35 unchanged sentences
We intend to hire an additional person to work for our Chief Financial Officer to enable sufficient review in the future.
−Removed: Because of this material weakness, our Interim
+Added: Because of these material weaknesses, our Interim
Chief Executive Officer and our Chief Financial Officer concluded that, as of April 30, 2025, our internal controls over financial reporting
51 unchanged sentences
OTHER INFORMATION
−Removed: the year ended April 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1
−Removed: trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of
−Removed: Regulation S-K.
+Added: During the year ended April 30, 2025, no director
+Added: or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,”
+Added: as each term is defined in Item 408(a) of Regulation S-K.
+Added: On August 8, 2025, we entered into an Executive
+Added: Compensation Agreement (the “Silverman Compensation Agreement”) with Joshua N.
+Added: Silverman Silverman, effective as of January
+Added: 1, 2025, pursuant to which Mr.
+Added: Silverman will serve as our Chief Executive Officer, President, and Executive Chairman.
+Added: The Silverman Compensation Agreement provides
+Added: for an initial three-year term, with automatic one-year renewal periods unless either party provides at least ninety (90) days’
+Added: prior written notice of non-renewal.
+Added: Under the Silverman Compensation Agreement, Mr.
+Added: Silverman is entitled to an annual base salary of
+Added: $375,000, subject to annual review and potential increase by the Compensation Committee.
+Added: Silverman is eligible to receive an annual
+Added: performance-based bonus.
+Added: In addition, Mr.
+Added: Silverman is entitled to receive annual long-term incentive awards under the Company’s
+Added: Long Term Incentive Plan with a target annual equity award grant date fair value to equal 300% of Mr.
+Added: Silverman’s base salary.
+Added: In the event of termination without “Cause”
+Added: Silverman for “Good Reason” (as such terms are defined in the Silverman Compensation Agreement).
+Added: entitled to receive accrued compensation through the termination date, severance equal to two times the sum of his base salary and target
+Added: bonus (prorated for the year of termination), payable over 24 months, and accelerated vesting of all unvested equity awards.
+Added: If such termination
+Added: occurs within two years following or six months preceding a “Change in Control” (as defined in the Silverman Compensation
+Added: Agreement), Mr.
+Added: Silverman is entitled to enhanced severance equal to three times the sum of his base salary and target bonus, payable
+Added: in a lump sum, and full acceleration of all unvested equity awards.
+Added: In the event of Mr.
+Added: Silverman’s death during
+Added: the term of the Silverman Compensation Agreement, his estate is entitled to receive accrued compensation, any unpaid bonus amounts, accelerated
+Added: vesting of all unvested equity awards, and any other benefits due under the Company’s benefit plans.
+Added: In addition, the death benefit
+Added: under the Company’s life insurance program, if any, will be paid to his designated beneficiary or estate.
+Added: employment terminates due to disability, he is entitled to accrued compensation, prorated target bonus, and continued salary payments
+Added: for 24 months, along with accelerated vesting of all unvested equity awards and benefits under the Company’s long-term disability
+Added: insurance plan, if applicable.
+Added: All severance and equity acceleration benefits
+Added: are subject to Mr.
+Added: Silverman’s execution and non-revocation of a general release of claims.
+Added: The Agreement also includes provisions
+Added: regarding confidentiality, non-disparagement, post-employment cooperation, and compliance with Section 409A of the Internal Revenue Code.
+Added: Compensation under the Agreement is subject to the Company’s clawback policies as may be required by applicable law or listing standards.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS
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as a director of AYRO, Inc.
−Removed: AYRO), TNF Pharmaceuticals, Inc.
−Removed: TNFA), Synaptogenix, Inc.
−Removed: SNPX) and Petros Pharmaceutical,
−Removed: He previously served as a director of Marker Therapeutics, Inc.
−Removed: MRKR) from 2016 until 2018 and Protagenic
−Removed: Therapeutics, Inc.
+Added: AYRO), Femasys Inc.
+Added: FEMY, TNF Pharmaceuticals, Inc.
+Added: TNFA), TAO Synergies Inc.
+Added: Synaptogenix, Inc.) (Nasdaq:
+Added: TAOX) and Petros Pharmaceutical, Inc.
+Added: He previously served as a director of Marker Therapeutics,
+Added: MRKR) from 2016 until 2018 and Protagenic Therapeutics, Inc.
PTIX) from 2016 to 2022.
−Removed: Silverman received his B.A.
+Added: Silverman received his
from Lehigh University in 1992.
−Removed: Silverman was
−Removed: chosen as a director of the Company because of his experience as an investment banker, as a management consultant and as a director of
−Removed: numerous public companies.
+Added: Silverman was chosen as a director of the Company because of his experience as an investment
+Added: banker, as a management consultant and as a director of numerous public companies.
Schechter has served as a director
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in micro-cap companies and has served in this capacity since August 2019.
−Removed: He currently serves on the board of directors of Synaptogenix,
−Removed: Inc., (Nasdaq:
−Removed: SNPX), a clinical-stage biopharmaceutical company, and previously served as a director of DropCar, Inc.
−Removed: He has received
−Removed: formal education in finance and accounting and has extensive experience analyzing and evaluating the financial statements of public companies.
+Added: He currently serves on the board of directors of TAO Synergies
+Added: (formerly Synaptogenix, Inc.), (Nasdaq:
+Added: TAOX), a clinical-stage biopharmaceutical company, and previously served as a director of
+Added: DropCar, Inc.
+Added: He has received formal education in finance and accounting and has extensive experience analyzing and evaluating the financial
+Added: statements of public companies.
Schechter earned his A.B.
in Public Policy/Political Science from Duke University and his J.D.
−Removed: from Fordham University School of Law.
−Removed: Schechter was chosen as a director of the Company because of his lengthy public company, legal and investment banking experience.
+Added: Fordham University School of Law.
+Added: Schechter was chosen as a director of the Company because of his lengthy public company, legal and
+Added: investment banking experience.
Abecassis, MD has served as a director
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Company since November 2022.
−Removed: Weinstein has served as chief financial officer of Synaptogenix, Inc.
−Removed: SNPX since October 2013.
+Added: Weinstein has served as chief financial officer of TAO Synergies Inc.
+Added: (formerly Synaptogenix, Inc.) (Nasdaq:
+Added: TAOX) since October 2013.
In addition, Mr.
Weinstein performs work as a consultant for Petros Pharmaceuticals, Inc.
−Removed: He has extensive accounting
−Removed: and finance experience, spanning more than 30 years, as a public accountant, investment banker, healthcare private equity fund principal
−Removed: and chief financial officer.
+Added: has extensive accounting and finance experience, spanning more than 40 years, as a public accountant, investment banker, healthcare private
+Added: equity fund principal and chief financial officer.
From September 2011 to the present, Mr.
−Removed: Weinstein has also been an independent consultant for several healthcare
−Removed: companies in the pharmaceutical and biotechnology industries.
−Removed: Weinstein also serves as a member of the Board of Directors of XWELL,
+Added: Weinstein has also been an independent consultant
+Added: for several healthcare companies in the pharmaceutical and biotechnology industries.
+Added: Weinstein also serves as a member of the Board
+Added: of Directors of XWELL, Inc.
(formerly XpresSpa Group, Inc.) (Nasdaq:
−Removed: XWEL), a health and wellness company whose core assets, XpresSpa and XpresCheck®, is
−Removed: a leading airport retailer of spa services and related health and wellness products.
−Removed: Weinstein also serves on the Board of Directors
−Removed: of Oblong, Inc.
−Removed: OBLG), a company providing multi-stream collaboration technologies and managed services for video collaboration
−Removed: and network applications.
−Removed: Weinstein received his MBA degree in finance and international business from the University of Chicago Graduate
−Removed: School of Business, is a Certified Public Accountant (inactive), and received his BS degree in accounting from the State University of
−Removed: New York at Albany.
−Removed: Weinstein was chosen as a director of the Company because of his public company and financial expertise.
+Added: XWEL), a health and wellness company whose core assets, XpresSpa
+Added: and XpresCheck®, is a leading airport retailer of spa services and related health and wellness products.
+Added: Weinstein also serves
+Added: on the Board of Directors of Oblong, Inc.
+Added: OBLG), a company providing multi-stream collaboration technologies and managed services
+Added: for video collaboration and network applications.
+Added: Weinstein received his MBA degree in finance and international business from the
+Added: University of Chicago Graduate School of Business, is a Certified Public Accountant (inactive), and received his BS degree in accounting
+Added: from the State University of New York at Albany.
+Added: Weinstein was chosen as a director of the Company because of his public company and
+Added: financial expertise.
Walker has served as a director of the
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any involvement in legal proceedings requiring disclosure pursuant to the rules and regulations of the Commission.
+Added: Insider Trading Policy
+Added: We have adopted a formal Insider Trading Policy,
+Added: governing the purchase, sale, and/or other disposition of our securities by our directors, officers, employees, and other covered persons.
+Added: We believe that our insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations,
+Added: and listing standards applicable to the Company.
Code of Ethics
112 unchanged sentences
Policy Regarding Board Attendance
−Removed: Our directors are expected to attend meetings
−Removed: of the Board as frequently as necessary to properly discharge their responsibilities and to spend the time needed to prepare for each
−Removed: such meeting.
−Removed: If an annual meeting of stockholders is held, our directors are expected to attend that meeting, but we do not have a formal
−Removed: policy requiring them to do so.
−Removed: One director attended our annual meeting of stockholders held in April 2024.
+Added: Our directors are expected to attend meetings of the
+Added: Board as frequently as necessary to properly discharge their responsibilities and to spend the time needed to prepare for each such meeting.
+Added: If an annual meeting of stockholders is held, our directors are expected to attend that meeting, but we do not have a formal policy requiring
+Added: them to do so.
+Added: One director attended our annual meeting of stockholders held in April 2025 and 2024.
Shareholder Communications
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Principal Position
+Added: All Other Compensation (2)
Silverman (2)
4 unchanged sentences
Awards” and “Option Awards” reflect the grant date fair values of awards made during the identified fiscal year, as
−Removed: computed in accordance with FASB ASC Topic 718 and the assumptions stated in Note 4 and Note 5 of the Consolidated Financial Statements
−Removed: to this Report.
−Removed: (2) Includes $10,417 of compensation for Mr.
−Removed: service as a member of the board of directors.
−Removed: Silverman was appointed as Interim Chief Executive Officer and Interim President on
−Removed: October 6, 2022.
+Added: computed in accordance with FASB ASC Topic 718.
+Added: Our computation of expected volatility for the year ended April 30, 2024 on selected guideline
+Added: companies historical weekly basis volatility.
+Added: For stock option grants issued during the year ended April 30, 2024, we used a calculated
+Added: volatility for each grant.
+Added: We lack adequate information about the exercise behavior now and has determined the expected term assumption
+Added: under the simplified method provided for under ASC 718, which averages the contractual term of our stock options of ten years with the
+Added: average vesting term of six months.
+Added: The dividend yield assumption of zero is based upon the fact we have never paid cash dividends and
+Added: presently has no intention of paying cash dividends.
+Added: The risk-free interest rate used for each grant is equal to the U.S.
+Added: Treasury rates
+Added: in effect at the time of the grant for instruments with a similar expected life.
+Added: (2) Includes health insurance premium payments
+Added: Silverman and Mr.
Narrative Disclosure to Summary Compensation
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On November 14, 2022, the Board approved employment
−Removed: Silverman as the Interim Chief Executive Officer, Interim President and Interim Chairman of the Board on a month-to-month basis,
−Removed: and it further approved paying Mr.
+Added: Silverman as the Interim Chief Executive Officer, Interim President and Interim Chairman of the Board on a month-to-month
+Added: basis, and it further approved paying Mr.
Silverman is paid an annual base salary of $375,000.
−Removed: Silverman is eligible to participate in the
+Added: Silverman is eligible to participate
+Added: in the 2022 Plan.
On November 20, 2023, the Compensation Committee granted Mr.
−Removed: Silverman a stock option grant to purchase 170,000 shares of common
−Removed: stock exercisable over a ten-year term at an exercise price of $2.18 per share, vesting 50% immediately and 50% on the one-year anniversary
−Removed: of the date of grant.
+Added: Silverman a stock option grant to purchase 170,000 shares
+Added: of common stock exercisable over a ten-year term at an exercise price of $2.18 per share, vesting 50% immediately and 50% on the one-year
+Added: anniversary of the date of grant.
+Added: On August 8, 2025, we entered into an Executive
+Added: Compensation Agreement (the “Silverman Compensation Agreement”) with Mr.
+Added: Silverman, effective as of January 1, 2025, pursuant
+Added: Silverman will serve as our Chief Executive Officer, President, and Executive Chairman.
+Added: The Silverman Compensation Agreement provides
+Added: for an initial three-year term, with automatic one-year renewal periods unless either party provides at least ninety (90) days’
+Added: prior written notice of non-renewal.
+Added: Under the Silverman Compensation Agreement, Mr.
+Added: Silverman is entitled to an annual base salary of
+Added: $375,000, subject to annual review and potential increase by the Compensation Committee.
+Added: Silverman is eligible to receive an annual
+Added: performance-based bonus.
+Added: In addition, Mr.
+Added: Silverman is entitled to receive annual long-term incentive awards under the Company’s
+Added: Long Term Incentive Plan with a target annual equity award grant date fair value to equal 300% of Mr.
+Added: Silverman’s base salary.
+Added: In the event of termination without “Cause”
+Added: Silverman for “Good Reason” (as such terms are defined in the Silverman Compensation Agreement).
+Added: entitled to receive accrued compensation through the termination date, severance equal to two times the sum of his base salary and target
+Added: bonus (prorated for the year of termination), payable over 24 months, and accelerated vesting of all unvested equity awards.
+Added: If such termination
+Added: occurs within two years following or six months preceding a “Change in Control” (as defined in the Silverman Compensation
+Added: Agreement), Mr.
+Added: Silverman is entitled to enhanced severance equal to three times the sum of his base salary and target bonus, payable
+Added: in a lump sum, and full acceleration of all unvested equity awards.
+Added: In the event of Mr.
+Added: Silverman’s death during
+Added: the term of the Silverman Compensation Agreement, his estate is entitled to receive accrued compensation, any unpaid bonus amounts, accelerated
+Added: vesting of all unvested equity awards, and any other benefits due under the Company’s benefit plans.
+Added: In addition, the death benefit
+Added: under the Company’s life insurance program, if any, will be paid to his designated beneficiary or estate.
+Added: employment terminates due to disability, he is entitled to accrued compensation, prorated target bonus, and continued salary payments
+Added: for 24 months, along with accelerated vesting of all unvested equity awards and benefits under the Company’s long-term disability
+Added: insurance plan, if applicable.
+Added: All severance and equity acceleration benefits
+Added: are subject to Mr.
+Added: Silverman’s execution and non-revocation of a general release of claims.
+Added: The Agreement also includes provisions
+Added: regarding confidentiality, non-disparagement, post-employment cooperation, and compliance with Section 409A of the Internal Revenue Code.
+Added: Compensation under the Agreement is subject to the Company’s clawback policies as may be required by applicable law or listing standards.
On May 8, 2022 we entered into an Amended and
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Employment Agreements
−Removed: Information regarding potential payments upon termination
−Removed: or change-in-control pursuant to employment agreements with officers of the Company is set forth above.
−Removed: Under our 2021 Plan, upon a Change in Control (as
−Removed: defined in the 2021 Plan), the Compensation Committee may, in its sole discretion, take one or more of the following actions:
+Added: Information regarding potential
+Added: payments upon termination or change-in-control pursuant to employment agreements with officers of the Company is set forth above.
+Added: 2021 Plan and 2022 Plan
+Added: Under our 2021 and 2022 Plans,
+Added: upon a Change in Control (as defined in the 2021 and 2022 Plan), the Compensation Committee may, in its sole discretion, take one or more
+Added: of the following actions:
cause any or all outstanding awards to become vested and immediately exercisable (as applicable), in whole or in part;
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connection with the Change in Control.
−Removed: Under the 2021 Plan, upon
−Removed: termination of a participant’s service with the Company and unless otherwise specified in an applicable award agreement, any portion
−Removed: of an option or stock appreciation right that is not exercisable upon termination will expire immediately, and any portion of an option
−Removed: or stock appreciation right that is exercisable upon termination will expire on the date it ceases to be exercisable, as determined by
−Removed: the reason for termination:
+Added: Under the 2021 and 2022 Plans,
+Added: upon termination of a participant’s service with the Company and unless otherwise specified in an applicable award agreement, any
+Added: portion of an option or stock appreciation right that is not exercisable upon termination will expire immediately, and any portion of
+Added: an option or stock appreciation right that is exercisable upon termination will expire on the date it ceases to be exercisable, as determined
+Added: by the reason for termination:
Termination by reason of death:
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If a participant’s service with the Company terminates for any reason other than death, disability or Cause, any option or stock appreciation right held by such participant may thereafter be exercised by the participant, to the extent it was exercisable at the time of such termination, or on such accelerated basis as the Compensation Committee may determine at or after grant, for a period expiring (i) at such time as may be specified by the Compensation Committee at or after grant, or (ii) if not specified by the Compensation Committee, then 90 days from the date of termination of service, or (iii) if sooner than the applicable period specified under (i) or (ii) above, upon the expiration of the stated term of such option or stock appreciation right.
−Removed: Outstanding Equity Awards at Fiscal Year End
+Added: Outstanding Equity Awards as of April 30, 2025
Option Awards
3 unchanged sentences
Option Expiration Date
−Removed: (1) These options vest in full on November 20, 2024.
+Added: Granting of Certain Equity Awards Close in Time to the Release of Material
+Added: Nonpublic Information
+Added: We do not grant equity awards in anticipation of
+Added: the release of material nonpublic information that is likely to result in changes to the price of our common stock, and do not
+Added: time the public release of such information based on award grant dates.
+Added: During the last completed fiscal year, we have not made
+Added: awards to any named executive officer or director during the period beginning four business days before and ending one business day
+Added: after the filing of a period report on Form 10-Q or Form 10-K or the filing or furnishing of a current report on Form 8-K, and we
+Added: have not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive
+Added: compensation.
+Added: Clawback Policy
+Added: The Board of Directors adopted a Clawback policy to
+Added: create and maintain a culture that emphasizes integrity and accountability that reinforces pay-for-performance compensation policy.
+Added: policy applies to current and former executive officers in accordance with applicable rules and standards adopted by the SEC.
+Added: covers incentive-based compensation, which includes any compensation that is granted, earned or vested based on wholly or in part upon
+Added: attaining any financial reporting measures that are determined and presented in accordance with accounting principles (“GAAP”)
+Added: used in preparing our financial statements as well as non-GAAP.
+Added: An accounting restatement of its financial statements due to material
+Added: noncompliance with securities law, including correction of an error on the financial statements may cause a recovery of the incentive-based
+Added: compensation from the executive officer.
Director Compensation
3 unchanged sentences
Director Compensation Table
−Removed: Schechter (2)
+Added: Option Awards
Robert Weinstein
−Removed: Abecassis (5)
−Removed: The amounts in the columns titled “Stock Awards” and “Option Awards” reflect the grant date fair values of awards made during the fiscal year ended April 30, 2024, as computed in accordance with FASB ASC Topic 718 and the assumptions stated in Note 4 and Note 5 of the Consolidated Financial Statements to this Report.
−Removed: Schechter was appointed to the Board effective August 15, 2022.
−Removed: Weinstein was appointed to the Board effective November 14, 2022.
−Removed: Walker was elected to the Board on December 28, 2022.
−Removed: Abecassis was appointed to the Strategic Scientific Committee on November 20, 2023, at which point he began receiving a monthly retainer fee of $3,500.
+Added: in the columns titled “Stock Awards” and “Option Awards” reflect the grant date fair values of awards made
+Added: during the fiscal year ended April 30, 2025, as computed in accordance with FASB ASC Topic 718.
+Added: Our computation of expected volatility
+Added: for the year ended April 30, 2025 on our historical weekly basis volatility.
+Added: For stock option grants issued
+Added: during the year ended April 30, 2024, we used a calculated volatility for each grant.
+Added: We lack adequate information about the exercise
+Added: behavior now and has determined the expected term assumption under the simplified method provided for under ASC 718, which averages
+Added: the contractual term of our stock options of ten years with the average vesting term of six months.
+Added: The dividend yield assumption
+Added: of zero is based upon the fact we have never paid cash dividends and presently has no intention of paying cash dividends.
+Added: The risk-free
+Added: interest rate used for each grant is equal to the U.S.
+Added: Treasury rates in effect at the time of the grant for instruments with a similar
+Added: expected life.
+Added: and the assumptions
+Added: stated in Note 4 and Note 5 of the Consolidated Financial Statements to this Report.
On November 17, 2023, we adopted a nonemployee
4 unchanged sentences
date of the subsequent annual meeting of stockholders, subject to the director’s continued service on the vesting date.
−Removed: Compensation Policy also provides for the automatic grant of nonqualified stock options to purchase shares of common stock having an aggregate
−Removed: grant date fair value of $50,000 to each newly appointed director.
−Removed: Such grants occur on the first business day following appointment,
−Removed: and the options vest in full immediately.
−Removed: Each nonemployee director will also receive an annual retainer in the amount of $60,000, plus
−Removed: an additional $10,000 annually per committee chairmanship.
−Removed: Abecassis, as chair of the Strategic Scientific Committee, receives a monthly
−Removed: retainer fee of $3,500.
+Added: Each nonemployee
+Added: director will also receive an annual retainer in the amount of $60,000, plus an additional $10,000 annually per committee chairmanship.
+Added: Abecassis, as chair of the Strategic Scientific Committee, receives a monthly retainer fee of $3,500.
Our employee directors do not receive additional
20 unchanged sentences
have not been exercised.
−Removed: Similarly, under the terms of our Series B Preferred Shares, holders may not convert their Series B Preferred
−Removed: Shares to the extent such conversion would cause such holder, together with its affiliates, to beneficially own a number of shares of
−Removed: our common stock which would exceed 4.99% or 9.99%, as applicable, of our then outstanding common stock following such conversion.
−Removed: number of shares of common stock beneficially owned reflects these limitations.
The address of all beneficial owners is 3960 Howard
6 unchanged sentences
More than 5% stockholders:
−Removed: Richard Abbe (2)(3)
−Removed: Entities affiliated with Iroquois Capital Management, LLC (2)(4)
−Removed: Entities affiliated with Sabby Management, LLC (5)
−Removed: Entities affiliated with Intracoastal Capital LLC (6)(7)
Entities affiliated with Ayrton Capital LLC (2)
+Added: Entities affiliated with Intracoastal Capital LLC (3)
Directors, Officers and Named Executive Officers:
7 unchanged sentences
__________________________
−Removed: * Indicates percentage is less than 1.0%.
−Removed: Percentages based on 7,724,319 shares of common stock outstanding as of July 17, 2024.
−Removed: This information is based solely on the Schedule 13D/A filed with the Commission by Richard Abbe, Kimberly Page, Iroquois Master Fund Ltd.
−Removed: (“Iroquois Master Fund”), Iroquois Capital Management, LLC (“Iroquois Capital”) and Iroquois Capital Investment Group LLC (“ICIG,” and collectively, the “Iroquois Parties”) on June 16, 2023.
−Removed: The Iroquois Parties made a single, joint filing to reflect the formation of a “group” within the meaning of Section 13(d)(3) of the Exchange Act.
−Removed: Page serves as a director of Iroquois Master Fund.
−Removed: Iroquois Capital serves as the investment manager for Iroquois Master Fund, and Mr.
−Removed: Abbe serves as the president of Iroquois Capital.
−Removed: Each Iroquois Party disclaims beneficial ownership of the shares that he, she or it does not directly own and except to the extent of his, her or its pecuniary interest therein.
−Removed: The address of the Iroquois Parties is 2 Overhill Road, Suite 400, Scarsdale, New York 10583.
−Removed: Includes (i) 10,696 shares owned by ICIG, (ii) 384,000 shares issuable upon the exercise of warrants owned by ICIG, (iii) 300,000 shares issuable upon conversion of convertible preferred shares owned by ICIG, (iv) 178,654 shares owned by Iroquois Master Fund, (v) 1,896,000 shares issuable upon exercise of warrants owned by Iroquois Master Fund and (vi) 1,700,000 shares issuable upon conversion of convertible preferred shares owned by Iroquois Master Fund.
−Removed: Includes (i) 178,654 shares, (ii) 1,896,000 shares issuable upon exercise of warrants and (iii) 1,700,000 shares issuable upon conversion of convertible preferred shares owned by Iroquois Master Fund.
−Removed: This information is based on the Schedule 13G/A filed with the Commission on January 10, 2023 by Sabby Volatility Warrant Master Fund, Ltd., Sabby Management, LLC and Hal Mintz (collectively, “Sabby”).
−Removed: Sabby reported sole and shared voting and sole and shared dispositive power of 934,456 shares of common stock.
−Removed: Sabby Management, LLC is the investment manager of Sabby Volatility Warrant Master Fund, Ltd.
−Removed: Hal Mintz is the Manager of Sabby Management, LLC and in such capacity has the right to vote and dispose of the securities held by Sabby Volatility Warrant Master Fund, Ltd.
−Removed: The address of Sabby is c/o Ogier Fiduciary Services (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman KY1-9007, Cayman Islands.
−Removed: This information is based on the Schedule 13G/A filed with the Commission on February 6, 2024 by Mitchell P.
−Removed: Kopin, Daniel B.
−Removed: Asher and Intracoastal Capital LLC (“Intracoastal”).
+Added: Percentages based on 6,795,779 shares of common stock outstanding
+Added: as of July 18, 2025.
+Added: Includes 774,100 shares of common stock issuable on the exercise of
+Added: warrants held by Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B (“Alto”).
+Added: This information is
+Added: based solely on the Schedule 13G filed with the SEC by Alto, Ayrton Capital LLC (“Ayrton”) and Waqas Khatri on February
+Added: Alto is a private investment vehicle for which Ayrton serves as the investment manager.
+Added: Khatri serves as the managing
+Added: member of Ayrton.
+Added: A blocker provision exists, limiting the percentage to 9.99%.
+Added: The address of Alto is Suite #7, Grand Pavilion
+Added: Commercial Centre, 802 West Bay Road, Grand Cayman, P.O.
+Added: Box 10250, Cayman Islands.
+Added: The address of Ayrton is 55 Post Rd West, 2nd
+Added: Floor, Westport, CT 06880.
The address of Mr.
+Added: Khatri is 55 Post Rd West, 2nd Floor, Westport, CT 06880.
+Added: Includes (i) 527,376 shares of common stock and (ii) 187,468 shares of common stock
+Added: issuable upon the exercise of warrants owned by Intracoastal LLC (“Intracoastal”).
+Added: This information is based on the Schedule
+Added: 13G/A filed with the SEC January 15, 2025 by Intracoastal, Mitchell P.
+Added: Kopin and Daniel B.
+Added: A blocker provision exists, limiting
+Added: the percentage to 9.99%.
+Added: The address of Mr.
Kopin and Intracoastal is c/o Intracoastal Capital, LLC, 245 Palm Trail, Delray Beach, Florida
2 unchanged sentences
Jackson Boulevard, Suite 2000, Chicago, Illinois 60604.
−Removed: Includes (i) 475,884 shares of common stock held by Intracoastal and (ii) 427,528 shares of common stock issuable upon exercise of warrants held by Intracoastal.
−Removed: Kopin is the manager of Intracoastal.
−Removed: Includes (i) 475,884 shares held by Intracoastal, (ii) 82,727 shares held by Mr.
−Removed: Asher and (iii) 335,619 shares of common stock issuable upon exercise of warrants held by Intracoastal.
−Removed: Represents shares underlying warrants and preferred stock held by Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B (“Alto”).
−Removed: Alto is a private investment vehicle for which Ayrton Capital LLC (“Ayrton”) serves as the investment manager.
−Removed: Waqas Khatri serves as the managing member of Ayrton.
−Removed: Alto’s address is Suite #7, Grand Pavilion Commercial Centre, 802 West Bay Road, Grand Cayman, P.O.
−Removed: Box 10250, Cayman Islands.
−Removed: Ayrton’s and Mr.
−Removed: Khatri’s address is 55 Post Rd West, 2nd Floor, Westport, CT 06880.
−Removed: This information is based on the Schedule 13G filed with the Commission on February 14, 2024.
−Removed: Includes 85,000 shares issuable upon the exercise of options to purchase common stock.
−Removed: Includes 61,248 shares issuable upon the exercise of options to purchase common stock.
−Removed: Includes 62,249 shares issuable upon the exercise of options to purchase common stock.
−Removed: Includes 61,248 shares issuable upon the exercise of options to purchase common stock.
−Removed: Includes 61,248 shares issuable upon the exercise of options to purchase common stock.
−Removed: Includes 48,500 shares issuable upon the exercise of options to purchase common stock.
+Added: Includes 170,000 shares issuable upon the exercise of options to purchase
+Added: common stock.
+Added: Includes 99,257 shares issuable upon the exercise of options to purchase
+Added: common stock.
+Added: Includes 100,257 shares issuable upon the exercise of options to purchase
+Added: common stock.
+Added: Includes 99,257 shares issuable upon the exercise of options to purchase
+Added: common stock.
+Added: Includes 99,257 shares issuable upon the exercise of options to purchase
+Added: common stock.
+Added: Includes 89,000 shares issuable upon the exercise of options to purchase
+Added: common stock.
Securities Authorized for Issuance under Equity
14 unchanged sentences
Equity compensation plans not approved by security holders
−Removed: Please see Notes 5 and 6 of the Consolidated Financial Statements to
−Removed: this Report for more information regarding our equity compensation arrangements.
CERTAIN RELATIONSHIPS AND RELATED
37 unchanged sentences
Walker have been determined by the Board to be Independent
+Added: On November 14, 2023, we entered into a Securities
+Added: Purchase Agreement with Femasys, Inc., pursuant to which we purchased for a sum of $5,000,000 (i) senior unsecured convertible notes (ii)
+Added: Series A Warrants to purchase 4,237,288 common shares and (iii) Series B Warrants to purchase 4,237,288 common shares.
+Added: Pursuant to the
+Added: terms of the Femasys agreement, our Interim Executive Officer was appointed to the Femasys board of directors.
+Added: For more information regarding
+Added: the Femasys Transaction, see “Item 7.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations
+Added: – Femasys Transaction.”
On May 20, 2024, we entered into the TNF Purchase
7 unchanged sentences
PRINCIPAL ACCOUNTANT FEES AND SERVICES
−Removed: The Company engaged Armanino LLP (“Armanino”) as its independent
−Removed: auditors from October 30, 2015 to November 5, 2023.
−Removed: The Company engaged Marcum LLP (“Marcum”) from November 5, 2023 to present.
+Added: We engaged Marcum LLP (“Marcum”) from
+Added: November 5, 2023 to February 21, 2025.
+Added: CBIZ CPAs P.C.
+Added: (“CBIZ CPAs”) acquired Marcum effective November 1, 2024.
A summary of the fees billed by our independent
−Removed: audit firm, Armanino, for professional services rendered for the years ended April 30, 2024 and 2023 is set forth below.
+Added: audit firm, CBIZ CPAs, for professional services rendered for the years ended April 30, 2025 and 2024 is set forth below.
Audit-Related Fees
All Other Fees
−Removed: During the years ended April 30, 2024 and 2023,
−Removed: we incurred from Armanino $95,025 and $140,958 in annual audit fees, respectively, and $129,150 and $31,500 in quarterly review fees,
−Removed: respectively, and $0 and $19,640 in income tax analysis, respectively.
A summary of the fees billed by our independent
2 unchanged sentences
All Other Fees
−Removed: During the year ended April 30, 2024, we incurred
−Removed: from Marcum $225,000 in audit fees and $76,650 in quarterly review fees.
Our Audit Committee pre-approves all services
21 unchanged sentences
audit of the financial statements, and includes fees in the areas of tax compliance, tax planning, and tax advice.
−Removed: Other Fees are those associated
−Removed: with services not captured in the other categories.
−Removed: The Company generally does not request such services from our independent registered
−Removed: public accounting firm.
+Added: Other Fees are those associated with
+Added: services not captured in the other categories.
+Added: We generally do not request such services from our independent registered public accounting
Prior to engagement, the Audit Committee pre-approves
17 unchanged sentences
(3) Exhibits.
−Removed: Except as so indicated below and in Exhibit 32.1,
−Removed: the following exhibits are filed as part of, or incorporated by reference into, the Report.
−Removed: Certain of the agreements filed as exhibits
−Removed: contain representations and warranties made by the parties thereto.
−Removed: The assertions embodied in such representations and warranties are
−Removed: not necessarily assertions of fact, but a mechanism for the parties to allocate risk.
−Removed: Accordingly, investors should not rely on the representations
−Removed: and warranties as characterizations of the actual state of facts or for any other purpose at the time they were made or otherwise.
+Added: Except as so indicated below and in Exhibits 32.1
+Added: and 32.2, the following exhibits are filed as part of, or incorporated by reference into, the Report.
+Added: Certain of the agreements filed
+Added: as exhibits contain representations and warranties made by the parties thereto.
+Added: The assertions embodied in such representations and warranties
+Added: are not necessarily assertions of fact, but a mechanism for the parties to allocate risk.
+Added: Accordingly, investors should not rely on the
+Added: representations and warranties as characterizations of the actual state of facts or for any other purpose at the time they were made or
Articles of Incorporation of the Company, as amended, dated October 31, 2019.
−Removed: Incorporated by reference
−Removed: from the Company’s Quarterly Report on Form 10-Q filed with the Commission on March 13, 2020.
+Added: Incorporated by reference from the Company’s Quarterly Report on Form 10-Q filed with the Commission on March 13, 2020.
Certificate of Amendment to Articles of Incorporation of the Company, dated July 2, 2021.
−Removed: Incorporated by reference
−Removed: from Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 6, 2021.
+Added: Incorporated by reference from Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 6, 2021.
Certificate of Change to Articles of Incorporation of the Company, dated July 9, 2021.
−Removed: Incorporated by reference
−Removed: from Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 13, 2021.
−Removed: Certificate of Change to
−Removed: Articles of Incorporation of the Company, dated March 7, 2023.
−Removed: Incorporated by reference
−Removed: from Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q filed with the Commission on March 16, 2023.
−Removed: Certificate of Change to Articles
−Removed: of Incorporation of the Company, dated September 6, 2023.
−Removed: Incorporated by reference from Exhibit 3.1 to the Company’s Current
−Removed: Report on Form 8-K filed with the Commission on September 7, 2023
−Removed: Certificate of Designations
−Removed: of Preferences and Rights of Series B Convertible Preferred Stock.
−Removed: Incorporated by reference
−Removed: from Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2023.
+Added: Incorporated by reference from Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 13, 2021.
+Added: Certificate of Change to Articles of Incorporation of the Company, dated March 7, 2023.
+Added: Incorporated by reference from Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q filed with the Commission on March 16, 2023.
+Added: Certificate of Change to Articles of Incorporation of the Company, dated September 6, 2023.
+Added: Incorporated by reference from Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on September 7, 2023
+Added: Certificate of Designations of Preferences and Rights of Series B Convertible Preferred Stock.
+Added: Incorporated by reference from Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2023.
Corporate Bylaws.
−Removed: Incorporated by reference
−Removed: from the Company’s Registration Statement on Form SB-2 (File No.
+Added: Incorporated by reference from the Company’s Registration Statement on Form SB-2 (File No.
333-68008) filed with the Commission on August 20, 2001.
1 unchanged sentence
One to the Bylaws of PharmaCyte Biotech, Inc.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on September 25, 2014.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on September 25, 2014.
Amendment No.
Two to the Bylaws of PharmaCyte Biotech, Inc.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on October 3, 2014.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on October 3, 2014.
Amendment No.
Three to Bylaws of PharmaCyte Biotech, Inc.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on June 4, 2021.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on June 4, 2021.
Amendment No.
Four to Bylaws of PharmaCyte Biotech, Inc.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on July 6, 2021.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on July 6, 2021.
Amendment No.
−Removed: Five to Bylaws
−Removed: of PharmaCyte Biotech, Inc.
−Removed: Incorporated by reference
−Removed: from Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on November 18, 2022.
+Added: Five to Bylaws of PharmaCyte Biotech, Inc.
+Added: Incorporated by reference from Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on November 18, 2022.
Amendment No.
−Removed: Six to Bylaws
−Removed: of PharmaCyte Biotech, Inc.
−Removed: Incorporated by reference
−Removed: from Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 19, 2023.
+Added: Six to Bylaws of PharmaCyte Biotech, Inc.
+Added: Incorporated by reference from Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 19, 2023.
Form of Common Stock Certificate.
−Removed: Incorporated by reference
−Removed: from the Company’s Registration Statement on Form SB-2 (File No.
+Added: Incorporated by reference from the Company’s Registration Statement on Form SB-2 (File No.
333-68008) filed with the Commission on August 20, 2001.
Description of Securities.
−Removed: Filed herewith.
+Added: Incorporated by reference from the Company’s Annual Report on
+Added: Form 10-K filed with the Commission on August 13, 2024.
Form of Common Warrant.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on August 12, 2021.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on August 12, 2021.
Form of Pre-funded Warrant.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on August 12, 2021.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on August 12, 2021.
Form of Underwriter’s Warrant.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on August 12, 2021.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on August 12, 2021.
Form of Pre-Funded Common Stock Purchase Warrant.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on August 23, 2021.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on August 23, 2021.
Form of Series A Warrant Common Stock Purchase Warrant.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on August 23, 2021.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on August 23, 2021.
Form of Placement Agent Common Stock Purchase Warrant.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on August 23, 2021.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on August 23, 2021.
Form of Warrant.
−Removed: Incorporated by reference
−Removed: from Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2023.
+Added: Incorporated by reference from Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2023.
+Added: Form of First Tranche Warrant
+Added: Filed herewith.
+Added: Form of Second Tranche Warrant
+Added: Filed herewith.
Asset Purchase Agreement, dated May 26, 2011, between SG Austria Pte.
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on June 28, 2012.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on June 28, 2012.
First Addendum, dated June 11, 2011, to Asset Purchase Agreement between SG Austria Pte.
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on June 28, 2012.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on June 28, 2012.
Second Addendum, dated June 14, 2012, to Asset Purchase Agreement between SG Austria Pte.
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on June 28, 2012.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on June 28, 2012.
Third Addendum, dated June 25, 2013, to Asset Purchase Agreement between SG Austria Private Limited and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on July 18, 2013.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on July 18, 2013.
Licensing Agreement, dated June 25, 2013, between Austrianova Singapore Pte.
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on July 18, 2013.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on July 18, 2013.
Manufacturing Framework Agreement, dated March 20, 2014, between Austrianova Singapore Pte.
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Annual Report on Form 10-K filed with the Commission on August 4, 2014.
+Added: Incorporated by reference from the Company’s Annual Report on Form 10-K filed with the Commission on August 4, 2014.
Master Services Agreement, dated April 7, 2014, between ViruSure GmbH and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Annual Report on Form 10-K filed with the Commission on August 4, 2014.
+Added: Incorporated by reference from the Company’s Annual Report on Form 10-K filed with the Commission on August 4, 2014.
Consulting Agreement, dated April 1, 2014, between Vin-de-Bona Trading Company Pte.
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Annual Report on Form 10-K filed with the Commission on August 4, 2014.
+Added: Incorporated by reference from the Company’s Annual Report on Form 10-K filed with the Commission on August 4, 2014.
License Agreement, dated October 13, 2014, between University of Technology, Sydney and PharmaCyte Biotech Australia Pty Ltd (formerly, Nuvilex Australia Pty Ltd).
−Removed: Incorporated by reference
−Removed: from Amendment No.
+Added: Incorporated by reference from Amendment No.
1 to the Company’s Annual Report on Form 10-K/A filed with the Commission on October 17, 2014.
Master Services Agreement, dated March 7, 2014, between ViruSure GmbH and the Company.
−Removed: Incorporated by reference
−Removed: from Amendment No.
+Added: Incorporated by reference from Amendment No.
1 to the Company’s Annual Report on Form 10-K/A filed with the Commission on October 17, 2014.
1 unchanged sentence
and the Company.
−Removed: Incorporated by reference
−Removed: to the Company’s Quarterly Report on Form 10-Q filed with the Commission on December 15, 2014.
+Added: Incorporated by reference to the Company’s Quarterly Report on Form 10-Q filed with the Commission on December 15, 2014.
First Amendment, dated June 30, 2015, to Licensing Agreement, dated December 1, 2014, between Austrianova Singapore Pte.
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Annual Report on Form 10-K filed with the Commission on July 29, 2016.
+Added: Incorporated by reference from the Company’s Annual Report on Form 10-K filed with the Commission on July 29, 2016.
Second Amendment, dated October 19, 2015, to Licensing Agreement, dated December 1, 2014, between Austrianova Singapore Pte.
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Annual Report on Form 10-K filed with the Commission on July 29, 2016.
+Added: Incorporated by reference from the Company’s Annual Report on Form 10-K filed with the Commission on July 29, 2016.
Variation, dated April 20, 2016, to License Agreement, October 13, 2014, between University of Technology, Sydney and PharmaCyte Biotech Australia Pty Ltd (formerly, Nuvilex Australia Pty Ltd).
−Removed: Incorporated by reference
−Removed: from the Company’s Annual Report on Form 10-K filed with the Commission on July 29, 2016.
+Added: Incorporated by reference from the Company’s Annual Report on Form 10-K filed with the Commission on July 29, 2016.
First Amendment, dated June 24, 2016, to Licensing Agreement, dated June 25, 2013, between Austrianova Singapore Pte.
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Annual Report on Form 10-K filed with the Commission on July 29, 2016.
+Added: Incorporated by reference from the Company’s Annual Report on Form 10-K filed with the Commission on July 29, 2016.
Binding Memorandum of Understanding, dated July 28, 2016, between Austrianova Singapore Pte Ltd.
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Annual Report on Form 10-K filed with the Commission on July 29, 2016.
+Added: Incorporated by reference from the Company’s Annual Report on Form 10-K filed with the Commission on July 29, 2016.
Letter agreement, dated June 29, 2017, between Michael Abecassis, M.D.
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on July 10, 2017.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on July 10, 2017.
Binding Term Sheet, dated August 30, 2017, among Austrianova Singapore Pte.
1 unchanged sentence
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on September 6, 2017.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on September 6, 2017.
Fourth Addendum, dated May 14, 2018, to Asset Purchase Agreement between SG Austria Pte.
and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on May 15, 2018.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on May 15, 2018.
Third Amendment, dated May 14, 2018, to Licensing Agreement, dated December 1, 2014, between Austrianova Singapore Pte.
Ltd and the Company .
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on May 15, 2018.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on May 15, 2018.
Second Amendment, dated May 14, 2018, to the Licensing Agreement, dated June 25, 2013, between Austrianova Singapore Pte.
Ltd and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on May 15, 2018.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on May 15, 2018.
Amendment No.
1 unchanged sentence
Crabtree and the Company.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on October 16, 2020.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on October 16, 2020.
Securities Purchase Agreement, dated as of August 19, 2021.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on August 23, 2021.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on August 23, 2021.
Amended and Restated Executive Compensation Agreement, dated May 8, 2022, between Kenneth L.
Waggoner and the Company.
−Removed: Incorporated by reference from Exhibit 10.40 to the Company’s
−Removed: Annual Report on Form 10-K filed with the Commission on July 28, 2022.
+Added: Incorporated by reference from Exhibit 10.40 to the Company’s Annual Report on Form 10-K filed with the Commission on July 28, 2022.
Amended and Restated Executive Compensation Agreement, dated May 8, 2022, between Carlos A.
Trujillo and the Company .
−Removed: Incorporated by reference from Exhibit 10.41 to the Company’s Annual Report on Form 10-K filed with the
−Removed: Commission on July 28, 2022.
+Added: Incorporated by reference from Exhibit 10.41 to the Company’s Annual Report on Form 10-K filed with the Commission on July 28, 2022.
PharmaCyte Biotech, Inc.
2021 Equity Incentive Plan.
−Removed: Incorporated by reference from Exhibit 10.42 to the Company’s
−Removed: Annual Report on Form 10-K filed with the Commission on July 28, 2022.
−Removed: Cooperation Agreement dated
−Removed: August 15, 2022, by and between PharmaCyte Biotech, Inc.
+Added: Incorporated by reference from Exhibit 10.42 to the Company’s Annual Report on Form 10-K filed with the Commission on July 28, 2022.
+Added: Cooperation Agreement dated August 15, 2022, by and between PharmaCyte Biotech, Inc.
and Iroquois Master Fund Ltd.
and its affiliates.
−Removed: Incorporated by reference
−Removed: from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on August 16, 2022.
−Removed: Separation, Consulting
−Removed: and Release Agreement, dated October 6, 2022, by and between PharmaCyte Biotech, Inc.
+Added: Incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on August 16, 2022.
+Added: Separation, Consulting and Release Agreement, dated October 6, 2022, by and between PharmaCyte Biotech, Inc.
and Kenneth L.
−Removed: Incorporated by reference
−Removed: from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on October 7, 2022.
−Removed: Release Agreement, dated
−Removed: October 12, 2022, by and between PharmaCyte Biotech, Inc.
+Added: Incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on October 7, 2022.
+Added: Release Agreement, dated October 12, 2022, by and between PharmaCyte Biotech, Inc.
and Gerald W.
−Removed: Incorporated by reference
−Removed: from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on October 14, 2022.
−Removed: Securities Purchase Agreement,
−Removed: dated May 9, 2023.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2023.
−Removed: Registration Rights Agreement,
−Removed: dated May 9, 2023.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2023.
−Removed: Engagement Letter, dated
−Removed: May 9, 2023, by and between the Company and Katalyst Securities LLC.
−Removed: Incorporated by reference
−Removed: from the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2023.
+Added: Incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on October 14, 2022.
+Added: Securities Purchase Agreement, dated May 9, 2023.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2023.
+Added: Registration Rights Agreement, dated May 9, 2023.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2023.
+Added: Engagement Letter, dated May 9, 2023, by and between the Company and Katalyst Securities LLC.
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2023.
PharmaCyte Biotech, Inc.
2022 Equity Incentive Plan .
−Removed: Incorporated by reference from Appendix A to the Company’s Schedule
−Removed: 14A filed with the Commission on November 25, 2022.
+Added: Incorporated by reference from Appendix A to the Company’s Schedule 14A filed with the Commission on November 25, 2022.
Form of Series A Warrant of Femasys, Inc.
Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on November 16, 2023.
−Removed: Form of Series B Warrant of Femasys, Inc.
−Removed: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on November 16, 2023
−Removed: Securities Purchase Agreement, dated November 14, 2023, by and
−Removed: between PharmaCyte Biotech, Inc.
+Added: Securities Purchase Agreement, dated November 14, 2023, by and between PharmaCyte Biotech, Inc.
and Femasys, Inc.
2 unchanged sentences
Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on November 16, 2023.
−Removed: Registration Rights Agreement, dated November 14, 2023, by and
−Removed: between PharmaCyte Biotech, Inc.
+Added: Registration Rights Agreement, dated November 14, 2023, by and between PharmaCyte Biotech, Inc.
and Femasys, Inc.
3 unchanged sentences
Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on November 16, 2023.
−Removed: Securities Purchase Agreement, dated May 20, 2024 by and among
−Removed: PharmaCyte Biotech, Inc.
−Removed: and MyMD Pharmaceuticals, Inc.
+Added: Securities Purchase Agreement, dated May 20, 2024 by and among PharmaCyte Biotech, Inc.
+Added: and TNF Pharmaceuticals, Inc.
+Added: (f/k/a MyMD Pharmaceuticals, Inc.)
Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on May 23, 2024.
−Removed: Form of Certificate of Designations of Series G Convertible Preferred
−Removed: Stock of MyMD Pharmaceuticals, Inc.
−Removed: Incorporated by reference from the Company’s Current Report
−Removed: on Form 8-K filed with the Commission on May 23, 2024.
−Removed: Form of Long-Term Warrant of MyMD Pharmaceuticals, Inc.
−Removed: Incorporated by reference from the Company’s Current Report
−Removed: on Form 8-K filed with the Commission on May 23, 2024.
−Removed: Form of Short-Term Warrant of MyMD Pharmaceuticals, Inc.
−Removed: Incorporated by reference from the Company’s Current Report
−Removed: on Form 8-K filed with the Commission on May 23, 2024.
+Added: Form of Certificate of Designations of Series G Convertible Preferred Stock of TNF Pharmaceuticals, Inc.
+Added: (f/k/a MyMD Pharmaceuticals, Inc.)
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on May 23, 2024.
+Added: Form of Long-Term Warrant of TNF Pharmaceuticals, Inc.
+Added: (f/k/a MyMD Pharmaceuticals, Inc.)
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on May 23, 2024.
+Added: Form of Short-Term Warrant of TNF Pharmaceuticals, Inc.
+Added: (f/k/a MyMD Pharmaceuticals, Inc.)
+Added: Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on May 23, 2024.
+Added: Form of Silverman
+Added: Executive Compensation Agreement
+Added: Filed herewith.
PharmaCyte Biotech, Inc.
1 unchanged sentence
Incorporated by reference from the Company’s Current Report on Form 8-K filed with the Commission on September 25, 2014.
+Added: Letter from Marcum LLP to the Securities and Exchange Commission regarding the Company’s change in certifying accountant dated February 26, 2025.
+Added: Incorporated by reference from the Company’s Current Report on Form
+Added: 8-K filed with the Commission on February 26, 2025.
PharmaCyte Biotech, Inc.
Insider Trading Policy .
−Removed: Filed herewith.
+Added: Incorporated by reference
+Added: from the Company’s Annual Report on Form 10-K filed with the Commission on August 13, 2024.
List of Subsidiaries.
Filed herewith.
−Removed: Consent of Marcum LLP.
+Added: Consent of CBIZ CPAs P.C.
Filed herewith.
−Removed: Consent of Armanino LLP.
+Added: Consent of Marcum LLP.
Filed herewith.
11 unchanged sentences
Clawback Policy.
−Removed: Filed herewith.
−Removed: Inline XBRL Instance
−Removed: Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline
−Removed: XBRL document.
+Added: Incorporated by reference from the Company’s Annual Report on
+Added: Form 10-K filed with the Commission on August 13, 2024.
+Added: Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Filed herewith.
−Removed: Inline XBRL Taxonomy Extension
−Removed: Schema Document
+Added: Inline XBRL Taxonomy Extension Schema Document
Filed herewith.
−Removed: Inline XBRL Taxonomy Extension
−Removed: Calculation Linkbase Document
+Added: Inline XBRL Taxonomy Extension Calculation Linkbase Document
Filed herewith.
−Removed: Inline XBRL Taxonomy Extension
−Removed: Definition Linkbase Document
+Added: Inline XBRL Taxonomy Extension Definition Linkbase Document
Filed herewith.
−Removed: Inline XBRL Taxonomy Extension
−Removed: Label Linkbase Document
+Added: Inline XBRL Taxonomy Extension Label Linkbase Document
Filed herewith.
−Removed: Inline XBRL Taxonomy Extension
−Removed: Presentation Linkbase Document
+Added: Inline XBRL Taxonomy Extension Presentation Linkbase Document
Filed herewith.
−Removed: Cover Page Interactive
−Removed: Data File (formatted as Inline XBRL and contained in Exhibits 101)
+Added: Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101)
Filed herewith.
7 unchanged sentences
/s/ Joshua N.
−Removed: Interim Chief Executive Officer
+Added: Chief Executive Officer
(Duly Authorized Officer and Principal Executive Officer)
7 unchanged sentences
/s/ Joshua N.
−Removed: Interim Chief Executive Officer, Interim Chairman of the Board and
+Added: Chief Executive Officer, Chairman of the Board and
(Principal Executive Officer)
21 unchanged sentences
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
−Removed: Report of Independent Registered Public Accounting Firm - Marcum (PCAOB Auditor ID:
−Removed: Independent Registered Public Accounting Firm - Armanino (PCAOB Auditor ID:
+Added: Report of Independent Registered Public Accounting Firm - CBIZ CPAs P.C.
+Added: Report of Independent Registered Public Accounting Firm – Marcum LLP (PCAOB Auditor ID:
Consolidated Balance Sheets as of April 30, 2025, and 2024
Consolidated Statements of Operations for the Years Ended April 30, 2025, and 2024
−Removed: Consolidated Statements of
−Removed: Comprehensive Income (Loss) for the Years Ended April 30, 2024, and 2023
−Removed: Consolidated Statements of Changes
−Removed: in Convertible Preferred Stock and Stockholders’ Equity for the Years Ended April 30, 2024, and 2023
+Added: Consolidated Statements of Comprehensive Income for the Years Ended April 30, 2025, and 2024
+Added: Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity for the Years Ended April 30, 2025, and 2024
Consolidated Statements of Cash Flows for the Years Ended April 30, 2025, and 2024
1 unchanged sentence
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
−Removed: To the Shareholders and Board of Directors of
+Added: To the Stockholders and Board of Directors of
PharmaCyte Biotech, Inc.
2 unchanged sentences
balance sheet of PharmaCyte Biotech, Inc.
−Removed: (the “Company”) as of April 30, 2024, the related consolidated statements of
−Removed: operations, comprehensive income (loss) , changes in convertible preferred stock and stockholders’ equity, and cash
−Removed: flows for the year ended April 30, 2024, and the related notes (collectively referred to as the “financial statements”).
−Removed: In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of April
−Removed: 30, 2024, and the results of its operations and its cash flows for the year ended April 30, 2024, in conformity with accounting
−Removed: principles generally accepted in the United States of America.
+Added: (the “Company”) as of April 30, 2025, the related consolidated statements of operations,
+Added: comprehensive income, changes in convertible preferred stock and stockholders’ equity, and cash flows for the year ended April 30,
+Added: 2025, and the related notes (collectively referred to as the “financial statements”).
+Added: In our opinion, the financial statements
+Added: present fairly, in all material respects, the financial position of the Company as of April 30, 2025, and the results of its operations
+Added: and its cash flows for the year ended April 30, 2025, in conformity with accounting principles generally accepted in the United States
Basis for Opinion
6 unchanged sentences
regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audit in accordance with the standards
−Removed: of the PCAOB.
−Removed: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
−Removed: are free of material misstatement, whether due to error or fraud.
−Removed: The Company is not required to have, nor were we engaged to perform,
−Removed: an audit of its internal control over financial reporting.
−Removed: As part of our audit we are required to obtain an understanding of internal
−Removed: control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control
−Removed: over financial reporting.
+Added: We conducted our audit in accordance with the
+Added: standards of the PCAOB.
+Added: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
+Added: statements are free of material misstatement, whether due to error or fraud.
+Added: The Company is not required to have, nor were we engaged
+Added: to perform, an audit of its internal control over financial reporting.
+Added: As part of our audit we are required to obtain an understanding
+Added: of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal
+Added: control over financial reporting.
Accordingly, we express no such opinion.
5 unchanged sentences
the overall presentation of the financial statements.
−Removed: We believe that our audit provide s a reasonable basis for our opinion.
+Added: We believe that our audit provides a reasonable basis for our opinion.
Critical Audit Matters
−Removed: Critical audit matters are matters arising from the
−Removed: current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:
−Removed: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective,
−Removed: or complex judgments.
−Removed: The critical audit matter communicated below is a
−Removed: matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit
−Removed: committee and that:
−Removed: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially
−Removed: challenging, subjective, or complex judgments.
−Removed: The communication of critical audit matters does not alter in any way our opinion on the
−Removed: financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions
+Added: The critical audit matters communicated below
+Added: are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to
+Added: the audit committee and that:
+Added: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our
+Added: especially challenging, subjective, or complex judgments.
+Added: The communication of critical audit matters does not alter in any way our opinion
+Added: on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions
on the critical audit matters or on the accounts or disclosures to which they relate.
−Removed: Critical Audit Matter –
Fair Value of Financial Instruments
−Removed: As described in Note 3 and Note
−Removed: 12 to the financial statements, the Company records certain financial instruments at fair value on a recurring basis, including a derivative
−Removed: liability, a note receivable, and a warrant asset, which are classified as level 3 as they contain one or more inputs to valuation which
−Removed: are unobservable and significant to their fair value measurement.
−Removed: The principal considerations
−Removed: for our determination that performing procedures relating to the fair value of certain level 3 financial instruments is a critical audit
−Removed: matter are (i) the significant judgment and estimation by management and their third party valuation experts in determining the inputs
−Removed: to estimate fair value, which in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures and
−Removed: in evaluating audit evidence obtained related to the fair value of these financial instruments, and (ii) the audit effort involved the
−Removed: use of professionals with specialized skill and knowledge.
−Removed: this matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the
−Removed: financial statements.
+Added: Critical Audit
+Added: As described in Notes 3, 4, 14 and 15 to the financial
+Added: statements, the Company records certain financial instruments at fair value on a recurring basis, including a derivative liability, a
+Added: note receivable, and a warrant asset, which are classified as level 3 as they contain one or more inputs to valuation which are unobservable
+Added: and significant to their fair value measurement.
+Added: The principal considerations for our determination
+Added: that performing procedures relating to the fair value of certain level 3 financial instruments is a critical audit matter are (i) the
+Added: significant judgment and estimation by management and their third party valuation experts in determining the inputs to estimate fair value,
+Added: which in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures and in evaluating audit evidence
+Added: obtained related to the fair value of these financial instruments, and (ii) the audit effort involved the use of professionals with specialized
+Added: skill and knowledge.
+Added: Addressed the
+Added: Matter in Our
+Added: Addressing this matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements.
These procedures included reviewing the terms of the underlying agreements that gave rise to the financial instruments.
−Removed: These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in the testing
−Removed: and evaluation of the valuation models prepared by management’s third-party valuation experts.
−Removed: This included assessing the appropriateness
−Removed: of the methodologies used in the valuation process and developing an independent estimate of fair value for these financial instruments
−Removed: and comparing management’s estimate to the independently developed estimate of fair value.
−Removed: Developing the independent estimate involved
−Removed: testing the completeness, accuracy, and relevance of underlying data used in the models, and testing the reasonableness of significant
−Removed: assumptions, including equity volatility, trading volume volatility, market interest rate, probability of default, risk-free rate,
−Removed: calibration adjustment factor, and starting daily share volume, as applicable.
−Removed: /s/ Marcum LLP
−Removed: We have served as the Company’s auditor since 2023 .
−Removed: East Hanover, New Jersey
+Added: These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in the testing and evaluation of the valuation models prepared by management’s third-party valuation experts.
+Added: This included assessing the appropriateness of the methodologies used in the valuation process and developing an independent estimate of fair value for these financial instruments and comparing management’s estimate to the independently developed estimate of fair value.
+Added: Developing the independent estimate involved testing the completeness, accuracy, and relevance of underlying data used in the models, and testing the reasonableness of significant assumptions, including equity volatility, trading volume volatility, market interest rate, probability of default, risk-free rate, calibration adjustment factor, and starting daily share volume, as applicable.
+Added: /s/ CBIZ CPAs P.C.
+Added: CBIZ CPAs P.C.
+Added: We have served as the Company’s auditor since 2023 (such date
+Added: takes into account the acquisition of certain assets of Marcum LLP by CBIZ CPAs P.C.
+Added: effective November 1, 2024).
August 8, 2025
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
−Removed: To the Board of Directors
−Removed: and Stockholders
+Added: To the Shareholders and Board of Directors of
PharmaCyte Biotech, Inc.
−Removed: Las Vegas, Nevada
−Removed: Opinion on the Financial
−Removed: We have audited the accompanying
−Removed: consolidated balance sheet of PharmaCyte Biotech, Inc.
−Removed: and its subsidiaries (collectively the "Company") as of April 30, 2023,
−Removed: and the related consolidated statements of operations, comprehensive loss, stockholders’ equity, and cash flows for the year then
−Removed: ended April 30, 2023, and the related notes (collectively referred to as the “consolidated financial statements”).
−Removed: In our opinion, the consolidated
−Removed: financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2023, and the results
−Removed: of its operations and cash flows for the year ended April 30, 2023, in conformity with accounting principles generally accepted in the
−Removed: United States of America.
+Added: Opinion on the Financial Statements
+Added: We have audited the accompanying consolidated
+Added: balance sheet of PharmaCyte Biotech, Inc.
+Added: (the “Company”) as of April 30, 2024, the related consolidated statements of operations,
+Added: comprehensive income , changes in convertible preferred stock and stockholders’ equity, and cash flows for the year ended
+Added: April 30, 2024, and the related notes (collectively referred to as the “financial statements”).
+Added: In our opinion, the financial
+Added: statements present fairly, in all material respects, the financial position of the Company as of April 30, 2024, and the results of its
+Added: operations and its cash flows for the year ended April 30, 2024, in conformity with accounting principles generally accepted in the United
+Added: States of America.
Basis for Opinion
−Removed: These consolidated financial
−Removed: statements are the responsibility of the Company's management.
−Removed: Our responsibility is to express an opinion on the Company's consolidated
−Removed: financial statements based on our audit.
−Removed: We are a public accounting firm registered with the Public Company Accounting Oversight Board
−Removed: (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.
−Removed: federal securities
−Removed: laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audit in
−Removed: accordance with the standards of the PCAOB.
−Removed: Those standards require that we plan and perform the audit to obtain reasonable assurance
−Removed: about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
−Removed: audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
−Removed: to error or fraud, and performing procedures that respond to those risks.
−Removed: Such procedures included examining, on a test basis, evidence
−Removed: regarding the amounts and disclosures in the consolidated financial statements.
−Removed: Our audit also included evaluating the accounting principles
−Removed: used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
+Added: These financial statements are the responsibility
+Added: of the Company's management.
+Added: Our responsibility is to express an opinion on the Company's financial statements based on our audit.
+Added: are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are
+Added: required to be independent with respect to the Company in accordance with the U.S.
+Added: federal securities laws and the applicable rules and
+Added: regulations of the Securities and Exchange Commission and the PCAOB.
+Added: We conducted our audit in accordance with the
+Added: standards of the PCAOB.
+Added: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
+Added: statements are free of material misstatement, whether due to error or fraud.
+Added: The Company is not required to have, nor were we engaged
+Added: to perform, an audit of its internal control over financial reporting.
+Added: As part of our audit we are required to obtain an understanding
+Added: of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal
+Added: control over financial reporting.
+Added: Accordingly, we express no such opinion.
+Added: Our audit included performing procedures to assess
+Added: the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
+Added: to those risks.
+Added: Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
+Added: Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
+Added: the overall presentation of the financial statements.
We believe that our audit provides a reasonable basis for our opinion.
−Removed: Irvine, California
−Removed: July 31, 2023
−Removed: We have served as the Company's
−Removed: auditor since 2015.
−Removed: In 2023, we became the predecessor auditor.
+Added: /s/ Marcum llp
+Added: We served as the Company’s auditor from 2023 to 2025.
+Added: Morristown, New Jersey
+Added: August 13, 2024
PHARMACYTE BIOTECH, INC.
2 unchanged sentences
Cash and cash equivalents
+Added: Marketable equity securities
+Added: Warrant asset – TNF - current
+Added: Convertible Note receivable – Femasys - current
Prepaid expenses and other current assets
2 unchanged sentences
Intangible assets
−Removed: Investment in SG Austria
−Removed: Convertible note receivable
−Removed: Warrant asset
+Added: Investment in preferred stock – TNF
+Added: Warrant assets – TNF - non current
+Added: Convertible note receivable – Femasys - non current
+Added: Warrant assets - Femasys
Total other assets
−Removed: LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
+Added: LIABILITIES, CONVERTIBLE PREFERRED STOCK AND
+Added: STOCKHOLDERS' EQUITY
Current liabilities:
1 unchanged sentence
Accrued expenses
−Removed: Accrued Series B convertible preferred stock redemption and dividends
+Added: Accrued Series B convertible preferred stock redemption and dividends payable
Total current liabilities
Other liabilities:
+Added: Long-term portion of accrued expenses
Warrant liability
2 unchanged sentences
Total Liabilities
−Removed: Commitments and Contingencies (Notes 7 and 9)
+Added: Commitments and Contingencies (Note 9)
Convertible Preferred Stock:
26 unchanged sentences
Research and development costs
−Removed: Compensation expense
−Removed: Director fees
−Removed: Legal and professional
Intangible asset impairment
8 unchanged sentences
Change in fair value of derivative liability
−Removed: Change in fair value of convertible note receivable
−Removed: Change in fair value of warrant asset
−Removed: Loss on long term asset
+Added: Change in fair value of convertible note receivable – Femasys
+Added: Change in fair value of warrant asset – Femasys
( 2,091,000 )
−Removed: Other income, net
−Removed: Total other income, net
−Removed: Net income (loss)
+Added: Change in fair value of investment – TNF
+Added: Change in fair value of warrant assets - TNF
( 2,367,684 )
+Added: Gain on investment in preferred stock – TNF
+Added: Unrealized gain on marketable securities
+Added: Loss on legal settlement
+Added: ( 2,019,000 )
+Added: Loss on long term asset
+Added: ( 1,572,193 )
+Added: Other income (expense), net
+Added: Total other income (expense), net
+Added: Income tax benefit (expense)
Preferred stock dividends
( 1,129,759 )
+Added: ( 2,517,645 )
+Added: Undistributed income to Series B convertible preferred stock
+Added: ( 2,970,780 )
Preferred stock accretion
( 3,193,404 )
−Removed: Net loss attributable to common stockholders
( 15,053,521 )
+Added: Net income (loss) attributable to common stockholders
$ ( 17,237,403 )
−Removed: Basic and diluted loss per share attributable to common stockholders
+Added: Basic and diluted income (loss) per share attributable to common stockholders
Weighted average shares outstanding basic and diluted
4 unchanged sentences
Years Ended April 30,
−Removed: Net income (loss)
−Removed: $ ( 4,315,993 )
Other comprehensive loss:
1 unchanged sentence
Other comprehensive loss
−Removed: Comprehensive income (loss)
−Removed: $ ( 4,323,239 )
+Added: Comprehensive income
The accompanying notes are an integral part
1 unchanged sentence
PHARMACYTE BIOTECH, INC.
−Removed: STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
+Added: CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE
+Added: PREFERRED STOCK AND STOCKHOLDERS' EQUITY
YEARS ENDED APRIL 30, 2025 AND 2024
−Removed: Convertible Preferred Stock
+Added: Convertible Preferred
Additional Paid-in
6 unchanged sentences
( 4,808,098 )
−Removed: Stock issued for compensation
−Removed: Stock issued for services
−Removed: Stock issued for warrant exercise
+Added: $ ( 13,560,623 )
+Added: $ ( 115,958,773 )
Stock-based compensation options
−Removed: Reverse stock split adjustment
−Removed: Gain on de-consolidation of subsidiary
−Removed: Foreign currency translation adjustment
+Added: Stock issued for warrant exercise
+Added: Series B preferred stock redeemed
( 13,999,302 )
+Added: Series B preferred stock subject
+Added: to redemption
( 5,940,278 )
−Removed: Repurchase of common stock
+Added: Series B preferred stock dividends
( 2,517,645 )
( 2,517,645 )
+Added: Preferred stock accretion
( 15,053,521 )
−Removed: Balance, April 30, 2023
( 15,053,521 )
+Added: Issuance of Series B Preferred Stock,
+Added: net of discounts and issuance costs of $ 18,246,925
+Added: Repurchase of common stock
( 8,826,356 )
1 unchanged sentence
( 28,479,593 )
−Removed: Stock-based compensation options
−Removed: Stock issued for warrant exercise
−Removed: Series B preferred stock redeemed
+Added: Foreign currency translation adjustment
+Added: Balance, April 30, 2024
$ 185,334,173
−Removed: Series B preferred stock subject to redemption
( 13,634,454 )
−Removed: Series B preferred stock dividends
$ ( 42,040,216 )
$ ( 115,625,010 )
+Added: Fractional shares adjustment
+Added: Stock-based compensation options
Preferred stock accretion
1 unchanged sentence
( 3,193,404 )
−Removed: Issuance of Series B Preferred Stock, net of discounts and issuance costs of $ 18,246,925
−Removed: Repurchase of common stock
+Added: Series B preferred stock redemption
( 15,287,599 )
+Added: Preferred stock
+Added: Foreign currency translation adjustment
+Added: Repurchase of
( 1,241,862 )
( 2,567,700 )
−Removed: Foreign currency translation adjustment
+Added: ( 2,567,700 )
Balance, April 30, 2025
6 unchanged sentences
PHARMACYTE BIOTECH, INC.
−Removed: CONSOLIDATED STATEMENTS
−Removed: OF CASH FLOWS
+Added: CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended April 30,
Cash flows from operating activities:
−Removed: Net income (loss)
+Added: Adjustments to reconcile net loss
+Added: to net cash used in operating activities:
+Added: Gain on related party investment - TNF
( 21,395,734 )
−Removed: Adjustments to reconcile net loss to net cash used in operating activities:
+Added: Non-cash interest income
+Added: Non-cash warrant liability
Asset impaired
Loss on long term asset
−Removed: Other non-cash (income) expense
−Removed: Stock issued for services
−Removed: Stock issued for compensation
+Added: Other non-cash income
Stock-based compensation
+Added: Unrealized gain on marketable equity securities
Change in fair value of warrant liability
( 10,446,000 )
+Added: ( 3,343,000 )
Change in fair value of derivative liability
+Added: ( 2,184,000 )
Change in fair value of convertible note receivable
( 1,089,000 )
−Removed: Change in fair value of warrant asset
+Added: Change in fair value of warrant assets - Femasys
( 1,818,000 )
+Added: Change in fair value of investment - TNF
+Added: ( 5,063,950 )
+Added: Change in fair value of warrants - TNF
Change in assets and liabilities:
−Removed: Increase in prepaid expenses and other current assets
−Removed: Increase (decrease) in accounts payable
−Removed: Increase (decrease) in accrued expenses
+Added: (Increase) decrease in prepaid expenses and other
+Added: current assets
+Added: Increase in accounts payable
+Added: Increase in accrued expenses
Net cash used in operating activities
2 unchanged sentences
Cash flows from investing activities:
−Removed: Investment - note receivable and warrants
+Added: Investment in preferred stock and warrants
( 7,000,000 )
+Added: Investment – convertible note
+Added: receivable and warrants
+Added: ( 5,000,000 )
Net cash used in investing activities
( 7,000,000 )
+Added: ( 5,000,000 )
Cash flows from financing activities:
−Removed: Repurchase of common stock, net of excise tax
+Added: Repurchase of common stock, net
( 2,542,276 )
( 28,197,617 )
−Removed: Proceeds from issuance of preferred stock, net of transaction costs
+Added: Proceeds from issuance of preferred stock, net of
+Added: transaction costs
Redemption of preferred stock
( 22,486,875 )
+Added: ( 16,160,531 )
Proceeds from warrant exercise
2 unchanged sentences
( 10,708,003 )
−Removed: Effect of currency rate exchange on cash and cash equivalents
+Added: Effect of currency rate exchange on cash and cash
Net decrease in cash and cash equivalents
4 unchanged sentences
Supplemental disclosure of cash flows information:
−Removed: Cash paid during the year for income taxes
−Removed: Supplemental schedule of non-cash investing and financing activities:
−Removed: Non-cash derivative liability at initial fair value
−Removed: Non-cash warrant liability at initial fair value
−Removed: Reclassification of Series B Convertible Preferred Stock and dividends to current liability
−Removed: Accretion of discounts to redemption value of Series B Preferred Stock
−Removed: Excise tax accrued on repurchase of common stock
+Added: Cash paid during the year for
+Added: Supplemental schedule of non-cash investing and financing
+Added: Non-cash derivative liability
+Added: at initial fair value
+Added: Non-cash warrant liability
+Added: at initial fair value
+Added: Accrued Series B Convertible
+Added: Preferred Stock dividends
+Added: Series B Convertible Preferred
+Added: stock dividends
+Added: Accretion of discounts to redemption
+Added: value of Series B Preferred Stock
+Added: Excise tax accrued on repurchase
+Added: of common stock
The accompanying notes are an integral part
56 unchanged sentences
whether it should continue those programs which are dependent on SG Austria, including its development programs for LAPC.
−Removed: The issues involving SG Austria have delayed the Company’s timeline for addressing the FDA clinical hold for
−Removed: its planned clinical trial in LAPC and could result in other delays or termination of the development activities.
−Removed: In addition, the curtailment
−Removed: of spending on the Company’s programs pending the review by the Business Review Committee and the Board may cause additional delays.
+Added: The issues involving
+Added: SG Austria have delayed the Company’s timeline for addressing the FDA clinical hold for its planned clinical trial in LAPC and could
+Added: result in other delays or termination of the development activities.
+Added: In addition, the curtailment of spending on the Company’s programs
+Added: pending the review by the Business Review Committee and the Board may cause additional delays.
The Cell-in-a-Box ® encapsulation
5 unchanged sentences
They are protected from environmental challenges,
−Removed: such as the sheer forces associated with bioreactors and passage through catheters and needles, which the Company believes enables greater
+Added: such as the shear forces associated with bioreactors and passage through catheters and needles, which the Company believes enables greater
cell growth and production of the active molecules.
8 unchanged sentences
cancerous tumor may be optimized.
−Removed: Until the review by the Business Review Committee
−Removed: and the Board is complete and the Board has determined the actions and plans to be implemented, spending on the Company’s programs
−Removed: has been curtailed.
Investigational New Drug Application and
26 unchanged sentences
Provide a discussion with data for trial of the potential for cellular and humoral immune reactivity against the heterologous rat CYP2B1 protein and potential for induction of autoimmune-mediated toxicities in our study population.
−Removed: The Company assembled a scientific and regulatory
−Removed: team of experts to address the FDA requests.
−Removed: That team has been working diligently to complete the items requested by the FDA.
−Removed: Nasdaq Listing
−Removed: The Company’s common stock began trading
−Removed: on Nasdaq on August 10, 2021, under the symbol “PMCB.” Prior to that, the Company’s common stock was quoted on the OTCQB
−Removed: Market under the symbol “PMCB.”
−Removed: Increase in Authorized Shares
−Removed: On September 6, 2023, pursuant to stockholder
−Removed: approval received at a special meeting of stockholders, the Company filed with the Secretary of State of the State of Nevada a Certificate
−Removed: of Change to its Articles of Incorporation, as amended, to increase the number of authorized shares of common stock from 133,333,334 to
−Removed: 200,000,000 .
−Removed: The Certificate of Change had no impact on the number of authorized shares of preferred stock, which remains at 10,000,000 .
+Added: The Company assembled a scientific and
+Added: regulatory team of experts to address the FDA requests.
+Added: During the year ended April 30, 2025, the Company’s scientific
+Added: consultants have been in active dialog with the FDA seeking permission to forego the large animal study.
+Added: The technology upon which
+Added: the LAPC treatment will be based, intra-arterial chemotherapy, has been used in five clinical trials in humans.
+Added: The data available
+Added: from these human clinical trials supersedes large animal study data.
+Added: The treatment may not be a treatment of pancreatic cancer, but
+Added: a method of improving and possibly enabling complete surgical resection of the tumor.
+Added: The Company is waiting for the FDA’s
+Added: responses and hopes the FDA will accept that the LAPC treatment now meets manufacturing standard requirements, which have
+Added: significantly improved since the clinical hold was first placed.
+Added: The FDA may require additional preclinical studies when the meeting
+Added: The Company is in ongoing dialogue with SG Austria to prepare for the next steps and add requested information
+Added: to the drug master file upon which the Company still relies on.
+Added: NOTE 2 – LIQUIDITY AND OTHER UNCERTAINTIES
+Added: As of April 30, 2025, the Company had approximately
+Added: $ 15.2 million in cash and cash equivalents as compared to $ 50.2 million at April 30, 2024.
+Added: The Company expects that its current cash and
+Added: cash equivalents, as of the date of this Annual Report, will be sufficient to support its projected operating requirements and financial
+Added: commitments for at least the next twelve months from this date.
+Added: The operating requirements include the expected costs to submit and clear
+Added: the FDA clinical hold on our pancreatic cancer treatment.
+Added: The Company expects to need additional capital
+Added: in order to complete a clinical trial for the treatment of pancreatic cancer.
+Added: If any additional equity financing, if available, may not
+Added: be on favorable terms and would likely be significantly dilutive to the Company’s current stockholders and debt financing, if available,
+Added: may involve restrictive covenants.
+Added: If the Company is able to access funds through collaborative or licensing arrangements, it may be required
+Added: to relinquish rights to some of its product candidates that the Company would otherwise seek to develop or commercialize on its own, on
+Added: terms that are not favorable to the Company.
+Added: The Company’s ability to access capital is not assured and, if not achieved on a timely
+Added: basis, will likely have a material adverse effect on our business, financial condition and results of operations.
+Added: The Company operates in an industry that is subject
+Added: to rapid technological change, competition and government regulation.
+Added: The Company’s operations are subject to significant risk and
+Added: uncertainties including financial operational, technological, regulatory, and other risks.
+Added: Such factors, include but not limited to, results
+Added: of clinical testing and trial activities, the ability to obtain regulatory approval, the supply of needed materials, the ability to obtain
+Added: manufacturing and the ability to raise capital to achieve strategic objectives.
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING
Principles of Consolidation and Basis of Presentation
−Removed: The Consolidated Financial Statements include
−Removed: the accounts of the Company and its wholly owned subsidiaries.
+Added: The Consolidated Financial Statements include the accounts of the Company
+Added: and its wholly owned subsidiaries.
The Company operates independently and through three wholly owned subsidiaries:
−Removed: (i) PharmaCyte Biotech Europe Limited;
+Added: (i) PharmaCyte Biotech
+Added: Europe Limited;
(ii) PharmaCyte Biotech Australia Pty.
and (iii) Viridis Biotech, Inc.
−Removed: and are prepared in
−Removed: accordance with U.S.
+Added: and are prepared in accordance with U.S.
generally accepted accounting principles (“U.S.
GAAP”) and the Rules and Regulations of the Commission.
−Removed: Upon consolidation, intercompany balances and transactions are eliminated.
−Removed: The Company’s 13.9% investment in SG Austria is presented
−Removed: using the measurement alternative allowed under ASC 321 Investments – Equity Securities for investments with no readily determinable
−Removed: In March 2023, Bio Blue Bird was liquidated and was de-consolidated in these consolidated financial statements.
+Added: Upon consolidation,
+Added: intercompany balances and transactions are eliminated.
Use of Estimates in the Preparation of Financial
−Removed: The preparation of financial statements in accordance
−Removed: GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of
−Removed: contingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of revenues
−Removed: and expenses during the reporting period.
−Removed: Uncertainties with respect to such estimates and assumptions are inherent in the preparation
−Removed: of the Company’s consolidated financial statements;
−Removed: accordingly, it is possible that the actual results could differ from these
−Removed: estimates and assumptions, which could have a material effect on the reported amounts of the Company’s consolidated financial position
−Removed: and results of operations.
+Added: The preparation of financial statements in
+Added: accordance with U.S.
+Added: GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities,
+Added: disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published and the
+Added: reported amounts of revenues and expenses during the reporting period.
+Added: Uncertainties with respect to such estimates and assumptions
+Added: are inherent in the preparation of the Company’s consolidated financial statements;
+Added: accordingly, it is possible that the
+Added: actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the
+Added: Company’s consolidated financial position and results of operations.
+Added: The Company’s most significant estimates and
+Added: assumptions are the assessment of the fair value of long-lived assets, fair value measurements of investments, the valuation of
+Added: warrants and derivative liabilities, accretion of preferred stock and the measurement of stock based compensation.
+Added: Reclassification
+Added: Certain balances in the consolidated financial statements
+Added: for the year ended April 30, 2024 have been reclassified to conform to the presentation in the consolidated financial statements for the
+Added: year ended April 30, 2025.
+Added: In the prior year, the Company separately disclosed compensation expense, director fees and legal and professional
+Added: expenses and in the current year the Company has reclassified these costs on the consolidated statements of operations with general and
+Added: administrative expenses.
+Added: These reclassifications had no effect on the Company’s previously reported results of operations, changes
+Added: in convertible preferred stock and stockholders’ equity, or cash flows.
Cash and Cash Equivalents
1 unchanged sentence
and short-term liquid investments purchased with maturities of three months or less.
+Added: Additionally, the Company, as of April 30, 2025
+Added: and 2024 has approximately $ 76,000 and $ 3.2
+Added: million , respectively, in a money market fund that is not insured by the Federal Deposit Insurance Corporation (“FDIC”)
+Added: and is classified as a cash equivalent.
+Added: The Company has no significant off-balance-sheet concentrations of credit risk such as foreign
+Added: exchange contracts, options contracts or other foreign hedging arrangements.
+Added: The Company maintains most of its cash balance at financial
+Added: institutions located in throughout the U.S.
+Added: Accounts at these institutions are insured by the FDIC up to $ 250,000 .
+Added: The Company has not experienced any losses in such accounts.
+Added: Management believes it is not exposed to any significant credit risk on
+Added: Basic and Diluted Income (Loss) Per Share
+Added: Basic earnings per share excludes dilution for common
+Added: stock equivalents and is computed by dividing net income or loss attributable to common stockholders by the weighted average number of
+Added: shares of common stock outstanding for the period.
+Added: Diluted EPS is calculated based on the weighted average number of shares of common
+Added: stock plus the effect of dilutive potential common shares outstanding during the period.
+Added: Potentially dilutive securities consist of common
+Added: stock options, warrants, and convertible preferred securities.
+Added: The dilutive effect of stock options and warrants is reflected in diluted
+Added: EPS by application of the treasury stock method.
+Added: The dilutive effect of convertible preferred securities is reflected in the diluted EPS
+Added: by application of the “if-converted” method.
+Added: The “if-converted” method is only assumed in periods where such application
+Added: would be dilutive.
+Added: Basic and diluted net income (loss) per share is determined by dividing income (loss) by the weighted average ordinary
+Added: shares outstanding during the period.
+Added: For periods presented with a net loss, the shares underlying the ordinary share options, warrants
+Added: and preferred stock have been excluded from the calculation because their effect would be anti-dilutive.
+Added: Therefore, the weighted-average
+Added: shares outstanding used to calculate both basic and diluted loss per share is the same for periods with a net loss.
+Added: Equity Securities
+Added: Marketable securities
+Added: consist of equity security investments.
+Added: Equity investments with readily determinable fair values are measured at fair value.
+Added: value are recorded in other income (expenses), net in the accompanying consolidated statements of operations.
+Added: Investment in TNF Pharmaceuticals, Inc.
+Added: In accordance with ASC 810, Consolidation ,
+Added: the Company assessed whether it has a variable interest in legal entities in which it has a financial relationship and, if so,
+Added: whether or not those entities are variable interest entities (“VIEs”).
+Added: For those entities that qualify as VIEs, ASC 810
+Added: requires the Company to determine if it is the primary beneficiary of the VIE, and if so, to consolidate the VIE.
+Added: The investment in
+Added: TNF did not meet the primary beneficiary requirements for consolidation, therefore no consolidation of this VIE was required.
+Added: If an entity is determined to be a VIE, the Company
+Added: evaluates whether it is the primary beneficiary.
+Added: The primary beneficiary analysis is a qualitative analysis based on power and economics.
+Added: PharmaCyte consolidates a VIE if it has both power and benefits that is, PharmaCyte (i) has the power to direct the activities of a VIE
+Added: that most significantly influence the VIE’s economic performance (power), and (ii) has the obligation to absorb losses of, or the
+Added: right to receive benefits from, the VIE that could potentially be significant to the VIE (benefits).
+Added: PharmaCyte consolidates VIEs whenever
+Added: it is determined that PharmaCyte is the primary beneficiary.
+Added: Any intercompany transactions are eliminated in consolidation.
+Added: The Company applies ASC 321 Investments—Equity
+Added: Securities to investments in equity securities for which the Company has no significant influence or equity investments that
+Added: are not in substance common stock.
+Added: Under this guidance, equity securities with and without readily determinable fair values are accounted
+Added: for at fair value based on quoted market prices or utilizing an appropriate valuation methodology to estimate the fair value.
+Added: gains and losses on investments in equity securities are recognized in the Condensed Consolidated Statements of Operations.
Intangible Assets
+Added: The Company’s accounts for intangible assets
+Added: The intangible asset has an indefinite life;
+Added: therefore, is not amortizable.
+Added: The Company performs annual impairment analysis for
+Added: the intangible asset to ascertain the value at each year end and records a non-cash impairment expense should the value decrease.
+Added: asset is deemed to be an In-Process Research and Development (“IPR&D”) as the asset is in the research stage.
The Financial Accounting Standards Board (“FASB”)
5 unchanged sentences
reporting year.
−Removed: The Company’s intangible assets are licensing
−Removed: agreements related to the Cell-in-a-Box ® technology for $ 1,549,427 and diabetes license for $ 2,000,000
−Removed: These intangible assets have an indefinite life;
−Removed: therefore, they are not amortizable.
−Removed: The Company concluded that the diabetes licensed
−Removed: asset technology would likely not prove to be a viable technique for the production of insulin producing cells and the treatment of diabetes.
−Removed: The Company believes that a buyer of this technology would ascribe a de minimis value to this asset.
−Removed: Therefore, it was determined that
−Removed: as of April 30, 2024 there should be a full impairment of the $ 2,000,000 carrying value.
−Removed: Therefore, the Company included a non-cash asset
−Removed: impairment of $2,000,000 on the Consolidated Statements of Operations.
−Removed: The Company also concluded that there was no impairment of the
−Removed: Cell-in-a-Box ® technology for $1,549,427 for the years ended April 30, 2024 and 2023.
−Removed: Impairment of Long-Lived Assets
−Removed: The Company evaluates long-lived assets for impairment
−Removed: whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable.
−Removed: If the estimated
−Removed: future cash flows (undiscounted and without interest charges) from the use of an asset are less than carrying value, a write-down would
−Removed: be recorded to reduce the related asset to its estimated fair value.
Investment in SG Austria
2 unchanged sentences
determinable values.
−Removed: The Company evaluates equity investments annually for changes in
−Removed: circumstances that indicate the value of the securities have been affected.
−Removed: The Company concluded that there was a write-down of the
−Removed: investment in SG Austria at April 30, 2024 due to their financial position, negative book value and viability that makes for an
−Removed: inconclusive determination of a specific value range of the Company’s minority interest in SG Austria.
−Removed: The Company concluded
−Removed: that as of the present time, the value of SG Austria is likely minimal and therefore, included a non-cash asset write-down of $ 1,572,191 on
−Removed: the Consolidated Statements of Operations.
−Removed: No write-down was identified or recorded during the year ended April 30, 2023.
+Added: The Company evaluates equity investments annually for changes in circumstances that indicate the value of the securities
+Added: have been affected.
+Added: The Company concluded that there was a write-down of the investment in SG Austria at April 30, 2024 due to their financial
+Added: position, negative book value and viability that makes for an inconclusive determination of a specific value range of the Company’s
+Added: minority interest in SG Austria.
+Added: The Company concluded that as of the present time, the value of SG Austria is likely minimal and therefore,
+Added: included a non-cash asset write-down of $ 1,572,191 on the Consolidated Statements of Operations.
Convertible Note Receivable
As permitted under Financial Accounting Standards
−Removed: Board ("FASB”) ASC 825, Financial Instruments ("ASC 825”), the Company elects to account for its convertible note
−Removed: receivable, which meets the required criteria, at fair value at inception and at each subsequent reporting date.
−Removed: Subsequent changes in
−Removed: fair value, including interest, are recorded as a component of non-operating income (loss) in the consolidated statements of operations.
−Removed: As a result of electing the fair value option, direct costs and fees related to the convertible note receivable were expensed as incurred.
+Added: Board ("FASB”) ASC 825, Financial Instruments ("ASC 825”), the Company elected to account for its convertible note
+Added: receivable, which met the required criteria, at fair value at inception and at each subsequent reporting date.
+Added: Subsequent changes in fair
+Added: value, including interest, are recorded as a component of non-operating income (loss) in the consolidated statements of operations.
+Added: a result of electing the fair value option, direct costs and fees related to the convertible note receivable were expensed as incurred.
The Company estimates the fair value of the convertible
29 unchanged sentences
Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
−Removed: These unobservable inputs are significant to
−Removed: the fair value measurement.
+Added: These unobservable inputs are significant to the
+Added: fair value measurement.
Deferred taxes are calculated using the liability
30 unchanged sentences
tax positions utilizes a two-step approach to evaluate tax positions.
−Removed: Step one, recognition, requires evaluation of the tax position to
−Removed: determine if based solely on technical merits it is more likely than not to be sustained upon examination.
−Removed: Step two, measurement, is addressed
−Removed: only if a position is more likely than not to be sustained.
−Removed: In step two, the tax benefit is measured as the largest amount of benefit,
−Removed: determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement with tax authorities.
−Removed: If a position does not meet the more likely than not threshold for recognition in step one, no benefit is recorded until the first subsequent
−Removed: period in which the more likely than not standard is met, the issue is resolved with the taxing authorities, or the statute of limitations
−Removed: Positions previously recognized are derecognized when the Company subsequently determines the position no longer is more likely
−Removed: than not to be sustained.
−Removed: Evaluation of tax positions, their technical merits and measurements using cumulative probability are highly
−Removed: subjective management estimates.
+Added: Step one, recognition, requires evaluation of the tax position
+Added: to determine if based solely on technical merits it is more likely than not to be sustained upon examination.
+Added: Step two, measurement,
+Added: is addressed only if a position is more likely than not to be sustained.
+Added: In step two, the tax benefit is measured as the largest amount
+Added: of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement with
+Added: tax authorities.
+Added: If a position does not meet the more likely than not threshold for recognition in step one, no benefit is recorded until
+Added: the first subsequent period in which the more likely than not standard is met, the issue is resolved with the taxing authorities, or
+Added: the statute of limitations expires.
+Added: Positions previously recognized are derecognized when the Company subsequently determines the position
+Added: no longer is more likely than not to be sustained.
+Added: Evaluation of tax positions, their technical merits and measurements using cumulative
+Added: probability are highly subjective management estimates.
Actual results could differ materially from these estimates.
−Removed: Consideration of Inflation Reduction Act Excise
−Removed: On August 16, 2022, the Inflation Reduction Act
−Removed: of 2022 (the “IR Act”) was signed into federal law.
−Removed: The IR Act provides for, among other things, a new U.S.
−Removed: federal 1% excise
−Removed: tax on certain repurchases of stock by publicly-traded U.S.
−Removed: domestic corporations and certain U.S.
−Removed: domestic subsidiaries of publicly traded
−Removed: foreign corporations occurring on or after January 1, 2023.
−Removed: The excise tax is imposed on the repurchasing corporation itself, not its
−Removed: stockholders from which shares are repurchased.
−Removed: The amount of the excise tax is generally 1% of the fair market value of the shares repurchased
−Removed: at the time of the repurchase.
−Removed: However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the
−Removed: fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year.
−Removed: certain exceptions apply to the excise tax.
−Removed: Department of the Treasury (the “Treasury”) has been given authority
−Removed: to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.
−Removed: The Company repurchased 8,826,356
−Removed: shares of common stock with a total cost of $ 28,479,593
−Removed: including accrued excise tax during the year ended April 30, 2024 and 4,808,098
−Removed: shares of common stock with a total cost of $ 13,560,623
−Removed: including accrued excise tax for the year ended April 30, 2023.
−Removed: The Company recorded $ 281,976
−Removed: and $ 58,096 in excise
−Removed: tax related to the IR Act, which is included in Treasury stock and accrued expenses for the years ended April 30, 2024 and 2023, respectively.
Research and Development
4 unchanged sentences
Technology developed for use in the Company’s product candidates is expensed as incurred until technological feasibility has been
−Removed: R&D costs for the years ended April 30, 2024
−Removed: and 2023 were $ 407,431 and $ 468,536 , respectively.
+Added: The Company accrues for costs incurred by external service providers, based on its estimates of service performed and costs
+Added: These estimates include the level of services performed by third parties, administrative costs incurred by third parties, and
+Added: other indicators of the services completed.
+Added: Based on the timing of amounts invoiced by service providers, the Company may also record
+Added: payments made to those providers as prepaid expenses that will be recognized as expenses in future periods as the related services are
Stock-Based Compensation
8 unchanged sentences
of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
−Removed: The assumptions used in calculating
−Removed: the fair value of share-based payment awards represent management's best estimates, but these estimates involve inherent uncertainties
−Removed: and the application of management's judgment.
−Removed: Thus, if factors change and the Company uses different assumptions, the stock-based compensation
−Removed: expense could be materially different in the future.
−Removed: Concentration of Credit Risk
−Removed: The Company has no significant off-balance-sheet
−Removed: concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.
−Removed: maintains most of its cash balance at financial institutions located in throughout the U.S.
−Removed: Accounts at these institutions are insured
−Removed: by the Federal Deposit Insurance Corporation up to $ 250,000 .
−Removed: Uninsured balances aggregated approximately $ 6,910,000 and $ 279,000 at April
−Removed: 30, 2024 and 2023, respectively.
−Removed: The Company has not experienced any losses in such accounts.
−Removed: Management believes it is not exposed to
−Removed: any significant credit risk on cash.
+Added: The assumptions used in
+Added: calculating the fair value of share-based payment awards represent management's best estimates, but these estimates involve inherent
+Added: uncertainties and the application of management's judgment.
+Added: Thus, if factors change and the Company uses different assumptions, the stock-based
+Added: compensation expense could be materially different in the future.
Foreign Currency Translation
8 unchanged sentences
currency transactions are recognized as incurred.
+Added: Derivative Financial Instruments
+Added: The Company evaluates all its financial instruments
+Added: to determine if such instruments contain features that qualify as embedded derivatives.
+Added: Embedded derivatives must be separately measured
+Added: from the host contract if all the requirements for bifurcation are met.
+Added: The assessment of the conditions surrounding the bifurcation of
+Added: embedded derivatives depends on the nature of the host contract.
+Added: Bifurcated embedded derivatives are recognized at fair value, with changes
+Added: in fair value recognized in the statement of operations each period.
+Added: Bifurcated embedded derivatives are classified with the related host
+Added: contract in the Company’s balance sheet.
+Added: These particular derivatives are assessed under ASC 480, Distinguishing Liabilities
+Added: from Equity and ASC 815, Derivatives and Hedging , as applicable.
+Added: Warrants and Preferred Shares
+Added: The accounting treatment of warrants and preferred
+Added: share series issued is determined pursuant to the guidance provided by ASC 480, Distinguishing Liabilities from Equity , and
+Added: ASC 815, Derivatives and Hedging , as applicable.
+Added: Each feature of a freestanding financial instrument including, without limitation,
+Added: any rights relating to subsequent dilutive issuances, dividend issuances, equity sales, rights offerings, forced conversions, optional
+Added: redemptions, automatic monthly conversions, dividends, and exercise is assessed with determinations made regarding the proper classification
+Added: in the Company’s audited consolidated financial statements.
+Added: Redeemable Preferred Stock
+Added: Applicable accounting guidance requires an equity
+Added: instrument that is redeemable for cash or other assets to be classified outside of permanent equity if it is redeemable (a) at a fixed
+Added: or determinable price on a fixed or determinable date, (b) at the option of the holder, or (c) upon the occurrence of an event that is
+Added: not solely within the control of the issuer.
+Added: Segment Reporting
+Added: The Company determines its reporting units in accordance
+Added: with FASB ASC 280, “Segment Reporting” (“ASC 280”).
+Added: The Company evaluates a reporting unit by first identifying
+Added: its operating segments under ASC 280.
+Added: The Company then evaluates each operating segment to determine if it includes one or more components
+Added: that constitute a business.
+Added: If there are components within an operating segment that meet the definition of a business, the Company evaluates
+Added: those components to determine if they must be aggregated into one or more reporting units.
+Added: If applicable, when determining if it is appropriate
+Added: to aggregate different operating segments, the Company determines if the segments are economically similar and, if so, the operating segments
+Added: are aggregated.
+Added: The Company operates in one business
+Added: segment, which includes the business of research and development activities related to developing cellular cancer therapies.
+Added: The determination
+Added: of a single business segment is consistent with the financial information regularly provided to the Company’s chief operating decision
+Added: maker (“CODM”).
+Added: The Company’s CODM is its Interim President and Interim CEO, who reviews and evaluates consolidated
+Added: net income as presented in the accompanying consolidated statements of operations for purposes of assessing performance, making operating
+Added: decisions, allocating resources, and planning and forecasting for future periods.
+Added: Refer to the accompanying consolidated statements
+Added: of operations for the presentation of consolidated loss from operations for the years ended April 30, 2025 and 2024.
+Added: The measure of segment
+Added: assets is reported in the accompanying consolidated balance sheets as “Total assets.” There are no significant segment expenses
+Added: as the expenses that are included in consolidated loss from operations are general and administrative and research and development.
+Added: Recently Adopted Accounting Pronouncements
+Added: In November 2023, FASB issued ASU 2023-07 - Segment
+Added: Reporting (Topic 280):
+Added: Improvements to Reportable Segment Disclosures, which requires public entities with a single reportable segment
+Added: to provide all the disclosures required by this standard and all existing segment disclosures in Topic 280 on an interim and annual basis,
+Added: including new requirements to disclose significant segment expenses that are regularly provided to the chief operating decision maker
+Added: (“CODM”) and included within the reported measure(s) of a segment's profit or loss, the amount and composition of any other
+Added: segment items, the title and position of the CODM, and how the CODM uses the reported measure(s) of a segment's profit or loss to assess
+Added: performance and decide how to allocate resources.
+Added: The guidance is effective for our annual period beginning May 1, 2024, and interim periods
+Added: The Company adopted the guidance for the annual reporting period ended April 30, 2025.
+Added: There was no impact on the Company’s
+Added: reportable segments and additional required disclosures have been included above in Segment Reporting.
New Accounting Pronouncements Effective in
Future Periods
−Removed: In November 2023, FASB issued ASU 2023-07
−Removed: - Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures, which requires public entities with a single reportable
−Removed: segment to provide all the disclosures required by this standard and all existing segment disclosures in Topic 280 on an interim and annual
−Removed: basis, including new requirements to disclose significant segment expenses that are regularly provided to the chief operating decision
−Removed: maker (“CODM”) and included within the reported measure(s) of a segment's profit or loss, the amount and composition of any
−Removed: other segment items, the title and position of the CODM, and how the CODM uses the reported measure(s) of a segment's profit or loss to
−Removed: assess performance and decide how to allocate resources.
−Removed: The guidance is effective for our annual period beginning May 1, 2025, and
−Removed: interim periods thereafter, applied retrospectively with early adoption permitted.
−Removed: The Company is evaluating the impact of adoption of
−Removed: this standard on its financial statements and disclosures.
+Added: In August 2023, the FASB issued ASU 2023-05 –
+Added: Business Combinations – Joint Venture Formations (Subtopic 805-60), which requires public entities that qualify as a joint venture
+Added: or corporate joint venture to establish a new basis of accounting upon formation.
+Added: The guidance is effective for the Company's annual periods
+Added: beginning May 1, 2025, and early adoption is permitted.
+Added: The Company is evaluating the impact of adoption of this standard on its financial
+Added: statements and disclosures but does not expect it to have a material effect on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09
- Income Taxes (Topic 740):
−Removed: Improvements to Income Tax Disclosures, which requires public entities to provide greater disaggregation
−Removed: within their annual rate reconciliation, including new requirements to present reconciling items on a gross basis in specified categories,
−Removed: disclose both percentages and dollar amounts, and disaggregate individual reconciling items by jurisdiction and nature when the effect
−Removed: of the items meet a quantitative threshold.
−Removed: The guidance also requires disaggregating the annual disclosure of income taxes paid, net
−Removed: of refunds received, by federal (national), state, and foreign taxes, with separate presentation of individual jurisdictions that meet
−Removed: a quantitative threshold.
−Removed: The guidance is effective for the Company's annual periods beginning May 1, 2025 on a prospective basis,
−Removed: with a retrospective option, and early adoption is permitted.
−Removed: The Company is evaluating the impact of adoption of this standard on its
−Removed: financial statements and disclosures.
+Added: Improvements to Income Tax Disclosures, which requires public entities to provide greater disaggregation within
+Added: their annual rate reconciliation, including new requirements to present reconciling items on a gross basis in specified categories, disclose
+Added: both percentages and dollar amounts, and disaggregate individual reconciling items by jurisdiction and nature when the effect of the items
+Added: meet a quantitative threshold.
+Added: The guidance also requires disaggregating the annual disclosure of income taxes paid, net of refunds received,
+Added: by federal (national), state, and foreign taxes, with separate presentation of individual jurisdictions that meet a quantitative threshold.
+Added: The guidance is effective for the Company's annual periods beginning May 1, 2025 on a prospective basis, with a retrospective option,
+Added: and early adoption is permitted.
+Added: The Company is evaluating the impact of adoption of this standard on its financial statements and disclosures
+Added: but does not expect it to have a material effect on its consolidated financial statements.
+Added: In November 2024, the FASB issued ASU No.
+Added: (“ASU 2024-03”), Disaggregation of Income Statement Expenses.
+Added: The guidance requires additional, disaggregated disclosure about
+Added: certain income statement expense line items.
+Added: The amendments in ASU 2024-03 are effective for annual reporting periods beginning after
+Added: December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and is required to be
+Added: applied prospectively with the option of retrospective application.
+Added: The Company is currently evaluating the impact on the consolidated
+Added: financial statements and related disclosures.
NOTE 4 – INVESTMENT IN DEBT AND EQUITY
+Added: INVESTMENT IN FEMASYS, INC.
On November 14, 2023, the Company entered into
24 unchanged sentences
The Company recognized the Femasys Note and Femasys
−Removed: Warrants based on their respective fair values on the issuance date of $ 1,666,000
+Added: Warrants based on their respective fair values on the issuance date of $ 1,666,000 and $ 3,334,000 , respectively.
+Added: Subsequent changes in
+Added: the fair value of the Femasys Note and Femasys Warrants will be recognized in earnings, at each reporting date.
+Added: During the years ended
+Added: April 30, 2025 and 2024, the Company recognized a gain in the fair value of the convertible note receivable of $ 941,000 and $ 1,089,000 ,
+Added: respectively, and change in fair value of the warrant assets decrease of $ 2,091,000 and an increase of $ 1,818,000 , respectively.
+Added: year decrease of $ 2,091,000 includes the expiration of the Series B Warrants in the amount of $ 1,376,000 and carries a zero value.
+Added: A Warrants remain unexercised and there were no Series B Warrants exercised prior to expiration.
+Added: See Note 14 – Fair value Measurements
+Added: for further information.
+Added: During the years ended April 30, 2025 and 2024,
+Added: the Company recognized interest income of $ 300,000
and $ 137,500 ,
−Removed: respectively.
−Removed: Subsequent changes in the fair value of the Femasys Note and Femasys Warrants will be recognized in earnings, at each reporting
−Removed: During the year ended April 30, 2024, the Company recognized a change in fair value of the convertible note receivable and warrant
−Removed: asset of $ 1,089,000
+Added: respectively, from the Femasys Note.
+Added: During the year ended April 30, 2025, the interest income received of $300,000 was paid in
+Added: Femasys common stock and is presented as marketable equity securities.
+Added: As of April 30, 2025 and 2024, the Company has accrued
+Added: interest receivable of $ 137,500
and $ 137,500 ,
respectively.
−Removed: See Note 14 – Fair value Measurements for further information.
+Added: The Femasys Note was determined to meet the definition
+Added: of a derivative and were required to be recorded at fair value in accordance with ASC 815.
+Added: Subsequent changes in the fair value of the
+Added: Note is recognized in earnings at each reporting date.
+Added: The approximate $ 1,666,000 issuance date fair value of the Note was determined
+Added: using the Monte Carlo method with the following assumptions:
+Added: Femasys stock price of $0.93, time to expiration of 2 years, interest rate
+Added: of 6.0%, discount rate of 16.7%, risk free rate of 4.80%, equity volatility of 96.0% and probability of default of 27.0%.
+Added: 30, 2025 and 2024, the fair value of the Note was $ 3,696,000 and $ 2,755,000 , respectively.
+Added: For the year ended April 30, 2025, using the
+Added: following assumptions:
+Added: stock price of $1.16, time to expiration of 0.54 years, interest rate of 6.0%, discount rate of 16.0%, risk free
+Added: rate of 4.16%, equity volatility of 72.0% and probability of default of 26.0%.
+Added: For the year ended April 30, 2024, using the following
+Added: stock price of $1.27, time to expiration of 1.54 years, interest rate of 6.0%, discount rate of 19.7%, risk free rate of
+Added: 5.14%, equity volatility of 99.0% and probability of default of 27.0%.
+Added: The Warrants were determined to meet the
+Added: definition of a derivative and were required to be recorded at fair value in accordance with ASC 815.
+Added: Subsequent changes in the fair
+Added: value of the Warrants are recognized in earnings, at each reporting date.
+Added: The approximately $ 3,334,000
+Added: issuance date fair value of the Series A and B Warrants was determined utilizing the Black Scholes Merton Method with the following
+Added: Femasys stock price of $0.93, exercise price of $1.18 - $1.48, risk free rate of 4.42%-5.24%, equity volatility of
+Added: 87.0%-105.0% and remaining term of 1.0-5.0 years.
+Added: As of April 30, 2025 Series A stock price was $1.16, exercise price of $1.18, risk
+Added: free rate of 3.62%, equity volatility of 89.0% and the remaining term of 3.54 years.
+Added: As of April 30, 2024, the Series A and B assumptions:
+Added: stock price of $1.27,
+Added: exercise price of $1.18 - $1.48, risk free rate of 4.75%-5.42%, equity volatility of 91.0%-103.0% and remaining term of 0.54-4.54 years.
Below is a summary of activity for the Note and
−Removed: Warrants as of April 30, 2024:
−Removed: Schedule of notes and
−Removed: warrants receivable
+Added: Warrants as of April 30, 2025 and 2024:
+Added: Schedule of activity for the notes and warrants
Balance of Notes as of May 1, 2023
1 unchanged sentence
Balance of Notes as of April 30, 2024
+Added: Change in fair value
+Added: Balance of Notes as of April 30, 2025
Balance of Warrants as of May 1, 2023
1 unchanged sentence
Balance of Warrants as of April 30, 2024
+Added: Change in fair value, includes expiration of Series B Warrants of $ 1,376,000
+Added: ( 2,091,000 )
+Added: Balance of Warrants as of April 30, 2025
+Added: MARKETABLE SECURITIES
+Added: On November 21, 2024, the Company received from
+Added: the Femasys Notes a payment in Femasys common stock for interest income in the amount of $ 300,000 .
+Added: The interest income payment was based
+Added: on the Femasys average stock price on that date of $0.95, therefore, the Company received 315,790 common stock shares.
+Added: As of April 30,
+Added: 2025, the current market value of the Femasys common stock shares was $1.16 that generated an unrealized gain of $ 66,316 .
+Added: Cost and fair value of marketable equity securities
+Added: at April 30, 2025 are as follows:
+Added: Schedule of marketable equity securities
+Added: Carrying Value
+Added: At Fair Market
+Added: Marketable securities
+Added: Equity – stock
+Added: The fair value of equity securities has been measured
+Added: on a recurring basis using Level 1 inputs, which are based on unadjusted quoted market prices within active markets.
+Added: There have been no
+Added: changes in valuation approaches or techniques and related inputs.
+Added: INVESTMENT IN TNF PHARMACEUTICALS, INC.
+Added: On May 20, 2024, the Company entered into a Securities
+Added: Purchase Agreement (the “SPA”) with a public company operating in the medical industry, MyMD Pharmaceuticals, Inc.
+Added: subsequently changed its name to TNF Pharmaceuticals, Inc., (“TNF”).
+Added: Pursuant to the SPA, the Company purchased (i) 7,000
+Added: shares of TNF’s Series G Convertible Preferred Stock (the “Preferred Shares” or “Series G Preferred Stock”),
+Added: representing approximately 33 %
+Added: of TNF’s issued and outstanding share capital on an as-converted basis (and approximately 78%
+Added: of all shares of Series G Preferred Stock outstanding), at a price of $1.816
+Added: per Preferred Share, which are convertible into 3,854,626
+Added: shares of Common Stock (as defined below);
+Added: (ii) warrants to purchase up to 3,854,626
+Added: shares of TNF’s Common Stock with a five-year term (“Long-Term Warrant”);
+Added: and (iii) warrants to purchase up to 3,854,626
+Added: shares of TNF’s Common Stock with a 18-month term (“Short-Term Warrant”) (collectively, the “TNF warrants”),
+Added: for an aggregate purchase price of $ 7,000,000 .
+Added: Pursuant to the SPA, the Company has the right
+Added: to participate in future sales of TNF’s equity and equity-linked securities until the second anniversary of the Closing or the date
+Added: on which no TNF Preferred Shares remain outstanding, whichever is earlier.
+Added: Additionally, the Company has the right to nominate one individual
+Added: to serve on TNF’s board of directors until PharmaCyte no longer beneficially owns at least 20% of TNF’s common stock on an
+Added: as-converted basis.
+Added: The Company’s Interim Chief Executive Officer serves on the board of directors of TNF.
+Added: The Company has determined that TNF is a VIE,
+Added: since TNF does not have sufficient equity at risk to finance its own operations without additional subordinated financial support.
+Added: the Company has determined that it is not the primary beneficiary of TNF.
+Added: Furthermore, TNF’s Series G Preferred Stock is not considered
+Added: in substance common stock, and as such, equity method accounting does not apply.
+Added: The Company recorded its investment in TNF Series G Preferred
+Added: Stock at its fair value of approximately $ 17,410,000 on May 23, 2024 as the Company did not elect the measurement alternative to account
+Added: for the investment at cost less impairment.
+Added: Subsequent changes in fair value of the TNF Series G Preferred Stock are recognized in earnings
+Added: at each reporting period.
+Added: The initial fair value of the TNF Series G Preferred Stock was estimated utilizing a Monte Carlo simulation
+Added: with the following assumptions:
+Added: TNF stock price of $2.00, price floor of $0.40, expected time to settlement of 5.00 years, dividend rate
+Added: of 10%, discounted market interest rate of 9.8%, risk free rate of 4.52%, equity volatility of 115.0% and probability of default of 18.3%.
+Added: The Warrants were determined to meet the definition
+Added: of a derivative and were required to be recorded at fair value in accordance with ASC 815.
+Added: Subsequent changes in the fair value of the
+Added: Warrants are recognized in earnings, at each reporting date.
+Added: The approximately $ 10,986,000 issuance date fair value of the Warrants was
+Added: determined utilizing the Black Scholes Merton Method with the following assumptions:
+Added: TNF stock price of $2.00, exercise price of $1.82,
+Added: risk free rate of 4.52%-5.05%, equity volatility of 115.0%-125.0% and remaining term of 1.5-5.0 years.
+Added: As the fair value of the TNF Series
+Added: G Preferred Stock and Warrants exceeded the Company’s total investment in TNF, the Company recognized an approximately $ 21,396,000
+Added: gain on investment on the condensed consolidated statements of operations for the excess of the fair value of the Warrants over the investment
+Added: On April 11, 2025, TNF, in connection with an issuance
+Added: of stock options to certain TNF officers, the Series G conversion price was adjusted to $0.1832 per share pursuant to the full ratchet
+Added: anti-dilution provisions in the Certificate of Designations and the Series G exercise price was adjusted to $0.1832 per share and the
+Added: number of shares of common stock issuable upon exercise of such warrants was adjusted proportionally pursuant to the full ratchet anti-dilution
+Added: provisions contained in the applicable warrants.
+Added: As of April 30, 2025, there were 38,209,611 short-warrants and 38,209,611 long-term
+Added: The Series G Preferred Stock shares include a
+Added: 10% dividend, the Company has elected to receive the shares as Payment in Kind (“PIK”).
+Added: As of April 30, 2025, the Company
+Added: owns 7,831 Series G Preferred Stock shares of which 831 shares relate to accrued dividends.
+Added: During the year ending April 30, 2025, the Company
+Added: recognized a gain for the change in fair value of the TNF Series G Preferred Stock of approximately $ 5,063,950 .
+Added: The approximately $ 22,474,000
+Added: fair value of the TNF Series G Preferred Stock was estimated utilizing a Monte Carlo simulation with the following assumptions on April
+Added: TNF stock price of $0.19, price floor of $0.36, expected time to settlement of 5.00 years, dividend rate of 10.0%, discount
+Added: market interest rate of 17.6%, risk free rate of 3.72%, equity volatility of 105.0% and probability of default of 47%.
+Added: The Company recognized
+Added: a loss for the change in fair value of the TNF Warrants of approximately $ 2,367,684 .
+Added: The approximately $ 8,618,000 fair value of the Warrants
+Added: was determined utilizing the Black Scholes Merton Method with the following assumptions on April 30, 2025:
+Added: TNF stock price of $0.19, exercise
+Added: price of $0.18, risk free rate of 3.65%-4.14%, equity volatility of 115.0%-130.0% and remaining term of 0.57-4.07 years.
+Added: Below is a summary of activity for the Series
+Added: G Preferred Stock as of April 30, 2025:
+Added: Schedule of activity for Series
+Added: G preferred stock and preferred
+Added: stock warrants
+Added: Balance of Series G Preferred Stock as of April 30, 2024
+Added: Change in fair value
+Added: Balance of Series G Preferred Stock as of April 30, 2025
+Added: Below is a summary of activity for the Preferred
+Added: Stock Warrants as of April 30, 2025:
+Added: Balance of Warrant assets as of April 30, 2024
+Added: Change in fair value
+Added: ( 2,367,684 )
+Added: Balance of Warrant assets as of April 30, 2025
NOTE 5 – ACCRUED EXPENSES
4 unchanged sentences
Director fees
+Added: Legal settlement
Excise tax on stock repurchases
−Removed: NOTE 5 – COMMON STOCK TRANSACTIONS
−Removed: A summary of the Company’s compensatory
−Removed: stock activity and related weighted average grant date fair value information for the years ended April 30, 2024 and 2023, are as follows:
−Removed: In January 2022, the Company awarded 4,400 shares
−Removed: of common stock to the executive officers of the Company as part of their compensation agreements for 2022.
−Removed: These shares vest monthly
−Removed: over a twelve-month period and are subject to the executive officers continuing to provide service under their compensation agreements.
−Removed: During the years ended April 30, 2024 and 2023, the Company recorded a non-cash compensation expense in the amounts of $ 0 and $ 7,334 .
−Removed: There were zero unvested shares as of April 30, 2024 and 2023, respectively.
−Removed: During the year ended April 30, 2023, three non-employee
−Removed: members of the Board were issued 1,002 shares of common stock pursuant to their Director Letter Agreements (“DLAs”) in respect
−Removed: of their service during that year.
−Removed: The shares were fully vested upon issuance.
−Removed: The Company recorded a non-cash expense of $ 0 and $ 2,278
−Removed: for the years ended April 30, 2024 and 2023, respectively.
−Removed: There were zero unvested shares remaining related to such DLAs as of April
−Removed: 30, 2024 and 2023, respectively.
−Removed: All shares were issued without registration under
−Removed: the Securities Act in reliance upon the exemption afforded by Section 4(a)(2) of the Securities Act.
−Removed: There were no shares granted, vested or expired
−Removed: during the year ended April 30, 2024.
+Added: Total accrued expenses
+Added: Long-term portion of legal settlement
+Added: Total – current portion
+Added: See Note 9 – Commitments and Contingencies
+Added: for additional information on the legal settlement.
NOTE 6 – STOCK OPTIONS AND WARRANTS
2021 Equity Incentive Plan
+Added: Effective June 30, 2021, the Company implemented
+Added: the 2021 Equity Incentive Plan (“2021 Equity Plan”) as approved by the Company’s stockholders.
+Added: The 2021 Equity Plan
+Added: is administered by the Compensation Committee of the Board and has 166,667 shares authorized under this plan.
+Added: The 2021 Equity Plan can
+Added: issue various types of awards, as follows:
+Added: stock options, stock appreciation rights, restricted stock, restricted stock units, and cash
+Added: or other stock-based awards.
+Added: The 2021 Equity Plan is available to be issued to employees, directors, consultants, and other individuals
+Added: who provide services to the Company.
+Added: An incentive stock options (“ISOs”) can only be granted to employees and shall not exceed
+Added: 10-years (5-years in the case of ISOs granted to any 10% shareholder).
+Added: As of April 30, 2025, there are 152,594 shares remaining available
+Added: under this plan.
+Added: 2022 Equity Incentive Plan
Effective December 28, 2022, the Company implemented
1 unchanged sentence
The 2022 Equity Plan
−Removed: is administered by the Compensation Committee of the Board and has 2,750,000 shares available under this plan.
+Added: is administered by the Compensation Committee of the Board and has 2,750,000 shares authorized under this plan.
The 2022 Equity Plan can
6 unchanged sentences
10-years (5-years in the case of ISOs granted to any 10% shareholder).
+Added: As of April 30, 2025, there are 1,595,040 shares remaining available
+Added: under this plan.
Stock Options
−Removed: As of April 30, 2024, the Company had 925,164
−Removed: outstanding stock options to its directors and officers (collectively, “Employee Options”) and consultants (“Non-Employee
−Removed: During the years ended April 30, 2024 and 2023,
−Removed: the Company granted 652,028 and 251,002 Employee Options, respectively.
The fair value of the Employee Options at the
7 unchanged sentences
The Company’s computation of expected volatility
−Removed: for the year ended April 30, 2024 is based on selected guideline companies historical weekly basis volatility and the Company’s
−Removed: historical daily basis volatility for the year ended April 30, 2023.
−Removed: For stock option grants issued during the years ended April 30, 2024
−Removed: and 2023, the Company used a calculated volatility for each grant.
−Removed: The Company lacks adequate information about the exercise behavior
−Removed: now and has determined the expected term assumption under the simplified method provided for under ASC 718, which averages the contractual
−Removed: term of the Company’s stock options of ten years with the average vesting term of six months.
−Removed: The dividend yield assumption of zero
−Removed: is based upon the fact the Company has never paid cash dividends and presently has no intention of paying cash dividends.
−Removed: The risk-free
−Removed: interest rate used for each grant is equal to the U.S.
−Removed: Treasury rates in effect at the time of the grant for instruments with a similar
−Removed: expected life.
−Removed: During the years ended April 30, 2024 and 2023,
−Removed: the Company granted no Non-Employee Options.
+Added: for the year ended April 30, 2025 is based on the Company’s historical basis volatility and on selected guideline companies historical
+Added: weekly basis volatility for the year ended April 30, 2024.
+Added: For stock option grants issued during the years ended April 30, 2025 and 2024,
+Added: the Company used a calculated volatility for each grant.
+Added: The Company lacks adequate information about the exercise behavior now and has
+Added: determined the expected term assumption under the simplified method provided for under ASC 718, which averages the contractual term of
+Added: the Company’s stock options of ten years with the average vesting term of six months.
+Added: The dividend yield assumption of zero is based
+Added: upon the fact the Company has never paid cash dividends and presently has no intention of paying cash dividends.
+Added: The risk-free interest
+Added: rate used for each grant is equal to the U.S.
+Added: Treasury rates in effect at the time of the grant for instruments with a similar expected
A summary of the Company’s stock option
−Removed: activity and related information for the two years ended April 30, 2024 is shown below:
+Added: activity and related information for the years ended April 30, 2025 and 2024 is shown below:
Schedule of stock option activity
Exercise Price Per Share
+Added: Remaining Contractual Term in Years
Outstanding, April 30, 2023
2 unchanged sentences
Exercisable, April 30, 2025
−Removed: Vested and expected to vest
−Removed: A summary of the activity for unvested stock options
−Removed: during the years ended April 30, 2024 and 2023 is as follows:
−Removed: Schedule of unvested stock option activity
−Removed: Unvested, April 30, 2022
−Removed: Unvested, April 30, 2023
−Removed: Unvested, April 30, 2024
The Company recorded $ 478,637 and $ 674,693 of
−Removed: stock-based compensation related to the issuance of Employee Options to certain officers and directors in exchange for services during
−Removed: the years ended April 30, 2024 and 2023, respectively.
−Removed: At April 30, 2024, there remained $ 474,692 unrecognized compensation expense related
−Removed: to unvested Employee Options granted to officers.
−Removed: The following table summarizes the outstanding
−Removed: stock options by exercise price at April 30, 2024:
−Removed: Schedule of stock options by exercise price
−Removed: Exercise Price
−Removed: Contractual Life
−Removed: Price Per Share
−Removed: Weighted Average
−Removed: Exercise Price Per Share
−Removed: of Exercisable
−Removed: The aggregate intrinsic value of outstanding options
−Removed: as of April 30, 2024 was $ 0 .
−Removed: This represents options whose exercise price was less than the closing fair market value of the Company’s
−Removed: common stock on April 30, 2024 of approximately $2.12 per share.
+Added: stock-based compensation related to the issuance of options to certain officers and directors in exchange for services during the years
+Added: ended April 30, 2025 and 2024, respectively.
+Added: At April 30, 2025, there remained $ 236,055 unrecognized compensation expense related to unvested
+Added: granted to director and are scheduled to vest in April 2026.
+Added: The aggregate intrinsic value of vested outstanding
+Added: options as of April 30, 2025 was $ 0 .
Pursuant to the Private Placement (as defined
3 unchanged sentences
Placement, see “Note 11 – Preferred Stock”.
−Removed: The Warrants were determined to be within the
−Removed: scope of ASC 480-10 as they are puttable to the Company at Holders’ election upon the occurrence of a Fundamental Transaction (as
−Removed: defined in the agreements).
−Removed: As such, the Company recorded the Warrants as a liability at fair value with subsequent changes in fair value
−Removed: recognized in earnings.
−Removed: The Company utilized the Black-Scholes-Merton Model to calculate the value of the Warrants issued during the year
−Removed: ended April 30, 2024.
−Removed: The fair value of the Warrants of approximately $ 14,127,000 was estimated at the date of issuance using the fair
−Removed: value of our common stock of $2.74 on the issuance date and was based on the following weighted average assumptions:
+Added: The Warrants were determined to be subject to
+Added: liability classification as they are considered to be indexed to the Company’s own stock but fail to meet the requirements for
+Added: equity classification in accordance with ASC 815.
+Added: As such, the Company recorded the Warrants as a liability at fair value with subsequent
+Added: changes in fair value recognized in earnings.
+Added: The Company utilized the Black-Scholes-Merton Model to calculate the value of the Warrants
+Added: issued during the years ended April 30, 2025 and 2024.
+Added: The fair value of the Warrants of approximately $ 14,127,000 ,
+Added: respectively, was estimated at the date of issuance using the fair value of our common stock of $2.74 on the issuance date and was based
+Added: on the following weighted average assumptions:
dividend yield 0%;
1 unchanged sentence
equity volatility of 80.0%;
−Removed: and a risk-free interest rate of 3.37%.
+Added: and a risk-free
+Added: interest rate of 3.37%.
Transaction costs incurred attributable to the
−Removed: issuance of the Warrants of approximately $ 913,640 were immediately expensed in accordance with ASC 480 and is included in general and
−Removed: administrative expense in the accompanying Consolidated Statements of Operations.
−Removed: During the year ended April 30, 2024, the Company
−Removed: recorded a gain of approximately $ 3,343,000 related to the change in fair value of the warrant liability which is recorded in other income
−Removed: (expense) on the Consolidated Statements of Operations.
−Removed: The fair value of the Warrants of $ 10,784,000 was estimated at April 30, 2024,
−Removed: utilizing the Black-Scholes-Merton Model using the fair value of our common stock of $2.12 and the following weighted average assumptions:
+Added: issuance of the Warrants of approximately $ 913,640 were immediately expensed and were included in general and administrative expense in
+Added: the accompanying Consolidated Statements of Operations during the year ended April 30, 2024.
+Added: During the years ended April 30, 2025 and 2024,
+Added: the Company recorded gains of approximately $ 10,446,000 and $ 3,343,000 , respectively, related to the change in fair value of the warrant
+Added: liability which is recorded in other income (expense) on the Consolidated Statements of Operations.
+Added: The fair value of the Warrants of
+Added: $ 338,000 and $ 10,784,000 were estimated at April 30, 2025 and 2024, respectively, utilizing the Black-Scholes-Merton Model using the fair
+Added: value of our common stock of $1.24 and $2.12, respectively, and the following weighted average assumptions:
dividend yield 0%;
−Removed: remaining term of 4.03 years;
−Removed: equity volatility of 95.0%;
−Removed: and a risk-free interest rate of 4.79%.
+Added: term of 3.03 and 4.03 years, respectively;
+Added: equity volatility of 40.0% and 95.0%;
+Added: and a risk-free interest rate of 3.52 % and 4.79%, respectively.
A summary of the Company’s warrant activity
−Removed: and related information for the two years ended April 30, 2024, are shown below:
+Added: and related information for the years ended April 30, 2025 and 2024, are shown below:
Schedule of warrant activity
−Removed: Exercise Price
+Added: Exercise Price Per Share
+Added: Remaining Contractual Term In Years
Outstanding, April 30, 2023
2 unchanged sentences
Exercisable, April 30, 2025
−Removed: The following table summarizes additional information
−Removed: concerning warrants outstanding and exercisable at April 30, 2024:
−Removed: Schedule of warrants outstanding and exercisable
−Removed: Exercise Prices
−Removed: Warrant Shares
−Removed: Exercisable at
−Removed: April 30, 2023
−Removed: Exercise Price Per Share
−Removed: NOTE 7 – LEGAL PROCEEDINGS
−Removed: From time to time, the Company is subject to legal
−Removed: proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business.
−Removed: While the outcome of pending claims
−Removed: cannot be predicted with certainty, the Company does not believe that the outcome of any pending claims will have a material adverse effect
−Removed: on our financial condition or operating results.
−Removed: On December 4, 2023, H.C.
−Removed: Wainwright & Co.,
−Removed: LLC (“Wainwright”) filed a complaint against the Company in the Supreme Court of the State of New York, County of New York,
−Removed: asserting a single cause of action for breach of contract and alleging that the Company breached an April 2021 engagement agreement with
−Removed: Wainwright by failing to pay a purported “tail fee” allegedly due in connection with a private placement transaction that
−Removed: closed in 2023.
−Removed: Wainwright seeks damages of not less than $1,950,000, warrants to purchase an aggregate of 656,250 shares of our common
−Removed: stock at an exercise price of $5.00 per share, and attorney’s fees.
−Removed: On February 28, 2024, the Company responded to the complaint
−Removed: with an answer and affirmative defenses.
−Removed: The Company intends to vigorously defend against Wainwright’s complaint and does not believe
−Removed: that any potential loss is reasonably probable at this time.
−Removed: To our knowledge there are no other legal proceedings
−Removed: pending to which any property of the Company is subject.
+Added: 7 – INTANGIBLE ASSETS
+Added: The Company performs an annual analysis of impairment
+Added: of the indefinite-lived assets at its fiscal year end as well as when a triggering event may have occurred.
+Added: As of April 30, 2025 and
+Added: 2024, the intangible asset held by the Company relates to an IPR&D asset, the cells producing cytochrome P450, used in the treatment
+Added: of pancreatic cancer with a carrying value in the amount of $ 1,549,427 .
+Added: As of April 30, 2025 and 2024, the Company determined there was no impairment of the intangible asset.
+Added: As of April 30, 2024, the Company concluded that the diabetes licensed
+Added: asset technology would likely not prove to be a viable technique for the production of insulin producing cells and the treatment of diabetes.
+Added: The Company believes that a buyer of this technology would ascribe a de minimis value to this asset.
+Added: Therefore, it was determined that
+Added: as of April 30, 2024 there should be a full impairment of the $2,000,000 carrying value.
+Added: Schedule of intangible assets
+Added: Balance, April 30, 2023
+Added: ( 2,000,000 )
+Added: Balance, April 30, 2024
+Added: Balance, April 30, 2025
NOTE 8 – RELATED PARTY TRANSACTIONS
6 unchanged sentences
and (ii) Austrianova
−Removed: The Company purchased products and services from these subsidiaries in the approximate amounts of $ 0 and $ 339,000 in the years
−Removed: ended April 30, 2024, and 2023, respectively.
+Added: The Company did not purchase products and services from these subsidiaries in the years ended April 30, 2025, and 2024, respectively.
In April 2014, the Company entered the Vin-de-Bona
2 unchanged sentences
Günzburg and Dr.
−Removed: Salmons, both of whom are involved in numerous aspects of the Company’s scientific endeavors relating to cancer (Prof.
+Added: Salmons, both of whom are involved in numerous aspects of the Company’s scientific endeavors relating to cancer
Günzburg is the Chairman of Austrianova, and Dr.
Salmons is the Chief Executive Officer and President of Austrianova).
−Removed: The term of the agreement is for 12 months, automatically renewable for successive 12-month terms.
−Removed: After the initial term, either party
−Removed: can terminate the agreement by giving the other party 30 days’ written notice before the effective date of termination.
+Added: term of the agreement is for 12 months, automatically renewable for successive 12-month terms.
+Added: After the initial term, either party can
+Added: terminate the agreement by giving the other party 30 days’ written notice before the effective date of termination.
The agreement
has been automatically renewed annually.
−Removed: The amounts incurred for the years ended April 30, 2024 and 2023, were approximately $ 5,000 and
−Removed: $ 61,000 , respectively.
+Added: The amounts incurred for the years ended April 30, 2025 and 2024, were approximately $ 16,000
+Added: and $ 5,000 , respectively.
The Company’s Interim Chief Executive Officer was appointed to
−Removed: the Femasys board of directors, see Note 3.
+Added: the Femasys board of directors, see Note 4 – Investments in Debt and Equity Securities.
The Company’s Interim Chief Executive Officer is on the board
−Removed: directors of TNF, see Note 15 – Subsequent Events.
+Added: directors of TNF, see Note 4 – Investment in Debt and Equity Securities.
NOTE 9 – COMMITMENTS AND CONTINGENCIES
−Removed: The Company acquires assets still in development
−Removed: and enters R&D arrangements with third parties that often require milestone and royalty payments to the third-party contingent upon
−Removed: the occurrence of certain future events linked to the success of the asset in development.
−Removed: Milestone payments may be required, contingent
−Removed: upon the successful achievement of an important point in the development lifecycle of the pharmaceutical product (e.g., approval of the
−Removed: product for marketing by a regulatory agency).
−Removed: If required by the license agreements, the Company may have to make royalty payments based
−Removed: upon a percentage of the sales of the pharmaceutical products if regulatory approval for marketing is obtained.
−Removed: In January 2022, the Company entered into a six-month
−Removed: lease of the Las Vegas, Nevada office space, commencing on May 1, 2022, which expired on October 31, 2022.
−Removed: In July 2022, the Company entered into an additional
−Removed: six-month lease of the Las Vegas, Nevada office space, commencing on November 1, 2022, which expired on April 30, 2023.
+Added: The Company acquires assets still in
+Added: development and enters R&D arrangements with third parties that often require milestone and royalty payments to the third-party
+Added: contingent upon the occurrence of certain future events linked to the success of the asset in development.
+Added: Milestone payments may be
+Added: required, contingent upon the successful achievement of an important point in the development lifecycle of the pharmaceutical
+Added: product (e.g., approval of the product for marketing by a regulatory agency).
+Added: If required by the license agreements, the Company may
+Added: have to make royalty payments based upon a percentage of the sales of the pharmaceutical products if regulatory approval for
+Added: marketing is obtained.
+Added: For the years ended April 30, 2025 and 2024, the company expensed $ 438,416
+Added: and $ 407,431 , respectively, in
+Added: research and development expenses within the accompanying consolidated statements of operations.
+Added: There have been no recognized costs related to royalty payments.
+Added: There are future royalty payments as follows:
+Added: Four percent royalty on all gross sales received by us or our affiliates;
+Added: Twenty percent royalty on gross revenues received by us or our affiliates from a sublicense or right to use the patents or the licenses granted by us or our affiliates;
+Added: Fifty percent of any other financial and non-financial consideration
+Added: received from sublicensees of the Cell-in-a-Box® technology;
+Added: The removal of all milestone payments.
In January 2023, the Company entered into a month-to-month
6 unchanged sentences
there are no aggregate future minimum lease payments required to be made.
−Removed: Compensation Agreements
−Removed: On January 1, 2022, the Company entered into
−Removed: an amended and restated executive compensation agreement with Carlos A.
−Removed: Trujillo, the Company’s Chief Financial Officer.
−Removed: The compensation
−Removed: agreement for Mr.
−Removed: Trujillo has a term of three years, with automatic renewals unless the Company or Mr.
−Removed: Trujillo provides written notice
−Removed: of termination at least ninety days prior to the end of the current term.
−Removed: On August 15, 2022, the Company and the Board:
−Removed: (i) accepted the previously tendered irrevocable resignation of each of Dr.
−Removed: Matthias Löhr, Dr.
−Removed: Tong, Thomas Liquard,
−Removed: Crabtree, and Carlos A.
−Removed: Trujillo, as members of the Board, and (ii) appointed Jonathan L.
−Removed: Schechter, Joshua N.
−Removed: Daniel Allen, Daniel S.
−Removed: Farb, and Jack E.
−Removed: Stover as independent members of the Board, effective immediately, each with a term expiring
−Removed: at the Company’s 2022 annual meeting of shareholders or until such person’s earlier death, resignation, disqualification or
−Removed: On November 1, 2022, Jack E.
−Removed: Stover notified the
−Removed: Company of his decision to resign from the Board effective immediately.
−Removed: On November 14, 2022, in accordance with the recommendation of
−Removed: the Company’s Nominating Committee, Robert Weinstein was appointed to serve as a director of the Board and the Chairperson of the
−Removed: Audit Committee, with a term expiring at the Company’s annual meeting of shareholders or until death, resignation, disqualification
−Removed: On November 14, 2022, the Board approved the employment
−Removed: Joshua Silverman as the Interim Chief Executive Officer, Interim President and Interim Chairman of the Board on a month-to-month
−Removed: Silverman accepting employment he was no longer an independent director.
−Removed: On December 28, 2022, the Company held its annual
−Removed: meeting of stockholders.
−Removed: The stockholders voted to elect the following directors to serve one-year terms expiring at the annual meeting
−Removed: of stockholders to be held during the year ended April 30, 2024:
−Removed: Silverman, Jonathan L.
−Removed: Schechter, Michael M.
−Removed: Abecassis, Robert
−Removed: Weinstein and Wayne R.
−Removed: Each non-employee director was entitled to receive
−Removed: $12,500 in cash for each calendar quarter of service on the Board.
−Removed: Effective November 20, 2023, each
−Removed: non-employee director is entitled to receive $15,000 each quarter of service on the Board, plus an additional $2,500 quarterly for
−Removed: each non-employee director who serves as chair of the Board’s audit committee, compensation committee or nominating and
−Removed: corporate governance committee.
−Removed: Additionally, three directors received a one-time cash grant of $50,000 and one director received a
−Removed: one-time cash grant of $25,000.
−Removed: Abecassis, chair of the Strategic Scientific Committee receives a monthly fee of $3,500.
−Removed: non-employee director received fully vested stock option grants of $110,000 with ten-year terms.
−Removed: Additionally, each non-employee
−Removed: director is entitled to receive annual stock option grants one day after the annual shareholder meeting in the amount of $60,000
−Removed: vesting on the next annual shareholder meeting.
−Removed: On April 29, 2024, the Company held its annual
−Removed: meeting of stockholders.
−Removed: The stockholders voted to elect the following directors to serve one-year terms expiring at the annual meeting
−Removed: of stockholders to be held during the year ended April 30, 2025:
−Removed: Silverman, Jonathan L.
−Removed: Schechter, Michael M.
−Removed: Abecassis, Robert
−Removed: Weinstein and Wayne R.
−Removed: As of April 30, 2024, the Company had five directors
−Removed: of which four are non-employee directors.
Service Agreements
4 unchanged sentences
related to having the clinical hold lifted.
−Removed: The total cost is estimated to be approximately $242,000, of which the related party (SG Austria
−Removed: and its subsidiaries) portion will be approximately $157,000.
−Removed: These amounts take into account some of the cost associated with the work
−Removed: and preclinical studies required to lift the clinical hold.
+Added: The total remaining cost is estimated to be approximately $ 591,000 , of which the related party
+Added: (SG Austria and its subsidiaries) portion will be approximately $ 157,000 .
+Added: These amounts take into account some of the cost associated
+Added: with the work and preclinical studies required to lift the clinical hold.
+Added: Settlement of Legal Complaint Agreement
+Added: From time to time, the Company is subject to
+Added: legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business.
+Added: While the outcome of potential
+Added: claims cannot be predicted with certainty, the Company does not believe that the outcome of any potential claims will have a material
+Added: adverse effect on our financial condition or operating results.
+Added: On May 16, 2025, the Company entered into a settlement
+Added: and release agreement (“Settlement Agreement”) with H.C.
+Added: Wainwright & Co., LLC relating to a complaint filed on December
+Added: 4, 2023, alleging a breach of contract.
+Added: The Settlement Agreement resolved fully all differences, disputes or claims without admitting
+Added: any liability, fault or wrongdoing on the part of all parties.
+Added: The Settlement Agreement required the Company to pay $ 1.55
+Added: million, comprised of an initial payment of $ 1.25
+Added: million and twelve
+Added: equal payments of $ 25,000
+Added: beginning on the one-month anniversary of the initial payment.
+Added: On May 16, 2025, the Company also issued warrants “(First Warrant
+Added: Issuance”) to purchase 343,183
+Added: shares of the Company’s common stock with an exercise price of $4.00 per share with a term of five years from the issuance date.
+Added: The Company has the option to pay $226,254 or issue additional warrants (“Additional Warrants”) to purchase 313,067
+Added: shares of the Company’s common stock with an exercise price of $4.00 per share with a term of five years prior to the issuance
+Added: date of this Annual Report on Form 10-K.
+Added: The Company elected to issue the additional warrants with an effective date of July 29, 2025.
+Added: The Company estimated the fair value of the First
+Added: Warrant Issuance and the Additional Warrant Issuance as of April 30, 2025 pursuant to Financial Accounting Standards Board (“FASB”)
+Added: Accounting Standards Codification (“ASC”) 820 Fair Value Measurement (“ASC 820”).
+Added: The Company concluded the fair
+Added: value of the First Warrant Issuance to be $ 245,000 and the Additional Warrant Issuance to be $ 224,000 .
+Added: The Company utilized the Black-Scholes-Merton
+Added: Model to calculate the value of the Warrants issued subsequent to the year ended April 30, 2025.
+Added: The fair value of the Warrants were estimated
+Added: as of April 30, 2025, using the fair value of our common stock of $ 1.24 and was based on the following weighted average assumptions:
+Added: expected term of 5 .0 years;
+Added: equity volatility of 98 %;
+Added: and a risk-free interest rate of 3.7 %.The Company recorded a legal settlement
+Added: expense of $ 2,019,000 , consisting of $1.55 million payment and the fair value of the two warrant issues totaling $469,000.
+Added: recorded the $ 2,019,000 liability as of April 30, 2025 and is included in accrued expenses, see Note 5 – Accrued Expenses.
+Added: To the Company’s knowledge there are
+Added: no legal proceedings pending to which any property of the Company is subject.
NOTE 10 - INCOME TAXES
At April 30, 2025, the Company had federal and
−Removed: state net operating loss carryforwards of approximately $ 57,383,000 and $ 27,000,000 , respectively, available to offset against future
−Removed: taxable income;
+Added: state net operating loss carryforwards of approximately $ 61,270,000
+Added: and $ 30,921,000 , respectively,
+Added: available to offset against future taxable income;
these operating loss carryforwards expire in 2023 through 2038.
−Removed: Internal Revenue Code Section 382 imposes an annual limitation
−Removed: for the utilization of tax attributes if there is an “ownership change”.
−Removed: Based upon the equity activity during the year ended
−Removed: April 30, 2022, the Company had an ownership change in August 2021.
−Removed: As a result of the change in-control that occurred in the Company’s
−Removed: shareholder base in August 2021, approximately $37,060,000 and $15,890,000 federal and state net operating loss carryforwards, respectively,
−Removed: became limited in their availability.
−Removed: The remaining net operating loss carryforwards are approximately $ 20,323,000 and $ 11,119,000 for
−Removed: federal and state purposes, respectively.
−Removed: The remaining net operating loss deferred tax assets are approximately $ 4,268,000 and $ 983,000
+Added: Internal Revenue Code
+Added: Section 382 imposes an annual limitation for the utilization of tax attributes if there is an “ownership change”.
+Added: the equity activity during the year ended April 30, 2022, the Company had an ownership change in August 2021.
+Added: As a result of the change
+Added: in-control that occurred in the Company’s shareholder base in August 2021, approximately $37,060,000 and $15,890,000 federal and
+Added: state net operating loss carryforwards, respectively, became limited in their availability.
+Added: The remaining net operating loss carryforwards
+Added: are approximately $ 24,210,000
+Added: and $ 15,031,000
for federal and state purposes, respectively.
9 unchanged sentences
tax valuation allowance has been recorded against these assets.
−Removed: Deferred income taxes reflect the net effect of temporary differences
−Removed: between the financial reporting carrying amounts of assets and liabilities and income tax carrying amounts of assets and liabilities.
+Added: Deferred income taxes reflect the net effect
+Added: of temporary differences between the financial reporting carrying amounts of assets and liabilities and income tax carrying amounts of
+Added: assets and liabilities.
The components of the Company’s deferred tax assets and liabilities are as follows:
6 unchanged sentences
Intangible asset (diabetes license)
+Added: Other - deferred tax asset
+Added: Total deferred tax assets
+Added: Deferred tax liabilities:
Fair value of derivative liability
1 unchanged sentence
Fair value of warrant asset
+Added: Fair value of investment in TNF
+Added: Other - deferred tax liability
+Added: Total deferred tax liabilities
+Added: ( 1,692,470 )
+Added: ( 1,042,311 )
Total deferred tax assets
3 unchanged sentences
Net deferred tax assets
−Removed: For all years presented, the Company did not
−Removed: recognize any deferred tax assets or liabilities.
−Removed: The net change in valuation allowance for the years ended April 30, 2024 and 2023 was
−Removed: a decrease of $ 1,035,621 and an increase of and $ 470,940 ,
−Removed: respectively.
+Added: For all years presented, the Company did not recognize
+Added: any deferred tax assets or liabilities.
+Added: The net change in valuation allowance for the years ended April 30, 2025 and 2024 was an increase
+Added: of $ 27,998 and a decrease of $ 1,035,621 , respectively.
The provision for income taxes differs from the
3 unchanged sentences
Federal benefit at statutory rate
−Removed: $ ( 906,359 )
State income taxes, net of Federal taxes
−Removed: Permanent differences
+Added: Fair value of warrant liability
+Added: ( 2,922,791 )
+Added: Gain on related party investment
+Added: ( 5,986,526 )
+Added: Fair value of derivative liability
+Added: Redemption of derivative liability
+Added: Expiration of warrant asset – Series B
+Added: State deferred tax adjustment
+Added: Legal settlement
Provision related to change in valuation allowance
( 1,035,621 )
+Added: Fair value of warrant asset – Series B
Expired stock options
Net valuation allowance for state NOLs
−Removed: Return to provision
Provision for income taxes
There have been no changes to the Company’s
−Removed: liability for unrecognized tax benefits during the year ended April 30, 2024.
+Added: liability for unrecognized tax benefits during the years ended April 30, 2025 and 2024, respectively.
The Company files its income tax returns in the
2 unchanged sentences
remain open to examination by the Internal Revenue Service and state tax authorities.
−Removed: The Company’s policy is to recognize any
−Removed: interest and penalties related to unrecognized tax benefits as a component of income tax expense.
+Added: The Company’s policy is to recognize
+Added: any interest and penalties related to unrecognized tax benefits as a component of income tax expense.
+Added: Management does not believe that there are significant uncertain tax positions
+Added: in the tax years 2024 and 2023.
As of the years ended April
−Removed: and 2023, the Company had accrued no interest or penalties related to uncertain tax positions.
+Added: 30, 2025 and 2024, the Company had accrued no
+Added: interest or penalties related to uncertain tax positions.
+Added: Deferred taxes are calculated using the liability
+Added: method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards,
+Added: and deferred tax liabilities are recognized for taxable temporary differences.
+Added: Temporary differences are the differences between the reported
+Added: amounts of assets and liabilities and their tax bases.
+Added: Deferred tax assets are reduced by a valuation allowance when, in the opinion of
+Added: management, it is more likely than not that some portion or all the deferred tax assets will not be realized.
+Added: Deferred tax assets and
+Added: liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
+Added: A valuation allowance is provided for deferred income
+Added: tax assets when, in management’s judgment, based upon currently available information and other factors, it is more likely than
+Added: not that all or a portion of such deferred income tax assets will not be realized.
+Added: The determination of the need for a valuation allowance
+Added: is based on an on-going evaluation of current information including, among other things, historical operating results, estimates of future
+Added: earnings in different taxing jurisdictions and the expected timing of the reversals of temporary differences.
+Added: The Company believes the
+Added: determination to record a valuation allowance to reduce a deferred income tax asset is a significant accounting estimate because it is
+Added: based on, among other things, an estimate of future taxable income in the U.S.
+Added: and certain other jurisdictions, which is susceptible to
+Added: change and may or may not occur, and because the impact of adjusting a valuation allowance may be material.
+Added: In determining when to release
+Added: the valuation allowance established against the Company’s net deferred income tax assets, the Company considers all available evidence,
+Added: both positive and negative.
+Added: Consistent with the Company’s policy, and because of the Company’s history of operating losses,
+Added: the Company does not currently recognize the benefit of all its deferred tax assets, including tax loss carry forwards, which may be used
+Added: to offset future taxable income.
+Added: The Company continually assesses its ability to generate sufficient taxable income during future periods
+Added: in which deferred tax assets may be realized.
+Added: When the Company believes it is more likely than not that it will recover its deferred tax
+Added: assets, the Company will reverse the valuation allowance as an income tax benefit in the statements of operations.
+Added: The Tax Cuts and Jobs Act (“TCJA”) requires
+Added: taxpayers to capitalize and amortize research and developmental expenditures under Internal Revenue Code Section 174.
+Added: Effective January
+Added: 1, 2022, the Company adopted the amended provisions of Internal Revenue Code Section 174, which require capitalization and amortization
+Added: of specified research or experimental (“SRE”) expenditures.
+Added: Domestic SRE expenditures are amortized over five years, while
+Added: foreign expenditures are amortized over fifteen years, beginning with the midpoint of the taxable year in which the costs are incurred.
+Added: On August 16, 2022, the Inflation Reduction Act of
+Added: 2022 (the “IR Act”) was signed into federal law.
+Added: The IR Act provides for, among other things, a new U.S.
+Added: federal 1% excise
+Added: tax on certain repurchases of stock by publicly-traded U.S.
+Added: domestic corporations and certain U.S.
+Added: domestic subsidiaries of publicly traded
+Added: foreign corporations occurring on or after January 1, 2023.
+Added: The excise tax is imposed on the repurchasing corporation itself, not its
+Added: stockholders from which shares are repurchased.
+Added: The amount of the excise tax is generally 1% of the fair market value of the shares repurchased
+Added: at the time of the purchase.
+Added: However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair
+Added: market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year.
+Added: certain exceptions apply to the excise tax.
+Added: Department of the Treasury (the “Treasury”) has been given authority
+Added: to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.
+Added: The Company repurchased 1,241,862 shares of common
+Added: stock with a total cost of $ 2,567,770 including accrued excise tax during the year ended April 30, 2025 and 8,826,356 shares of common
+Added: stock with a total cost of $ 28,479,593 including accrued excise tax for the year ended April 30, 2024.
+Added: The Company recorded $ 25,424 and
+Added: $ 281,976 in excise tax related to the IR Act, which is included in Treasury stock and accrued expenses for the years ended April 30, 2025
+Added: and 2024, respectively.
+Added: As a result, deferred tax assets increased due to
+Added: timing differences between book and tax treatment of R&D costs.
+Added: In 2025, the One Big Beautiful Bill Act repealed the amortization
+Added: requirement for domestic R&E expenditures, restoring immediate expensing.
+Added: The Company continues to monitor IRS guidance and may revise
+Added: its treatment of SRE expenditures in future periods.
+Added: GAAP method of accounting for uncertain tax
+Added: positions utilizes a two-step approach to evaluate tax positions.
+Added: Step one, recognition, requires evaluation of the tax position to determine
+Added: if based solely on technical merits it is more likely than not to be sustained upon examination.
+Added: Step two, measurement, is addressed only
+Added: if a position is more likely than not to be sustained.
+Added: In step two, the tax benefit is measured as the largest amount of benefit, determined
+Added: on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement with tax authorities.
+Added: If a position
+Added: does not meet the more likely than not threshold for recognition in step one, no benefit is recorded until the first subsequent period
+Added: in which the more likely than not standard is met, the issue is resolved with the taxing authorities, or the statute of limitations expires.
+Added: Positions previously recognized are derecognized when the Company subsequently determines the position no longer is more likely than not
+Added: to be sustained.
+Added: Evaluation of tax positions, their technical merits and measurements using cumulative probability are highly subjective
+Added: management estimates.
+Added: Actual results could differ materially from these estimates.
+Added: On July 4, 2025, the U.S.
+Added: government enacted The
+Added: One Big Beautiful Bill Act of 2025 which includes, among other provisions, changes to the U.S.
+Added: corporate income tax system including the
+Added: allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within
+Added: the Tax Cuts and Jobs Act.
+Added: Certain provisions are effective for the Company beginning fiscal 2026.
+Added: The Company is evaluating the future
+Added: impact of these tax law changes on its financial statements.
NOTE 11 – EARNINGS PER SHARE
−Removed: Basic earnings (loss) per share is computed by
−Removed: dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period.
−Removed: Diluted earnings
−Removed: per share is computed by dividing net income by the weighted average number of shares and potentially dilutive shares of common stock
−Removed: outstanding during the period increased to include the number of additional shares of common stock that would be outstanding if the potentially
−Removed: dilutive securities had been issued.
−Removed: Potential shares of common stock outstanding principally include stock options, warrants and convertible
−Removed: preferred stock.
−Removed: During the years ended April 30, 2024 and 2023, the Company incurred losses attributable to common shareholders.
−Removed: the effect of any common stock equivalent would be anti-dilutive during those periods and are not included in the calculation of diluted
−Removed: weighted average number of shares outstanding.
−Removed: The table below sets forth the basic loss per
−Removed: share calculations:
−Removed: Schedule of basic loss per
+Added: The Company computes earnings per share using
+Added: the two-class method.
+Added: The two-class method of computing earnings per share is an earnings allocation formula that determines earnings
+Added: per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation
+Added: rights in undistributed earnings.
+Added: The Series B Preferred Shares are considered participating securities as preferred shareholders are
+Added: entitled to participate with common stockholders on an as-converted basis in any distributions of assets by the Company under the terms
+Added: of the Certificate of Designations.
+Added: Under the two-class method, there is no change in the weighted average shares outstanding used between
+Added: the basic and diluted earnings per share calculations as the Series B Preferred Shares represent the only dilutive share equivalents during
+Added: the years ended April 30, 2025 and 2024.
+Added: During the years ended April 30, 2025 and 2024, the Company incurred income (losses) attributable
+Added: to common shareholders.
+Added: Accordingly, the effects of any common stock equivalent would be anti-dilutive during the period and thus are
+Added: not included in the calculation of diluted weighted average number of shares outstanding.
+Added: The following table illustrates the computation
+Added: of basic and diluted earnings (loss) per share:
+Added: Schedule of basic and diluted earnings (loss) per share
Years Ended April 30,
−Removed: Net loss attributable to common stockholders
+Added: Earnings per share
+Added: Accretion of discounts to redemption of Series B convertible preferred stock
( 3,193,404 )
( 15,053,521 )
−Removed: Basic and diluted weighted average number of shares outstanding
−Removed: Basic and diluted loss per share
−Removed: The table below sets forth these potentially dilutive
−Removed: Schedule of potentially dilutive
+Added: Series B convertible preferred stock dividends
+Added: ( 1,129,759 )
+Added: ( 2,517,645 )
+Added: Allocation of undistributed income to Series B convertible preferred stock
+Added: ( 2,970,780 )
+Added: Undistributed income (loss) available to common stockholders
+Added: $ ( 17,237,403 )
+Added: Weighted average shares outstanding used in basic earnings per share
+Added: Net income (loss) per share basic and diluted
+Added: The table below sets forth the potentially dilutive
+Added: securities excluded from the computation of diluted weighted average shares outstanding as they would be anti-dilutive:
+Added: Schedule of potentially dilutive securities
Years Ended April 30,
2 unchanged sentences
Series B convertible preferred stock
−Removed: Total preferred stock, options and warrants
+Added: Total excluded options and warrants
+Added: Diluted earnings per share were calculated under
+Added: both the if-converted and the two-class methods to determine the most dilutive amount for the common stock.
+Added: The Company applied the treasury
+Added: stock two-class method which assumes the securities remain in their current non-exercised or converted form and therefore, deemed anti-dilutive.
NOTE 12 – PREFERRED STOCK
1 unchanged sentence
preferred stock, with a par value of $ 0.0001 , of which 35,000 shares have been designated as “Series B Convertible Preferred Stock”.
−Removed: As of April 30, 2024 and 2023, there were 14,646 and zero shares issued and outstanding, respectively, and 5,833 and zero , shares, respectively,
−Removed: subject to redemption which are classified as Accrued Series B convertible preferred redemptions and dividends on the consolidated balance
+Added: As of April 30, 2025 and 2024, there were zero and 14,646 shares issued and outstanding, respectively, and zero and 5,833 , shares, respectively.
+Added: As of April 30, 2025 and 2024, there were $ 0 and $ 11,867,016 amounts subject to redemption, respectively.
On May 10, 2023, the Company entered into a Securities
69 unchanged sentences
between the scenarios with the derivative and the plain vanilla maturity scenario without a derivative.
−Removed: The discount to the fair value is included as
−Removed: a reduction to the carrying value of the Preferred Shares.
−Removed: During the year ended April 30, 2024, the Company recorded a total discount
−Removed: of approximately $ 18,246,925 upon issuance of the Preferred Shares, which was comprised of the issuance date fair value of the associated
−Removed: embedded derivative of approximately $ 2,770,000 , stock issuance costs of approximately $ 1,349,925 and the fair value of the Warrants of
+Added: The discount to the fair value is included
+Added: as a reduction to the carrying value of the Preferred Shares.
+Added: During the year ended April 30, 2024, the Company recorded a total
+Added: discount of approximately $ 18,246,925
+Added: upon issuance of the Preferred Shares, which was comprised of the issuance date fair value of the associated embedded derivative of
approximately $ 2,770,000 ,
−Removed: It was deemed probable that the Preferred Shares will become redeemable, the Company accreted the Preferred
−Removed: Shares from inception to April 30, 2024, pursuant to ASC 480-10-S99-3A.
−Removed: During the year ended April 30, 2024, the Company
−Removed: recorded a gain of approximately $ 586,000 related to the change in fair value of the derivative liability, which is recorded in other
−Removed: income, net on the Consolidated Statements of Operations.
−Removed: The Company estimated the $ 2,184,000 fair value of the bifurcated embedded derivative
−Removed: at April 30, 2024 using a Monte Carlo simulation model, with the following inputs:
−Removed: the fair value of the Company’s common stock
−Removed: of $2.12 on the valuation date, estimated equity volatility of 55.0%, estimated traded volume volatility of 165.0%, the time to maturity
−Removed: of 0.53 years, a discounted market interest rate of 20.3%, a risk free rate of 5.43%, dividend rate of 4.0%, a penalty dividend rate of
−Removed: 15.0%, probability of default of 15.2%, and instrument term elapsed of 64.6%
−Removed: During the year ended April 30, 2024, the
−Removed: Company made all installment payments in cash pursuant to installment redemptions.
−Removed: The first six installment redemptions were paid
−Removed: in cash in the amounts of $ 16,160,531 , which includes $ 14,520,835 of
−Removed: the Preferred Shares, $ 724,950 of
−Removed: accrued dividends and $ 914,746 of additional 6% cash premium pursuant to the terms of the Series B Preferred stock.
−Removed: During the year
−Removed: ended April 30, 2024, the Company made all installment payments in cash pursuant to installment redemptions and accreted $ 15,053,521 of
−Removed: discount related to the Preferred Shares.
−Removed: During the year ended April 30, 2024, the Company recognized a deemed dividend of $ 1,271,164 related
−Removed: to the amounts owed in addition to dividends if amortization is paid in cash which is included in Preferred stock dividends on the
−Removed: consolidated statement of operations.
−Removed: As of April 30, 2024, the Company has reclassified
−Removed: a portion of the Preferred Shares to an accrued liability for the seventh and eighth installment redemptions owed to investors in cash
−Removed: of $6,296,696 which includes $5,833,334 of the stated value of the Preferred Shares, $106,944 of dividends payable, and $356,418 of additional
−Removed: 6% cash premium pursuant to the terms of the Series B Preferred stock.
−Removed: The Company provided notice to the investors of their intent to
−Removed: redeem an additional two installments in cash prior to April 30, 2024.
−Removed: The Company calculated dividends on the installment redemptions
−Removed: that investors elected to defer and are scheduled to be fully settled on November 9, 2024 of $ 3,509,864 which includes principal of $ 2,979,167
−Removed: and dividends of $ 530,698 .
+Added: stock issuance costs of approximately $ 1,349,925
+Added: and the fair value of the Warrants of approximately $ 14,127,000 .
+Added: In accordance with ASC 480-10-S99-3A the Company is accreting the discount on the effective interest method and $ 3,193,404
+Added: and $ 15,053,521 ,
+Added: respectively, was recorded as a deemed dividend during the years ended April 30, 2025 and 2024.
+Added: During the years ended April 30, 2025 and 2024,
+Added: the Company recorded gains of approximately $ 2,184,000 and $ 586,000 , respectively, related to the change in fair value of the derivative
+Added: liability, which is recorded in other income, net on the Consolidated Statements of Operations.
+Added: The Company had $ 0 fair value of the bifurcated
+Added: embedded derivative at April 30, 2025 as there were no outstanding Preferred Shares at April 30, 2025.
+Added: See Note 14 – Fair Value
+Added: Measurements.
+Added: During the years ended April 30, 2025 and
+Added: 2024, the Company made all installment payments in cash pursuant to installment redemptions.
+Added: The installment redemptions were paid
+Added: in cash in the amounts of $ 22,486,875
+Added: and $ 16,160,531 ,
+Added: respectively, which included $ 20,479,169
+Added: and $ 14,520,835 ,
+Added: respectively, of the Preferred Shares, $ 734,864
+Added: and $ 724,950 ,
+Added: respectively, of accrued dividends and $ 1,272,842
+Added: and $ 914,746 ,
+Added: respectively, of additional 6% cash premium pursuant to the terms of the Series B Preferred stock.
+Added: During the year ended April 30,
+Added: 2025, the Company recognized a net dividend of $ 1,129,759
+Added: which is comprised of deemed dividend of $ 902,580 and $ 227,179 of preferred
+Added: dividend, related to the amounts owed in addition to dividends as the installments were paid in cash which are included in Preferred stock
+Added: dividends on the consolidated statement of operations.
+Added: During the year ended April 30, 2024, the Company recognized $ 2,517,645
+Added: of net dividends which is comprised of deemed dividend of $ 1,271,164 and $ 1,246,481 of preferred dividends, related to the amounts owed
+Added: in addition to dividends as the installments were paid in cash which are included in Preferred stock dividends on the consolidated statement
+Added: of operations.
The Company has one share of preferred stock designated
21 unchanged sentences
The shares are treated as Treasury Stock using the cost method.
−Removed: During the year ended
−Removed: April 30, 2024, the Company repurchased 740,477 additional shares under the repurchase program at a total cost, including commissions
−Removed: and excise taxes of $ 1,757,696 .
−Removed: As of April 30, 2024, the total number of shares repurchased pursuant to the repurchase programs was 5,548,575
−Removed: shares at a total cost, including commissions and excise taxes of $ 15,318,318 .
−Removed: Repurchased shares are included in Treasury Stock in the
−Removed: accompanying Consolidated Balance Sheets.
−Removed: At April 30, 2024, $ 4,681,682 remains available to repurchase the Company’s common stock
−Removed: pursuant to the share repurchase programs.
+Added: During the years
+Added: ended April 30, 2025 and 2024, the Company repurchased 1,241,862 and 740,477 , respectively, additional shares under the repurchase program
+Added: at a total cost, including commissions and excise taxes of $ 2,567,700 and $ 1,757,696 , respectively.
+Added: As of April 30, 2025 and 2024, the
+Added: total number of shares repurchased pursuant to the repurchase programs was 6,790,437 and 5,548,575 shares, respectively, at a total cost,
+Added: including commissions and excise taxes of $ 17,886,108 and $ 15,318,318 , respectively.
+Added: Repurchased shares are included in Treasury Stock
+Added: in the accompanying Consolidated Balance Sheets.
+Added: At April 30, 2025 and 2024, $ 2,113,891 and $ 4,681,682 , respectively, remain available
+Added: to repurchase the Company’s common stock pursuant to the share repurchase programs.
On May 11, 2023, the Company commenced a tender
7 unchanged sentences
Statements of Convertible Preferred Stock and Stockholders’ Equity.
−Removed: As of April 30, 2024, the total number of shares
−Removed: held in Treasury Stock is 13,634,454 shares at a total cost of $ 42,040,216 .
+Added: As of April 2025, the Company has paused the repurchase program.
+Added: As of April 30, 2025 and 2024, the total number
+Added: of shares held in Treasury Stock is 14,876,316 and 13,634,454 shares respectively, at a total cost of $ 44,607,916 and $ 42,040,216 , respectively.
NOTE 14 – FAIR VALUE MEASUREMENTS
Fair value measurements discussed herein are based
−Removed: upon certain market assumptions and pertinent information available to management as of and during the year ended April 30, 2024.
−Removed: carrying amounts of cash equivalents, other current assets, accounts payable and accrued expenses approximate their fair values at April
−Removed: 30, 2024 due to their short-term nature.
−Removed: The fair value of the bifurcated embedded derivative related to the convertible preferred stock
−Removed: was estimated using a Monte Carlo simulation model, which uses as inputs the fair value of the Company’s common stock and guideline
−Removed: companies estimates for the equity volatility and traded volume volatility of our common stock, the time maturity of the convertible preferred
−Removed: stock, the risk-free interest rate for a period of time that approximates the time to maturity, dividend rate, a penalty dividend rate
−Removed: and the probability of default.
−Removed: The fair value of the warrant liability was estimated using the Black Scholes Merton Model which uses
−Removed: as inputs the following weighted average assumptions, as noted above:
−Removed: dividend yield, expected terms in years, equity volatility and risk-free
+Added: upon certain market assumptions and pertinent information available to management as of and during the year ended April 30, 2025 and 2024.
+Added: The carrying amounts of cash equivalents, other current assets, accounts payable and accrued expenses approximate their fair values at
+Added: April 30, 2025 and 2024 due to their short-term nature.
+Added: The fair value of the bifurcated embedded derivative related to the convertible
+Added: preferred stock was estimated using a Monte Carlo simulation model, which uses as inputs the fair value of the Company’s common
+Added: stock and guideline companies estimates for the equity volatility and traded volume volatility of our common stock, the time maturity
+Added: of the convertible preferred stock, the risk-free interest rate for a period of time that approximates the time to maturity, dividend
+Added: rate, a penalty dividend rate and the probability of default.
+Added: The fair value of the warrant liability was estimated using the Black Scholes
+Added: Merton Model which uses as inputs the following weighted average assumptions, as noted above:
+Added: dividend yield, expected terms in years,
+Added: equity volatility and risk-free rate.
Fair Value on a Recurring Basis
5 unchanged sentences
The following table presents information about the Company’s
−Removed: liabilities that are measured at fair value on a recurring basis at April 30, 2024, and indicates the fair value hierarchy of the valuation
−Removed: inputs the Company utilized to determine such fair value:
+Added: liabilities that are measured at fair value on a recurring basis at April 30, 2025 and 2024, and indicates the fair value hierarchy of
+Added: the valuation inputs the Company utilized to determine such fair value:
Schedule of fair value of financial liabilities
5 unchanged sentences
change in the fair value of the warrant liability that is measured at fair value on a recurring basis:
−Removed: Schedule of change in the fair value of the warrant liability
+Added: Schedule of change
+Added: in the fair value of the warrant liability
April 30, 2025
4 unchanged sentences
Balance on April 30, 2024
+Added: Issuance of warrants
+Added: Change in fair value of warrant liability
+Added: ( 10,446,000 )
+Added: Balance on April 30, 2025
The following table sets forth a summary of the
change in the fair value of the bifurcated embedded derivative liability that is measured on a recurring basis:
+Added: Schedule of embedded derivative liability
April 30, 2025
3 unchanged sentences
Balance on April 30, 2024
+Added: Issuance of convertible preferred stock with bifurcated embedded derivative liability
+Added: Change in fair value of bifurcated embedded derivative
+Added: ( 2,184,000 )
+Added: Balance on April 30, 2025
The fair value of the convertible note receivable
12 unchanged sentences
The fair values of financial instruments by class
−Removed: as of April 30, 2024 are as follows:
+Added: as of April 30, 2025 and 2024 are as follows:
Schedule of fair values of financial instruments by class
2 unchanged sentences
Financial Assets
−Removed: Convertible note receivable – investment in debt security
−Removed: Warrant asset
+Added: Marketable equity securities
+Added: Money market account
+Added: Convertible note receivable – investment in debt security - Femasys
+Added: Warrant asset - Femasys
+Added: Investment in preferred stock - TNF
+Added: Warrant asset - TNF
Assumptions used in the valuation of the Level
3 assets include time to expiration, discount rate, risk-free rate, volatility and probability of default.
−Removed: NOTE 15 – SUBSEQUENT EVENTS
−Removed: Stock Repurchase
−Removed: From May 1, 2024 to August 8, 2024, the Company
−Removed: repurchased 328,182 shares of common stock through the stock repurchase program for $757,408, including commissions and accrued excise
−Removed: Securities Purchase Agreement
−Removed: Effective on May 23, 2024, the Company entered
−Removed: into a Securities Purchase Agreement with a public company operating in the medical industry, TNF Pharmaceuticals, Inc.
−Removed: (f/k/a MyMD Pharmaceuticals,
−Removed: Inc.) (“TNF”), pursuant to which the Company purchased (i) 7,000 shares of TNF’s Series G Convertible Preferred Stock
−Removed: at a price of $1.816 per Preferred Share, which are convertible into 3,854,626 shares of common stock at a price of $1.816 per share;
−Removed: (ii) warrants to purchase up to 3,854,626 shares of TNF’s common stock at a price of $1.816 per share with a five-year term ;
−Removed: warrants to purchase up to 3,854,626 shares of TNF’s common stock at an exercise price of $1.816 per share with a 18-month term
−Removed: , for an aggregate purchase price of $7,000,000.
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.