What changed in this filing

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Item 1A. Risk Factors

2025-08-14 compared with 2025-05-15 · 19 added, 32 removed, 49 unchanged (51% of the section changed)

15 unchanged sentences

companies listed on the Nasdaq Capital Market to maintain stockholders’ equity of at least $2.5 million for continued listing.

of March 31, 2025, our stockholders’ equity was $12.2 million and there can be no assurance that we will be able to maintain or

increase our stockholders’ equity in the future.

If our stockholders’ equity falls below $2.5 million, as a result of operating

losses or for other reasons, or if we are unable to demonstrate to Nasdaq’s satisfaction that we subsequently regained compliance

with this requirement, Nasdaq will notify us of such non-compliance.

If we receive such notice from Nasdaq, in accordance with the Nasdaq

Listing Rules, we will have 45 calendar days from the date of the notification to submit a plan to regain compliance with Nasdaq Listing

Rule 5550(b)(1).

If our compliance plan is accepted, we may be granted up to 180 calendar days from the date of the initial notification

to evidence compliance.

If our compliance plan is not accepted or we are otherwise unable to evidence compliance within Nasdaq’s

allotted timeframe, Nasdaq may take steps to delist our Common Stock.

of June 30, 2025, our stockholders’ equity was $10.1 million and there can be no assurance that we will be able to maintain or increase

our stockholders’ equity in the future.

If our stockholders’ equity falls below $2.5 million, as a result of operating losses

or for other reasons, or if we are unable to demonstrate to Nasdaq’s satisfaction that we subsequently regained compliance with

this requirement, Nasdaq will notify us of such non-compliance.

If we receive such notice from Nasdaq, in accordance with the Nasdaq Listing

Rules, we will have 45 calendar days from the date of the notification to submit a plan to regain compliance with Nasdaq Listing Rule

If our compliance plan is accepted, we may be granted up to 180 calendar days from the date of the initial notification to

evidence compliance.

If our compliance plan is not accepted or we are otherwise unable to evidence compliance within Nasdaq’s allotted

timeframe, Nasdaq may take steps to delist our Common Stock.

In addition, Nasdaq Listing

4 unchanged sentences

on July 5, 2024).

Nasdaq Listing Rule 5810(c)(3)(A)(iv) states that any listed company that fails to meet this requirement and has effected

a reverse stock split over the prior one-year period, or has effected one or more reverse stock splits over the prior two-year period

with a cumulative ratio of 250 shares or more to one, may not be eligible for an automatic 180-day grace compliance period and the Nasdaq

Listing Qualifications Department is obligated to immediately issue a delisting determination.

Therefore, if we were to fall out of compliance

with the minimum bid price requirement prior to July 5, 2025, we would not be able to effect a reverse stock split and would immediately

be issued a delisting determination.

Such a delisting would have

19 unchanged sentences

conditions in foreign countries.

government has indicated its intent to adopt a new approach to trade policy and in some cases

to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements.

For example, in February 2025,

President Donald Trump signed executive orders imposing a 25% tariff on certain imports from Mexico and Canada, and in April 2025, up

to 145% tariffs on certain imports from China.

In April 2025, President Donald Trump also announced a plan for reciprocal tariffs and

there have been statements from the current administration regarding additional tariffs on certain industries, including the pharmaceutical

Our supply may in the future be subject to these tariffs, which could increase our manufacturing costs and could make our products,

if successfully developed and approved, less competitive than those of our competitors whose inputs are not subject to these tariffs.

We may otherwise experience supply disruptions or delays, and our suppliers may not continue to provide us with clinical supply in our

required quantities, to our required specifications and quality levels or at attractive prices.

Such disruption could have adverse effects

on the development of our product candidates and our business operations.

government has adopted a new approach to trade policy and, in some cases, entered into new trade

Our supply may in the future be subject to increased import tariffs, which could increase our manufacturing costs and could

make our products, if successfully developed and approved, less competitive than those of our competitors whose inputs are not subject

to such tariffs.

We may otherwise experience supply disruptions or delays, and our suppliers may not continue to provide us with clinical

supply in our required quantities, to our required specifications and quality levels or at attractive prices.

Such disruption could have

adverse effects on the development of our product candidates and our business operations.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

5 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 1A. Risk Factors