Exhibit 99.1

Instinct Bio Technical Company Inc. (OC-420235)

("BIOT")

Together with its subsidiaries comprising the BIOT Group:

(Hereinafter collectively referred to as the "Group" or "BIOT Group")

FINANCIAL PERIOD

MAY 31,2026

(December 1, 2025 to May 31, 2026)

BIOT GROUP

TABLE OF CONTENTS

BIOT GROUP

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

* Number of ordinary shares on consolidated basis

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

BIOT GROUP

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME

* Nominal amount rounded to USD0

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

BIOT GROUP

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

BIOT GROUP

CONSOLIDATED STATEMENT OF CASH FLOWS

BIOT GROUP

CONSOLIDATED STATEMENTS OF CASH FLOWS (Cont’d)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

INSTINCT BIO TECHNICAL COMPANY INC. (OC-420235)

(Incorporated in the Cayman Islands on 28 March 2025)

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Financial Period: December 1, 2025 to May 31, 2026

Note 1. Corporate Information

Instinct Bio Technical Company Inc. (“BIOT” or “Company”) was incorporated in Cayman Islands on 28 March 2025 as an exempted company with limited liability under the Cayman Islands Companies Act (as revised). The Company's registered office situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands.

The principal activity of the Company is investment holding. The Company does not carry on any business operations directly. All operating activities are conducted through its subsidiaries.

Group structure

Nagano Tomoki (the "Founder") was the controlling shareholder of the Company, Instinct Brothers Co. Ltd. and Hiroki Global Co. Ltd.. Pursuant to the reorganisation, the Founder became the ultimate beneficial owner of the Group through his shareholding in BIOT, the holding company.

The details of the entities comprising the Group as follows:

ISB, Hiroki, AP, and Ras are collectively referred to as the "Subsidiaries". The Company and its Subsidiaries are collectively referred to as the "Group".

Reorganization

The Group was assembled through a series of reorganization transactions (collectively, the "Reorganization") all occurring within the financial year ended November 30, 2025. The key steps of the Reorganization, were as follows:

The Reorganisation constitutes a combination of entities under common control, as all combining entities were controlled by the same individual (the Founder) both before and after each transaction. The Group has applied the predecessor cost method to the combination of entities. The consolidated financial statements are presented with the Subsidiaries' results included for the entire periods presented as if the Group had always been in its current structure.

Note 2: Basis of Presentation

Statement of Compliance

These unaudited condensed consolidated interim financial statements present the financial position of the Group as at May 31, 2026 and the results of its operations and cash flows for the six-month period from December 1, 2025 to May 31, 2026. The financial statements are unaudited, are presented in United States Dollars (“USD”), and have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB"). The Group's annual consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the IASB. These condensed consolidated interim financial statements do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Group's audited consolidated financial statements for the financial year ended November 30, 2025 which are included as Exhibit 18.3 to the shell company report on Form 20-F filed by Instinct Bio Technical Company Holdings Inc. (formerly known as Relativity Holdings Inc.) with the U.S. Securities and Exchange Commission on July 29, 2026.

The financial statements have been prepared under the historical cost convention, unless otherwise indicated in the significant policies below.

Adoption of new and amended statements

The Group has adopted all the new, revised IAS, IFRS and interpretations and amendments to IAS, IFRS issued by the IASB that are mandatory for the financial year beginning on December 1, 2025, including Amendments to IAS 21, “Lack of Exchangeability”. The adoption of these pronouncements did not have a material effect on the financial statements of the Group.

Note 2: Basis of Presentation (Cont’d)

Standards issued but not yet effective

The following are accounting standards, amendments and interpretations of the IFRS framework that have been issued by the International Accounting Standards Board (“IASB”) but have not been adopted by the Group:

Annual periods beginning on/after 1 January 2026

Amendments to IFRS 7 and 9, “Classification and Measurement of Financial Instruments”

Amendments to IFRS 7 and 9, “Contracts Referencing Nature-dependent Electricity”

Annual Improvements to IFRS Accounting Standards—Volume 11

Annual periods beginning on/after 1 January 2027

IFRS 18, “Presentation in Financial Statements” (Original Issue)

IFRS 19, “Subsidiaries without Public Accountability: Disclosures”

Amendments to IFRS 19, “Subsidiaries without Public Accountability: Disclosures”

Amendments to IAS 21, “Translation to a Hyperinflationary Presentation Currency”

Amendments to IAS 128, “Amendments to Fair Value Option for Investments in Associates and Joint Ventures”

Annual periods beginning on/after 1 January 2029

IFRS 20, “Regulatory Assets and Regulatory Liabilities”

Effective date yet to be determined

Amendments to IFRS 10, “Consolidated Financial Statements” and IAS 28, “Investments in Associates and Joint Ventures” (Sale or Contribution of Assets between an Investor and its Associate or Joint Venture).

The Group intends to adopt the above new and amendments to IAS, IFRSs when they become effective.

The initial application of the above standards and amendments is not expected to have a material effect on the financial statements of the Group, except for IFRS 18, the effect of which on the presentation of the statement of profit or loss and related disclosures is currently being assessed.

Basis of consolidation

Subsidiaries are entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Potential voting rights are considered in assessing control only when such rights are substantive. The Group also considers that it has de facto control over an investee when, despite not holding the majority of voting rights, it has the current practical ability to direct the activities of the investee that most significantly affect the investee's returns.

Note 2: Basis of Presentation (Cont’d)

Basis of consolidation (Cont’d)

All entities comprising the Group were under the common control of the same ultimate beneficial owner (the Founder, Nagano Tomoki) throughout the periods presented in these financial statements. Common control exists where the same ultimate beneficial owner controls all combining entities both before and after the combination, and that control is not transitory. In the case of this Group, the Founder has maintained continuous and uninterrupted control over all entities throughout the periods presented. Control is assessed by reference to beneficial ownership, board composition, and the terms of any nominee or trust arrangements. Business combinations under common control are excluded from the scope of IFRS 3 Business Combinations (IFRS 3.2(c)). In the absence of an IFRS that specifically applies, the Group has developed an accounting policy in accordance with IAS 8.10–12 and applied the predecessor cost method.

Under the predecessor cost method, the consolidated financial statements are presented as if the Group had always been in its current structure from the beginning of the earliest comparative period presented. All subsidiaries — including Hiroki Global Co. Ltd., which was not legally within the ISB subgroup prior to 1 May 2025 — are included throughout, on the basis that all entities were under the Founder's common control throughout those periods. There is no recognition of fair value adjustment or goodwill or gain on bargain purchase on any step of the Reorganization. The assets and liabilities of all combining entities are recognized at their pre-existing carrying amounts (predecessor carrying amounts). No fair value adjustments are made to any asset or liability of the combining entities.

In the Company's standalone financial statements, the cost of investment in each subsidiary is recorded at the nominal value of the shares issued as consideration. In the consolidated financial statements, this investment is eliminated against the subsidiaries' equity as part of the consolidation process.

Merger reserve is recognized when the net assets of the combining entities recognized at predecessor carrying amounts exceeded the nominal consideration given by the Company. The merger reserve is not distributable.

The results of all subsidiaries are included in the consolidated income statement for the entire periods presented, as if the Group had always been in its current structure. The Company's own costs (principally holding company and listing preparation costs) are included from 28 March 2025, being the date of the Company's incorporation, as the Company had no existence or activity prior to that date.

All intragroup transactions, balances, income, and expenses are eliminated in full on consolidation. Intragroup losses are also eliminated, except to the extent that the transaction provides evidence of an impairment of the asset transferred, in which case the loss is recognised in the consolidated financial statements. Where necessary, adjustments are made to the financial statements of a subsidiary to ensure consistency of accounting policies with those of the Group before consolidation.

Functional and presentation currency

The functional currency of the Company is United States Dollar (“USD”), being the currency of the primary economic environment in which they operate. The functional currency of the subsidiaries is Japanese Yen (“JPY”), being the currency of the primary economic environment in which they operate. The consolidated financial statements are presented in United States Dollars (“USD”), which is the presentation currency of the Group.

Note 2: Basis of Presentation (Cont’d)

Functional and presentation currency (Cont’d)

For the purpose of presentation in USD, assets and liabilities are translated at the closing rate at the reporting date, while income and expenses are translated at the exchange rates at the dates of the transactions, or average rates where these approximate actual rates. Resulting exchange differences are recognized in other comprehensive income and accumulated in the foreign currency translation reserve.

The translations of Japanese yen amounts into U.S. dollar amounts have been made at the following rates:

Balance sheet items, except for equity accounts:

Items in the statements of operations and comprehensive income, and statements of cash flows:

All financial information presented in USD have been rounded to the nearest dollar, unless otherwise stated.

Basis of going concern

The directors have reviewed the Group's financial projections, cash flow forecasts, and available financing for a period of not less than twelve months from the date of approval of these financial statements. Having performed this assessment, the directors are satisfied that the Group has adequate resources to continue as a going concern for the foreseeable future. These financial statements have accordingly been prepared on the going concern basis.

Note 3. Material Accounting Policy Information

The Group applies the material accounting policy information set out below, consistently throughout all periods presented in the consolidated financial statements unless otherwise stated.

Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. The policy of recognition and measurement of impairment losses is in accordance with Note 3(f).

Note 3. Material Accounting Policy Information

Cost includes expenditures that are directly attributable to the acquisition of the assets and any other costs directly attributable to bringing the asset to working condition for its intended use, cost of replacing component parts of the assets, and the present value of the expected cost for the decommissioning of the assets after their use. The cost of self-constructed assets also includes the cost of materials and direct labour. For qualifying assets, borrowing costs are capitalised in accordance with the accounting policy on borrowing costs. All other repair and maintenance costs are recognised in profit or loss as incurred.

When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Property, plant and equipment are derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss.

The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognised in the profit or loss as incurred.

Except for freehold land, property, plant and equipment are depreciated based on the estimated useful lives of the assets as follows:

The residual values, useful lives and depreciation method are reviewed at the end of each reporting period to ensure that the amount, method and period of depreciation are consistent with previous estimates and the expected pattern of consumption of the future economic benefits embodied in property, plant and equipment.

Note 3. Material Accounting Policy Information (Cont’d)

Intangible assets acquired are measured initially at cost. Following initial acquisition, intangible asset is measured at cost less accumulated amortisation and any accumulated impairment losses.

The amortisation period and amortisation method of intangible asset with a finite useful life are reviewed at least at the end of each financial year. Intangible asset is reviewed for impairment whenever there is an indication that it may be impaired.

Software is amortised on a straight-line basis over its estimated useful life of 5 years.

Intangible asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. The difference between the net disposal proceeds, if any and the net carrying amounts is recognised in the profit or loss in the year the asset is derecognised.

Debt instruments

Financial assets are recognised in the statements of financial position when, and only when, the Group becomes a party to the contractual provisions of the financial instrument.

When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at FVTPL, directly attributable transaction costs. The Group determines the classification of its financial assets at initial recognition, and the categories include trade and other receivables, financial assets at fair value through profit or loss and cash and bank balances.

The Group measures financial assets at amortised cost if both of the following conditions are met:

Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

The Group has not designated any financial assets as FVTOCI.

Note 3. Material Accounting Policy Information (Cont’d)

(c)     Financial assets (Cont’d)

Debt instruments (Cont’d)

Debt instruments that are held for trading as well as those that do not meet the criteria for classification as amortised cost or FVOCI are classified as FVTPL. Movement in fair values and interest income is recognised in profit or loss in the period in which it arises.

Finished goods are stated at the lower of cost and net realisable value after adequate allowance has been made for all deteriorated, damaged, obsolete or slow-moving inventories.

Cost of manufactured and trading products is determined on weighted average basis respectively. The cost comprises all costs of purchase, costs of conversion, direct labour, other direct costs and related production overheads based on normal operating capacity and other costs incurred in bringing the inventories to their present location and condition.

Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.

The Group recognised an allowance for expected credit losses (“ECL”) for all debt instruments not held at FVTPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (“a 12-month ECL”). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (“a lifetime ECL”).

For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

Note 3. Material Accounting Policy Information (Cont’d)

Note 3. Material Accounting Policy Information (Cont’d)

Revenue and income from other sources are recognised as follows:

Rental income

Rental income is recognised on a straight-line basis over the tenure of the lease.

Interest income

Interest income is recognised on an accrual basis using the effective interest method.

Note 4: Property, plant and equipment

Note 4: Property, plant and equipment (Cont’d)

Note 5: Intangible Asset

Note 6: Right-of-Use Assets

The Group leases buildings for their office, production and hostel for lease terms of between 1 to 5 years.

Note 7: Inventories

Note 8: Trade receivables

Trade receivables are generally on 30 days term (2025: 30 days). They are recognised at their original invoice amounts which represent their fair values on initial recognition. Other credit terms are approved on a case-by-case basis.

The Group determines that a trade receivable is credit-impaired when the customer is experiencing significant financial difficulty and has defaulted in payments. Unless otherwise demonstrated, the Group generally considers a default to have occurred when the trade receivable is more than 90 days past due. The gross carrying amount of a credit-impaired trade receivable is directly written off when there is no reasonable expectation of recovery. This normally occurs when there is reasonable proof of customer insolvency.

The Group measures the loss allowance for trade receivables at an amount equal to lifetime expected credit losses using the simplified approach in accordance with IFRS 9. Such lifetime expected credit losses are calculated using a provision matrix based on historical observed default rates (adjusted for forward-looking estimates). The following table details the risk profile of trade receivables based on the Group’s provision matrix. As the Group’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the loss allowance based on past due status is not further distinguished among the diversity of customer base.

The average credit loss rates were based on the payment profile of revenue over a period of 12 months and the corresponding historical credit losses experienced during the period. The rates were adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.

Trade receivables that are past due relate to a number of independent customers for whom there is no recent history of default.

Note 8: Trade receivables (Cont’d)

The reconciliation of movements in the impairment loss of trade receivables is as follows:

The aged analysis of trade receivables as at the end of the reporting period:

Note 9: Other Receivables

Note 9: Other Receivables (Cont’d)

The reconciliation of movements in the impairment loss of other receivables is as follows:

Note 10: Invested share capital

Invested equity represents the aggregate capital contributions of the entities under common control, presented on a combined basis. During the previous financial year, the Group completed a capital reorganization. Consequently, invested equity was reclassified to a merger reserve.

Note 11: Merger Reserve

The merger reserve of USD82,600 represents the excess of the ISB Group’s net assets at the date of the reorganisation, recognised at predecessor carrying amounts, over the nominal consideration given. The merger reserve comprises the aggregate of:

(i) the equity of the ISB Subgroup (comprising ISB, AP, and Ras) as at December 1, 2021 being the beginning of the transition period, translated into USD at the applicable opening exchange rate, less the nominal share capital of the Company; and

(ii) The equity of Hiroki as at December 1, 2021, being the beginning of the transition period, translated into USD at the applicable opening exchange rate, included on the basis that Hiroki was under the Founder's common control throughout the relevant period.

The merger reserve is not distributable and does not form part of the Company's retained earnings or reserves available for dividend distribution.

Note 12: Lease liabilities

Note 13: Other payables

Note 14: Revenue

Reportable segments 

The timing of revenue recognition is at a point in time when the goods are delivered and accepted by customers.

Note 14: Revenue (Cont’d)

Concentration of revenue

The Group is principally engaged in the sale of cosmetic products. For the financial period May 31, 2026 and May 31, 2025, the Group derived a significant concentration of its revenue from two major customers, both located in Japan. The following customers individually accounted for 10% or more of the Group's total revenue for the year:

The three major customers collectively accounted for approximately 55.54% of the Group's total revenue for the financial period ended May 31, 2026 and 71.14% for the financial period ended May 31, 2025. Both customers operate as online retail platforms based in Japan and are third parties with whom the Group has maintained long-standing commercial relationships, cultivated over a number of years and supported by a consistent track record of product quality, timely delivery and collaborative brand development. The Directors consider these relationships to be stable and strategically important to the Group's continued growth in the Japanese market.

Whilst the Directors acknowledge the customer and geographic concentration risk this presents, they are actively managing and reducing this risk through the following strategic initiatives.

The Group has been engaged in original design manufacturing ("ODM") and original equipment manufacturing ("OEM") activities and continues to expand this capability by onboarding additional customers, deepening its integration across the Japanese market and diversifying its customer base beyond the two major platform customers.

The Group has made sustained investments in research and development to build a portfolio of owned proprietary skincare and cosmeceutical brands, strengthening product differentiation and supporting margin expansion. The Group markets its own brand product through its own direct-to-consumer online platform providing an independent channel to reach end consumers directly for brand positioning.

The Group is also actively pursuing expansion into international markets through collaboration with established local partners in selected target markets.

Note 15. Related Party Disclosures 

For the purposes of these financial statements, parties are considered to be related to the Group or the Company if the Group or the Company has the ability, directly or indirectly, to control or joint control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group or the Company and the party are subject to common control. Related parties may be individuals or other entities.

Related parties also include key management personnel defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group either directly or indirectly. The key management personnel comprise the directors and key management personnel of the Group, having authority and responsibility for planning, directing and controlling the activities of the Group entities directly or indirectly.

Related party transactions have been entered into in the normal course of business under normal trade. In addition to the related party balances disclosed elsewhere in the financial statements, the significant related party transactions of the Group and the Company are as follows:

Note 16. Financial Instruments 

Financial assets and financial liabilities are measured on an ongoing basis either at fair value or at amortised cost. The principal accounting policies in Note 3 describe how the classes of financial instruments are measured, and how income and expense, including fair value gains and losses, are recognised. 

Note 16. Financial Instruments (Cont’d)

The following table analyses the financial assets and liabilities in the statements of financial position by the class of financial instruments to which they are assigned, and therefore by the measurement basis: 

The Group standardised financial risk management policy is to ensure that adequate financial resources are available for the development of the Group whilst managing its financial risks, including credit risk, liquidity risk, foreign currency risk and interest risk. The Group operates within clearly defined guidelines that are approved by the Board and the Parent’s policy is not to engage in speculative transactions. 

The following sections provide details regarding the Group’s exposure to the abovementioned financial risks and the objective, policies and processes for the management of these risks. 

Financial assets that are primarily exposed to credit risks are trade and other receivables, inter-company balances and cash and bank balances. 

Credit risk is the risk of a financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group’s exposure to credit risk arises principally from the inability of its customers to make payments when due. 

The carrying amounts of the financial assets recorded on the consolidated statements financial position at the end of the reporting period represent the Group’s maximum exposure to credit risk.   

Note 16. Financial Instruments (Cont’d) 

Concentration of credit risk

As at the reporting date, the Group’s top 3 customers accounted for approximately 64.67% of total trade receivables (November 30, 2025: 2 customers of 58.13%). The Group continuously monitors the creditworthiness of these customers and manages the associated credit risk through ongoing review of outstanding balances and collection performance.

While the Group has established relationships with these customers, any adverse changes in their financial position may have a material impact on the Group’s cash flows and financial position.

Liquidity risk refers to the risk that the Group and the Company will encounter difficulty in meeting its financial obligations as they fall due. The Group’s and the Company’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. 

The Group’s and the Company’s funding requirements and liquidity risk are managed with the objective of meeting business obligations on a timely basis. The Group and the Company finance its liquidity through internally generated cash flows. 

Note 16. Financial Instruments (Cont’d) 

Analysis of financial instruments by remaining contractual maturities

The table below summarises the maturity profile of the Group’s and the Company’s financial liabilities at the end of the reporting period based on undiscounted contractual payments:

Note 16. Financial Instruments (Cont’d) 

Analysis of financial instruments by remaining contractual maturities (Cont’d)

The table below summarises the maturity profile of the Group’s and the Company’s financial liabilities at the end of the reporting period based on undiscounted contractual payments: (Cont’d)

Note 16. Financial Instruments (Cont’d) 

b. Financial risk management objectives and policies (Cont’d) 

All operating entities of the Group are incorporated and domiciled in Japan, with Japanese Yen (“JPY”) as their functional currency. The Group’s results, financial assets and liabilities are predominantly denominated in JPY and, accordingly, the Group has minimal exposure to foreign currency risk arising from transactions denominated in currencies other than JPY.

The Group is, however, exposed to foreign currency risk arising from the translation of its foreign operations into the Group’s presentation currency. Accordingly, the Group is subject to translation risk arising from movements in the JPY/USD exchange rate. A weakening of JPY against USD would reduce the USD value of the Group’s net assets and earnings when translated for consolidation purposes.

Exchange differences arising on translation are recognised in other comprehensive income and accumulated in the foreign currency translation reserve within equity. These translation differences are not reclassified to profit or loss on disposal of the foreign operations.

The Group’s exposure to interest rate risk arises mainly from interest-bearing financial instruments, namely a loan from a director and lease liabilities. These instruments bear interest at fixed rates and, accordingly, the Group is not exposed to significant cash flow interest rate risk.

As the Group does not account for its fixed rate financial instruments at fair value through profit or loss, any change in interest rates at the end of the reporting period would not affect its profit or loss (and equity). No disclosure of sensitivity analysis is presented as there is no floating rate instrument outstanding as at end of the financial period/year.

The carrying amounts of short-term payables and cash and cash equivalents approximate their fair value due to the relatively short-term nature of these financial instruments and insignificant impact of discounting. 

The fair value of an asset to be transferred between levels is determined as of the date of the event or change in circumstances that caused the transfer. There were no transfers between levels during current and previous financial period. 

Note 16. Financial Instruments (Cont’d) 

Level 1 fair value is derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). 

Level 3 fair values for the financial assets and liabilities are estimated using unobservable inputs. 

Note 17. Subsequent Events

Subsequent to the end of the reporting period, on 23 July 2026, Instinct Bio Technical Company Holdings Inc. (formerly known as Relativity Holdings Inc.) completed its business combination with Relativity Acquisition Corp. and acquired all the issued and outstanding equity interests of Instinct Bio Technical Company Inc. in exchange for newly issued ordinary shares of Instinct Bio Technical Company Holdings Inc., with an aggregate equity consideration of approximately US$225 million.

Following the completion of the business combination, Instinct Bio Technical Company Holdings Inc. became the publicly listed parent company, and Instinct Bio Technical Company Inc. became its indirect wholly-owned subsidiary. The ordinary shares and warrants of Instinct Bio Technical Company Holdings Inc. commenced trading on the Nasdaq Stock Market on 24 July 2026 under the ticker symbols “BIOT” and “BIOTW”, respectively.

The business combination and subsequent listing occurred after the reporting period and, accordingly, have not been reflected in the financial statements for the current reporting period. The financial effects of the transaction, where applicable, will be recognised in the subsequent financial reporting period.