What changed in this filing

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Item 1. Financial Statements

2026-08-11 compared with 2026-06-04 · 102 added, 67 removed, 206 unchanged (45% of the section changed)

1 unchanged sentence

LIFESCIENCES, INC.

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

OF JUNE 30, 2026 AND DECEMBER 31, 2025 (UNAUDITED)

Current assets

Total current assets

Liabilities and stockholders’ equity

Liabilities and stockholders’ deficit

Current liabilities

Accounts payable & accrued interest

Deferred compensation

Unreimbursed expenses

Deferred compensation – related party

Unreimbursed expenses – related party

Total current liabilities

3 unchanged sentences

100,000,000 shares authorized;

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

14,678,208 and 14,298,446 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital

7 unchanged sentences

OF OPERATIONS

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

Three Months Ended March 31,

THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

Operating expenses

5 unchanged sentences

( 3,769,315 )

( 9,747,399 )

( 6,538,065 )

Interest Income

1 unchanged sentence

$ ( 3,748,640 )

$ ( 9,605,812 )

$ ( 6,493,420 )

Per share information:

4 unchanged sentences

OF STOCKHOLDERS’ EQUITY

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

THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED)

Stockholders’

Balances, December 31, 2024

6 unchanged sentences

$ ( 70,523,568 )

Stock-based compensation

Sale of common stock via ATM program, net of costs

( 3,748,640 )

Balances, June 30, 2025

$ ( 74,272,208 )

Balances, December 31, 2025

6 unchanged sentences

$ ( 92,794,143 )

Stock-based compensation

Sale of common stock via ATM program, net of costs

( 3,948,675 )

Balances, June 30, 2026

$ ( 96,742,818 )

accompanying notes to unaudited financial statements.

1 unchanged sentence

OF CASH FLOWS

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

Three Months Ended March 31,

THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED)

Six Months Ended June 30,

Operating activities:

5 unchanged sentences

Accounts payable

Unreimbursed expenses (accrued)

Unreimbursed expenses – related party (accrued)

Net cash used in operating activities

3 unchanged sentences

Sale of common stock via ATM program, net of costs

Sale of common stock via Private Placement, net of costs

Net cash provided by financing activities

Net increase (decrease) in cash

( 1,342,031 )

Cash, beginning of period

16 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 within

one year after the date these financial statements are issued.

The accompanying

financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of

assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s

ability to continue as a going concern.

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

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 financial statements do not include any adjustments to reflect

the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that

may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern.

of June 30, 2026, the Company had cash of $ 8,876,353 .

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 March 31, 2026 and December 31, 2025.

Any right of use asset and liability is deemed to be nominal as of June 30, 2026 and December 31, 2025.

and Diluted Loss per Share

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

of June 30, 2026 the Company had no common stock equivalents related to warrants outstanding.

As of June 30, 2025, the Company had common

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

of June 30, 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 March 31, 2026 and 2025, the Company has no common stock equivalents related to convertible preferred stock issued and outstanding.

of June 30, 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

Three Months Ended March 31,

Six Months Ended June 30,

Basic and diluted net loss per share calculation:

9 unchanged sentences

Related Party Transactions

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

expenses have been accrued and incurred by management, which total $ 57,077 as of June 30, 2026 and $ 276,496 as of December 31, 2025.

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 June 30, 2026 and 2025 were approximately $ 33,000

and $ 56,000 ,

respectively.

The total cash compensation paid to the two family members for the six months ended June 30, 2026 and 2025 were

approximately $ 98,000 and $ 112,000 , respectively.

The total option compensation paid to

the two family members for the three months ended June 30, 2026 and 2025 were approximately $ 65,000

and $ 66,000 ,

respectively.

The total option compensation paid to the two family members for the six months ended June 30, 2026 and 2025 were

approximately $ 131,000 and $ 132,000 , respectively.

The total reimbursements submitted for

the three months ended June 30, 2026 and 2025 were approximately $ 0.7

million and $ 0.5

million, respectively.

The total reimbursements submitted for the six months ended June 30, 2026 and 2025 were approximately $ 2.9

million and $ 1.2 million , respectively.

Commitments and Contingencies

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

payable total $ 4,807,655 and $ 4,653,644 as of June 30, 2026 and December 31, 2025, respectively.

Obligation, Legal Expenses, and Manufacturing Agreements

10 unchanged sentences

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.

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

and patent expense reimbursement which totals $ 245,966

as of June 30, 2026 and December 31, 2025.

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

14 unchanged sentences

Stockholders’ Equity

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

of June 30, 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

There were no shares vested during the six months ended June 30, 2026 and 2025.

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

4 unchanged sentences

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 ,

January 1, 2026 and June 30, 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 379,762

shares of its common stock at an average offering price of

per share for gross proceeds of $ 9,629,468

and net proceeds of $ 9,340,576 ,

after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $ 288,892 .

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

January 1, 2025 and June 30, 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 320,210 shares of its common stock at an average offering price of $ 9.95 per

share for gross proceeds of $ 3,185,661 and net proceeds of $ 3,100,668 , 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

directors issuable upon exercise of outstanding stock options under the Company’s 2019 Equity Incentive Plan at an exercise price

of $ 7.63 per share, which was the most recent prior closing share price on June 21, 2022.

The options had a fair value on the grant date

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

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

Vesting will be

based on time of service over a four year period.

expenses borne by the Company, which totaled $ 84,993 .

June 22, 2022, prior to the close of the Nasdaq market, 1,498,128

shares of common stock were granted to employees, consultants,

and directors issuable upon exercise of outstanding stock options under the Company’s 2019 Equity Incentive Plan at an exercise

price of $ 7.63

per share, which was the most recent prior closing share price

on June 21, 2022.

The options had a fair value on the grant date of $ 9,512,356 ,

based on a risk-free rate of 3.2 %

and an annualized volatility of 106 %.

As of June 30, 2026, $ 9,512,356

was expensed.

As of June 30, 2025, $ 7,193,716

was expensed.

Vesting will 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.

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 March 31, 2026,

As of June 30, 2026,

$ 10,573,391 was expensed and $ 5,617,174 may be expensed in the future if and as vesting occurs.

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

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

As of June 30, 2025, $ 6,774,623 was expensed.

Vesting will be based on time of service over a three year period with certain additional retention milestones for senior management.

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

28 unchanged sentences

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

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 .

On August 4, 2026, the board of directors

extended the lock-up of the shares owned by the Company’s directors, officers, and existing pre-IPO investors to January 31, 2027

(approximately 76 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.

January 31, 2027, leak-out provisions that restrict the quantity of these locked-up shares that can be sold daily and over various periods

of time will become effective unless otherwise modified by the board of directors.

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