What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-13 compared with 2025-08-18 · 55 added, 52 removed, 137 unchanged (44% of the section changed)

80 unchanged sentences

Results of Operations for the Three Months

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

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

The Company had no revenue for the three months

ended June 30, 2025 and 2024.

ended September 30, 2025 and 2024.

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.

Our operating expenses for the three months ended

September 30, 2025 were $1,853,304 compared to $2,870,932 for the three months ended September 30, 2024, a decrease of $1,017,628.

decrease was primarily due to decreases in share-based compensation and professional fees, partially offset by increases in research and

development and general and administrative costs.

For the three months ended September 30, 2025,

we incurred a net loss of $2,895,585 compared to a net loss of $2,959,426 for the three months ended September 30, 2024.

in net loss was primarily due to decreased share-based compensation expense and professional fees, partially offset primarily by increases

in interest expense, research and development efforts and general and administrative costs.

Results of Operations for the Nine Months Ended

September 30, 2025 Compared to the Nine Months Ended September 30, 2024

The Company had no revenue for the nine months

ended September 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.

Our operating expenses for the nine months ended

September 30, 2025 were $5,333,124 compared to $3,688,584 for the nine months ended September 30, 2024, an increase of $1,644,540.

increase was primarily due to increases in professional fees, general and administrative costs and research and development efforts, partially

offset by a decrease in share-based compensation.

For the nine months ended September 30, 2025,

we incurred a net loss of $9,222,798 compared to a net loss of $4,083,109 for the nine-month period ended September 30, 2024.

in net loss was primarily due to increased interest expense, professional fees, general and administrative costs and research and development

efforts, partially offset by a decrease in share-based compensation.

Liquidity and Capital Resources

Six Months Ended

Nine Months Ended

September 30,

Net cash used in operating activities

$ (4,610,390 )

$ (2,002,358 )

Net cash used in investing activities

4 unchanged sentences

Operating Activities

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.

Net cash used in operating activities for the

nine months ended September 30, 2025 was $4,610,390, compared to $2,002,358, for the nine months ended September 30, 2024.

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

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 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.

Net cash used in investing activities for the

nine months ended September 30, 2025 was $0, compared to $123,497 for the nine months ended September 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 eligible to be capitalized

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 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.

the nine months ended September 30, 2025 was $11,894,683, 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 nine months ended September 30, 2024 was $2,173,942, which consisted of proceeds from issuance of a convertible promissory note $1,000,000,

proceeds from the sale of stock and warrants, net of $175,000, proceeds from shareholders of $120,000, proceeds from related party loans

of $100,000 and merger proceeds net of transaction costs of $778,942.

Liquidity, Capital Resources and Going Concern

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

capital of $8,483,370.

As of September 30, 2025, the Company had cash and cash equivalents

of $7,348,034 and net working capital of $7,680,699.

The Company has incurred and expects to continue

1 unchanged sentence

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

from the date of these financial statements.

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 September 30, 2025, the Company had cash and cash equivalents of approximately

$7.3 million and an accumulated deficit of approximately $19.8 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.

Without additional funding, there is substantial doubt about the Company’s ability to continue as

a going concern for twelve months from the date of these financial statements.

Off-Balance Sheet Arrangements

We have no obligations, assets or liabilities,

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

which would be considered off-balance sheet arrangements as of September 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