What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-08-18 compared with 2025-05-15 · 56 added, 43 removed, 133 unchanged (43% of the section changed)

79 unchanged sentences

as well as our expenses associated with planning our research and clinical testing operations.

Results of Operations for the Three and Three

Months Ended March 31, 2025 Compared to the Three and Three Months Ended March 31, 2024

Results of Operations for the Three Months

Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024

The Company had no revenue for the Three Months

ended March 31, 2025 and 2024.

ended June 30, 2025 and 2024.

Operating Expenses

Operating expenses are composed of consultant

fees and professional fees.

Our operating expenses for the three months ended

March 31, 2025 were $1,586,968 compared to $672,045 for the three months ended March 31, 2024, an increase of $914,923.

The increase was

primarily due to increase in professional fees, general and administrative, and share-based compensation expense.

For the three months ended March 31, 2025, we

incurred a net loss of $2,233,982 compared to a net loss of $672,044 for the three month period ended March 31, 2024.

The increase in

net loss was primarily due to increased share-based compensation expense as well as professional fees and general operating expenses.

Our operating expenses for the three months ended June 30, 2025 were

$1,892,852 compared to $395,607 for the three months ended June 30, 2024, an increase of $1,497,245.

The increase was primarily due to

increase in professional fees, general and administrative, share-based compensation expense, and commencement of research and development

For the three months ended June 30, 2025, we incurred a net loss of

$4,093,231 compared to a net loss of $451,639 for the three months ended June 30, 2024.

The increase in net loss was primarily due to

increased share-based compensation expenses as well as professional fees and general operating expenses.

Results of Operations for the Six Months Ended

June 30, 2025 Compared to the Six Months Ended June 30, 2024

The Company had no revenue for the six months

ended June 30, 2025 and 2024.

Operating Expenses

Our operating expenses for the six months ended June 30, 2025 were

$3,479,820 compared to $817,652 for the six months ended June 30, 2024, an increase of $2,662,168.

The increase was primarily due to increase

in professional fees, general and administrative, share-based compensation expense, and research and development efforts.

For the six months ended June 30, 2025, we incurred a net loss of $6,327,213

compared to a net loss of $1,123,683 for the six-month period ended June 30, 2024.

The increase in net loss was primarily due to increased

share-based compensation expense as well as professional fees and general operating expenses.

Liquidity and Capital Resources

Three Months Ended

Six Months Ended

Net cash used in operating activities

$ (3,522,178 )

Net cash (used in) provided by investing activities

Net cash used in investing activities

Net cash provided by financing activities

Net increase (decrease) in cash and cash equivalents

Cash, beginning of year

Cash, end of year

Cash, beginning of period

Cash, end of period

Operating Activities

Net cash used in operating activities for the

Three Months ended March 31, 2025 was $1,553,747, compared to $21,976, for the Three Months ended March 31, 2024, an increase of approximately

The significant increase in cash used in operating activities is primarily attributable to increases in expenses related to

the business combination and continued operating costs.

We expect net cash used in operating activities to increase in the coming periods,

until our products are able to produce meaningful revenue.

Net cash used in operating activities for the six months ended June

30, 2025 was $3,522,178, compared to $929,399, for the six months ended June 30, 2024.The significant increase in cash used in operating

activities is primarily attributable to increases in expenses related to continued operating costs.

We expect net cash used in operating

activities to increase in the coming periods, until our products are able to produce meaningful revenue.

Investing Activities

Net cash used in investing activities for the Three Months ended March

31, 2025 was $0, compared to $123,496 for the Three Months ended March 31, 2024, a decrease of $123,496.

The decrease in cash used in

investing activities is attributable to the Company not purchasing any new licenses during the period.

Net cash used in investing activities for the six months ended June

30, 2025 was $0, compared to $123,497 for the six months ended June 30, 2024, a decrease of $123,497.

The decrease in cash used in investing

activities is attributable to the Company not purchasing any new licenses during the period.

Financing Activities

Net cash provided by financing activities for the six months ended

June 30, 2025 was $11,889,383, which consisted of investments, debt paydown, as well as proceeds from sales of common and preferred shares

and warrants.

Net cash provided by financing activities for

the Three Months ended March 31, 2025 was $2,055,875, which consisted of investments, proceeds from the business combination, as well

as proceeds from related parties, an increase of approximately $1,881,000.

the six months ended June 30, 2024 was $1,895,424, which consisted of proceeds from issuance of a convertible promissory note $950,000,

proceeds from the sale of stock and warrants, net of $175,000 and merger proceeds net of transaction costs of $770,424.

Liquidity, Capital Resources and Going Concern

As of March 31, 2025, the Company had cash of $565,869 and net working

As of June 30, 2025, the Company had cash of $8,430,946 and net working

capital of $8,483,370.

The Company has incurred and expects to continue

to incur significant professional costs to remain as a publicly traded company and incurred significant transaction costs related to the

consummation of the Business Combination.

The accompanying condensed consolidated financial

statements have been prepared as if the Company will continue as a going concern.

The Company has incurred significant operating losses

and negative cash flows from operations since inception.

As of March 31, 2025, the Company had cash of approximately $566,000 and an accumulated

deficit of approximately $12.8 million.

The Company has incurred recurring losses, has experienced recurring negative operating

cash flows, and requires significant cash resources to execute its business plans.

The Company is dependent on obtaining additional working

capital funding from the sale of equity and/or debt securities in order to continue to execute its development plans and continue operations.

to incur significant professional costs to remain as a publicly traded company as well as incurred significant transaction costs related

to the consummation of the Business Combination.

The accompanying condensed consolidated financial statements have been

prepared as if the Company will continue as a going concern.

The Company has incurred significant operating losses and negative cash flows

from operations since inception.

As of June 30, 2025, the Company had cash of approximately $8.4 million and an accumulated deficit of

approximately $16.9 million.

The Company has incurred recurring losses, has experienced recurring negative operating cash flows,

and requires significant cash resources to execute its business plans.

The Company is dependent on obtaining additional working capital

funding from the sale of equity and/or debt securities in order to continue to execute its development plans and continue operations.

Without additional funding, there is substantial doubt about the Company’s ability to continue as a going concern for twelve months

2 unchanged sentences

We have no obligations, assets or liabilities,

which would be considered off-balance sheet arrangements as of March 31, 2025.

which would be considered off-balance sheet arrangements as of June 30, 2025.

We do not participate in transactions that create relationships

34 unchanged sentences

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