What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-04-13 compared with 2026-01-13 · 83 added, 61 removed, 183 unchanged (44% of the section changed)

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Research & Development Summary

Lexaria is advancing several R&D activities in preclinical as well as planned future clinical programs.

During the three months ended November 30, 2025, Lexaria:

(GLP-1-H24-4) - via its wholly owned subsidiary, Lexaria (AU) Pty Ltd, completed final data collection for its Australian Phase 1b 12-week chronic clinical study of DehydraTECH formulated cannabidiol and semaglutide (separately and in combination) and tirzepatide in overweight or obese, or pre- and Type II diabetic participants.

Lexaria is advancing its preclinical R&D activities as well as planned future clinical programs.

During the six months ended February 28, 2026, Lexaria:

Completed final data collection, via its wholly owned subsidiary, Lexaria (AU) Pty Ltd, for its Australian Phase 1b 12-week chronic clinical study (GLP-1-H24-4) of DehydraTECH formulated cannabidiol and semaglutide (separately and in combination) and tirzepatide in overweight or obese, or pre- and Type II diabetic participants.

Subsequently, in December 2025, the Company announced findings from this study indicating that it met its primary endpoint objectives showing good safety and tolerability of all DehydraTECH test articles with clear reductions in total and gastrointestinal-specific adverse events relative to the Rybelsus® control arm.

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This allows the two parties to continue their relationship under the MTA, keep the temporary exclusive license active and in force, and contemplate additional strategic planning discussions with PharmaCO’s human clinical development team;

During the three months ended November 30, 2025, the Company entered into a Securities Purchase Agreement whereby on:

Announced positive final results from its GLP-1-H25-5 Human Pilot Study comparing oral DehydraTECH enhanced liraglutide (“DHT-LIR”) to the commercially available injected Saxenda® liraglutide.

These results demonstrated achievement of the primary safety and tolerability endpoint for DHT-LIR, comparable functionality of DHT-LIR and Saxenda® and comparable efficacy.

Announced information on three new studies from its 2026 R&D Program which are representative of the Company’s primary areas of focus during for the fiscal year (see MD&A Research & Development section below).

During the six months ended February 28, 2026, the Company entered into a Securities Purchase Agreement whereby on:

On September 29, 2025, the Company issued 2,666,667 shares of common stock at a purchase price of $1.50 per share for gross proceeds of $4.0 million.

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Concurrently, the Company issued 2,666,667 share purchase warrants, entitling the holders thereof to purchase up to 2,666,667 shares of common stock at a price of $1.37 per share for a period of five years from the effective date of the S-1 Registration Statement registering the shares of common stock issuable upon exercise of the warrants.

We also issued to HCW, the exclusive placement agent for the offering, warrants to purchase up to 93,333 shares at an exercise price of $1.875 per share.

We also issued H.C.

Wainwright, the exclusive placement agent for the offering, warrants to purchase up to 93,333 shares at an exercise price of $1.875 per share.

HCW was paid 7% of the gross proceeds and was reimbursed $70,000 for its expenses and $15,950 in closing fees.

On December 14, 2025, the Company issued 2,661,600 shares of common stock at a purchase price of $1.315 per share for gross proceeds of $3.5 million.

Share issuance costs of $0.5 million were charged to additional paid in capital.

The shares were registered pursuant to a take down of the Company’s Form S-3 registration statement.

Concurrently, the Company issued 2,661,600 share purchase warrants, entitling the holder thereof to purchase up to 2,661,600 shares of common stock at a price of $1.19 per share for a period of five years from the effective date of the S-1 Registration Statement registering the shares of common stock issuable upon exercise of the warrants.

We also issued H.C.

Wainwright, the exclusive placement agent for the offering, warrants to purchase up to 93,156 shares at an exercise price of $1.6438 per share.

HCW was paid 7% of the gross proceeds and was reimbursed $70,000 for its expenses and $15,950 in closing fees.

Our current patent portfolio includes patent family applications or grants pertaining to Lexaria’s compositions, methods of use in improving API bioavailability and palatability and methods of treatment for a range of therapeutic indications, orally or topically, for a wide variety of APIs encompassing GLP-1/GIPs;

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Issued Patent #

Patent Certificate Grant Date

Patent Grant Date

Patent Family

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#20 Compositions and Methods for Sublingual Delivery of Nicotine

AU 2023240953

US 11,666,544

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AU 2024202475

AU 2024202439

AU 2024202518

AU 2024205127

US 12,397,042

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US 12,472,236

AU 2025205229

AU 2024394427

Research & Development

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Chronic Dosing Human Study (GLP-1-H24-4)

During the quarter ended November 30, 2025, Lexaria via its wholly owned subsidiary, Lexaria (AU) Pty Ltd, commenced the close-out and data analysis activities for its Australian clinical study (GLP-1-H24-4), with its CRO service provider, Novotech (Australia) Pty Limited.

During the quarter ended February 28, 2026, Lexaria via its wholly owned subsidiary, Lexaria (AU) Pty Ltd, completed the close-out and data analysis activities for its Australian clinical study (GLP-1-H24-4), with its CRO service provider, Novotech (Australia) Pty Limited.

GLP-1-H24-4 investigated DehydraTECH formulated cannabidiol and semaglutide alone or in combination, as well as DehydraTECH formulated tirzepatide, in overweight or obese or pre- and Type II diabetes participants.

Participant enrolment for all five arms of study GLP-1-H24-4 resulted in the dosing of 100+ participants.

In December 2025, the Company announced findings from this study indicating that it met its primary endpoint objectives showing good safety and tolerability of all DehydraTECH test articles with clear reductions in total and gastrointestinal-specific adverse events relative to the Rybelsus ® control arm.

The Study demonstrated positive findings across numerous parameters with comparability, and in some instances, superiority to the Rybelsus ® control arm.

Biodistribution Study of DehydraTECH-semaglutide

During the quarter ended November 30, 2025, Lexaria completed its study which fluorescently tagged DehydraTECH-semaglutide and a non-DehydraTECH-processed Rybelsus® mimicking comparator formulation ingested by Sprague-Dawley rats to track semaglutide distribution and localization with additional information being provided by key tissue samples.

As announced on September 19, 2025, the study results from ex vivo organ imaging revealed an interesting trend whereby, when tested against the naïve and vehicle groups, the DehydraTECH FTS composition demonstrated a predominantly higher apparent trend in brain biodistribution as compared to the Rybelsus® mimicking formulation.

These results suggested that the efficacy of the DehydraTECH-semaglutide composition witnessed in Lexaria’s other studies may be linked to enhancements in brain tissue delivery and action, in turn supporting improved pharmacodynamic performance.

Furthermore, perhaps to be determined through future testing, Lexaria noted in connection with these results that it may be conceivable that complementary biodistribution benefits might be derived through utilization of a similar DehydraTECH semaglutide composition combined with the Rybelsus® excipients, recognizing that marked safety and efficacy improvements were evidenced with DehydraTECH-processed Rybelsus® over Rybelsus® alone in Lexaria’s previous human pilot studies GLP-1-H24-1 and GLP-1-H24-2.

Management has assessed the Company’s research and development activities and expenditures to determine which activities and expenditures are likely to be eligible for the Australian research and development incentive described in Note 2 above and has submitted an application for the credit with respect to eligible expenditures incurred during the fiscal year ended August 31, 2025.

Human Pilot Study #5 (GLP-1-H24-5)

During the quarter ended February 28, 2026, Lexaria with its third-party bioanalytical service providers completed its pharmacokinetic (“PK”) blood liraglutide quantitation and profiling results from this study.

This included the use of two different manufactured brands of commercially available ELISA (enzyme-linked immunosorbent assay) test kits.

Due to challenges encountered with background signal noise detection (believed to be attributable to the fact that liraglutide and other peptide drugs are commonly known to bind with, and have poor separation from, albumin;

a naturally occurring protein present in human blood plasma) that complicated the ability to accurately capture blood liraglutide measurements in both the Saxenda ® and DHT-LIR study samples, results were limited to exploratory visualization of the raw ELISA signals which, nonetheless, over time demonstrated broadly similar temporal patterns.

The visualization of the similar signal patterns of the two treatments is consistent with the instances of functional comparability otherwise demonstrated in the study.

The two most important strategic objectives of this study were:

1 – To discover whether the DehydraTECH processing of liraglutide would work sufficiently enough to potentially allow for an oral version of the drug to be compared to the current injection-only delivery method;

2 – To demonstrate that oral DHT-LIR could produce comparable functional results to the injected version, allowing for an expedited FDA regulatory development pathway known as a 505(b)(2) new drug application that is available when an alternate version of a drug (e.g., the dosage form change from injection to oral administration as tested within this Study) retains certain similar performance characteristics as an earlier-approved version of that same drug.

Both of these objectives were successfully accomplished, while also evidencing tolerability advantages of DHT-LIR over Saxenda® from a user appeal perspective.

Long Term Stability Testing

Lexaria is also actively studying the chemical and microbiological purity and stability of select DehydraTECH compositions that it has prepared for the above animal and human studies over an extended duration of 6-12 months.

Lexaria also routinely studies the chemical and microbiological purity and stability of select DehydraTECH compositions that it has prepared for its animal and human studies over an extended duration of 6-12 months.

Along with improved tolerability, PK and efficacy performance, long term stability is crucial if oral variants of GLP-1 / GIP drugs are to be seriously considered as replacements for currently injectable versions of these drugs.

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On January 29, 2024, Lexaria submitted its IND application with the FDA and it received a Study May Proceed letter from the FDA on February 29, 2024.

Since that time, Lexaria has filed its Annual Report for study HYPER-H23-1 to maintain its active status and continues to address certain of the FDA conditions while also seeking funding to commence the study.

Since that time, Lexaria is attending to its annual reporting update obligations to the FDA for study HYPER-H23-1 to maintain its active status and continues to address certain of the FDA conditions while also seeking funding to commence the study.

The IND application was supported by the results of Lexaria’s five investigator-initiated human clinical studies of its DehydraTECH-CBD which were conducted between 2018-2023, in an aggregate total of 134 people, without recording a single serious adverse event (the “HYPER Studies”).

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suggesting that DehydraTECH-CBD has the potential to have broad therapeutic utility.

Of note, DehydraTECH-CBD was evaluated recently in Lexaria’s Australian clinical study GLP-1-H24-4, with findings announced in December 2025, in overweight or obese, or pre- and Type II diabetic participants.

It was noteworthy therein that the DehydraTECH-CBD arm achieved meaningful reductions in blood pressure supportive of the Company’s hypertension treatment interests, even though study GLP-1-H24-4 was pursued to assess formulations for distinct potential therapeutic use in the fields of diabetes and weight loss management.

At week 4 of treatment in study GLP-1-H24-4, a mean change of −4.6 mmHg in systolic blood pressure and −4.0 mmHg in diastolic blood pressure was evidenced in the DehydraTECH-CBD arm.

Blood pressure reductions were also evident in this arm following completion of treatment at the week 16 follow up point (4 weeks after cessation of treatment) with a mean change of −2.6 mmHg in systolic blood pressure and −3.0 mmHg in diastolic blood pressure reported.

FY26 Research and Development Program

The Company’s 2026 research and development program is designed to broaden pharmaceutical, intellectual property, and business development opportunities through new and improved formulations.

It includes the following:

A five-week parallel group human study consisting of three different arms with primary goals of establishing safety and tolerability, as well as pharmacokinetic evaluation, comparing salcaprozate sodium (“SNAC”)-inclusive DehydraTECH-semaglutide tablet and capsule formulations to the recently launched, commercially available Wegovy ® semaglutide tablets under fasted pre-dose conditions.

Animal studies designed to establish scientific evidence supporting new concepts, procedures and formulations intended to facilitate the development of new intellectual property through the development and filing of patent applications;

and to test wide varieties of conditions and formulations to narrow down choices prior to potential future corroborating human study work.

Off-Balance Sheet Arrangements

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A critical accounting estimate is an accounting estimate for which a) the nature of the estimate is material due to the related level of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and b) the impact of the estimate on the Company’s financial position or operating performance is material.

We did not identify any such estimates in our Annual Report on Form 10-K for the year ended August 31, 2025 and none have been identified for the three months ended November 30, 2025.

We did not identify any such estimates in our Annual Report on Form 10-K for the year ended August 31, 2025 and none have been identified for the six months ended February 28, 2026.

Funding Requirements

We anticipate that our expenditures will increase in connection with our ongoing R&D program, specifically with respect to our animal and human clinical trials of our DehydraTECH formulations for the purposes of our investigations with GLP-1 drugs and treating hypertension.

As we move forward with our planned R&D studies in 2026, we anticipate that our expenditures will further increase and accordingly, we expect to incur increased operating losses and negative cash flows for the foreseeable future.

Through November 30, 2025, we have funded our operations primarily through the proceeds from the sale of common stock.

The Company has consistently incurred recurring losses and negative cash flows from operations, including net losses of $1,597,503 and $2,706,628 for the three months ended November 30, 2025, and November 30, 2024, respectively.

During the three months ended November 30, 2025, we raised $3.4 million in net proceeds from the sale of securities pursuant to our Registered Direct offering which closed in September, 2025.

We anticipate that our expenditures in connection with our ongoing R&D program will continue, specifically with respect to our animal and human clinical trials of our DehydraTECH formulations for the purposes of our investigations with GLP-1 drugs and treating hypertension.

As we move forward with our planned R&D studies, we anticipate that we will continue to incur operating losses and negative cash flows for the foreseeable future covering 2026 and beyond.

Through February 28, 2026, we have funded our operations primarily through the proceeds from the sale of common stock.

The Company has consistently incurred recurring losses and negative cash flows from operations, including net losses of $3,050,235 and $5,423,600 for the six months ended February 28, 2026, and February 28, 2025, respectively.

During the six months ended February 28, 2026, we raised $6.5 million in net proceeds from the sale of securities pursuant to our Registered Direct offerings which closed in September, 2025 and December, 2025.

The continuation of Lexaria as a going concern depends on raising additional capital and/or attaining and maintaining profitable operations.

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However, management has also concluded that given the Company’s current cash position, recurring losses from operations and net capital deficiency, there is substantial doubt as to the Company’s ability to continue as a going concern within one year following the date that these consolidated financial statements are issued.

Results of Operations for the Period Ended November 30, 2025, and November 30, 2024

Our net loss for the three months ended for the respective items are summarized as follows:

Results of Operations for the Period Ended February 28, 2026, and February 28, 2025

Our net loss for the six months ended for the respective items are summarized as follows:

Cost of goods sold

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$ (5,423,600 )

Fees from intellectual property licensing and B2B sales totaled $0 and $183,923, respectively, for the three-month periods ended November 30, 2025 and November 30, 2024.

For the three months ended November 30, 2025, relative to the three months ended November 30, 2024, license fees and B2B sales decreased by $174,000 and $9,923, respectively, reflecting the expiration of the Premier licensing contract and a continuing shift in emphasis away from pursuit of B2B clients as we move toward pharmaceuticals.

The Company did not recognize any other revenue during the three months ended November 30, 2025 or the three months ended November 30, 2024.

Fees from intellectual property licensing and B2B sales totaled $20,000 and $357,923, respectively, for the six-month periods ended February 28, 2026 and February 28, 2025.

For the six months ended February 28, 2026, relative to the six months ended February 28, 2025, license fees and B2B sales decreased by $328,000 and $9,923, respectively, reflecting the expiration of the Premier Anti-Aging Co., Ltd.

licensing contract and a continuing shift in emphasis away from pursuit of B2B clients as we move toward pharmaceuticals.

The Company did not recognize any other revenue during the six months ended February 28, 2026 or the six months ended February 28, 2025.

Research and Development

Expenditures on R&D decreased by $1,281,880 year-over-year for the three-month period ended November 30, 2025, as we neared completion of our Phase 1b Clinical Trial (GLP-1-H24-4).

Expenditures on R&D decreased by $2,492,408 year-over-year for the six-month period ended February 28, 2026, as we completed our Phase 1b Clinical Trial (GLP-1-H24-4) in December of 2025.

Lexaria continues with applied development and programs in our pharmaceutical division with our primary focus being on optimization of DehydraTECH formulations of GLP-1 drugs, as well as advancing our DehydraTECH-CBD drug to treat hypertension.

Consulting Fees and Salaries

In the three months ended November 30, 2025, consulting fees and salaries increased by $31,272 year-over-year, primarily due to cost of living salary adjustments ($89,502), largely offset by lower consulting fees as the Company reduced its engagements of outside consultants, discontinuing those for which related fees exceeded perceived business benefit ($33,711), and lower stock-based compensation ($24,519).

In the six months ended February 28, 2026, consulting fees and salaries decreased by $45,806 year-over-year, primarily due to lower stock-based compensation ($116,744) and the discontinuation of certain consulting arrangements ($134,182);

partially offset by higher incentive compensation ($131,071) and salary adjustments ($74,150) .

Legal and Professional Fees

Our legal and professional fees increased by $149,887 during the three months ended November 30, 2025 as compared to the same prior year period due to higher accounting and professional fees associated with registration statement filings, financing activities and the utilization of legal advisory services.

Our legal and professional fees increased by $126,005 during the six months ended February 28, 2026 as compared to the same prior year period due to higher accounting and professional fees associated with registration statement filings, financing activities and the utilization of legal advisory services.

General and Administrative

Our other general and administrative expenses decreased in total by $197,558 during the three-month period ended November 30, 2025, as compared to the same prior year period.

The decrease is primarily attributable to lower spending on advertising and promotions ($189,586).

Our other general and administrative expenses decreased in total by $339,179 during the six-month period ended February 28, 2026, as compared to the same prior year period.

The decrease is primarily attributable to lower spending on advertising and promotions ($307,972) and decreased impairment losses ($33,540).

Liquidity and Financial Condition

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Operating Activities

Net cash used in operating activities was approximately $1.0 million for the three months ended November 30, 2025, compared with $2.7 million during the same prior year period.

The decrease is attributable to a decrease of $1,109,125 in our net loss, combined with a decrease in net working capital of $667,511 and partially offset by a decrease of $34,690 in non-cash expenses as we neared completion of Study GLP-1-H24-4.

Net cash used in operating activities was approximately $3.1 million for the six months ended February 28, 2026, compared with $4.2 million during the same prior year period.

The decrease is attributable to a decrease of $2.4 million in our net loss, partially offset by an increase in operating assets and liabilities of $1.2 million as we completed Study GLP-1-H24-4, and a decrease of $0.1 million in non-cash expenses.

Investing Activities

Net cash used in investing activities was $5,099 for the three months ended November 30, 2025, compared to $37,804 for the same prior year period.

The decrease relates primarily to lower spending on the prosecution of intellectual property and purchases of laboratory equipment.

Net cash used in investing activities was $59,008 for the six months ended February 28, 2026, compared to $65,698 for the same prior year period.

The decrease relates primarily to lower spending on the prosecution of intellectual property, partially offset by increased purchases of laboratory equipment.

Financing Activities

Net cash from financing activities was approximately $3.47 million for the three months ended November 30, 2025, compared to approximately $4.35 million for the same prior year period.

The decrease relates to lower net proceeds from the sale of common shares and the lack of warrants being exercised.

Net cash from financing activities was approximately $6.5 million for the six months ended February 28, 2026, compared to approximately $4.4 million for the same prior year period.

The increase relates to higher net proceeds from the sale of common shares.

Liquidity and Capital Resources

Since inception, the Company has incurred significant operating and net losses.

Net losses attributable to shareholders were $1.6 million and $2.70 million for the three months ended November 30, 2025, and November 30, 2024, respectively.

As of November 30, 2025, we had an accumulated deficit of $65.1 million.

Net losses attributable to shareholders were $3.0 million and $5.4 million for the six months ended February 28, 2026, and February 28, 2025, respectively.

As of February 28, 2026, we had an accumulated deficit of $66.5 million.

We expect to continue to incur significant operational expenses and net losses in the upcoming 12 months.

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Sources of Liquidity

During the three months ended November 30, 2025, the Company has completed the following:

During the six months ended February 28, 2026, the Company has completed the following:

Entered into a Securities Purchase Agreement whereby on September 29, 2025, the Company issued 2,666,667 shares of common stock at a purchase price of $1.50 per share for gross and net proceeds of $4.0 million and $3.4 million, respectively.

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We also issued the placement agent warrants to purchase up to 93,333 shares for a period of five years from the date of issuance at an exercise price of $1.875 per share.

On December 14, 2025, we entered into a securities purchase agreement with certain institutional investors, pursuant to which we agreed to sell in a registered direct offering 2,661,600 shares of common stock at a purchase price of $1.315 per share for gross and net proceeds of $3.5 million and $3.0 million, respectively.

Concurrently, the Company issued 2,661,600 share purchase warrants, entitling the holder thereof to purchase up to 2,661,600 shares of common stock at a price of $1.19 per share for a period of five years from the effective date of the registration statement registering the shares of common stock issuable upon exercise of the warrants.

Entered into a Securities Purchase Agreement whereby on December 14, 2025, the Company issued 2,661,600 shares of common stock at a purchase price of $1.315 per share for gross and net proceeds of $3.5 million and $3.0 million, respectively.

Concurrently, the Company issued, by way of a private placement transaction, 2,661,600 share purchase warrants, entitling the holder thereof to purchase up to 2,661,600 shares of common stock at a price of $1.19 per share for a period of five years from the effective date of the S-1 Registration Statement registering the warrant shares.

The shares registered pursuant to a take down of the Company’s Form S-3 registration statement and the warrants and related warrant shares were registered pursuant to a Form S-1 registration statement.

We also issued the placement agent warrants to purchase up to 93,156 shares for a period of five years, at an exercise price of $1.6438 per share.

We may also offer securities in response to market conditions or other circumstances if we believe such a plan of financing is required to advance the Company’s business plans.

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The accompanying unaudited consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the ordinary course of business.

As of November 30, 2025, the Company had cash and cash equivalents of approximately $4.3 million to settle $1.5 million in current liabilities.

As of February 28, 2026, the Company had cash and cash equivalents of approximately $5.1 million to settle $0.2 million in current liabilities.

We have performed a review of our cash flow forecast, and given our current development plans and cash management efforts, we anticipate that our cash resources will be sufficient to fund operations through the first quarter of fiscal year 2027.

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Accordingly, there is substantial doubt as to our ability to continue as a going concern for at least one year following the date of the financial statements included in this quarterly report.

We intend to fund operations, working capital and other cash requirements for the twelve-month period subsequent to November 30, 2025 through equity financing arrangements and potentially from collaborations or strategic partnerships.

We intend to fund operations, working capital and other cash requirements for the twelve-month period subsequent to February 28, 2026 through equity financing arrangements and potentially from collaborations or strategic partnerships.

The successful outcome of future activities cannot be determined at this time and there is no assurance that, if achieved, we will have sufficient funds to execute our intended business plan or generate positive operating results.

The consolidated financial statements do not include any adjustments related to this uncertainty and as to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should we be unable to continue as a going concern.

Controls and Procedures

Management’s Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our President, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial and Accounting Officer) to allow for timely decisions regarding required disclosure.

As of November 30, 2025, the fiscal quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures.

Based on the foregoing, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of November 30, 2025.

Inherent limitations on Effectiveness of Controls

Internal control over financial reporting has inherent limitations which include but are not limited to the use of independent professionals for advice and guidance, interpretation of existing and/or changing rules and principles, regulations, segregation of management duties, scale of organization, and personnel factors.

It is a process which involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures.

It can be circumvented by collusion or improper management override.

Internal control over financial reporting may not prevent or detect misstatements on a timely basis.

These inherent limitations are known features of the financial reporting process, and it is possible to design into the process safeguards to reduce, though not eliminate, these risks.

Systems determined to be effective can provide only reasonable assurances with respect to financial statement preparation and presentation.

Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Changes in Internal Control over Financial Reporting

During the quarter ended November 30, 2025, our controls and controls processes remained consistent with those in effect at August 31, 2025.

There have been no changes in our internal controls over financial reporting that occurred during the quarter ended November 30, 2025, that have materially or are reasonably likely to materially affect our internal controls over financial reporting.

PART II—OTHER INFORMATION

Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

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