NOTE 9 – SUBSEQUENT EVENTS

Since the end of the quarter ended June 30, 2025, the Company collected approximately $1.4 million from sales to Pfizer and approximately $7.8 million from sales to Chiesi.

On July 20, 2025, the Company granted, with the approval of the Company’s compensation committee, 10-year options to purchase 597,990 shares of Common Stock, in the aggregate, to the Company’s incoming Sr. Vice President and Chief Financial Officer under the under the Company’s Amended and Restated 2006 Employee Stock Incentive Plan, as amended (the “Plan”). The options have an exercise price equal to $1.45 per share and vest over a three-year period in 12 equal quarterly increments. Vesting of the options is subject to automatic acceleration in full upon a Corporate Transaction or a Change in Control, as those terms are defined in the Plan, and are subject to certain other terms and conditions. The Company estimated the aggregate fair value of the options on the date of grant using the Black-Scholes option-pricing model to be approximately $0.6 million.

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