What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-06-04 compared with 2025-11-14 · 96 added, 111 removed, 177 unchanged (54% of the section changed)

1 unchanged sentence

LIFESCIENCES, INC.

OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024 (UNAUDITED)

September 30,

OF MARCH 31, 2026 AND DECEMBER 31, 2025 (UNAUDITED)

Current assets

Acquired patents, net

Liabilities and stockholders’ deficit

Total current assets

Liabilities and stockholders’ equity

Current liabilities

Accounts payable & accrued interest

Deferred compensation – related party

Unreimbursed expenses – related party

Deferred compensation

Unreimbursed expenses

Total current liabilities

3 unchanged sentences

100,000,000 shares authorized;

13,794,577 and 13,152,729 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

14,665,993 and 14,298,446 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

7 unchanged sentences

OF OPERATIONS

THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)

Three Months Ended March 31,

Operating expenses

5 unchanged sentences

( 2,768,750 )

( 11,502,927 )

( 7,927,656 )

Interest income

1 unchanged sentence

$ ( 2,744,780 )

$ ( 11,435,485 )

$ ( 7,748,590 )

Per share information:

4 unchanged sentences

OF STOCKHOLDERS’ EQUITY

THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)

Stockholders’

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$ ( 70,523,568 )

Stock-based compensation

Sale of common stock via ATM program, net of costs

Sale of common stock via Private Placement, net of costs

( 2,606,682 )

Balances, June 30, 2024

$ ( 55,444,446 )

Stock-based compensation

Sale of common stock via ATM program, net of costs

( 2,668,713 )

Balances, September 30, 2024

$ ( 58,113,159 )

Balances, December 31, 2025

6 unchanged sentences

$ ( 92,794,143 )

Stock-based compensation

Sale of common stock via ATM program, net of costs

( 4,025,278 )

Balances, June 30, 2025

accompanying notes to unaudited financial statements.

LIFESCIENCES, INC.

OF CASH FLOWS

THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)

Three Months Ended March 31,

Operating activities:

$ ( 5,657,137 )

$ ( 2,744,780 )

Adjustments required to reconcile net loss to net cash used in operating activities:

Stock-based compensation

Sale of common stock via ATM program, net of costs

Net proceeds from exercise of remaining underwriter warrants

( 4,151,845 )

Changes in operating assets and liabilities:

Accounts payable

Unreimbursed expenses (accrued)

Net cash used in operating activities

( 4,702,498 )

Balances, September 30, 2025

( 1,834,454 )

Financing activities:

Sale of common stock via ATM program, net of costs

Net cash provided by financing activities

Net increase (decrease) in cash

( 1,342,031 )

accompanying notes to unaudited financial statements.

LIFESCIENCES, INC.

OF CASH FLOWS

THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

Months Ended September 30,

required to reconcile net loss to net cash used in operating activities:

in operating assets and liabilities:

expenses – related party (accrued)

cash used in operating activities

of common stock via ATM program, net of costs

Net proceeds from exercise of remaining underwriter warrants

of common stock via Private Placement, net of costs

cash provided by (used in) financing activities

increase (decrease) in cash

beginning of period

end of period

Cash, beginning of period

Cash, end of period

accompanying notes to unaudited financial statements.

LIFESCIENCES, INC.

TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS

Organization and Description of the Business

11 unchanged sentences

However, the Company has incurred net losses since its inception and has negative operating

These circumstances raise substantial doubt about the Company’s ability to continue as a going concern.

These circumstances raise substantial doubt about the Company’s ability to continue as a going concern within

one year after the date these financial statements are issued.

The accompanying

2 unchanged sentences

ability to continue as a going concern.

of September 30, 2025, the Company had cash of $ 3,806,978 .

of March 31, 2026, the Company had cash of $ 10,505,435 .

For the foreseeable future, the Company’s ability to continue its operations

24 unchanged sentences

The month-to-month sub-lease is from a related party and the underlying lease expires in July of 2026 .

Any right of use asset and liability is deemed to be nominal as of September 30, 2025 and December 31, 2024.

Any right of use asset and liability

is deemed to be nominal as of March 31, 2026 and December 31, 2025.

and Diluted Loss per Share

of September 30, 2025, the Company had no common stock equivalents related to warrants outstanding.

As of September 30, 2024, the Company

had common stock equivalents related to warrants outstanding to acquire 20,174 shares of the Company’s common stock.

of September 30, 2025 and 2024, the Company had common stock equivalents related to options outstanding to acquire 3,126,065 and 1,498,128

of March 31, 2026 the Company had no common stock equivalents related to warrants outstanding.

As of March 31, 2025, the Company had

common stock equivalents related to warrants outstanding to acquire 20,174 shares of the Company’s common stock.

of March 31, 2026 and 2025, the Company had common stock equivalents related to options outstanding to acquire 3,226,065 and 3,126,065

shares of the Company’s common stock, respectively.

of September 30, 2025 and 2024, the Company has no common stock equivalents related to convertible preferred stock issued and outstanding.

of March 31, 2026 and 2025, the Company has no common stock equivalents related to convertible preferred stock issued and outstanding.

following table sets forth the computation of basic and diluted net loss per common share for the periods indicated:

Schedule of Basic and Diluted Net Loss Per Common Share

Nine Months Ended September 30,

Three Months Ended March 31,

Basic and diluted net loss per share calculation:

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Related Party Transactions

expenses have been accrued and incurred by management, which total $ 206,834 as of September 30, 2025 and $ 75,916 as of December 31, 2024.

compensation of $ 306,281 for senior management for services provided in 2024 has been deferred.

expenses have been accrued and incurred by management, which total $ 52,382 as of March 31, 2026 and $ 276,496 as of December 31,

Two other members of Snehal Patel’s family are contracted or employed by the Company.

The total cash compensation

paid to the two family members for the three months ended March 31, 2026 and 2025 were approximately $ 65,000

and $ 56,000 , respectively.

The total option compensation

paid to the two family members for the three months ended March 31, 2026 and 2025 were approximately $ 66,000

and $ 66,000 , respectively.

The total reimbursements submitted for the three months ended March 31, 2026 and 2025 were approximately $ 2.2

million and $ 0.7 million, respectively.

Commitments and Contingencies

payable and accrued interest total $ 1,108,886 and $ 1,177,536 as of September 30, 2025 and December 31, 2024, respectively.

payable total $ 4,288,183 and $ 4,653,644 as of March 31, 2026 and December 31, 2025, respectively.

Obligation, Legal Expenses, and Manufacturing Agreements

5 unchanged sentences

15 years at $ 3,607 per year.

Pursuant to the exclusive license agreement, the Company is required to pay an annual

maintenance fee, milestone payments and royalty payments based on sales of GP2 and to reimburse HJF for patent expenses related to GP2.

The Company currently depends on third-party contract manufacturers for all required raw materials, active pharmaceutical ingredients,

and finished product candidate for the Company’s clinical trials.

interest owed to HJF totals $ 220,845 as of September 30, 2025 and December 31, 2024.

Pursuant to the exclusive license agreement, the Company is required to pay an annual maintenance fee, milestone

payments and royalty payments based on sales of GP2 and to reimburse HJF for patent expenses related to GP2.

The Company currently depends

on third-party contract manufacturers for all required raw materials, active pharmaceutical ingredients, and finished product candidate

for the Company’s clinical trials.

payable includes the following obligations to HJF which include accrued interest which totals $ 220,845 and patent expense reimbursement

which totals $ 245,966 as of March 31, 2026 and December 31, 2025.

compensation of $ 367,538 for senior management for services provided in 2025 has been deferred.

Bonus compensation of $ 306,281 for senior

management for services provided in 2024 has been deferred.

time to time, the Company may be involved in disputes, including litigation, relating to claims arising out of operations in the normal

11 unchanged sentences

Stockholders’ Equity

of September 30, 2025, 893,181 shares of the 908,362 shares of the common stock grant, which includes an additional grant of 120 shares

issued during the vesting period due to rounding up of fractional shares, had vested at approximately $ 2,009,657 value and 15,181 shares

remain unvested and unrecognized at approximately $ 34,157 value.

There were no shares vested during the nine months ended September 30,

2025 and 2024.

January 23, 2022, November 30, 2022, November 17, 2023, March 12, 2024, and March 2, 2025, the board of directors sequentially extended

the lock-up of the shares owned by the Company’s directors, officers, and existing pre-IPO investors to March 31, 2026 (approximately

66 months from date of the Company’s IPO).

During this period, current officers, directors and certain shareholders will not be

able to sell their shares of the Company’s common stock unless otherwise modified by the board of directors.

After March 31, 2026,

leak-out provisions will become effective unless otherwise modified by the board of directors.

January 1, 2025 and September 30, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement

Wainwright, in which it issued and sold a total of 621,674 shares of its common stock at an average offering price of $ 10.44

per share for gross proceeds of $ 6,492,994 and net proceeds of $ 6,308,784 , after deducting underwriting discounts and commissions and

offering expenses borne by the Company, which totaled $ 184,210 .

January 1, 2024 and September 30, 2024, the Company sold shares of its common stock pursuant to its ATM agreement with Jefferies, in

which it issued and sold a total of 121,663 shares of its common stock at an average offering price of $ 15.96 per share for gross proceeds

of $ 1,941,424 and net proceeds of $ 1,747,282 , after deducting underwriting discounts and commissions and offering expenses borne by the

Company, which totaled $ 194,142 .

September 2025, the remaining underwriter warrants were exercised resulting in the issuance of 20,174 shares of common stock and gross

proceeds to the Company of $ 145,000 .

of March 31, 2026, 893,181 shares of the 908,362 shares of the common stock grant, which includes an additional grant of 120 shares issued

during the vesting period due to rounding up of fractional shares, had vested at approximately $ 2,009,657 value and 15,181 shares remain

unvested and unrecognized at approximately $ 34,157 value.

There were no shares vested during the three months ended March 31, 2026 and

January 23, 2022, November 30, 2022, November 17, 2023, March 12, 2024, March 2, 2025, and December 27, 2025, the board of directors

sequentially extended the lock-up of the shares owned by the Company’s directors, officers, and existing pre-IPO investors to September

30, 2026 (approximately 72 months from date of the Company’s IPO).

During this period, current officers, directors and certain

shareholders will not be able to sell their shares of the Company’s common stock unless otherwise modified by the board of directors.

After September 30, 2026, leak-out provisions will become effective unless otherwise modified by the board of directors.

January 1, 2026 and March 31, 2026, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement

Wainwright, in which it issued and sold a total of 367,547 shares

of its common stock at an average offering price of $ 25.33 per

share for gross proceeds of $ 9,309,189 and

net proceeds of $ 9,029,912 ,

after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $ 279,277 .

January 1, 2025 and March 31, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with

Wainwright, in which it issued and sold a total of 39,918 shares of its common stock at an average offering price of $ 12.52 per

share for gross proceeds of $ 499,936 and net proceeds of $ 492,423 , after deducting underwriting discounts and commissions and offering

expenses borne by the Company, which totalled $ 7,513 .

shares outstanding as of May 26, 2026, do not exclude 108,208 shares of common stock which were cancelled on January 10, 2026, due

to breaches of agreements by an existing shareholder.

June 22, 2022, prior to the close of the Nasdaq market, 1,498,128 shares of common stock were granted to employees, consultants, and

3 unchanged sentences

of $ 9,512,356 , based on a risk-free rate of 3.2 % and an annualized volatility of 106 %.

As of September 30, 2025, $ 7,788,238 was expensed

As of March 31, 2026, $ 8,977,282 was expensed

and $ 535,074 may be expensed in the future if and as vesting occurs.

As of September 30, 2024, $ 5,410,150 was expensed.

be based on time of service over a four year period and certain additional performance milestones for senior management, primarily related

to the Phase III clinical trial.

As of March 31, 2025, $ 6,599,194 was expensed.

Vesting will be

based on time of service over a four year period.

December 24, 2024, prior to the close of the Nasdaq market, 1,627,937 shares of common stock were granted to employees, consultants,

3 unchanged sentences

value on the grant date of $ 16,190,565 , based on a risk-free rate of 4.5 % and an annualized volatility of 103 %.

As of September 30, 2025,

As of March 31, 2026,

$ 9,623,699 was expensed and $ 6,566,866 may be expensed in the future if and as vesting occurs.

Vesting will be based on time of service

over a three year period with certain additional retention milestones for senior management.

June 13, 2024, prior to the close of the Nasdaq market, the Company completed a private placement offering pursuant to which it issued

and sold 174,825 shares of its common stock at a price of $ 14.30 per share, which was the most recent prior closing share price on June

12, 2024, to Snehal Patel, the Company’s Chief Executive Officer and director, for net proceeds of $ 2,499,998 .

No investment banking

fees were paid in connection with the offering.

Patel agreed to a one year lock-up agreement with respect to his shares of common

stock acquired in the offering.

As of March 31, 2025, $ 5,824,931 was

Vesting will be based on time of service over a three year period.

November 13, 2025, after the close of the Nasdaq market, 100,000 shares of common stock were granted and vested to management issuable

upon exercise of outstanding stock options under the Company’s Amended 2024 Equity Incentive Plan at an exercise price of $ 8.20

per share, which was the closing share price on November 13, 2025.

The options had a fair value on the grant date of $ 626,469 , based

on a risk-free rate of 3.7 % and an annualized volatility of 101 %, of which $ 626,469 was expensed through December 31, 2025.

Segment Information

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events that occurred that would require adjustments to our disclosures in the financial statements, other than the following:

October 1, 2025 and October 28, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement

Wainwright, in which it issued and sold a total of 59,962 shares of its common stock at an average offering price of $ 10.53

per share for gross proceeds of $ 631,362 and net proceeds of $ 612,420 , after deducting underwriting discounts and commissions and

offering expenses borne by the Company, which totaled $ 18,942 .

April 1, 2026 and April 15, 2026, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with

Wainwright, in which it issued and sold a total of 12,215 shares of its common stock at an average offering price of $ 26.22 per

share for gross proceeds of $ 320,279 and net proceeds of $ 310,664 , after deducting underwriting discounts and commissions and offering

expenses borne by the Company, which totalled $ 9,615 .

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 1. Financial Statements