Rocket One Inc.

What they do

The company states it is now an AI semiconductor infrastructure company building nanomagnetic and spintronic computing for ultra-low-power AI, resilient edge, defense, and space, including a nanomagnetic matrix multiplier, Skyrmion Spintronic memory, and Swarm Stage AI. Through its wholly owned subsidiary Hoth Therapeutics LLC, it also continues developing HT-001 for dermatological side effects of EGFR inhibitor cancer therapy, HT-KIT for mast-cell derived cancers and anaphylaxis, HT-VA for obesity, and HT-ALZ for Alzheimer's disease. As of the 10-K, the company had submitted an IND for HT-001 that the FDA cleared on December 28, 2022, and received EMA approval in January 2026 to expand the Phase 2a trial into Spain, Poland, and Hungary.

Revenue drivers

• Commercial sales — No revenue from commercial sales has been generated to date; the 10-K states the company has generated no revenue from commercial sales and expects to continue operating at a net loss.
• HT-001 (topical EGFR-inhibitor rash therapy) — Primary development program; in Q2 2026 it accounted for approximately $1,634,000 of the $1,955,000 in research and development expenses, related to manufacturing and clinical activities.
• HT-KIT (mast-cell cancers and anaphylaxis) — Holds FDA Orphan Drug Designation for mastocytosis received March 10, 2022; incurred approximately $351,000 of R&D in Q2 2025, with no comparable Q2 2026 spend disclosed.
• HT-VA (obesity and related conditions) — Preclinical stage; approximately $35,000 of R&D expense in the three months ended June 30, 2026.

Recent performance

For the three months ended June 30, 2026, research and development expenses were approximately $1,955,000, versus approximately $1,040,000 for the three months ended June 30, 2025. The Q2 2026 R&D included approximately $1,634,000 for HT-001, $35,000 for HT-VA, $29,000 in scientific advisory board fees, $47,000 in licensing fees, and $210,000 of in-process research and development from acquiring software and other technologies. General and administrative expenses were approximately $1,879,000 in Q2 2026, up $719,000 or 62.0% from $1,160,000 in Q2 2025, driven largely by a $625,000 increase in stock-based compensation from options issued in Q2 2026. The latest balance sheet at June 30, 2026 shows total assets of $9.6 million, total liabilities of $1.4 million, shareholder equity of $8.2 million, and cash and equivalents of $7.9 million. Full-year net losses were $8.2 million in 2024 and $12.5 million in 2025, with operating cash flow of negative $7.0 million and negative $9.8 million in those years respectively.

Strategy

Management announced a strategic repositioning in May 2026, under which the company now pursues AI infrastructure, next-generation semiconductor technologies, and ultra-low-power AI computing, specifically nanomagnetic and spintronic computing for edge, defense, and space applications. Drug development continues under the wholly owned Hoth Therapeutics LLC subsidiary. In the 10-K, the company described intent to pursue the HT-KIT anaphylaxis indication in parallel with mast cell neoplasm development, and in January 2025 it acquired three provisional patent applications for additional indications using the HT-001 formulation, with proof-of-concept study proposals executed in January 2026. Management states it expects research and development activities to continue to increase as product candidates are developed or acquired.

Risks

• No commercial revenue and recurring losses — The 10-K states the company has generated no revenue from commercial sales, with net losses of $12.5 million in 2025 and $8.2 million in 2024 and an accumulated deficit of $72.9 million at December 31, 2025.
• Need for substantial additional capital — Management states it will need to raise substantial additional capital to fund operations and that failure to obtain capital would prevent continuation or completion of product development.
• Early-stage clinical and preclinical pipeline — The lead program HT-001 remains in a Phase 2a trial with open-label and double-blind randomized cohorts still enrolling, and HT-KIT, HT-VA, and HT-ALZ remain preclinical, so approval and commercialization are unproven.
• Listing-rule and delisting risk — An 8-K filed August 11, 2026 disclosed a delisting notice or listing-rule failure, which the provided excerpts do not further detail.

Outlook

Management expects research and development activities to continue to increase as existing product candidates are developed and new ones potentially acquired, citing employee-related expenses, in-licensed product and technology fees, CRO and investigative site costs, manufacturing materials, and regulatory approval costs. The company states it will need to continue to seek capital from time to time and that it may operate at a net loss for at least the next several years. The May 2026 repositioning adds AI semiconductor infrastructure to the stated priorities while drug development continues through the Hoth Therapeutics LLC subsidiary.