WARRANTS

12 Months Ended

Apr. 30, 2026

7. WARRANTS

Warrant Issuances During 2026

No warrants were issued during the year ended April 30, 2026.

Warrant Issuances During 2025

During the year ended April 30, 2025, the Company issued warrants to purchase an aggregate of 279,273 shares of Common Stock with a weighted average exercise price of $48.96 per share as follows:

Schedule of Common Stock
Issuance			Exercise		Original	Fair Value
Date	Quantity		Price		Expiration	at Date of Grant
5/10/2024		8,889	$	112.50	5/10/2029 ⁽¹⁾	$	256,591
6/25/2024		13,333	$	112.50	6/25/2029 ⁽¹⁾	$	241,340
8/19/2024		17,778	$	112.50	8/19/2029 ⁽¹⁾	$	558,811
8/21/2024		22,222	$	112.50	8/21/2029 ⁽¹⁾	$	473,512
9/11/2024		8,889	$	112.50	9/11/2029⁽¹⁾	$	66,043
2/28/2025		111,111	$	112.50	2/28/2030	$	577,073

(1)

Cancelled on February 28, 2025

Based on the terms of the Company’s warrant agreement, the Company accounted for the warrant as an equity instrument as the warrant is indexed to the Common Stock, requires settlement in shares and would be classified as equity under ASC 815.

The following table summarizes information about Common Stock warrants at April 30, 2026:

Schedule of common stock warrants outstanding
Outstanding						Exercisable
			Weighted
			Average	Weighted				Weighted
			Remaining	Average				Average
Exercise	Number		Contractual	Exercise		Number		Exercise
Price	Outstanding		Life (years)	Price		Exercisable		Price
$8.29		111,111	3.8	$	8.29		111,111	$	8.29
$108.00		23,334	3.3	$	108.00		23,334	$	108.00
$4,050.00		1,482	0.7	$	4,050.00		1,482	$	4,050.00
$8,437.50		45	0.1	$	8,437.50		45	$	8,437.50

$8.29 - $8,437.50		135,972	3.7	$	72.24		135,972	$	72.24

Warrant activity for the year ended April 30, 2026 is presented below:

Schedule of warrant activity
	Number Outstanding			Weighted Average Exercise Price
Outstanding at April 30, 2025		137,051		$	103.56
Cancelled/Expired		(1,079	)	$	4,050.00
Outstanding at April 30, 2026		135,972		$	72.24

The estimated fair value of warrants granted during the years ended April 30, 2025, were calculated using the Black-Scholes option-pricing model using the following assumptions:

Schedule of assumptions used
		For the year ended
		April 30, 2025
Expected term (in years)		5.00
Volatility		91.0%
Risk-free interest rate		4.03%
Dividend yield		0.0%

Expected Term: The expected term represents the contractual life of the warrants granted.

Expected Volatility: The Company uses an average historical stock price volatility of comparable public companies within the biotechnology and pharmaceutical industry that were deemed to be representative of future stock price trends as the Company only has a limited trading history for its Common Stock. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

Risk-Free Interest Rate: The Company based the risk-free interest rate over the expected term of the warrants based on the constant maturity rate of U.S. Treasury securities with similar maturities as of the date of the grant.

Expected Dividend: The Company has not paid and does not anticipate paying any dividends in the near future. Therefore, the expected dividend yield was zero.