2. LIQUIDITY, GOING CONCERN AND MANAGEMENT’S PLANS

The accompanying financial statements have been prepared on the basis that the Company will continue as a going concern. As of April 30, 2026, the Company had cash of $711,000 and an accumulated deficit of $67.3 million. For the year ended April 30, 2026, the Company had a net loss of $8.8 million and cash used in operating activities of $8.1 million. The Company had cash as of April 30, 2025, totaling $3.9 million and accumulated deficit of $58.5 million. In the past, the Company has financed its operations principally through issuances of equity and debt instruments.

During the year ended April 30, 2026, the Company sold an aggregate of 451,298 shares of Common Stock pursuant to an at-the-market offering for proceeds of $795,000 (see Note 9).

The Company expects to continue to incur losses for the foreseeable future and needs to raise additional capital until it is able to generate revenues from operations sufficient to fund its development and commercial operations during the twelve-month period subsequent to the issuance of the financial statements included in this Annual Report. These factors create substantial doubt about our ability to continue as a going concern. In order to continue as a going concern, the Company will need to raise additional funds. The Company plans to seek additional funding through public equity, private equity and debt financings. The terms of any additional financing may adversely affect the holdings or rights of the Company’s stockholders. If the Company is unable to obtain funding, it could be required to delay, reduce or eliminate research and development programs and planned clinical trials which could adversely affect the Company’s business operations.

On March 20, 2026, the Company was notified by the staff of The Nasdaq Stock Market LLC (“Nasdaq”) that that its stockholders’ equity as reported in its Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2026 (the “Form 10-Q”), did not satisfy the continued listing requirement under Nasdaq Listing Rule 5550(b)(1) for the Nasdaq Capital Market, which requires that a listed company’s stockholders’ equity be at least $2.5 million. As reported on its Form 10-Q, the Company’s stockholders’ equity as of January 31, 2026 was approximately $2.2 million. As reported in this Annual Report, the Company’s stockholders’ equity as of April 30, 2026 was approximately $0.7 733,211 million.

In accordance with Nasdaq Listing Rules, the Company was provided an initial period of 45 calendar days, or until May 4, 2026, to submit a plan to regain compliance. On May 4, 2026, the Company submitted a plan to regain compliance with Nasdaq Listing Rule 5550(b)(1) to Nasdaq. On May 19, 2026, Nasdaq granted the Company an extension of time to regain compliance on or before September 16, 2026.