10 — SUBSEQUENT EVENTS

Collaboration Framework

On March 3, 2026, the Company entered into a nonbinding collaboration framework agreement with a strategic partner for a proposed exclusive partnership covering the commercialization of AD04 in Europe. The collaboration framework, which is subject to execution of a final definitive agreement, sets forth the strategic and financial parameters of the proposed partnership, covering clinical, regulatory, manufacturing, and commercial terms. Under the framework, the strategic partner has been granted a period of exclusivity to evaluate the feasibility of the project, conduct planning, due diligence, and a comprehensive assessment of the requirements for the successful commercial launch of AD04 across Europe.

The definitive agreement is expected to include an upfront payment, milestone payments tied to development and commercial progress, and tiered royalties on European AD04 net sales, payable to the Company. The Company believes the total potential aggregate value from royalties and milestones over time will be significant, assuming AD04 progresses through clinical development and is successfully introduced in the European market.

ATM Sales

After the year ended December 31, 2025 through March 3, 2026, the Company sold 100,000 shares of common stock under the ATM and received net proceeds of approximately $229,000.

Shares held in Abeyance

After the year ended December 31, 2025 through March 4, 2026, the Company issued 216,846 shares that were previously held in abeyance.