Note 13 — Leases

Operating leases

Our leases consist of office and lab spaces with lease terms between 1 to 5 years.

The Company initially entered into a lease agreement in May 2023 for five rooms at BioCity. In August 2024, the lease was amended to expand the leased area to a total of eight rooms. The amended lease term commenced in August 2024 and will continue through July 31, 2029, with no automatic renewal option.

During the year ended March 31, 2026, the Company entered into additional lease arrangements for two laboratory rooms and one office room at BioCity, increasing the total leased premises to eleven rooms.

A lease deposit of GBP 21,703 was paid in relation to these agreements.

Total lease expense for the years ended March 31, 2026, 2025 and 2024 were GBP 96,987, GBP 85,406 and GBP 39,774

In addition to the annual rent, other fees such as insurance, utilities and government fees are approximately $174,978 per year.

The Company's office space lease in Shanghai consists of one office room. The original lease commenced in August 2023 and ended on September 30, 2024 which was accounted for under IFRS 16 - "Leases." This lease was renewed on a short-term basis. Lease expense for the years ended March 31, 2026, 2025 and 2024 was $29,400, $35,900 and $35,900, respectively. There were no other service costs associated with this lease. This lease is being renewed on a three-month basis.

We currently do not have leases with residual value guarantees or leases not yet commenced to which we are committed. Lease liabilities have been measured by discounting future lease payments using our estimated incremental borrowing rate of 15% as rates implicit in the leases were not readily determinable.