6. Private Placement Financing

On April 30, 2026, the Company completed a closing (the “Closing”) of a private placement financing (the “Private Placement Financing”) to accredited investors (the “Investors”). The Company raised $1.0 million in the Closing and issued an aggregate of 18,131,096 shares (collectively, the “Shares”) of the Company’s common stock at a purchase price of $0.0553 per share. The Shares issued in the Private Placement Financing were issued pursuant to a securities purchase agreement entered into with the Investors. Mr. Tom Y. Lee, a member of the Company’s Board of Directors (the “Board”), invested approximately $700,000 directly and through his affiliates. In addition, Ivan Chen, a member of the Board, invested $27,650. The disinterested members of the Board approved the Private Placement Financing.

The net proceeds to the Company from the Closing, after deducting fees and other offering expenses, were approximately $1.0 million. The Company expects to use the net proceeds for general corporate purposes, including the Company’s research and development efforts, and for general administrative expenses and working capital.