NOTE 1 – GENERAL:

The Company is a biopharmaceutical company focused on the development of innovative precision medicines for the treatment of complement-related conditions and oncology.

The Company has incurred net operating losses since its inception and had an accumulated deficit of $112.8 million as of June 30, 2026. The Company had cash and cash equivalents of $22.2 million as of June 30, 2026, and has not generated positive cash flows from operations. To date, the Company has primarily funded its operations through the issuance and sale of common stock.

During the three months ended June 30, 2026, the Company sold a total of 14,295 common shares under its At-the-Market Program for aggregate gross proceeds of approximately $0.2 million at an average selling price of $12.51 per share, resulting in net proceeds of approximately $0.2 million after deducting issuance costs.

During the six months ended June 30, 2026, the Company sold a total of 15,126 common shares under its At-the-Market Program for aggregate total gross proceeds of approximately $0.2 million at an average selling price of $12.33 per share, resulting in net proceeds of approximately $0.2 million after deducting issuance costs.

On July 1, 2026, the Company completed a public offering selling 5,000,000 common shares at a price of  $20.00 per share.  The gross proceeds from the transaction were $100 million. On July 29, 2026, the underwriters exercised their option to purchase an additional 750,000 shares at a price of $20.00 per share.  The gross proceeds from the exercise of this option were $15 million.  See Note 8 for funding subsequent to the report date. . The offering resulted in total net proceeds of approximately $106.3 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.

Management believes that its existing cash and cash equivalents as of June 30, 2026, and the proceeds from the public offering completed in July 2026, enable the Company to fund planned operations for at least 12 months following the issuance date of these condensed financial statements.

The Company will need to raise additional capital to complete the clinical trials aimed at developing the product candidates, obtain regulatory and marketing approvals, and, if approved, commercialize our product candidates. There can be no assurances that the Company will be able to secure such additional financing, or on terms that are satisfactory to the Company, and that it will be sufficient to meet its needs. In the event the Company is unable to obtain sufficient funding, this could force the Company to delay, limit, or reduce its product development, clinical trials, commercialization efforts, or other operations, or even close down or liquidate.

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