9. Commitments and Contingencies

Lease Commitment

During the three months ended April 30, 2026, the Company entered into a 24-month licence agreement commencing May 1, 2026, with monthly base lease fees of approximately $5,016 (comprised of $769 for office space and $4,246 for lab space), plus applicable operating costs and taxes, payable monthly in advance, with a one-month rent-free early access period prior to commencement and two additional base rent "holiday" months (one in each lease year) during which no base rent is payable.

As the lease had not commenced as of April 30, 2026, no right-of-use asset or lease liability has been recognized in the accompanying unaudited condensed financial statements. The Company will recognize the lease upon commencement in accordance with ASC 842.

In connection with the execution of the lease agreement, the Company paid a security deposit of $18,475. A portion of the deposit will be applied toward rental payments of $6,158 within the first twelve months following lease commencement, with the remaining balance of $12,317, which includes the last month lease payment and a refundable security deposit upon expiration of the lease term, subject to the terms of the agreement.

As of April 30, 2026, the Company has classified the portion expected to be applied to rent within prepaid expenses, with the remaining balance included in other non-current assets in the accompanying unaudited condensed balance sheet.