#mda)\n\n[27](#mda)\n\n \n\n \n\n \n\n[Item 3.](#quant)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#quant)\n\n[36](#quant)\n\n \n\n \n\n \n\n[Item 4.](#controls)\n\n[Controls and Procedures](#controls)\n\n[36](#controls)\n\n \n\n \n\n \n\n**PART II - OTHER INFORMATION**\n\n \n\n \n\n \n\n[Item 1.](#legal)\n\n[Legal Proceedings](#legal)\n\n[37](#legal)\n\n \n\n \n \n\n[Item 1A.](#risk)\n\n[Risk Factors](#risk)\n\n[37](#risk)\n\n \n\n \n\n \n\n[Item 2.](#unregistered)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#unregistered)\n\n[37](#unregistered)\n\n \n\n \n\n \n\n[Item 3.](#defaults)\n\n[Defaults upon Senior Securities](#defaults)\n\n[37](#defaults)\n\n \n\n \n\n \n\n[Item 4.](#mine)\n\n[Mine Safety Disclosures](#mine)\n\n[37](#mine)\n\n \n\n \n\n \n\n[Item 5.](#otherinfo)\n\n[Other Information](#otherinfo)\n\n[37](#otherinfo)\n\n \n\n \n\n \n\n[Item 6.](#exhibits)\n\n[Exhibits](#exhibits)\n\n[38](#exhibits)\n\n \n\n \n\n \n\n \n\n[Signatures](#signatures)\n\n[39](#signatures)\n\n \n\n \n\n[Table of Contents](#toc)\n\n    \n\n \n\n**PART I - FINANCIAL INFORMATION**"}