Note 13 — Subsequent Events

On July 31, 2026, the Company entered into a license agreement for a late-stage rare disease product candidate ASN-001 (timolol topical gel) from Auson Pharmaceuticals (“Auson”) for the treatment of proliferating superficial infantile hemangiomas. Under the terms of the agreement, the Company will pay an upfront license fee to Auson of $3,000 within thirty days of the agreement. Additionally, the Company will run a bioavailability bridging study for ASN-001 and the Company intends to submit the NDA upon completion of the study in the second half of 2027. Upon the successful approval of ASN-001 by the FDA, the Company would be responsible for the following milestone events: $5,000 upon first commercial sale of product after FDA approval; $1,000, upon first calendar year in which aggregate annual net sales of product meet or exceed $20,000 in product sales; $2,500 upon first calendar year in which aggregate annual net sales of product meet or exceed $40,000 in product sales; and $5,000 upon first calendar year in which aggregate annual net sales of product meet or exceed $80,000 in product sales, $10,000 upon first calendar year in which aggregate annual net sales of product meet or exceed $150,000 in product sales; and $10,000 upon first calendar year in which aggregate annual net sales of product meet or exceed $280,000 in product sales. The Company will pay royalties to Auson as follows: 10% royalty rate for net product sales of less than or equal to $200,000; 13% royalty rate for net product sales greater than $200,000 but less than or equal to $400,000; and 15% royalty rate for net product sales greater $400,000. The royalty tiers are based on cumulative lifetime product sales.