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DE
98-1359336
103 Carnegie Center Suite 300
Princeton
NJ
08540
609
322-1602
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<div style="text-align: justify;">
<span style="font-size: 10.0pt; font-weight: bold;">1. Nature of operations</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt; font-style: italic;">General</span>
</div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;">
Grace Therapeutics, Inc. (formerly known as Acasti Pharma Inc.) (“Acasti Delaware” or the <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">“</span>Company”), is a Delaware corporation that, as further described below, previously existed under the laws of the Province of Québec, Canada (“Acasti Québec”), before changing its jurisdiction on October 1, 2024 to the Province of British Columbia, Canada (“Acasti British Columbia”). On October 7, 2024, Acasti British Columbia changed its jurisdiction to the State of Delaware in the United States of America. Effective October 28, 2024, the Company changed its corporate name to Grace Therapeutics, Inc.
</div><div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt; font-style: italic;">Liquidity and Financial Condition</span>
</div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">The Company has incurred operating losses and negative cash flows from operations in each period since its inception. The Company expects to incur significant expenses and continued operating losses for the foreseeable future.</span>
</div><div style="margin: 0in; font-size: 12pt; text-align: justify;"><span style="font-size:10.0pt">In
May 2023, the Company implemented a strategic realignment plan to enhance
shareholder value that resulted in the Company engaging a new management team,
streamlining its research and development activities, and greatly reducing its
workforce. Following the realignment, the Company is a smaller, more focused
organization, based in the United States, and concentrated on its development
of its lead product candidate GTx-104. In June 2026, following continued
evaluation of strategic priorities and focus on GTx-104, the Company impaired
the $13,533 capitalized carrying value of GTx-102 and GTx-101 in process
research and development (“IPR&D”), which is recorded within operating
expenses in the condensed consolidated statements of loss and comprehensive
loss for the three months ended June 30, 2026. In August 2026, the Company
completed a private placement of Company common stock, par value $0.0001 per
share (“Common Stock”) with certain institutional and accredited
investors. Net proceeds to the Company were approximately $9,100. Refer to Note 12, <i>Subsequent Events</i> for additional
information. </span></div><div style="text-align: justify;"> </div><div style="margin: 0in; text-align: justify; font-size: 10pt;">As of August 11, 2026, cash and cash equivalents were $22,231. The
Company plans to use its cash and cash equivalents towards resolving the items
cited in the FDA’s CRL, working capital and other general corporate purposes.
The Company believes its existing cash and cash equivalents will be sufficient
to sustain planned operations, including the activities to address the items
cited in the CRL, through at least 12 months from the issuance date of these
unaudited condensed financial statements.</div><div style="margin: 0in; font-size: 12pt; text-align: justify; color: rgb(0, 0, 0);"> </div>
<div style="margin: 0in; font-size: 12pt; text-align: justify; color: rgb(0, 0, 0);"><span style="font-size:10.0pt">The
Company will require additional capital to fund its daily operating needs. The
Company does not expect to generate revenue from product sales unless and until
it successfully completes drug development and obtains regulatory approval,
which is subject to significant uncertainty. To date, the Company has financed
its operations primarily through public offerings and private placements of its
common equity, warrants and convertible debt and the proceeds from warrant
exercises and research tax credits. Until such time that the
Company can generate significant revenue from drug product sales, if ever, it
will require additional financing, which is expected to be sourced from a
combination of public or private equity or debt financing or other non-dilutive
sources, which may include fees, milestone payments and royalties from
collaborations with third parties. Arrangements with collaborators or others
may require the Company to relinquish certain rights related to its
technologies or drug product candidates. Adequate additional financing may not
be available to the Company on acceptable terms, or at all. The Company’s
inability to raise capital as and when needed could have a negative impact on
its financial condition and its ability to pursue its business strategy. The
Company plans to raise additional capital in order to maintain adequate
liquidity. Negative results from studies or trials, if any, the timing and
ability to receive FDA approval for marketing the
Company’s drug candidates or depressed prices of the Company’s
stock could impact the Company’s ability to raise additional financing. Raising
additional equity capital is subject to market conditions that are not within
the Company’s control. If the Company is unable to raise additional funds, the
Company may not be able to realize its assets and discharge its liabilities in
the normal course of business.</span></div><div style="text-align: justify;"> </div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">The Company remains subject to risks similar to other development stage companies in the biopharmaceutical industry, including compliance with government regulations, protection of proprietary technology, dependence on third-party contractors and consultants and potential product liability, among others. Please refer to the risk factors included in Part 1, Item 1A of the Company’s Annual Report on Form 10-K for the year ended March 31, 2026, filed with the SEC on June 18, 2026 (the “Annual Report”).</span>
</div>
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<div style="text-align: justify;">
<span style="font-size: 10.0pt; font-weight: bold;">2. Summary of significant accounting policies</span>
</div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold; font-style: italic;">Basis of presentation</span> </div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X under the Securities Exchange Act of 1934. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended March 31, 2026, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2026, the consolidated results of its operations for the three months ended June 30, 2026 and 2025, its statements of stockholders’ equity for the three months ended June 30, 2026 and 2025, and its consolidated cash flows for the three months ended June 30, 2026 and 2025.</span>
</div><div style="text-align: justify;">
<span style="font-size: 10.0pt;">These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the accompanying notes for the year ended March 31, 2026 included in the Company’s Annual Report. The condensed consolidated balance sheet data as of March 31, 2026 presented for comparative purposes was derived from the Company’s audited consolidated financial statements. The results for the three months ended June 30, 2026 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period.</span>
</div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended March 31, 2026 included in the Annual Report. There have been no changes to the Company’s significant accounting policies since the date of the audited consolidated financial statements for the year ended March 31, 2026 included in the Annual Report.</span>
</div>
<div style="font-size: 10pt;">
</div>
<div> <span style="font-size: 10.0pt; font-weight: bold; font-style: italic;">Use of estimates</span> </div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.</span>
</div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">Estimates are based on management’s best knowledge of current events and actions that management may undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">Estimates and assumptions include the measurement of stock-based compensation, derivative warrant liabilities, accruals for research and development contracts and contract organization agreements, and valuation of intangibles and goodwill. Estimates and assumptions are also involved in determining the extent to which research and development expenses qualify for research and development tax credits. The Company recognizes tax credits once it has reasonable assurance that they will be realized.</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold; font-style: italic;">Recent accounting pronouncements</span> </div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">In November 2024, the FASB issued ASU 2024-03, </span><span style="font-size: 10.0pt; font-style: italic;">Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) </span><span style="font-size: 10.0pt;">(“ASU 2024-03”</span><span style="font-size: 10.0pt; font-style: italic;">), </span><span style="font-size: 10.0pt;">to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization and depletion) in commonly presented expense captions (such as cost of sales, SG&A and research and development).</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">ASU 2024-03 applies to all public business entities and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the effect of adopting this new guidance on its consolidated financial statements and disclosures. The Company does not expect that the adoption of ASU 2024-03 will have a material impact on its consolidated financial statements and disclosures.</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">The Company has considered all other recent accounting pronouncements and concluded that they are either not applicable to the Company’s business or that the effect is not expected to be material to the consolidated financial statements as a result of future adoption.</span>
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold; font-style: italic;">Basis of presentation</span> </div><div style="text-align: justify;">
<span style="font-size: 10.0pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X under the Securities Exchange Act of 1934. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).</span>
</div><div style="text-align: justify;">
<span style="font-size: 10.0pt;">The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended March 31, 2026, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2026, the consolidated results of its operations for the three months ended June 30, 2026 and 2025, its statements of stockholders’ equity for the three months ended June 30, 2026 and 2025, and its consolidated cash flows for the three months ended June 30, 2026 and 2025.</span>
</div><div style="text-align: justify;">
<span style="font-size: 10.0pt;">These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the accompanying notes for the year ended March 31, 2026 included in the Company’s Annual Report. The condensed consolidated balance sheet data as of March 31, 2026 presented for comparative purposes was derived from the Company’s audited consolidated financial statements. The results for the three months ended June 30, 2026 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period.</span>
</div><div style="text-align: justify;">
<span style="font-size: 10.0pt;">The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended March 31, 2026 included in the Annual Report. There have been no changes to the Company’s significant accounting policies since the date of the audited consolidated financial statements for the year ended March 31, 2026 included in the Annual Report.</span>
</div>
<div> <span style="font-size: 10.0pt; font-weight: bold; font-style: italic;">Use of estimates</span> </div><div style="text-align: justify;">
<span style="font-size: 10.0pt;">The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.</span>
</div><div style="text-align: justify;">
<span style="font-size: 10.0pt;">Estimates are based on management’s best knowledge of current events and actions that management may undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</span>
</div><div style="text-align: justify;">
<span style="font-size: 10.0pt;">Estimates and assumptions include the measurement of stock-based compensation, derivative warrant liabilities, accruals for research and development contracts and contract organization agreements, and valuation of intangibles and goodwill. Estimates and assumptions are also involved in determining the extent to which research and development expenses qualify for research and development tax credits. The Company recognizes tax credits once it has reasonable assurance that they will be realized.</span>
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt; font-weight: bold; font-style: italic;">Recent accounting pronouncements</span> </div><div style="text-align: justify;">
<span style="font-size: 10.0pt;">In November 2024, the FASB issued ASU 2024-03, </span><span style="font-size: 10.0pt; font-style: italic;">Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) </span><span style="font-size: 10.0pt;">(“ASU 2024-03”</span><span style="font-size: 10.0pt; font-style: italic;">), </span><span style="font-size: 10.0pt;">to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization and depletion) in commonly presented expense captions (such as cost of sales, SG&A and research and development).</span>
</div><div style="text-align: justify;">
<span style="font-size: 10.0pt;">ASU 2024-03 applies to all public business entities and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the effect of adopting this new guidance on its consolidated financial statements and disclosures. The Company does not expect that the adoption of ASU 2024-03 will have a material impact on its consolidated financial statements and disclosures.</span>
</div><div style="text-align: justify;">
<span style="font-size: 10.0pt;">The Company has considered all other recent accounting pronouncements and concluded that they are either not applicable to the Company’s business or that the effect is not expected to be material to the consolidated financial statements as a result of future adoption.</span>
</div>
<div>
<span style="font-size: 10.0pt; font-weight: bold;">3. Fair value measurements</span>
</div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">Assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 are as follows:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 52%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td style="text-align: justify;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center; vertical-align: bottom;">
Total
</td><td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center;">
Quoted prices<br/>
in active markets<br/>
(Level 1)
</td><td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center;">
Significant other<br/>
observable inputs<br/>
(Level 2)
</td><td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center;">
Significant<br/>
unobservable inputs<br/>
(Level 3)
</td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">$
</td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">$
</td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">$
</td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">$
</td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Assets
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 10px;">
<div>
Treasury bills classified as cash equivalents
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">11,044</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">11,044</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total assets
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">11,044</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">11,044</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> — </td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total liabilities
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table><div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">Assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 are as follows:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 52%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
Total
</td><td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
Quoted prices<br/>
in active markets<br/>
(Level 1)
</td><td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
Significant other<br/>
observable inputs<br/>
(Level 2)
</td><td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
Significant<br/>
unobservable inputs<br/>
(Level 3)
</td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">$
</td><td style="text-align: center; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">$
</td><td style="text-align: center; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">$
</td><td style="text-align: center; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">$
</td><td style="text-align: center; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Assets
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 9%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 9%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 9%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 9%;"> </td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 10px;">
<div>
Treasury bills classified as cash equivalents
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">15,670</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">15,670</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total assets
</div>
</td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">15,670</td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">15,670</td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">—</td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">—</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total liabilities
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table><div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">There were no changes in valuation techniques or transfers between Levels 1, 2 or 3 during the three months ended June 30, 2026.</span>
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">Assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 are as follows:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 52%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td style="text-align: justify;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center; vertical-align: bottom;">
Total
</td><td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center;">
Quoted prices<br/>
in active markets<br/>
(Level 1)
</td><td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center;">
Significant other<br/>
observable inputs<br/>
(Level 2)
</td><td style="text-align: center;"> </td>
<td style="text-align: center;"> </td><td colspan="2" style="text-align: center;">
Significant<br/>
unobservable inputs<br/>
(Level 3)
</td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">$
</td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">$
</td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">$
</td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">$
</td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Assets
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 10px;">
<div>
Treasury bills classified as cash equivalents
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">11,044</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">11,044</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total assets
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">11,044</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">11,044</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> — </td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total liabilities
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table><div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">Assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 are as follows:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 52%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
Total
</td><td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
Quoted prices<br/>
in active markets<br/>
(Level 1)
</td><td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
Significant other<br/>
observable inputs<br/>
(Level 2)
</td><td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
Significant<br/>
unobservable inputs<br/>
(Level 3)
</td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">$
</td><td style="text-align: center; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">$
</td><td style="text-align: center; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">$
</td><td style="text-align: center; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">$
</td><td style="text-align: center; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Assets
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 9%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 9%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 9%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 9%;"> </td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 10px;">
<div>
Treasury bills classified as cash equivalents
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">15,670</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">15,670</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total assets
</div>
</td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">15,670</td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">15,670</td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">—</td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">—</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total liabilities
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table>
11044000
11044000
0
0
11044000
11044000
0
0
0
0
0
0
15670000
15670000
0
0
15670000
15670000
0
0
0
0
0
0
<div style="text-align: justify;">
<span style="font-size: 10.0pt; font-weight: bold;">4. Intangible assets and goodwill</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="margin: 0in; font-size: 12pt; text-align: justify;"><span style="font-size: 10pt;">Individual IPR&D
projects and goodwill are tested for impairment on an annual basis in the
fourth quarter, and in between annual tests if an event occurs or circumstances
change that would more likely than not reduce the fair value of each technology
or the Company’s reporting unit below its carrying value. In April 2026, the
Company received a CRL from the FDA in response to the Company’s NDA submission
for GTx-104, triggering a comprehensive review of the Company’s individual
IPR&D projects and goodwill as of June 30, 2026. In June 2026, following
continued evaluation of strategic priorities and focus on GTx-104, the Company impaired the $13,533 capitalized carrying
value of GTx-102 and GTx-101 which is recorded within operating expenses in the
condensed consolidated statements of loss and comprehensive loss for the three
months ended June 30, 2026. The impairment
assessments resulted in the following activity during the three months ended
June 30, 2026:</span></div><div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 52%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%; border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); vertical-align: bottom;">
GTx-104
</td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
GTx-<br/>102
</td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
GTx-<br/>101
</td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
Total
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;"> $</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;"> $</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;"> $</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;"> $</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Intangible assets – in-process research and development</span>
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance, March 31, 2026
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">27,595</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">9,196</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,337</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">41,128</td><td style="text-align: left; width: 1%; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Impairment
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">(9,196</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">) </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">(4,337</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">) </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">(13,533</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Balance, June 30, 2026</span>
</div>
</td>
<td style="text-align: right; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; font-weight: bold; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; font-weight: bold; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">27,595</td><td style="text-align: left; font-weight: bold; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; font-weight: bold;">27,595</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table><div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #000000;">As of June 30, 2026, the estimated fair value of GTx-104 was not less than its carrying value, and no impairment was recorded.</span> </div><table cellpadding="0" style="color: rgb(0, 0, 0); border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<span style="color: rgb(0, 0, 0);">$</span>
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;">
<span style="color: rgb(0, 0, 0); font-weight: bold;">Goodwill</span>
</td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
<span style="color: rgb(0, 0, 0);">Balance, March 31, 2026</span>
</td>
<td style="text-align: right; color: rgb(0, 0, 0); width: 1%;"></td><td style="text-align: left; color: rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; color: rgb(0, 0, 0); width: 9%;">8,138</td><td style="text-align: left; color: rgb(0, 0, 0); width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<span style="color: rgb(0, 0, 0);">Impairment</span>
</td>
<td style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; color: rgb(0, 0, 0); width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; color: rgb(0, 0, 0); width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> — </td><td style="text-align: left; color: rgb(0, 0, 0); width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
<span style="color: rgb(0, 0, 0); font-weight: bold;">Balance, June 30, 2026</span>
</td>
<td style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> </td><td style="text-align: left; color: rgb(0, 0, 0); font-weight: bold; width: 1%;"> </td><td style="text-align: right; color: rgb(0, 0, 0); font-weight: bold; width: 9%;">8,138</td><td style="text-align: left; color: rgb(0, 0, 0); font-weight: bold; width: 1%;"> </td>
</tr>
</table>
13533000
The impairment
assessments resulted in the following activity during the three months ended
June 30, 2026:<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 52%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%; border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); vertical-align: bottom;">
GTx-104
</td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
GTx-<br/>102
</td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
GTx-<br/>101
</td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
Total
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;"> $</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;"> $</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;"> $</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;"> $</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Intangible assets – in-process research and development</span>
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Balance, March 31, 2026
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">27,595</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">9,196</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,337</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">41,128</td><td style="text-align: left; width: 1%; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Impairment
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">(9,196</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">) </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">(4,337</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">) </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">(13,533</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Balance, June 30, 2026</span>
</div>
</td>
<td style="text-align: right; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; font-weight: bold; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; font-weight: bold; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">27,595</td><td style="text-align: left; font-weight: bold; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">—</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; font-weight: bold;">27,595</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table>
27595000
9196000
4337000
41128000
0
9196000
4337000
13533000
27595000
0
0
27595000
0
<table cellpadding="0" style="color: rgb(0, 0, 0); border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<span style="color: rgb(0, 0, 0);">$</span>
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;">
<span style="color: rgb(0, 0, 0); font-weight: bold;">Goodwill</span>
</td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
<span style="color: rgb(0, 0, 0);">Balance, March 31, 2026</span>
</td>
<td style="text-align: right; color: rgb(0, 0, 0); width: 1%;"></td><td style="text-align: left; color: rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; color: rgb(0, 0, 0); width: 9%;">8,138</td><td style="text-align: left; color: rgb(0, 0, 0); width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<span style="color: rgb(0, 0, 0);">Impairment</span>
</td>
<td style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; color: rgb(0, 0, 0); width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; color: rgb(0, 0, 0); width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> — </td><td style="text-align: left; color: rgb(0, 0, 0); width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
<span style="color: rgb(0, 0, 0); font-weight: bold;">Balance, June 30, 2026</span>
</td>
<td style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> </td><td style="text-align: left; color: rgb(0, 0, 0); font-weight: bold; width: 1%;"> </td><td style="text-align: right; color: rgb(0, 0, 0); font-weight: bold; width: 9%;">8,138</td><td style="text-align: left; color: rgb(0, 0, 0); font-weight: bold; width: 1%;"> </td>
</tr>
</table>
8138000
0
8138000
<div>
<span style="font-size: 10.0pt; font-weight: bold;">5. Trade and other payables</span>
</div>
<div style="font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%; border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
June 30, 2026
</td><td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
March 31, 2026
</td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td colspan="2" style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">$</td><td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td>
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td colspan="2" style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> $</td><td style="border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Trade payables
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">408</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">702</td><td style="text-align: left; width: 1%; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Accrued research and development expenses
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">247</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">198</td><td style="text-align: left; width: 1%; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Employee salaries and benefits payable
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">419</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">527</td><td style="text-align: left; width: 1%; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Accrued liabilities and payables
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">176</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">719</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total trade and other payables
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">1,250</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">2,146</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%; border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
June 30, 2026
</td><td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
March 31, 2026
</td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td colspan="2" style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">$</td><td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td>
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td colspan="2" style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> $</td><td style="border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Trade payables
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">408</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">702</td><td style="text-align: left; width: 1%; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Accrued research and development expenses
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">247</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">198</td><td style="text-align: left; width: 1%; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Employee salaries and benefits payable
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">419</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">527</td><td style="text-align: left; width: 1%; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Accrued liabilities and payables
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">176</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">719</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total trade and other payables
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">1,250</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">2,146</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table>
408000
702000
247000
198000
419000
527000
176000
719000
1250000
2146000
<div>
<span style="font-size: 10.0pt; font-weight: bold;">6. Stockholders’ equity</span>
</div>
<div style="font-size: 10pt;">
</div>
<div>
<span style="font-size: 10.0pt; font-weight: bold; font-style: italic;">Preferred Stock</span>
</div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Company is authorized to issue up to 10,000,000 shares of preferred stock, par value $0.0001 per share. No shares of the Company’s preferred stock are issued or outstanding.</span> </div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt; font-weight: bold; font-style: italic;">Common Stock</span>
</div>
<div style="text-align: justify;"> </div>
<div style="margin: 0in; font-size: 12pt; text-align: justify;"><span style="font-size:10.0pt">In
connection with the consummation of the Domestication, on October 7, 2024, the
Company adopted a Certificate of Incorporation (as amended, the “Charter”) and
Bylaws (as amended, the “Bylaws”). The rights of holders of the Company’s
Common Stock are governed by the Charter, the Bylaws, and the General
Corporation Law of the State of Delaware. The Company is authorized to issue up
to 100,000,000 shares of Common Stock, par value $0.0001 per share.</span></div><div style="text-align: justify;">
The Company’s February 2025 pre-funded warrants
and common warrants are presented under additional paid-in capital in the
equity section of the unaudited condensed consolidated balance sheet as of June
30, 2026.
</div><div style="font-size: 10pt;">
</div>
<div style="text-align: justify;"> During the three months ended June 30, 2026,
250,000 of the February 2025 pre-funded warrants were exercised for 250,000
shares of Common Stock. </div><div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;"> The following table summarizes the Company’s
outstanding warrants as of June 30, 2026, all of which are exercisable for
shares of Common Stock: </div><div style="font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 64%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td colspan="12" style="border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; text-align: center;">
June 30, 2026
</td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">
No. of<br/>
warrants
</td><td style="text-align: center; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">
Exercise<br/>
Price ($)
</td><td style="text-align: center; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">
Expiration<br/>
Date
</td><td style="text-align: center; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<b>Equity classified warrants</b>
</div>
</td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-indent: -10px; padding-left: 20px;">
<div>
Pre-funded warrants issued
in connection with September 2023 private placement
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;">338,252</td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;">0.0001</td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;">
No expiration
</td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-indent: -10px; padding-left: 20px;">
<div>
Common warrants issued in
connection with February 2025 private placement
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;">4,418,292</td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;">3.395</td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;">(1</td><td style="text-align: left; width: 1%; vertical-align: bottom;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; text-indent: -10px; padding-left: 20px;">
<div>
Pre-funded warrants issued
in connection with February 2025 private placement
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; vertical-align: bottom;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; vertical-align: bottom;">657,708</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; vertical-align: bottom;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; vertical-align: bottom;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; vertical-align: bottom;">0.0001</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; vertical-align: bottom;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 9%; vertical-align: bottom;">
No expiration
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
</table><div style="font-size: 10pt;">
</div>
<div style="text-indent: -18pt; padding-left: 36pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10.0pt;">1.</span> </div> <div> <span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The February 2025 common warrants will expire on the earlier of: (i) the 60th day after the date the FDA approves the NDA for GTx-104 or (ii) September 25, 2028.</span> </div></div>
10000000
0.0001
0
0
100000000
0.0001
250000
250000
<div style="text-align: justify;"> The following table summarizes the Company’s
outstanding warrants as of June 30, 2026, all of which are exercisable for
shares of Common Stock: </div><div style="font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 64%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td colspan="12" style="border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; text-align: center;">
June 30, 2026
</td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">
No. of<br/>
warrants
</td><td style="text-align: center; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">
Exercise<br/>
Price ($)
</td><td style="text-align: center; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td colspan="2" style="text-align: center;">
Expiration<br/>
Date
</td><td style="text-align: center; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<b>Equity classified warrants</b>
</div>
</td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-indent: -10px; padding-left: 20px;">
<div>
Pre-funded warrants issued
in connection with September 2023 private placement
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;">338,252</td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;">0.0001</td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;">
No expiration
</td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-indent: -10px; padding-left: 20px;">
<div>
Common warrants issued in
connection with February 2025 private placement
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;">4,418,292</td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;">3.395</td><td style="text-align: left; width: 1%; vertical-align: bottom;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;">(1</td><td style="text-align: left; width: 1%; vertical-align: bottom;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; text-indent: -10px; padding-left: 20px;">
<div>
Pre-funded warrants issued
in connection with February 2025 private placement
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; vertical-align: bottom;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; vertical-align: bottom;">657,708</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; vertical-align: bottom;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; vertical-align: bottom;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; vertical-align: bottom;">0.0001</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; vertical-align: bottom;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 9%; vertical-align: bottom;">
No expiration
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
</table><div style="font-size: 10pt;">
</div>
<div style="text-indent: -18pt; padding-left: 36pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10.0pt;">1.</span> </div> <div> <span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The February 2025 common warrants will expire on the earlier of: (i) the 60th day after the date the FDA approves the NDA for GTx-104 or (ii) September 25, 2028.</span> </div></div>
338252
0.0001
4418292
3.395
657708
0.0001
2028-09-25
<div style="text-align: justify;"><b>7. Stock-based compensation</b></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: 10.0pt; font-weight: bold; font-style: italic;">2024 Equity Incentive Plan</span>
</div><div style="font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">At the Annual and Special Meeting of Shareholders on September 30, 2024, the Company’s shareholders approved the Grace Therapeutics, Inc. 2024 Equity Incentive Plan (the “2024 Plan”) which became effective on the date of the Domestication. The 2024 Plan replaced the Acasti Pharma Inc. Stock Option Plan and the Acasti Pharma Inc. Equity Incentive Plan (the “Prior Plans”). The 2024 Plan provides for the grant of awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, unrestricted stock, dividend equivalent rights, performance-based awards and other equity-based awards to eligible persons as defined under the 2024 Plan. Any of these awards may, but need not, be made as performance incentives to reward the holders of such awards for the achievement of performance goals in accordance with the terms of the 2024 Plan. Stock options granted under the 2024 Plan may be non-qualified stock options or incentive stock options, as provided in the 2024 Plan.</span>
</div><div style="text-align: justify;">
Following the Effective Date of the 2024 Plan,
no awards shall be made under the Prior Plans. However, Common Stock reserved
under the Prior Plans to settle awards which were made under the Prior Plans
may be issued and delivered following the Effective Date to settle such awards.
</div><div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">The 2024 Plan is administered by a committee designated from time to time, by resolution of the Company’s Board of Directors. The committee will also be responsible for determining, among others, the key terms of the awards including their grant dates, pricing, basis for fair value determination, vesting terms, restrictions, and terminations. The Board has designated its Compensation Committee to administer the 2024 Plan. The 2024 Plan authorizes a total of 1,350,000 shares of Common Stock available for issuance. As of June 30, 2026, there were 924,470 shares available for future issuance under the 2024 Plan.</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">The 2024 Plan will terminate automatically ten years after the Effective Date and may be terminated on any earlier date as provided by the 2024 Plan.</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">The following table summarizes information about activities within the 2024 Plan and Prior Plans for the three months ended June 30, 2026:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 52%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%; border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; "> <td style="text-align: justify; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td> <td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 9%;"> Number<br/> of
<br/> Options </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 9%;"> Weighted-average<br/> Exercise Price </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 9%;"> Remaining<br/> Contractual Term<br/> (years) </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 9%;"> Aggregate Intrinsic
<br/> Value (in
<br/> thousands) </td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 9%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 9%; text-align: right;">$</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 9%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 9%; text-align: right;">$</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding, March 31, 2026 </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,345,453</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3.14</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">7.88</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,562</td><td style="text-align: left; width: 1%; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding, June 30, 2026 </div> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">1,345,453</td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">3.14</td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">7.63</td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">88</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercisable, June 30, 2026 </div> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">1,032,044</td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">3.39</td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">7.34</td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">43</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td> </tr> </table><div style="text-align: justify;"> <span style="font-size: 10.0pt;">Compensation expense recognized under the 2024 Plan and the Prior Plan is summarized as follows:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 76%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three months ended</span> </td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: right;"> </td><td colspan="2" style="text-align: right;">
June 30,<br/>2026
</td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td colspan="2" style="text-align: right;">
June 30,<br/>2025
</td><td style="text-align: right;"> </td>
</tr>
<tr style="vertical-align: top; height: 9.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;"> $</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;"> $</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Research and development expenses
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">31</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">69</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
General and administrative expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">74</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">233</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">105</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">302</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table><div style="font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">As of June 30, 2026, there was $214 of total unrecognized compensation cost, related to non-vested stock options, which is expected to be recognized over a remaining weighted-average vesting period of 1.05 years.</span> </div>
1350000
924470
P10Y
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">The following table summarizes information about activities within the 2024 Plan and Prior Plans for the three months ended June 30, 2026:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 52%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%; border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; "> <td style="text-align: justify; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td> <td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 9%;"> Number<br/> of
<br/> Options </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 9%;"> Weighted-average<br/> Exercise Price </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 9%;"> Remaining<br/> Contractual Term<br/> (years) </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); width: 9%;"> Aggregate Intrinsic
<br/> Value (in
<br/> thousands) </td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 9%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 9%; text-align: right;">$</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 9%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 9%; text-align: right;">$</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding, March 31, 2026 </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,345,453</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3.14</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">7.88</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,562</td><td style="text-align: left; width: 1%; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding, June 30, 2026 </div> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">1,345,453</td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">3.14</td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">7.63</td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">88</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercisable, June 30, 2026 </div> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">1,032,044</td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">3.39</td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">7.34</td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">43</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td> </tr> </table>
1345453
3.14
P7Y10M17D
2562000
1345453
3.14
P7Y7M17D
88000
1032044
3.39
P7Y4M2D
43000
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">Compensation expense recognized under the 2024 Plan and the Prior Plan is summarized as follows:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 76%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three months ended</span> </td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: right;"> </td><td colspan="2" style="text-align: right;">
June 30,<br/>2026
</td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td colspan="2" style="text-align: right;">
June 30,<br/>2025
</td><td style="text-align: right;"> </td>
</tr>
<tr style="vertical-align: top; height: 9.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;"> $</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;"> $</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Research and development expenses
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">31</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">69</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
General and administrative expenses
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">74</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">233</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">105</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">302</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table>
31000
69000
74000
233000
105000
302000
214000
P1Y18D
<div style="text-align: justify;">
<span style="font-size: 10.0pt; font-weight: bold;">8. Loss per share</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">The Company has generated a net loss for all periods presented. Therefore, diluted loss per share is the same as basic loss per share since the inclusion of potentially dilutive securities would have had an anti-dilutive effect. All currently outstanding options and warrants could potentially be dilutive in the future.</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Company excluded the following potential shares of Common Stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to stockholders for the periods indicated because including them would have had an anti-dilutive effect:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
June 30,<br/>2026
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
June 30,<br/>2025
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Options outstanding
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,345,453</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,326,453</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
September 2023 Common Warrants
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,536,391</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
February 2025 Common Warrants
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">4,418,291</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">4,418,291</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table><div style="font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">Basic and diluted net loss per share is calculated based upon the weighted-average number of shares of Common Stock outstanding during the year. Common Stock underlying the 2025 Pre-Funded Warrants and 2023 Pre-Funded Warrants are included in the calculation of basic and diluted earnings per share.</span>
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Company excluded the following potential shares of Common Stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to stockholders for the periods indicated because including them would have had an anti-dilutive effect:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
June 30,<br/>2026
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
June 30,<br/>2025
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Options outstanding
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,345,453</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,326,453</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
September 2023 Common Warrants
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,536,391</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
February 2025 Common Warrants
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">4,418,291</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">4,418,291</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table>
1345453
1326453
0
2536391
4418291
4418291
<div style="text-align: justify;">
<span style="font-size: 10.0pt; font-weight: bold;">9. Segment Information</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">An operating segment is a component of an entity whose operating results are regularly reviewed by its chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance. Factors used by the Company in determining the reportable segment include the nature of the Company's operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance.</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Company has one reportable operating segment: the development and commercialization of pharmaceutical applications of its patents and licensed rights. The Company’s CODM is its Chief Executive Officer. The accounting policies of the segment are those described in the summary of significant accounting policies.</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">The CODM assesses the performance of the segment based on net loss, which is reported on the unaudited condensed consolidated statement of net loss and comprehensive loss as Net loss and total comprehensive loss. The measure of segment assets is reported on the unaudited condensed consolidated balance sheet as total assets.</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt;">The Company has not generated any revenue and expects to continue to incur significant expenses and operating losses as it advances product candidates through all stages of development, and ultimately, receive regulatory approval. Accordingly, the CODM utilizes the cash budget and forecasts in assessing the entity-wide operating results and performance, and in deciding how to allocate resources across the organization and its segment. Net loss is used to monitor budgets against actual results, which then is used in assessing the performance of the segment.</span>
</div><div style="text-align: justify;"> <span style="font-size: 10.0pt;">The table below summarizes the significant expenses, by category regularly reviewed by the CODM, for the three months ended June 30, 2026 and 2025:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
June 30,<br/>2026</td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
June 30,<br/>2025
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr><tr style="vertical-align: top;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</span></td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</span></td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Clinical development programs
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(408</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(446</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Professional fees
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(898</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(988</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Salaries and benefits
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(589</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(802</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Stock-based compensation
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(105</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(302</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Write-off of IPR&D
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(13,533</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Other general and administrative expenses (1)
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(384</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(552</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Other segment expense (2)
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(14</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(476</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Interest income, net
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">141</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">204</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Income tax benefit
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Segment and consolidated loss
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(15,790</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(3,362</td><td style="text-align: left; width: 1%;">) </td>
</tr>
</table><div style="font-size: 10pt;">
</div>
<div style="text-indent: -18pt; text-align: justify; padding-left: 36pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10.0pt;">1)</span> </div> <div> <span style="font-size: 10.0pt;">Other general and administrative expenses include depreciation, travel, and other administrative costs.</span> </div> </div>
<div style="text-align: justify; margin-left: 36pt; font-size: 10pt; clear: both;">
</div>
<div style="text-indent: -18pt; text-align: justify; padding-left: 36pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10.0pt;">2)</span> </div> <div> <span style="font-size: 10.0pt;">Other segment expense includes change in fair value of derivative warrant liabilities and foreign exchange losses.</span> </div> </div>
1
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">The table below summarizes the significant expenses, by category regularly reviewed by the CODM, for the three months ended June 30, 2026 and 2025:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
June 30,<br/>2026</td><td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
June 30,<br/>2025
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr><tr style="vertical-align: top;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</span></td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</span></td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Clinical development programs
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(408</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(446</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Professional fees
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(898</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(988</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Salaries and benefits
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(589</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(802</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Stock-based compensation
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(105</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(302</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Write-off of IPR&D
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(13,533</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Other general and administrative expenses (1)
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(384</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(552</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Other segment expense (2)
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(14</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(476</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Interest income, net
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">141</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">204</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Income tax benefit
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Segment and consolidated loss
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(15,790</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(3,362</td><td style="text-align: left; width: 1%;">) </td>
</tr>
</table><div style="font-size: 10pt;">
</div>
<div style="text-indent: -18pt; text-align: justify; padding-left: 36pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10.0pt;">1)</span> </div> <div> <span style="font-size: 10.0pt;">Other general and administrative expenses include depreciation, travel, and other administrative costs.</span> </div> </div>
<div style="text-align: justify; margin-left: 36pt; font-size: 10pt; clear: both;">
</div>
<div style="text-indent: -18pt; text-align: justify; padding-left: 36pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-size: 10.0pt;">2)</span> </div> <div> <span style="font-size: 10.0pt;">Other segment expense includes change in fair value of derivative warrant liabilities and foreign exchange losses.</span> </div> </div>
408000
446000
898000
988000
589000
802000
105000
302000
13533000
0
384000
552000
-14000
-476000
141000
204000
0
0
-15790000
-3362000
<div style="text-align: justify;">
<span style="font-size: 10.0pt; font-weight: bold;">10. Income taxes</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">The provision for income taxes and the effective income tax rates were as follows:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: center; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"><br/></td><td colspan="6" style="text-align: center; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three months ended</span> </td><td style="text-align: center; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: right; width: 1%;"> </td><td colspan="2" style="text-align: right; width: 1%;">
June 30,<br/>2026
</td><td style="text-align: right; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td colspan="2" style="text-align: right; width: 1%;">
June 30,<br/>2025
</td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;">$</td><td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;">$</td><td style="text-align: right; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Provision for income taxes
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Effective income tax rate
</div>
</td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">0.00</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">%</td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">0.00</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;">%</td>
</tr>
</table><div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">The Company recorded a $13,533 impairment charge
during the quarter. The Company recorded the tax effects associated with the
impairment charge as a discrete item during the period; however, the impairment
and related valuation allowance adjustment had no material impact on income tax
expense or the effective tax rate. The Company recorded an income tax
(expense)/benefit of approximately $0 and $0 from continuing operations for the
three months ending June 30, 2026, and 2025, respectively. The Company’s
effective tax rate for the three months ended June 30, 2026, and 2025 was 0%
and 0% respectively.</div><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-align: justify;">
<span style="font-size: 10.0pt;">As of June 30, 2026, the Company had a partial valuation allowance against its net domestic deferred tax assets, for which realization cannot be considered more likely than not at this time. Management assesses the need for the valuation allowance on a quarterly basis. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and past financial performance.</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
On July 4, 2025, the One Big Beautiful Bill Act
(“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions,
such as the permanent extension of certain expiring provision of the Tax Cuts
and Jobs Act, modification to the international tax framework and the
restoration of favorable tax treatment for certain business provisions. The
legislation has multiple effective dates, with certain provisions effective in
2025 and other implemented through 2027. Under OBBBA, the Company is permitted
to fully deduct domestic research expenditures under Section 174A. This
provision accelerates tax deductions but does not create permanent tax differences;
therefore, the impact is timing related only and does not materially affect the
Company's financial statements.
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">The provision for income taxes and the effective income tax rates were as follows:</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: center; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"><br/></td><td colspan="6" style="text-align: center; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three months ended</span> </td><td style="text-align: center; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td> </td>
<td style="text-align: right; width: 1%;"> </td><td colspan="2" style="text-align: right; width: 1%;">
June 30,<br/>2026
</td><td style="text-align: right; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td colspan="2" style="text-align: right; width: 1%;">
June 30,<br/>2025
</td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;">$</td><td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; text-align: right;">$</td><td style="text-align: right; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Provision for income taxes
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">—</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Effective income tax rate
</div>
</td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">0.00</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">%</td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">0.00</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;">%</td>
</tr>
</table>
0
0
0
0
13533000
0
0
0
0
<div style="text-align: justify;"><span style="font-size: 10.0pt; font-weight: bold;">11. Commitments and contingencies</span>
</div><div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt; font-weight: bold; font-style: italic;">Research and development contracts and contract research organizations agreements</span>
</div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">The Company utilizes CMOs for the development and production of clinical materials and CROs to perform services related to its clinical trials. Pursuant to the agreements with these CMOs and CROs, the Company has either the right to terminate the agreements without penalties or under certain penalty conditions. As of June 30, 2026, the Company has $95 of commitments to CMOs and $0 of commitments to CROs for the next twelve months.</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify;">
<span style="font-size: 10.0pt; font-weight: bold; font-style: italic;">Legal proceedings and disputes</span>
</div>
<div style="font-size: 10pt;">
</div>
<div style="text-align: justify;"> <span style="font-size: 10.0pt;">In the ordinary course of business, the Company is at times subject to various legal proceedings and disputes. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, the Company records a liability in its unaudited condensed consolidated financial statements. These legal contingencies may be adjusted to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of loss is not estimable, the Company does not accrue legal contingencies. While the outcome of legal proceedings is inherently uncertain, based on information currently available, management believes that it has established appropriate legal reserves. No reserves or liabilities have been accrued at June 30, 2026.</span> </div>
95000
0
0
<div style="text-align: justify;"><b>12. Subsequent Events</b></div><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-align: justify;">On August 4, 2026, the Company agreed to offer
and sell in a private placement (the “2026 Private Placement”) an aggregate of
Common Stock of 4,761,904, at a purchase price of $2.10 per share of Common
Stock. The 2026 Private Placement closed on August 6, 2026. The net proceeds to
the Company were approximately $9,100, after deducting fees and expenses.</div>
4761904
2.1
9100000
false
false
false
false
0001444192
false
2027
Q1
--03-31