What changed in this filing

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Item 1. Financial Statements

2024-11-07 compared with 2024-08-07 · 216 added, 134 removed, 432 unchanged (45% of the section changed)

2 unchanged sentences

Condensed Consolidated Balance Sheets

September 30,

Current assets:

3 unchanged sentences

Total current assets

Liabilities and Stockholders’ Equity

Commitments and Contingencies (See Note 8)

Liabilities and Stockholders’ Equity

Current liabilities:

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Total current liabilities

Stock appreciation rights

Total liabilities

Stockholders’ Equity:

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Three months ended

Six months ended

Nine months ended

September 30,

Operating expenses:

11 unchanged sentences

Unrealized (loss) gain on short-term investments

Total other income

Total other (expense) income – net

$ ( 21,725,970 )

8 unchanged sentences

Condensed Consolidated Statements of Stockholders’

Three and Six months ended June 30, 2024

Three and Nine months ended September 30, 2024

Balance – December 31, 2023

2 unchanged sentences

Stock-based compensation

Options exercised for common stock

Options exercises for common stock

( 21,828,126 )

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( 600,498,929 )

Stock-based compensation

( 21,725,970 )

Three and Six months ended June 30, 2023

( 21,725,970 )

Balance – September 30, 2024

$ 669,819,907

$ ( 622,224,899 )

Three and Nine months ended September 30, 2023

Balance – December 31, 2022

12 unchanged sentences

( 513,735,465 )

Stock-based compensation

( 22,002,058 )

Balance – September 30, 2023

$ 636,434,059

$ ( 535,737,523 )

$ 100,726,635

The accompanying notes are an integral part of

2 unchanged sentences

Condensed Consolidated Statements of Cash Flows

Six months ended

Nine months ended

September 30,

Cash flows from operating activities

3 unchanged sentences

Stock-based compensation

Realized loss (gain) on short-term investments

Realized (gain) loss on short-term investments

Unrealized (gain) loss on short-term investments

Change in operating assets and liabilities:

Other receivables

Other receivable

Prepaid expenses and other assets

Accounts payable

( 1,160,468 )

( 2,405,184 )

Accrued expenses

1 unchanged sentence

( 1,641,475 )

Stock appreciation rights compensation

Net cash used in operating activities

10 unchanged sentences

Net cash provided by financing activities

Net (decrease)/increase in cash and cash equivalents

Net increase /(decrease) in cash and cash equivalents

( 2,607,779 )

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(FDA) and other governmental regulations and approval requirements.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING

NOTE 2 – GOING CONCERN

These unaudited condensed consolidated financial

statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates

the realization of assets and the satisfaction of liabilities in the normal course of business.

As shown in the accompanying unaudited condensed

consolidated financial statements, the Company has incurred losses and negative cash flows from operations since inception and expects

to incur additional losses until such time that it can generate significant revenue from the commercialization of its product candidates.

During the nine months ended September 30, 2024, the Company incurred a net loss of $ 61,322,218 and had negative operating cash flows

of $ 42,956,164 .

Given the Company’s projected operating requirements and its existing cash and cash equivalents and short-term investments,

the Company is projecting insufficient liquidity to sustain its operations through one year following the date that the financial statements

These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern.

In response to these conditions, management is

currently evaluating the size and scope of any subsequent operations and clinical trials that will affect the timing to obtain the required

funding of future operations.

Financing strategies may include, but are not limited to, the public or private sale of equity or debt securities

or from bank or other loans or through strategic collaboration and/or licensing agreements.

There can be no assurances that the Company

will be able to secure additional financing, or if available, that it will be sufficient to meet its needs or on favorable terms.

management’s plans have not yet been finalized and are not within the Company’s control, the implementation of such plans

cannot be considered probable.

As a result, the Company has concluded that management’s plans do not alleviate substantial doubt

about the Company’s ability to continue as a going concern.

The unaudited condensed consolidated financial

statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and

classification of liabilities that might result from the outcome of this uncertainty.

NOTE 3 - SUMMARY OF SIGNIFICANT

ACCOUNTING POLICIES

Basis of Presentation

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accounts and transactions have been eliminated in consolidation.

As shown in the accompanying unaudited condensed consolidated financial

statements, the Company incurred negative operating cash flows of $ 26,299,773 for the six months ended June 30, 2024 and has an accumulated

deficit of $ 600,498,929 from inception through June 30, 2024.

Management believes that the Company’s

existing cash and cash equivalents and short-term investments will enable it to fund operating expenses and capital expenditure requirements

for at least 12 months from the issuance of these unaudited condensed consolidated financial statements.

Beyond that point management

will evaluate the size and scope of any subsequent operations and clinical trials that will affect the timing of additional financings

through public or private sales of equity or debt securities or from bank or other loans or through strategic collaboration and/or licensing

Further, additional financing does not affect the Company’s conclusion that based on the cash on hand and the budgeted

cash flow requirements, the Company has sufficient funds to maintain operations for at least 12 months from the issuance of these unaudited

condensed consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with U.S.

requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent

assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and

expenses for the reporting period.

The preparation of financial statements in conformity

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure

of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts

of revenues and expenses for the reporting period.

Actual results could differ from those estimates.

The significant estimates are stock-based compensation

expenses and recorded amounts related to income taxes.

The significant estimates are stock-based

compensation expenses and recorded amounts related to income taxes.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents

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held at two high-credit-quality financial institutions.

The Company’s cash and cash equivalents balance of $ 2,086,260 at June 30,

The Company’s cash and cash equivalents balance of $ 1,483,789 at September

30, 2024 at these institutions exceed the federally insured limits.

6 unchanged sentences

equity method accounting.

Changes in fair value of the securities are recorded as part of other income on the condensed consolidated

Changes in fair value of the securities are recorded as part of other income on the unaudited condensed consolidated

statements of operations.

Short term investment activity is presented in the investing activities section on the condensed consolidated

statements of cash flows.

Short-term investments at June 30, 2024 and December

31, 2023, consisted of mutual funds with a fair value of $ 68,351,069 and $ 92,232,292 , respectively.

Short-term investment activity is presented in the investing activities section on the unaudited condensed

consolidated statements of cash flows.

Short-term investments at September 30, 2024

and December 31, 2023, consisted of mutual funds with a fair value of $ 52,633,938 and $ 92,232,292 , respectively.

Costs related to filing and pursuing patent applications

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Fair value is defined as the price that would

be received to sell an asset, or paid to transfer a liability (an exit price,) in an orderly transaction between market participants

at the reporting date.

be received to sell an asset, or paid to transfer a liability (an exit price) in an orderly transaction between market participants at

the reporting date.

A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices

in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.

The fair value hierarchy is as

The fair value hierarchy is as follows:

Level 1 Inputs – Unadjusted quoted

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Notes to Unaudited Condensed Consolidated Financial

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

As required by Accounting Standard Codification

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The Company’s short-term investment instruments

of $ 68,351,069 at June 30, 2024 consist of mutual funds, bank deposits and money market funds and are classified using Level 1 inputs

within the fair value hierarchy because the value is based on quoted prices in active markets.

Unrealized gains and losses are recorded

in the condensed consolidated statements of operations under other income.

The Company recorded an unrealized loss of $ 45,465 and a realized

gain of $ 5,248 included in other income for the three and six months ended June 30, 2024, respectively.

The Company recorded an unrealized

loss of $ 639,634 and an unrealized gain of $ 651,476 included in other income for the three and six months ended June 30, 2023, respectively.

of $ 52,633,938 at September 30, 2024 consist of mutual funds and are classified using Level 1 inputs within the fair value hierarchy

because the value is based on quoted prices in active markets.

Unrealized gains and losses are recorded in the unaudited condensed consolidated

statements of operations under other income.

The Company recorded realized gains of $ 147,835 and $ 334,082 included in other income for

the three and nine months ended September 30, 2024, respectively.

The Company recorded unrealized gains of $ 278,555 and $ 283,803 included

in other income for the three and nine months ended September 30, 2024, respectively.

The Company accounts for income taxes using the

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tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain.

As of September

30, 2024, and December 31, 2023, the Company had recognized a valuation allowance to the full extent of the Company’s net deferred

7 unchanged sentences

and administrative expenses in the statements of operations.

There were no liabilities recorded for uncertain tax positions at June 30,

There were no liabilities recorded for uncertain tax positions at September

30, 2024 and December 31, 2023.

The open tax years, subject to potential examination by the applicable taxing authority, for the Company

are from June 30, 2018 forward.

are from September 30, 2018 forward.

Research and Development

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of those instruments.

Stock Appreciation Rights

Pursuant to the terms of the Company’s 2021

Equity Incentive Plan, the Company grants cash-settled Stock Appreciation Rights (“SARs”) that are classified as liabilities

under ASC 718 ( Compensation—Stock Compensation ).

These SARs allow employees to receive cash payments based on the appreciation

of the Company’s stock price over a specified period.

The initial fair value of SARs is determined

on the grant date using the Black-Scholes option pricing model.

SARs are remeasured at fair value at each reporting date using the

Black-Scholes pricing model until they are exercised or expire.

Changes in fair value are recognized in the income statement as a

compensation expense.

Compensation expense is recognized over the service period, which is the period during which employees are

required to provide service in exchange for the award.

Upon exercise, the Company will settle SARs in

cash based on the difference between the fair value of the underlying shares at the exercise date and the exercise price.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Net Loss per Common Share

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basic and diluted shares outstanding due to the Company’s net losses in each period.

For the six months ended June 30, 2024 and 2023,

the potentially dilutive securities that would be anti-dilutive due to the Company’s net loss are not included in the calculation

of diluted net loss per share attributable to common stockholders.

The anti-dilutive securities are as follows (in common stock equivalent

Six months ended

For the nine months ended September 30, 2024

and 2023, the potentially dilutive securities that would be anti-dilutive due to the Company’s net loss are not included in the

calculation of diluted net loss per share attributable to common stockholders.

The anti-dilutive securities are as follows (in common

stock equivalent shares):

Nine months ended

September 30,

Stock options

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Subsequent Events

The Company’s management reviewed all material events through

the date the unaudited condensed consolidated financial statements were issued for subsequent event disclosure consideration.

The Company’s management reviewed all material

events through the date the unaudited condensed consolidated financial statements were issued for subsequent event disclosure consideration.

Relmada Therapeutics, Inc.

2 unchanged sentences

Prepaid expenses consisted of the following (rounded to nearest $00):

September 30,

Research and Development

1 unchanged sentence

Accrued expenses consisted of the following (rounded to nearest $00):

September 30,

Research and development

4 unchanged sentences

Notes to Unaudited Condensed Consolidated Financial

NOTE 6 - STOCK APPRECIATION RIGHTS

During the nine months ended September 30, 2024,

110,000 stock appreciation rights have been issued to employees with an exercise price of $ 3.84 - $ 3.69 respectively with a 10 -year term,

and vesting over a 4 -year period.

Variables used in the Black-Scholes option-pricing model include:

(1) discount rate of 3.87 –

4.15 %, (2) expected life of 6.25 years, (3) expected volatility of 113 %, and (4) zero expected dividends.

At September 30, 2024, the Company revalued the

stock appreciation rights using a stock price of $ 3.24 and an exercise price of $ 3.84 - $ 3.69 .

Variables used in the Black-Scholes option-pricing

model include:

(1) discount rate of 3.63 %, (2) expected life of 6 years, (3) expected volatility of 112 %, and (4) zero expected dividends.

of September 30, 2024, the total liability related to SARs is $ 12,562 , reflecting the fair value as of the reporting date.

quarter ended September 30, 2024, the Company recorded compensation related to the SARs in the amount of $ 12,562 , included in research

and development expenses in the accompanying consolidated statements of operations.

A summary of the changes in SARs during the nine months ended September

30, 2024 is as follows.

SARS Weighted

Price Weighted

Term Aggregate

Outstanding at December 31, 2023 -

Granted 110,000 $ 3.70 9.84 $ -

Outstanding at September 30, 2024 110,000 $ 3.70 9.84 $ -

SARs vested at September 30, 2024 -

At September 30, 2024, the Company has unrecognized compensation

expense of approximately $ 0.3 million related to unvested stock appreciation rights which will be recognized over the weighted average

remaining service period of 3.83 years.

NOTE 7 - STOCKHOLDERS’ EQUITY

During the six months ended June 30, 2024, the Company issued 74,999 shares

of common stock for the exercise of options for proceeds of $ 246,747 .

On April 6, 2022, the Company entered into a

new Open Market Sale Agreement with Jefferies, as sales agent, pursuant to which we may offer and sell, from time to time, through Jefferies,

shares of our common stock, having an aggregate offering price of up to $ 100,000,000 .

We are not obligated to sell any shares under the

As of June 30, 2024, no shares have been issued under this agreement.

During the nine months ended September 30, 2024,

the Company issued 74,999 shares of common stock for the exercise of options for proceeds of $ 246,747 .

On April 6, 2022, the Company entered into a new

Open Market Sale Agreement with Jefferies LLC, as sales agent, pursuant to which we may offer and sell, from time to time, through Jefferies

LLC, shares of our common stock, having an aggregate offering price of up to $ 100,000,000 .

We are not obligated to sell any shares under

the agreement.

As of September 30, 2024, no shares have been issued under this agreement.

Options and Warrants

In December 2014, the Board of Directors adopted

and the Company’s shareholders approved Relmada’s 2014 Stock Option and Equity Incentive Plan, as amended (the “Plan”),

which allows for the granting of 5,152,942 common stock awards, stock appreciation rights, and incentive and nonqualified stock options

to purchase shares of the Company’s common stock to designated employees, non-employee directors, and consultants and advisors.

and the Company’s shareholders approved Relmada’s 2014 Stock Option and Equity Incentive Plan, as amended (the “ 2014

Plan”), which allows for the granting of 5,152,942 common stock awards, stock appreciation rights, and incentive and nonqualified

stock options to purchase shares of the Company’s common stock to designated employees, non-employee directors, and consultants

and advisors.

In May 2021, the Company’s Board of Directors

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of up to 13,052,942 options or other stock awards.

Stock options are exercisable generally for a

period of 10 years from the date of grant and generally vest over four years .

As of June 30, 2024, no shares were available

options are exercisable generally for a period of 10 years from the date of grant and generally vest over four years .

As of September 30, 2024, 350 shares were available

for future grants under the 2014 or 2021 Plan.

As of June 30, 2024, no stock appreciation rights

have been issued.

The Company utilizes the Black-Scholes option

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compensation to estimate the expected term for equity awards for share-based compensation in its option-pricing model.

From January 1, 2024 through June 30, 2024, 487,434

options were issued to various consultants and employees with an exercise price ranging from $ 3.05 to $ 3.44 and a 10 -year term, vesting

over a 3.56 - 4 year period.

The options granted include time-based vesting grants.

The options have an aggregate fair value of approximately

$ 1.3 million calculated using the Black-Scholes option-pricing model.

Variables used in the Black-Scholes option-pricing model include:

(1) discount rate of 4.10 – 4.51 % - (2) expected life of 5.92 - 6.25 years, (3) expected volatility of 113.5 % - 114.1 %, and (4)

zero expected dividends.

At June 30, 2024, the Company has unrecognized stock-based compensation

expense of approximately $ 39.2 million related to unvested stock options which will be recognized over the weighted average remaining

service period of 1.91 years.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

NOTE 5 - STOCKHOLDERS’ EQUITY (continued)

NOTE 7 - STOCKHOLDERS’ EQUITY

From January 1, 2024 through September 30, 2024,

487,434 options were issued to various consultants and employees with an exercise price ranging from $ 3.05 to $ 3.44 and a 10 -year term,

vesting over a 3.56 - 4 year period.

The options granted include time-based vesting grants.

The options have an aggregate fair value

of approximately $ 1.3 million calculated using the Black-Scholes option-pricing model.

Variables used in the Black-Scholes option-pricing

model include:

(1) discount rate of 4.10 – 4.51 % - (2) expected life of 5.92 - 6.25 years, (3) expected volatility of 113.5 % -

114.1 %, and (4) zero expected dividends.

September 30, 2024, the Company has unrecognized stock-based compensation expense of approximately $ 32 million related to unvested stock

options which will be recognized over the weighted average remaining service period of 1.78 years.

A summary of the changes in options during the

six months ended June 30, 2024 is as follows:

nine months ended September 30, 2024 is as follows:

Options Weighted

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Cancelled ( 4,757,628 ) $ -

Outstanding at June 30, 2024 13,052,592 $ 16.47 7.27 $ 352,084

Options exercisable at June 30, 2024 8,289,638 $ 19.59 6.69 $ 44,692

A summary of the changes in outstanding warrants during the six months

ended June 30, 2024 is as follows:

Outstanding at September 30, 2024 13,052,592 $ 16.47 7.02 $ 599,973

Options exercisable at September 30, 2024 8,888,189 $ 19.28 6.52 $ 111,698

A summary of the changes in outstanding warrants during the nine months

ended September 30, 2024 is as follows:

Outstanding at December 31, 2023

Outstanding at June 30, 2024

Warrants vested at June 30, 2024

At June 30, 2024, the Company had approximately

$ 1.7 million of unrecognized compensation expense related to outstanding warrants.

At June 30, 2024, the aggregate intrinsic value

of warrants vested and outstanding was $ 0 .

Stock -based compensation by class of expense

Outstanding at September 30, 2024

Warrants vested at September 30, 2024

At September 30, 2024, the Company had approximately $ 0.9 million of

unrecognized compensation expense related to outstanding warrants.

At September 30, 2024, the aggregate intrinsic value of warrants vested

and outstanding was $ 3,240 .

Stock -based compensation for options and warrants

by class of expense

The following table summarizes the components

of stock-based compensation expense which includes stock options and warrants in the unaudited consolidated statements of operations

for the six months ended June 30, 2024 and 2023 (rounded to nearest $00):

for the nine months ended September 30, 2024 and 2023 (rounded to nearest $00):

September 30,

Research and development

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engage in discussions with other potential licensors.

As of June 30, 2024, no discussions are active between the Company and Wonpung.

As of September 30, 2024, no discussions are active between the Company and Wonpung.

The Company received an upfront license fee of

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product in the field of product that has more than one active pharmaceutical ingredient, respectively.

As of June 30, 2024, the Company

has not generated any revenue related to this license agreement.

As of September 30, 2024, the

Company has not generated any revenue related to this license agreement.

Inturrisi / Manfredi

In January 2018, we entered into an Intellectual

Property Assignment Agreement (the Assignment Agreement) and License Agreement (the License Agreement and together with the Assignment

Agreement, the Agreements) with Dr.

In January 2018, the Company entered into

an Intellectual Property Assignment Agreement (the Assignment Agreement) and License Agreement (the License Agreement and together with

the Assignment Agreement, the Agreements) with Dr.

Inturrisi and Dr.

Paolo Manfredi (collectively, the Licensor).

Pursuant to the Agreements,

Relmada assigned its existing rights, including patents and patent applications, to esmethadone in the context of psychiatric use (the

Existing Invention) to Licensor.

Licensor then granted Relmada under the License Agreement a perpetual, worldwide, and exclusive license

to commercialize the Existing Invention and certain further inventions regarding esmethadone, in the context of other indications such

as those contemplated above.

In consideration of the rights granted to Relmada under the License Agreement, Relmada paid the Licensor

an upfront, non-refundable license fee of $ 180,000 .

Additionally, Relmada will pay Licensor $ 45,000 every three months until the earliest

to occur of the following events:

(i) the first commercial sale of a licensed product anywhere in the world, (ii) the expiration or invalidation

of the last to expire or be invalidated of the patent rights anywhere in the world, or (iii) the termination of the License Agreement.

Relmada will also pay Licensor tiered royalties with a maximum rate of 2 %, decreasing to 1.75 %, and 1.5 % in certain circumstances, on

net sales of licensed products covered under the License Agreement.

Relmada will also pay Licensor tiered payments up to a maximum of

20 %, and decreasing to 17.5 %, and 15 % in certain circumstances, of all consideration received by Relmada for sublicenses granted under

the License Agreement.

As of June 30, 2024, no events have occurred, and the Company continues to pay Licensor $ 45,000 every three months.

to the Agreements, Relmada assigned its existing rights, including patents and patent applications, to esmethadone in the context of

psychiatric use (the Existing Invention) to Licensor.

Licensor then granted Relmada under the License Agreement a perpetual, worldwide,

and exclusive license to commercialize the Existing Invention and certain further inventions regarding esmethadone, in the context of

other indications such as those contemplated above.

In consideration of the rights granted to Relmada under the License Agreement,

Relmada paid the Licensor an upfront, non-refundable license fee of $ 180,000 .

Additionally, Relmada will pay Licensor $ 45,000 every three

months until the earliest to occur of the following events:

(i) the first commercial sale of a licensed product anywhere in the world,

(ii) the expiration or invalidation of the last to expire or be invalidated of the patent rights anywhere in the world, or (iii) the

termination of the License Agreement.

Relmada will also pay Licensor tiered royalties with a maximum rate of 2 %, decreasing to 1.75 %,

and 1.5 % in certain circumstances, on net sales of licensed products covered under the License Agreement.

Relmada will also pay Licensor

tiered payments up to a maximum of 20 %, and decreasing to 17.5 %, and 15 % in certain circumstances, of all consideration received by Relmada

for sublicenses granted under the License Agreement.

As of September 30, 2024, no events have occurred, and the Company continues to

pay Licensor $ 45,000 every three months.

Arbormentis, LLC

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neural plasticity.

Paolo Manfredi, Relmada’s Acting Chief Scientific Officer and co-inventor of REL-1017, and Dr.

Pappagallo, Relmada’ s Safety/Adjudication Officer, are among the scientists affiliated with Arbormentis, LLC.

Paolo Manfredi, Relmada’s co-inventor of REL-1017 and Relmada’s scientific advisor, and Dr.

Pappagallo, Relmada’s scientific advisor, are among the scientists affiliated with Arbormentis, LLC.

Relmada Therapeutics, Inc.

19 unchanged sentences

Company has elected the practical expedient and recognizes rent expense evenly over the 12 months.

For the six months ended June 30, 2024 and 2023,

For the nine months ended September 30, 2024 and

2023, the Company recognized lease expense of approximately $ 179,700 and $ 213,500 , respectively.

4 unchanged sentences

The Company is currently not aware of any legal proceedings

or potential claims against it whose outcome would be likely, individually or in the aggregate, to have a material adverse effect on the

Company’s business, financial condition, operating results, or cash flows.

NOTE 7 - OTHER POST-RETIREMENT BENEFIT PLAN

or potential claims against it whose outcome would be likely, individually or in the aggregate, to have a material adverse effect on

the Company’s business, financial condition, operating results, or cash flows.

NOTE 9 - OTHER POST-RETIREMENT BENEFIT

Relmada participates in a multiemployer 401(k)

4 unchanged sentences

The Company’s contribution expense was approximately

$ 69,400 and $ 80,900 for the six months ended June 30, 2024 and 2023, respectively.

$ 107,300 and $ 118,800 for the nine months ended September 30, 2024 and 2023, respectively.

NOTE 10 - SUBSEQUENT EVENTS

On July 15, 2024, the Company issued 10,000 Cash-settled Stock

Appreciation Rights to a new employee with a term of 10 years, an exercise price of $ 3.84 , and vesting over 4 years.

On August 1, 2024, the Company issued 100,000 Cash-settled Stock Appreciation

Rights to a new employee with a term of 10 years, an exercise price of $ 3.69 , and vesting over 4 years.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements