What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-03-10 compared with 2024-12-11 · 168 added, 119 removed, 621 unchanged (32% of the section changed)

88 unchanged sentences

Common criteria we consider are redemption provisions, conversion options, cumulative of mandatory fixed dividends,

discretionary dividends based on earning, voting rights and collateral requirements.

discretionary dividends based on earnings, voting rights and collateral requirements.

Plan of Operations

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Results of Operations

Results of Operations for the Three Months Ended October 31,

Results of Operations for the Three Months Ended January 31,

2025 and 2024

The following table summarizes

the results of our operations for the three months ended October 31, 2024 and 2023:

For the Three Months Ended October 31,

the results of our operations for the three months ended January 31, 2025 and 2024:

For the Three Months Ended January 31,

OPERATING EXPENSES

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Total other expense, net

Dividends on preferred shares

NET LOSS AVAILABLE TO COMMON SHARES

$ (1,039,434 )

8 unchanged sentences

We did not generate any revenues

during the three months ended October 31, 2024 and 2023, and we do not anticipate that we will generate revenue for the foreseeable future.

during the three months ended January 31, 2025 and 2024, and we do not anticipate that we will generate revenue for the foreseeable future.

Research and Development Expenses

Research and development expenses

for the three months ended October 31, 2024 and 2023 were $311,000 and $2.1 million, respectively.

for the three months ended January 31, 2025 and 2024 were $447,000 and $1.9 million, respectively.

As reflected in the table below, research

and development expenses primarily consisted of professional fees and clinical trial fees:

For the Three Months Ended October 31,

For the Three Months Ended January 31,

Professional fees

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During the three months ended

October 31, 2024 and 2023, we incurred professional fees of $181,000 and $1.0 million, respectively, which were primarily comprised of

professional fees attributed to various types of scientific services, including FDA consulting services.

The decrease relates to lower

professional fees incurred related to minimal clinical trial activities.

January 31, 2025 and 2024, we incurred professional fees of $135,000 and $560,000, respectively, which were primarily comprised of professional

fees attributed to various types of scientific services, including FDA consulting services.

The decrease relates to lower professional

fees incurred given the reduction in clinical trial activities.

Clinical Trial Fees

During the three months ended

October 31, 2024 and 2023, we incurred clinical trial fees of $124,000 and $795,000, respectively.

Clinical trial fees for the three months

ended October 31, 2024 were for our initial set-up for our Phase IIA brain imaging study with Massachusetts General.

Clinical trial fees

for the three months ended October 31, 2023 were for our Phase IIA clinical trial for AL001 and our Phase I/IIA clinical trial for ALZN002.

January 31, 2025 and 2024, we incurred clinical trial fees of $298,000 and $1.3 million, respectively.

Clinical trial fees for the three

months ended January 31, 2025 were for our initial set-up for our Phase IIA brain imaging study with Massachusetts General.

Clinical trial

fees for the three months ended January 31, 2024 were for our Phase IIA clinical trial for AL001 and our Phase I/IIA clinical trial for

Stock-Based Compensation Expense

During the three months ended

October 31, 2024 and 2023, we incurred research and development stock-based compensation expense of nil and $143,000, respectively, related

January 31, 2025 and 2024, we incurred research and development stock-based compensation expense of nil and $71,000, respectively, related

to stock option grants and restricted stock grants to executives, employees and consultants.

The decrease in stock-based compensation

expense for the three months ended October 31, 2024 was a result of fewer stock options vesting during the period compared to the prior

expense for the three months ended January 31, 2025 was a result of fewer stock options vesting during the period compared to the prior

Other Research and Development Expenses

During the three months ended

October 31, 2024 and 2023, we incurred other fees of $6,000 and $14,000, respectively, which were primarily comprised of scientific materials

January 31, 2025 and 2024, we incurred other fees of $14,000 and $27,000, respectively, which were primarily comprised of scientific materials

required for our clinical trials.

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General and administrative

expenses for the three months ended October 31, 2024 and 2023 were $1.0 million and $0.9 million, respectively.

As reflected in the table

below, general and administrative expenses primarily consisted of the following expense categories:

expenses for the three months ended January 31, 2025 and 2024 were $590,000 and $750,000, respectively.

As reflected in the table below,

general and administrative expenses primarily consisted of the following expense categories:

salaries and benefits;

professional fees;

stock-based compensation expense;

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as well as board of director fees.

For the three months ended October

For the three months ended January 31,

2025 and 2024, the remaining general and administrative expenses of $116,000 and $99,000, respectively, primarily consisted of payments

for filing fees, transfer agent fees, travel and entertainment and other office expenses, none of which was significant individually.

For the Three Months Ended October 31,

For the Three Months Ended January 31,

Salary and benefits

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Stock-based compensation expense

Marketing fees

Board of director fees

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Salaries and Benefits

During the three months ended

October 31, 2024 and 2023, we incurred $326,000 and $226,000, respectively, in employee-related expenses.

The increase in salaries and

benefits was due to a bonus paid to our chief executive officer.

As of October 31, 2024, we had four full-time and three part-time employees.

During each of the three months

ended January 31, 2025 and 2024, we incurred $227,000 in employee-related expenses.

As of January 31, 2025, we had four full-time and

three part-time employees.

Professional Fees

During the three months ended

October 31, 2024 and 2023, we incurred professional fees of $149,000 and $284,000, respectively.

During the three months ended October

31, 2024, we incurred $96,000 in audit fees, $35,000 in legal fees, $14,000 in tax preparation fees, and $2,000 in consulting fees.

the three months ended October 31, 2023, we incurred $92,000 in audit fees, $89,000 in investor relations fees, 67,000 in legal fees,

$13,000 in tax preparation fees, $12,000 in related party consulting, and $11,000 in Sarbanes-Oxley compliance fees.

The decrease in professional

fees was due mainly to lower investor relations and legal fees.

January 31, 2025 and 2024, we incurred professional fees of $62,000 and $185,000, respectively.

During the three months ended January

31, 2025, we incurred $35,000 in legal fees, $22,000 in audit fees and $5,000 in investor relations fees.

During the three months ended

January 31, 2024, we incurred $54,000 in audit fees, $52,000 in investor relations fees, $30,000 in legal fees, $30,000 consulting, $13,000

in related party consulting, and $6,000 in Sarbanes-Oxley compliance fees.

The decrease in professional fees was due mainly to lower audit,

investor relations, consulting and related party consulting fees.

Insurance Expense

During the three months ended

October 31, 2024 and 2023, we incurred insurance expense of $60,000 and $89,000, respectively, which was primarily directors’ and

January 31, 2025 and 2024, we incurred insurance expense of $60,000 and $88,000, respectively, which was primarily directors’ and

officers’ insurance.

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During the three months ended

October 31, 2024 and 2023, we incurred general and administrative stock-based compensation expense of $81,000 and $176,000, respectively,

January 31, 2025 and 2024, we incurred general and administrative stock-based compensation expense of $81,000 and $115,000, respectively,

related to stock option grants and restricted stock grants to executives, employees and consultants.

The decrease in stock-based compensation

expense for the three months ended October 31, 2024, was a result of fewer stock options vesting during the period compared to the prior

Marketing Fees

During the three months ended October 31, 2024

and 2023, we incurred marketing fees of $304,000 and nil, respectively.

The increase was due to a marketing program launched to promote

our company and our stock during the three months ended October 31, 2024.

Results of Operations for the Six Months Ended October 31,

expense for the three months ended January 31, 2025, was a result of fewer stock options vesting during the period compared to the prior

Results of Operations for the Nine Months Ended January 31,

2025 and 2024

The following table summarizes

the results of our operations for the six months ended October 31, 2024 and 2023:

For the Six Months Ended October 31,

the results of our operations for the nine months ended January 31, 2025 and 2024:

For the Nine Months Ended January 31,

OPERATING EXPENSES

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Total other expense, net

Dividends on preferred shares

NET LOSS AVAILABLE TO COMMON SHARES

$ (3,375,408 )

8 unchanged sentences

We did not generate any revenues

during the six months ended October 31, 2024 and 2023, and we do not anticipate that we will generate revenue for the foreseeable future.

during the nine months ended January 31, 2025 and 2024, and we do not anticipate that we will generate revenue for the foreseeable future.

Research and Development Expenses

Research and development expenses

for the six months ended October 31, 2024 and 2023 were $518,000 and $4.4 million, respectively.

for the nine months ended January 31, 2025 and 2024 were $965,000 and $6.3 million, respectively.

As reflected in the table below, research

and development expenses primarily consisted of professional fees and clinical trial fees:

For the Six Months Ended October 31,

For the Nine Months Ended January 31,

Professional fees

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Professional Fees

During the six months ended

October 31, 2024 and 2023, we incurred professional fees of $365,000 and $2.1 million, respectively, which were primarily comprised of

During the nine months ended

January 31, 2025 and 2024, we incurred professional fees of $500,000 and $2.7 million, respectively, which were primarily comprised of

professional fees attributed to various types of scientific services, including FDA consulting services.

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Clinical Trial Fees

During the six months ended

October 31, 2024 and 2023, we incurred clinical trial fees of $124,000 and $2.0 million, respectively.

Clinical trial fees for the six

months ended October 31, 2024 were for our initial set-up for our Phase IIA brain imaging study with Massachusetts General.

During the nine months ended

January 31, 2025 and 2024, we incurred clinical trial fees of $422,000 and $3.3 million, respectively.

Clinical trial fees for the nine

months ended January 31, 2025 were for our initial set-up for our Phase IIA brain imaging study with Massachusetts General.

Clinical trial

fees for the six months ended October 31, 2023 were for our Phase IIA clinical trial for AL001 and our Phase I/IIA clinical trial for

fees for the nine months ended January 31, 2024 were for our Phase IIA clinical trial for AL001 and our Phase I/IIA clinical trial for

Stock-Based Compensation Expense

During the six months ended

October 31, 2024 and 2023, we incurred research and development stock-based compensation expense of nil and $143,000, respectively, related

During the nine months ended

January 31, 2025 and 2024, we incurred research and development stock-based compensation expense of nil and $214,000, respectively, related

to stock option grants and restricted stock grants to executives, employees and consultants.

The decrease in stock-based compensation

expense for the six months ended October 31, 2024 was a result of fewer stock options vesting during the period compared to the prior

expense for the nine months ended January 31, 2025 was a result of fewer stock options vesting during the period compared to the prior

Other Research and Development Expenses

During the six months ended

October 31, 2024 and 2023, we incurred other fees of $28,000 and $66,000, respectively, which were primarily comprised of scientific materials

During the nine months ended

January 31, 2025 and 2024, we incurred other fees of $42,000 and $93,000, respectively, which were primarily comprised of scientific materials

required for our clinical trials.

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General and administrative

expenses for the six months ended October 31, 2024 and 2023 were $1.8 million and $2.1 million, respectively.

expenses for the nine months ended January 31, 2025 and 2024 were $2.4 million and $2.8 million, respectively.

As reflected in the table

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as well as board of director fees.

For the six months ended October

For the nine months ended January

31, 2025 and 2024, the remaining general and administrative expenses of $262,000 and $276,000, respectively, primarily consisted of payments

for filing fees, transfer agent fees, travel and entertainment and other office expenses, none of which was significant individually.

For the Six Months Ended October 31,

For the Nine Months Ended January 31,

Salaries and benefits

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Salaries and Benefits

During the six months ended

October 31, 2024 and 2023, we incurred $554,000 and $379,000, respectively, in employee-related expenses.

During the nine months ended

January 31, 2025 and 2024, we incurred $780,000 and $606,000, respectively, in employee-related expenses.

The increase in salaries and

benefits was due to a bonus paid to our chief executive officer.

As of October 31, 2024, we had four full-time and three part-time employees.

As of January 31, 2025, we had four full-time and three part-time employees.

Professional Fees

During the six months ended

October 31, 2024 and 2023, we incurred professional fees of $371,000 and $435,000, respectively.

During the six months ended October 31,

During the nine months ended

January 31, 2025 and 2024, we incurred professional fees of $433,000 and $620,000, respectively.

During the nine months ended January

31, 2025, we incurred $173,000 in audit fees, $144,000 in legal fees, $92,000 in investor relations fees, $22,000 in tax preparation fees,

and $2,000 in consulting fees.

During the six months ended October 31, 2023, we incurred $170,000 in audit fees, $118,000 in investor

relations fees, $69,000 in legal fees, $29,000 in tax preparation fees, $24,000 in related party consulting, and $17,000 in Sarbanes-Oxley

compliance fees.

The decrease in professional fees was due mainly to lower audit, investor relations, related party consulting and Sarbanes-Oxley

compliance fees partially offset by higher legal fees.

During the nine months ended January 31, 2024, we incurred $224,000 in audit fees, $170,000 in investor

relations fees, $99,000 in legal fees, $38,000 in related party consulting, $34,000 in consulting fees, $30,000 in tax preparation fees

and $24,000 in Sarbanes-Oxley compliance fees.

The decrease in professional fees was due mainly to lower audit, investor relations, consulting

fees, related party consulting and Sarbanes-Oxley compliance fees partially offset by higher legal fees.

Insurance Expense

During the six months ended

October 31, 2024 and 2023, we incurred insurance expense of $139,000 and $207,000, respectively, which was primarily directors’

During the nine months ended

January 31, 2025 and 2024, we incurred insurance expense of $199,000 and $294,000, respectively, which was primarily directors’

and officers’ insurance.

Stock-Based Compensation Expense

During the six months ended

October 31, 2024 and 2023, we incurred general and administrative stock-based compensation expense of $163,000 and $545,000, respectively,

During the nine months ended

January 31, 2025 and 2024, we incurred general and administrative stock-based compensation expense of $244,000 and $660,000, respectively,

related to stock option grants and restricted stock grants to executives, employees and consultants.

The decrease in stock-based compensation

expense for the six months ended October 31, 2024, was a result of fewer stock options vesting during the period compared to the prior

expense for the nine months ended January 31, 2025, was a result of fewer stock options vesting during the period compared to the prior

Marketing Fees

During the six months ended

October 31, 2024 and 2023, we incurred marketing fees of $344,000 and $207,000, respectively.

During the nine months ended

January 31, 2025 and 2024, we incurred marketing fees of $344,000 and $247,000, respectively.

The increase was due to a marketing program

launched to promote our company and our stock during the six months ended October 31, 2024.

launched to promote our company and our stock during the nine months ended January 31, 2025.

Liquidity and Capital Resources

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as a going concern.

As of October 31, 2024, we had cash of $4.1 million, working capital of $3.5 million, an accumulated deficit of $56.4

As of January 31, 2025, we had cash of $3.4 million, working capital of $3.2 million, an accumulated deficit of $57.4

million and stockholders’ equity of $3.4 million.

For the three and six months ended October 31, 2024, we had net losses of $1.4

For the three and nine months ended January 31, 2025, we had net losses of $1.0

million and $3.4 million, respectively.

For the six months ended October 31, 2024, cash used in operating activities was $4.5 million.

For the nine months ended January 31, 2025, cash used in operating activities was $5.9 million.

Historically, we have financed our operations principally through issuances of equity and debt instruments.

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Series A Preferred Financing

May 8, 2024, we and Orchid Finance, LLC (“Orchid”) , entered into a securities purchase agreement (the “Orchid

May 8, 2024, we and Orchid Finance, LLC (“Orchid”) , entered into a securities purchase agreement (the “Old Orchid

SPA”) for the purchase of up to 2,500 shares of Series A Convertible Preferred Stock (“Series A Convertible Preferred Stock”)

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below (the “Milestones”):

200 Preferred Shares, for $2,000,000, within 60 days of the effectiveness of the resale registration statement (the “Registration Statement”) and the execution of a partnership agreement with a nationally renowned research facility for a clinical trial (the “Fourth Tranche”);

100 Preferred Shares, for $1,000,000, on each monthly anniversary of the effectiveness of the resale registration statement, which was declared effective on July 9, 2024, until all remaining 1,500 Preferred Shares have been sold (each, a “Final Tranche”).

200 Preferred Shares, for $2,000,000, within 60 days of the effectiveness of the resale registration statement (the “Old Registration Statement”) and the execution of a partnership agreement with a nationally renowned research facility for a clinical trial (the “Fourth Tranche”);

100 Preferred Shares, for $1,000,000, on each monthly anniversary of the effectiveness of the Old Registration Statement, which was declared effective on July 9, 2024, until all remaining 1,500 Preferred Shares have been sold (each, a “Final Tranche”).

Notwithstanding

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of the Final Tranche.

Registration Statement registering for resale the shares of common stock issuable upon conversion of the Series A Convertible Preferred

Stock and exercise of the warrants was declared effective on July 9, 2024.

In addition, we agreed to use our best efforts to hold a special

meeting of our stockholders within 90 days of the execution date of the Orchid SPA for purposes of seeking stockholder approval of the

issuance of all the shares of common stock issuable upon conversion of the Series A Convertible Preferred Stock and the exercise of the

warrants in excess of the “Nasdaq Limit,” which is 19.99% of our shares of common stock issued and outstanding on the execution

date of the Orchid SPA.

We held a special meeting of stockholders on July 8, 2024, at which time, the stockholders approved the issuance

of all the shares of common stock issuable upon conversion of the Series A Convertible Preferred Stock and the exercise of the warrants

in excess of the “Nasdaq Limit.”

Old Registration Statement, which registered for resale the shares of common stock issuable upon conversion of the Series A Convertible

Preferred Stock and exercise of the warrants, was declared effective on July 9, 2024.

In addition, we agreed to use our best efforts to

hold a special meeting of our stockholders within 90 days of the execution date of the Orchid SPA for purposes of seeking stockholder

approval of the issuance of all the shares of common stock issuable upon conversion of the Series A Convertible Preferred Stock and the

exercise of the warrants in excess of the “Nasdaq Limit,” which is 19.99% of our shares of common stock issued and outstanding

on the execution date of the Orchid SPA.

We held a special meeting of stockholders on July 8, 2024, at which time, the stockholders approved

the issuance of all the shares of common stock issuable upon conversion of the Series A Convertible Preferred Stock and the exercise of

the warrants in excess of the “Nasdaq Limit.”

Series A Convertible Preferred Stock has a stated value of $10,000 per share (“Series

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law provisions of the Delaware General Corporation Law and Nasdaq, provided however, that for purposes of complying with Nasdaq regulations,

the conversion price, for purposes of determining the number of votes the holder of Series B Convertible Preferred Stock is entitled to

the conversion price, for purposes of determining the number of votes the holder of Series A Convertible Preferred Stock is entitled to

cast, shall not be lower than $5.63 (the “Series A Voting Floor Price”), which represents the closing sale price of the common

22 unchanged sentences

on August 10, 2023.

During the six months ended

October 31, 2024, we sold an aggregate of 755,888 shares of common stock pursuant to the ATM Offering for gross and net proceeds of $1.2

From November 1, 2024 to December 10, 2024, we sold an aggregate of 201,543 shares of common stock pursuant to the ATM Offering

for gross and net proceeds of $280,000.

During the nine months ended

January 31, 2025, we sold an aggregate of 1,321,468 shares of common stock pursuant to the ATM Offering for gross proceeds of $2.0 million

and net proceeds of $1.9 million.

From February 1, 2025 to March 7, 2025, we sold an aggregate of 800,673 shares of common stock pursuant

to the ATM Offering for gross proceeds of $869,000 and net proceeds of $843,000.

Series C Preferred Financing

February 28, 2025, we and Orchid entered into a securities purchase & exchange agreement (the “New Orchid SPA”)

for the (i) exchange of 97.7511 shares of Series A Convertible Preferred Stock for an equal number of shares of the Company’s Series

C convertible preferred stock (the “Series C Convertible Preferred Stock”) and (ii) purchase of up to 500 shares

of Series C Convertible Preferred Stock and warrants to purchase up to 1,000,000 shares of Common Stock in several tranche closings.

On March 3, 2025, Orchid exchanged

the 97.7511 shares of Series A Convertible Preferred Stock it owned for an equal number of shares of Series C Convertible Preferred Stock

(the “Exchange”).

In addition, in connection with the Exchange, Orchid received from the Company warrants to purchase 1,000,000

shares of Common Stock and Orchid canceled all warrants previously issued to it, which were exercisable for an aggregate of 640,000 shares

of Common Stock.

Finally, as a result of the Exchange, the Old Orchid SPA, and all rights and obligations thereto, were canceled.

Pursuant to the New Orchid SPA, Orchid shall purchase

up to 500 shares of Series C Convertible Preferred Stock as follows:

75 shares of Series C Convertible Preferred Stock, for $725,000, on the earlier of (i) April 29, 2025 or (ii) the fifteenth calendar day after a resale registration statement (the “Registration Statement”) has been declared effective (the “Second Tranche Closing”);

75 shares of Series C Convertible Preferred Stock, for $725,000, on each of the five monthly anniversaries of the Second Tranche Closing;

50 shares of Series C Convertible Preferred Stock, for $475,000, on the sixth monthly anniversary of the Second Tranche Closing.

Notwithstanding

the foregoing, Orchid has the ability to invest any amount in its sole discretion in advance of the dates set.

In the event that the average

closing price of the common stock during the three trading days preceding the date of a tranche closing shall not be equal to or greater

than $0.10 a share (the “Series C Floor Price”), then the applicable closing shall be delayed until such time as the price

meets the required threshold.

New Orchid SPA may be terminated by either us or Orchid in the event that the Registration Statement has not been declared effective by

the Securities and Exchange Commission by April 15, 2025.

In addition, we agreed to use our best efforts to hold a meeting of our stockholders

within 90 days of the execution date of the New Orchid SPA for purposes of seeking stockholder approval of the issuance of all the shares

of common stock issuable upon conversion of the Series C Convertible Preferred Stock and the exercise of the warrants in excess of the

“Nasdaq Limit,” which is 19.99% of our shares of common stock issued and outstanding on the execution date of the New Orchid

We intend to hold our annual meeting of stockholders on April 25, 2025, at which time, the stockholders will be asked approved the

issuance of all the shares of common stock issuable upon conversion of the Series C Convertible Preferred Stock and the exercise of the

warrants in excess of the “Nasdaq Limit.”

Series C Convertible Preferred Stock has a stated value of $10,000 per share (“Series

C Stated Value”) and accrues dividends at the rate of 15% per annum, payable quarterly in arrears in cash or paid-in-kind

shares, in Orchid’s sole discretion.

Each share of Series C Convertible Preferred Stock is

convertible into such number of shares of Common Stock equal to (x) the stated value of the Series C Convertible Preferred Stock being

converted plus all accrued but unpaid dividends, divided by (y) the greater of (i) the Series C Floor Price, and (ii) the lesser of (A)

$15.00 and (B) 80% of the lowest closing price of the Common Stock during the three (3) trading days immediately prior to the date of

conversion (the “ Series C Conversion Price”).

C Conversion Price is subject to adjustment in the event of an issuance of common stock at a price per share lower than the Series

C Conversion Price then in effect, as well as upon customary stock splits, stock dividends, combinations or similar events.

holders of the Series C Convertible Preferred Stock are entitled to vote with the common stock as a single class on an as-converted basis,

subject to applicable law provisions of the Delaware General Corporation Law and Nasdaq, provided however, that for purposes of complying

with Nasdaq regulations, the conversion price, for purposes of determining the number of votes the holder of Series C Convertible Preferred

Stock is entitled to cast, shall not be lower than $0.8375 (the “Series C Voting Floor Price”), which represents the closing

sale price of the common stock on the trading day immediately prior to the date of execution of the New Orchid SPA.

The Series C Voting

Floor Price shall be adjusted for stock dividends, stock splits, stock combinations and other similar transactions.

The warrants have an exercise

price of $0.92125 (the “ Series C Exercise Price”) and are exercisable upon issuance

and have a five-year term, expiring on the fifth anniversary of issuance.

The Series C Exercise

Price is subject to adjustment in the event of an issuance of common stock at a price per share lower than the Series

C Exercise Price then in effect, as well as upon customary stock splits, stock dividends, combinations or similar events.

are exercisable on a cashless basis in the event that there is not then an effective resale registration statement for the common stock

issuable upon exercise of the warrants.

The following table summarizes

our cash flows for the six months ended October 31, 2024 and 2023:

For the Six Months Ended October 31,

our cash flows for the nine months ended January 31, 2025 and 2024:

For the Nine Months Ended January 31,

Net cash provided by (used in):

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Operating Activities

During the six months ended

October 31, 2024, net cash used in operating activities was $4.5 million.

During the nine months ended

January 31, 2025, net cash used in operating activities was $5.9 million.

This consisted primarily of a net loss of $3.4 million and a

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Investing Activities

During the six months ended

October 31, 2024, net cash used in investing activities was $90,000 from the purchase of equipment.

During the nine months ended

January 31, 2025, net cash used in investing activities was $90,000 from the purchase of equipment.

We purchased equipment, which measures

lithium levels in the brain, to be used in the AL001 clinical trial.

lithium levels in the brain, to be used in the AL001 clinical trials.

Financing Activities

During the six months ended

October 31, 2024, net cash provided by financing activities was $8.3 million.

During the nine months ended

January 31, 2025, net cash provided by financing activities was $9.0 million.

This consisted of $7.1 million from the sale of Series A

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis