Exhibit 99.2

SARBORG LIMITED

INDEX TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SARBORG LIMITED

UNUAUDITED CONDENSED BALANCE SHEETS

(in thousands)

The accompanying notes are an integral part of these condensed financial statements.

SARBORG LIMITED

STATEMENTS OF OPERATIONS

(unaudited)

(in thousands)

The accompanying notes are an integral part of these condensed financial statements.

SARBORG LIMITED

CONDENSED STATEMENT OF CHANGES IN EQUITY

(unaudited)

(in thousands, except share data)

The accompanying notes are an integral part of these condensed financial statements.

SARBORG LIMITED

CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

The accompanying notes are an integral part of these condensed/ financial statements.

SARBORG LIMITED

NOTES TO UNUADITED CONDENSED FINANCIAL STATEMENTS

1. Nature of the Business

Sarborg Limited (“Sarborg” or the “Company”), is a privately held company founded on October 28, 2024, and is incorporated as a Cayman Islands based company.

Sarborg focuses on algorithmic and cybernetic technologies, specializing in providing decision-support tools and advanced cybernetic systems. The Company is an agentic intelligence business that develops autonomous artificial intelligence platforms to decode biological, chemical, and industrial signatures into a universal and comparable data language, aimed to uncover previously hidden relationships, drug repurposing opportunities, disease insights, and other high-value applications. Sarborg’s owns proprietary algorithmic machine learning technology platform that is a continuously evolving discovery engine with compounding intelligence. Autonomous agents in its platform identify, interpret, and generate high-value opportunities across multiple sectors - from human therapeutics to agricultural chemistry.

2. Liquidity and Going Concern

In accordance with ASC 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. Since its inception, the Company has generated losses and as of June 30, 2026, the Company had an accumulated deficit of $1.3 million. As of June 30, 2026 and December 31, 2025, the Company had cash and cash equivalents of $14 thousand and $10 thousand, respectively. For the six months ended June 30, 2026 and 2025, the Company had net losses of $0.5 million and $0.8 million, respectively, and cash used in operating activities of $1.0 million and $11 thousand , respectively. Management has determined that it does not have sufficient cash and other sources of liquidity to fund its current business plan. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern for at least the next 12 months from the financial statement filing date.

The Company’s expectation is to generate operating losses and negative operating cash flows in the future and will need additional funding to support its current business plan. Management’s plans to alleviate the conditions that raise substantial doubt through debt and equity financings, as well as a guaranty from the Company’s founder to fund potential cashflow shortfalls over the 18 months following the issuance of these financial statements. Management has concluded that these plans are probable of being effectively implemented and probable of mitigating the conditions that raised substantial doubt. Accordingly, the Company has determined that substantial doubt regarding the Company’s ability to continue as a going concern has been alleviated.

3. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as set forth by the Financial Accounting Standards Board (“FASB”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). References to U.S. GAAP issued by the FASB in these notes to the accompanying financial statements are to the FASB Accounting Standards Codifications (“ASC”) and Accounting Standards Updates (“ASUs”).

Other Risks and Uncertainties

The Company is subject to risks common to companies in the development stage and life sciences and artificial intelligence industries including, but not limited to, uncertainties related to success of pre-clinical and clinical outcomes, competitor products, regulatory approvals, dependence on key suppliers, obsolescence and protection of intellectual property rights. Even if the Company’s efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from commercialization of its service offerings.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical experience, risk of loss, general economic conditions and trends, and the assessment of the probable future outcome. Actual results could differ materially from such estimates. Estimates and assumptions are reviewed periodically by management and changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. The effects of changes are reflected in the financial statements in the period that they are determined. Our significant accounting policies that involve significant judgment and estimates include assessment of going concern.

Cash and Cash Equivalents

Cash balances are held with the Bank of New Zealand (BNZ). The Reserve Bank of New Zealand insures up to $100,000 NZD of holding cash balances per depositor. The Company has not experienced any losses on any accounts from inception on October 28, 2024 through the six months ended June 30, 2026.

The Company had $14,000 and $10,000 in cash on hand as of June 30, 2026 and December 31, 2025, respectively.

Fair Value Measurements

ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Fair value is to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. In determining fair value, the Company used various valuation approaches. A fair value hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company.

Unobservable inputs reflect the Company’s assumption about the inputs that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels, based on the inputs, as follows:

The Company’s cash in the accompanying balance sheets and the carrying value of accrued expenses and other current liabilities approximate fair value due to the short-term nature of these assets and liabilities.

As of June 30, 2026 and December 31, 2025, the Company had no financial assets or liabilities for which the fair value is determined on a recurring basis.

Accounts Receivable

The Company’s accounts receivable and unbilled receivable balances consist of amounts due from its customers. The Current Expected Credit Losses (“CECL”) impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, which considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, the Company considers many factors, including the age of the balance, collection history, and current economic trends. Credit losses are written off after all collection efforts have ceased. Allowances for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in selling, general and administrative expenses in the statements of operations. Recoveries of financial assets previously written off are recorded when received. Accounts receivable totaled $0.1 million and nil as of June 30, 2026 and December 31, 2025, respectively. Unbilled receivables totaled $0.2 million and $0.2 million as of June 30, 2026 and December 31, 2025, respectively. The Company’s current policy is to not charge late fees or other penalties for late payments but may consider charging customers late fees in the future. Since the Company’s inception, the Company has not recorded any write offs of trade receivables. All sales are non-refundable. As of June 30, 2026 and December 31, 2025, the Company evaluated collections from customers and collection policies and has estimated that current expected credit losses to be nil and nil, respectively.

Revenue from Contracts with Customers

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, when (or as) a performance obligation is satisfied, i.e., when “control” of the services and associated deliverables underlying a performance obligation is transferred to customers. A performance obligation represents a service (or a bundle of services) that is distinct or a series of distinct services that are substantially the same. For promised services, control is transferred over time and revenue is recognized over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:

Otherwise, revenue is recognized at a point in time when the customer obtains control of a distinct service deliverable.

For granting of a term license that is distinct from other promised services, the nature of the Company’s promise in granting a license is a promise to provide a right to access the Company’s functional intellectual property if all of the following criteria are met:

If the criteria above are met, the Company accounts for the promise to grant a term license as a performance obligation satisfied over time. Otherwise, the Company considers the grant of a term license as providing the customers the right to use the Company’s functional intellectual property and the performance obligation is satisfied at a point in time at which the license is granted.

For contracts that contain more than one performance obligations, the Company allocates the transaction price to each performance obligation on a relative stand-alone selling price basis.

The stand-alone selling price of the distinct service underlying each performance obligation is determined at contract inception. It represents the price at which the Company would sell a promised service separately to a customer. If a stand-alone selling price is not directly observable, the Company estimates it using appropriate techniques such that the transaction price ultimately allocated to any performance obligation reflects the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer.

Over time recognition - Measurement of progress

The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services provided. Depending on which better depicts the transfer of value to the customer, the Company measures its progress based on an input method, or an output method.

Input method

The progress towards complete satisfaction of a performance obligation under an input method is to recognize revenue on the basis of the Company’s efforts or inputs to the satisfaction of a performance obligation relative to the total expected inputs to the satisfaction of that performance obligation, that best depict the Company’s performance in transferring control of services. Generally, term license revenue and maintenance and support service revenue is recognized using an input method, based on the time lapsed of the contractual term.

Output method

The progress towards complete satisfaction of a performance obligation under an output method is to recognize revenue on the basis of direct measurements of the value of the services transferred to the customer to date relative to the remaining services promised under the contract, that best depict the Company’s performance in transferring control of services.

As a practical expedient, if the Company has a right to consideration in an amount that corresponds directly with the value of the Company’s performance completed to date (for example, service contracts or third party reimbursable expenses in which the Company bills a fixed amount for hourly services), the Company recognizes revenue in the amount to which the Company has the right to invoice.

Unbilled Receivables

Unbilled receivables is a contract asset that represents the Company’s right to consideration in exchange for services that the Company has transferred to a customer that is not yet unconditional. In contrast, accounts receivable represents the Company’s unconditional right to consideration in which only the passage of time is required before payment of that consideration is due. Unbilled receivables are included within other current assets in the balance sheet and represented the full balance of other assets as of June 30, 2026 and December 31, 2025, respectively. Unbilled receivable totaled $0.2 million and $0.2 million as of June 30, 2026 and December 31, 2025, respectively.

Deferred Revenue

Deferred revenue is a contract liability that represents the Company’s obligation to transfer remaining term of a customer’s right to access a term license, or services for which the Company has received consideration (or an amount of consideration is due from the customer). Deferred revenue is presented as a current liability on the balance sheets.

Deferred revenue totaled $0.4 million and $0.7 million as of June 30, 2026 and December 31, 2025, respectively. For both the six months ended June 30, 2026 and the year ended December 31, 2025, deferred revenue consisted of license revenue to be recognized for the transfer of a license to a related party.

Software Development Costs

Costs to develop software products and enhancements to existing software products are expensed as incurred. Historically, the Company has not capitalized any software development costs because the software development process was completed concurrently with the establishment of technological feasibility.

Research and Development

Research and development costs are expensed as incurred. Research and development expense consists of intellectual property discovery and development program costs incurred for the continuous development of the technology and sciences that supports the Company’s agentic artificial development platform.

Research and Development – Acquired Intellectual Property

The Company records intellectual property acquired from third parties that has not reached technological feasibility and which has no alternative future use, as In-Process R&D (“IPR&D”) at the acquisition date. On April 13, 2026, the Company acquired certain intellectual property and patents.

Intangible assets related to IPR&D are considered indefinite-lived intangible assets and accounted for at cost. The Company assesses the IPR&D for impairment annually or more frequently if impairment indicators exist. If the associated research and development effort is abandoned, the related assets will be written-off, and the Company will record a noncash impairment loss on its statements of operations. The IPR&D assets that reach commercialization will be amortized over their estimated useful lives. The Company has not recognized any impairment charges through June 30, 2026 related to IPR&D. See Note 7 for further discussion.

Segment Reporting

Segment reporting is based on the management approach, following the method that management organizes the Company’s reportable segments for which separate financial information is made available to, and evaluated regularly by, the Company’s chief operating decision maker (“CODM”) in allocating resources and in assessing performance. The Company is organized and managed as a single operating and reportable segment, which engages in the development and commercialization of agentic intelligence, and as of June 30, 2026 and December 31, 2025, the Company had one operating and reportable segment. See Note 9 for further information.

Foreign Currency Transactions

The Company primarily conducts business in USD, which is its functional currency. There are instances in which the Company transacts outside of its functional currency. The Company maintains bank accounts in GBP and NZD, with NZD being the Company’s local currency. Non-USD denominated transactions are converted into USD at the appropriate exchange rate, using a spot rate for balance sheet accounts and average exchange rates for income statement accounts. Foreign currency balances are translated from their respective currency to United States dollars at the appropriate spot rates as of the balance sheet date. Gains or losses upon settlement of transactions outside of the Company’s functional currency are recorded to other expenses, net on the statement of operations.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the statements of operations. The guidance in this accounting standard update is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The standard is not currently required to be adopted by private companies. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its financial statements and disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. Under the expedient, entities may assume that the current conditions applied in determining credit loss allowances remain unchanged for the remaining life of those assets. This accounting standard update is required to be adopted on a prospective basis. ASU 2025-05 is effective for both public business entities and private companies for annual reporting periods beginning after December 15, 2025, including interim periods within those years, with early adoption permitted. The Company adopted this standard effective January 1, 2026, the adoption of ASU 2025-05 did not have a material impact on the Company’s financial statements.

In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) - Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which refines the scope of the guidance on derivatives by adding a new scope exception for certain non-exchange-traded contracts that have an underlying based on operations or activities specific to one of the parties to the contract, and clarifies the interaction between the guidance on revenue from contracts with customers and the guidance on derivatives and equity investments for share-based noncash consideration from a customer for the transfer of goods or services. The amendments are effective for both public business entities and private companies for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods, with early adoption permitted. The Company has not yet adopted ASU 2025-07 and is still evaluating the impact of the adoption on its financial statements.

4. Fair Value

As discussed in Note 3, the Company’s cash in the accompanying balance sheets and the carrying value of accrued expenses and other current liabilities approximate fair value due to the short-term nature of these assets and liabilities.

As of June 30, 2026 and December 31, 2025, the Company had no financial assets or liabilities for which the fair value is determined on a recurring basis.

During the six months ended June 30, 2025, the Company received $1.9 million in shares of CDT Equity common stock as consideration for term license and professional services provided to CDT. As of June 30, 2025, the Company held an investment in the common stock of CDT Equity Inc. (Nasdaq: CDT), which represented the Company’s sole investment security. The investment is accounted for as an equity security and is measured at fair value, with changes in fair value recognized in earnings.

The fair value of the investment is based on quoted market prices for identical securities traded in an active market and is therefore classified as a Level 1 fair value measurement under ASC 820. The Company determined the fair value using the Nasdaq closing market price of CDT Equity common stock as of June 30, 2025. Reverse splits occurring prior to June 30, 2025 were reflected in the Company’s share holdings.

For the six months ended June 30, 2025, the Company recognized an unrealized loss of $1.5 million related to the change in fair value of its CDT common stock, which was recorded in the statement of operations.

5. Revenue

The Company’s revenue is recognized over time. For term licenses and maintenance and support services, revenue is recognized ratably over the contractual term. For professional services, revenue is recognized based on progress of professional service deliverables or milestones reached. Disaggregation of revenue from contracts with customers is as follows (in thousands):

During the six months ended June 30, 2026 and 2025, 79% and 100%, respectively, of the Company’s revenue were from contracts with one customer, CDT Equity (“CDT”), which is based in the United States of America and is a related party of the Company. See Note 8 and Note 11 for further discussion of the related party relationship between the Company and CDT.

Below is a summary of the Agreements with CDT Equity:

Original Service Agreement

On December 12, 2024, the Company entered into a Services Agreement (the “Original Service Agreement”) with CDT Equity, which is a related party of the Company. Under the terms of the agreement, Sarborg will provide algorithmic and cybernetic technology services to CDT, including the development of decision-support tools and advanced cybernetic systems tailored to enhance CDT’s decision-making processes and maximize the value of its pharmaceutical asset portfolio.

Sarborg performed the services to CDT comprised of three phases: the Initial Phase (0-24 weeks) focused on establishing a foundation for collaboration and aligning Sarborg’s services with CDT’s strategic goals; the Development Phase (24-36 weeks) involved building technological infrastructure, including dashboards and predictive models; and the Ongoing Services Phase (36-52 weeks) ensured the sustained functionality and relevance of Sarborg’s deliverables while supporting CDT’s growth through iterative improvements and updates. The Company created specific deliverables, including reports, computer programs, software applications, APIs, mobile applications, source code, written technical specifications and designs, operating and maintenance manuals, and other recorded data and information arising from or relating to the services. The Company provided all necessary resources to perform the services and deliver the deliverables in accordance with the Original Service Agreement.

The Original Service Agreement has an initial term of 12 months, which commenced on the effective date, and may be renewed or extended upon mutual written agreement of the parties. The agreement includes provisions for the ownership and use of intellectual property. Sarborg owns its pre-existing intellectual property rights, including proprietary tools and methodologies used in the performance of the services. CDT owns all deliverables resulting from the services performed by the Company under the Original Service Agreement.

Under the Original Service Agreement, CDT was provided with a dashboard to be utilized for both the CDT’s existing and future asset portfolio. Specifically, the dashboard includes a clinical trial monitoring functionality and a dynamic pharmaceutical patent landscape module to assess both CDT’s current assets undergoing clinical trials and delisted patents in the marketplace that may be overlooked by other market participants. These features is used by CDT to monitor progress, assess trial status, identify new opportunities, and support decision-making across all current and future development programs. All other services were provided to aid in CDT’s research and development efforts.

The Original Service Agreement provided Sarborg with registration rights for any Common stock of CDT that Sarborg receives as consideration under the agreement. In such event, CDT will use commercially reasonable efforts to (i) file a registration statement covering the resale of the Common stock within 60 days after the issuance; and (ii) ensure that such registration statement becomes effective within 90 days after filing. This Agreement also includes confidentiality obligations, representations and warranties, indemnification, limitation of liability, and insurance requirements.

In consideration of the services, CDT agreed to pay Sarborg an initial cash payment of $0.2 million and $0.2 million payable through the issuance of shares of CDT Common Stock, determined by the closing price on the day preceding the execution of the Original Service Agreement. The initial cash payment of $0.2 million was made on December 20, 2024, and the $0.2 million in Common Stock was issued on January 17, 2025. Further milestone payments payable in conjunction with the achievement of milestones and provision of deliverables over the term of the Original Service Agreement, totaling up to $1.8 million. Sarborg was reimbursed for pre-approved, necessary, and reasonable out-of-pocket expenses directly incurred in connection with the performance of the services. $1.8 million of revenue related to this contract was recognized during the six months ended June 30, 2025. Deferred revenue remaining on the Company’s balance sheet as of June 30, 2026 and December 31, 2025 totaled $0.4 million and $0.7 million, respectively.

Additional Agreement & Term Extensions

Effective March 31, 2025, the Company entered into an additional license and use agreement (the “Additional Agreement”) with CDT, a related party, covering certain additional deliverables and incorporating a new scope of work focused on analysis of the CDT’s acquired licensed assets. The term of the Additional Agreement is for six months and provides for the payment, in aggregate, of $2.0 million, which includes three milestones totaling $350 thousand and an up-front license fee for the term of such agreement, in cash or stock at the Company’s election at the closing price on the day preceding the effective date of such agreement. On March 31, 2025, CDT paid $1.65 million of the Additional Agreement through the issuance of fully vested unregistered shares of CDT Common Stock. The Company recorded the shares issued under the Additional Agreement at their fair value, as determined by the closing price of the Company’s Common Stock on March 30, 2025. Effective June 24, 2025, the term was extended to be 12 months from the effective date of the Additional Agreement at no additional cost to CDT. Effective October 1, 2025, the term was further extended to be 12 months from the previous extension date of May 2, 2025 to extend the term of the license to March 31, 2027 at no additional cost to CDT. During the six months ended June 30, 2026 and 2025, $0.3 million and $0.8 million, respectively, in revenue was recognized and $0.4 million in deferred revenue remains on the balance sheet as of June 30, 2026.

Second Additional Agreement

Effective January 2, 2026, the Company and CDT entered into the Second Additional Agreement (the “Second Additional Agreement”). Total consideration received from CDT totals $0.4 million, with $0.2 million due, and paid, upon execution of the Second Additional Agreement. During the six months ended June 30, 2026, the Company recorded $0.4 million in revenue related to the Second Additional Agreement.

In total, the Company recorded $0.9 million and $2.6 million, respectively, of revenue for the six months ended June 30, 2026, and 2025, respectively, all of which related to term license and professional services provided to CDT.

6. Other Expense, net

The following table presents other expense, net, for the six months ended June 30, 2026 and 2025 (in thousands):

Loss on sale of common stock

During the six months ended June, 2025, the Company received $1.9 million in shares of CDT Equity common stock as consideration for a term license and professional services provided to CDT. The Company recognized an unrealized loss of $1.5 million related to the change in fair value of CDT common stock during the six months ended June 30, 2025. The Company subsequently sold all of the CDT common stock during November 2025 and there was no activity for the six months ended June 30, 2026.

Below is a summary of the CDT common stock activity during the six months ended June 30, 2025 (in thousands):

Other expenses, net

Other expenses recognized during the six months ended June 30, 2025 of $15,000 due to currency valuation adjustments.

7. Intangible Assets

On April 13, 2026, the Company and Manoira Corporation (“Manoira”), a related party of the Company, entered into the Patent Assignment Agreement. Manoira transferred and assigned to the Company certain patents for intellectual property held by Manoira. Total consideration for the Patent Assignment Agreement was $65 million, payable through the issuance of new ordinary shares of the Company, representing 10% of the issued share capital of the Company on a fully diluted basis immediately following the completion of the transaction.

As discussed in Note 3, the Company accounts for the acquired IPR&D at cost and performs annual impairment assessments to determine if an impairment needs to be recorded. As of June 30, 2026, no impairment triggers were present and no impairment has been recorded for the IPR&D.

The following table sets forth acquired IPR&D assets as of June 30, 2026 (in thousands):

8. Related Party Transactions

CDT Equity (“CDT”, formerly Conduit Pharmaceuticals)

On December 12, 2024, the Company entered into the Original Service Agreement with CDT. During 2025, the Company and CDT entered into the Additional Agreement, First Addendum to the Additional Agreement and the Second Addendum to the Additional Agreement. Andrew Regan, a member of the Company’s board of directors, is the Chief Executive Officer of CDT, but does not have an equity interest in the Company. During the six months ended June 30, 2026 and 2025, the Company recorded revenue from CDT totaling $0.9 million and $2.6 million, respectively.

On February 19, 2026, the Company’s investors agree to sell a 20% equity interest of the Company, representing 1,020 of the Company’s ordinary shares, to CDT, a related party of the Company, for total consideration of $123 million. Total consideration consisted of 23,920 shares of the CDT Common Stock, pre-funded warrants to purchase up to 4,399,156 shares of CDT Common Stock, payable to the Company’s investors, and $8 million of cash, payable to the Company upon CDT raising no less than $20 million through the use of an at-the-market facility program. The Company expects to receive the $8 million deferred cash consideration within the next 12 months.

Refer to Note 5 and Note 10 for additional information regarding the Company’s agreements with CDT.

Prospect Capital Management Limited

Prospect Capital Management Limited (“Prospect Capital”) provides advisory and professional services to the Company. Mark Taylor, the Founder and a Director of the Company, is the sole director of Prospect Capital. During the six months ended June 30, 2026 and June 30, 2025, the Company recorded $0.7 million and $0.6 million, respectively, of expense in relation to services provided by Prospect Capital.

During the period of inception October 28, 2024 through the year ended December 31, 2024, the Company incurred expenses from Prospect Capital in relation to the formation of the Company, totaling $0.2 million. The Company and Prospect Capital agreed to defer payment for an indefinite period of time, with no interest payable to Prospect Capital. The Company does not expect to pay this balance in the next 12 months and has recorded this balance as a long-term liability on the Company’s balance sheet. As of June 30, 2026 and December 31, 2025, the company owed Prospect Capital $0.2 million and $0.2 million, respectively.

Prospect Finance Limited

As discussed in Note 6, Prospect Finance Limited (“Prospect Finance”) and the Company entered into a short-term note agreement in the amount of $0.1 million. Mark Taylor, the Founder and a Director of the Company, is the sole director of Prospect Finance Limited. As of June 30, 2026, the short-term note was repaid in full and no balance remained payable to Prospect Finance.

Corvus Capital Limited

Corvus Capital Limited (“Corvus”) is an investor in the Company. One member of the Board of Directors of the Company is also the principal owner of Corvus. As of June 30, 2026 and December 31, 2025, Corvus held 495 and nil ordinary shares of the Company, respectively.

On August 3, 2026, the Company and Corvus, an investor and related party of the Company, entered into a Credit Agreement (“Credit Facility”) with the Company. See Note 11 for additional information on the Credit Facility.

Manoira Corporation

As discussed in Note 7, on April 13, 2026, the Company and Manoira entered into the Patent Assignment Agreement, transferring certain patents for intellectual property held by Manoira to the Company. One member of the Board of Directors of the Company is also the director and controlling Principal of Manoira.

9. Segments

The Company has one operating segment focused on the development and commercialization of agentic intelligence. The accounting policies of the single operating segment are identical to those described in Note 3. The CODM, which the Company has identified as Mark Taylor, Founder and Director, manages the Company’s operations, assesses performance for the operating segment and decides how to allocate resources. The measure of segment assets is reported on the balance sheets as total assets. Expenditures are reviewed by the chief operating decision maker and are reported on the statements of cash flows.

The CODM periodically reviews the statement of operations and budget-to-actual comparisons to assess the performance of the operating segment and determine if the Company is progressing towards its goals.

The CODM uses net loss to assess the operating segment’s performance and determine whether the Company is progressing towards its goals.

The following table presents specific financial data for the Company’s reportable segment (in thousands):

10. Shareholders’ Equity

Ordinary Shares

As of December 31, 2025 and December 31, 2024, the company had 50,000 shares of the Company’s ordinary shares authorized. Each ordinary share has a $1.00 par value and entitles the shareholder to a pro rata portion of voting rights in the Company. 5,673 shares and 5,100 shares were issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.

Founder Share Issuances

During the year ended December 31, 2025, the Company issued 3,300 ordinary shares to the Company’s founder.

During the period of inception, October 28, 2024, through December 31, 2024, the Company issued 925 ordinary shares to the Company’s founder.

Ordinary Share Issuances

During the six months ended June 30, 2026, the Company issued 567 shares to the investors in Manoira in contemplation of the Patent Assignment Agreement. See Note 7 for further discussion of the Patent Assignment Agreement.

During the year ended December 31, 2025, the Company issued 700 ordinary shares to five shareholders.

During the period of inception, October 28, 2024, through December 31, 2024, the Company issued 75 shares to two shareholders.

Securities Purchase Agreement with CDT

As discussed in Note 8, on February 19, 2026, the Company’s investors agree to sell 1,020 of the Company’s ordinary shares outstanding, to CDT, a related party of the Company. The sale of the ordinary shares to CDT did not result in the issuance of additional shares as each investor individually, and in the aggregate, transferred 20% of their respective ordinary shares to CDT.

Warrants

During December 2025, the Company issued warrants to a third party consultant to purchase up to 100 shares of the Company’s ordinary shares at an exercise price of £500 per warrant. The warrants were not issued as consideration for services rendered, but to provide the consultant with the ability to hold share capital in the Company. The warrants were exercised during 2025 and the warrant holder held 80 ordinary shares and 100 ordinary shares as of June 30, 2026 and as of December 31, 2025, respectively. The warrant exercise was not paid as of June 30, 2026 and the £50,000 (approximately $67,000) was recorded within equity on the Company’s balance sheet.

11. Subsequent Events

The Company evaluated subsequent events through August 20, 2026, the date these condensed financial statements were issued. No material subsequent events were identified other than the following events.

Securities Purchase Agreement – CDT Equity

On July 30, 2026, certain investors of the Company and CDT entered into a Securities Purchase Agreement. The Company’s investors agreed to sell to CDT, and CDT agreed to acquire from the investors, an aggregate of 270 shares of the Company, representing approximately 4.76% of the outstanding ordinary shares of the Company.

Credit Facility – Corvus Capital Limited

On August 3, 2026, the Company and Corvus, an investor and related party of the Company, entered into the Credit Facility with the Company. Corvus agreed to make available to the Company a revolving credit facility of up to $0.6 million, to be made available in up to six $0.1 million tranches to be used solely for working capital and general corporate purposes. The interest rate on any outstanding principal accrues at a rate of 12% per annum and all outstanding principal is due in eighteen months from the effective date.