{"url_path":"/sec/alzn/10-k/2026/item-16","section_key":"item-16","section_title":"Item 16 ****FORM 10–K SUMMARY**","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-07-22","source_url":"https://www.sec.gov/Archives/edgar/data/1677077/0001214659-26-008832-index.html","accession_number":"0001214659-26-008832","cik":"0001677077","ticker":"ALZN","issuer_name":"Alzamend Neuro, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1677077/0001214659-26-008832-index.html","primary_entity_key":"0001677077","primary_entity_name":"Alzamend Neuro, Inc."},"word_count":10565,"has_tables":true,"body_markdown":"**ITEM 16.****FORM 10–K SUMMARY**\n\n \n\nNone.\n\n \n\n - 67 - \n\n \n\n \n\n**SIGNATURES**\n\n** **\n\nPursuant to the requirements\nof Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by\nthe undersigned thereunto duly authorized.\n\n \n\n \n**ALZAMEND NEURO, INC.**\n \n\n \n \n \n\nDate: July 22, 2026\nBy:\n\n/s/ Stephan Jackman\n\nStephan Jackman\n\nChief Executive Officer (principal executive officer)\n\n \n\n \n \n \n \n\nDate: July 22, 2026\nBy:\n\n/s/ David J. Katzoff\n\nDavid J. Katzoff\n\nChief Financial Officer (principal financial and accounting officer)\n\n \n\n \n\n**POWER OF ATTORNEY**\n\n \n\nKNOW ALL BY THESE PRESENTS, that each person whose\nsignature appears below constitutes and appoints Stephan Jackman and David J. Katzoff, and each of them, as his or her true and lawful\nattorneys-in-fact and agents, each with the full power of substitution, for him or her and in his or her name, place or stead, in any\nand all capacities, to sign any and all amendments to this Annual Report on Form 10-K and to file the same, with exhibits thereto and\nother documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents,\nand each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about\nthe premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that\nsaid attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.\n\n \n\nPursuant to the requirements\nof the Securities Exchange Act of 1934, this report has been signed below by the following persons on in the capacities and on the dates\nindicated.\n\n \n\n**Name**\n \n**Title**\n \n**Date**\n\n \n \n \n \n \n\nBy: /s/ Stephan Jackman\n\nStephan Jackman\n\n \nChief Executive Officer and Director\n\n(principal executive officer)\n \nJuly 22, 2026\n\n \n \n \n \n \n\nBy: /s/ David J. Katzoff\n\nDavid J. Katzoff\n\n \nChief Financial Officer\n\n(principal financial and accounting officer)\n \nJuly 22, 2026\n\n \n \n \n \n \n\nBy: /s/ William B. Horne\n\nWilliam B. Horne\n\n \nChairman of the Board\n \nJuly 22, 2026\n\n \n \n \n \n \n\nBy: /s/ Milton C. Ault III\n\nMilton C. Ault III\n\n \nVice Chairman of the Board\n \nJuly 22, 2026\n\n \n \n \n \n \n\nBy: /s/ Henry Nisser\n\nHenry Nisser\n\n \nExecutive Vice President, General Counsel\n\nand Director\n \nJuly 22, 2026\n\n \n \n \n \n \n\nBy: /s/ Mark Gustafson\n\nMark Gustafson\n\n \nDirector\n \nJuly 22, 2026\n\n \n \n \n \n \n\nBy: /s/ Jeffrey Oram\n\nJeffrey Oram\n\n \nDirector\n \nJuly 22, 2026\n\n \n\n - 68 - \n\n \n\n \n\n**INDEX TO FINANCIAL STATEMENTS**\n\n \n\n**ALZAMEND NEURO, INC.**\n\n \n\n \n\n \n\nReport of Independent Registered Public Accounting Firm (PCAOB ID 200)\nF-2\n\n \n \n\nBalance Sheets as of April 30, 2026 and 2025\nF-4\n\n \n \n\nStatements of Operations for the years ended April 30, 2026 and 2025\nF-5\n\n \n \n\nStatements of Changes in Stockholders’ Equity for the years ended April 30, 2026 and 2025\nF-6\n\n \n \n\nStatements of Cash Flows for the years ended April 30, 2026 and 2025\nF-7\n\n \n \n\nNotes to Financial Statements\nF-8 – F-21\n\n \n\n - F-1 - \n\n \n\n \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n \n\nTo the Board of Directors and Stockholders\n\nAlzamend Neuro, Inc.\n\n \n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the accompanying balance sheets\nof Alzamend Neuro, Inc. (the “Company”) as of April 30, 2026 and 2025, and the related statements of operations, changes in\nstockholders’ equity, and cash flows for each of the years then ended, and the related notes (collectively referred to as the “financial\nstatements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial\nposition of the Company as of April 30, 2026 and 2025, and the results of its operations and its cash flows for each of the years then\nended, in conformity with accounting principles generally accepted in the United States of America.\n\n \n\n**Going Concern**\n\n** **\n\nThe accompanying financial statements have been\nprepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has\nexperienced recurring losses from operations, negative cash flows from operations and is dependent on additional financing to fund current\nand future operations. These matters raise substantial doubt about the Company’s ability to continue as a going concern. Management’s\nplans in regard to these matters are also described in Note 2 to the financial statements. The financial statements do not include any\nadjustments that might result from the outcome of this uncertainty.\n\n** **\n\n**Basis for Opinion**\n\n \n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our\naudits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)\nand are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable\nrules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding\nof internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\n - F-2 - \n\n \n\n \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM (CONTINUED)**\n\n \n\nOur audits included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\n \n\n \n\n \nHASKELL & WHITE LLP\n\n \n\nWe have served as the Company’s auditor since 2024.\n\n \n\nIrvine, California\n\nJuly 22, 2026\n\n** **\n\n****\n\n - F-3 - \n\n \n\n \n\n**ALZAMEND NEURO, INC.**\n\n**Balance Sheets**\n\n  \n   \n  \n\n  \nApril 30, 2026  \nApril 30, 2025 \n\nASSETS \n    \n   \n\n  \n    \n   \n\nCURRENT ASSETS \n    \n   \n\n  \n    \n   \n\nCash \n$710,689  \n$3,948,658 \n\nPrepaid expenses and other current assets \n 1,053,808  \n 228,719 \n\nTOTAL CURRENT ASSETS \n 1,764,497  \n 4,177,377 \n\nProperty, plant and equipment, net \n 314,866  \n 425,606 \n\nTOTAL ASSETS \n$2,079,363  \n$4,602,983 \n\n  \n    \n   \n\nLIABILITIES AND STOCKHOLDERS’ EQUITY \n    \n   \n\n  \n    \n   \n\nCURRENT LIABILITIES \n    \n   \n\n  \n    \n   \n\nAccounts payable and accrued liabilities \n$1,346,152  \n$634,761 \n\nTOTAL LIABILITIES, ALL CURRENT \n 1,346,152  \n 634,761 \n\n  \n    \n   \n\nCOMMITMENTS AND CONTINGENCIES \n    \n   \n\n  \n    \n   \n\nSTOCKHOLDERS’ EQUITY \n    \n   \n\n  \n    \n   \n\nSeries B Convertible Preferred Stock, $1,000\nstated value per share, nil 0 and 6,000 shares designated;\nnil and 2,100 issued and outstanding as of April 30, 2026 and 2025,\nrespectively \n -  \n - \n\nSeries C Convertible Preferred Stock, $10,000\nstated value per share, nil 0\nand 1,000\nshares designated;\nnil 0 and 150.7176 issued and outstanding as of April 30, 2026 and 2025, respectively \n -  \n - \n\nCommon stock, $0.0001 par value: 300,000,000 shares authorized; 4,256,039 and 778,733 issued\n\nand outstanding as of April 30, 2026 and 2025, respectively \n 425  \n 78 \n\nAdditional paid-in capital \n 68,040,429  \n 62,503,405 \n\nAccumulated deficit \n (67,307,643) \n (58,535,261)\n\nTOTAL STOCKHOLDERS’ EQUITY \n 733,211  \n 3,968,222 \n\nTOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY \n$2,079,363  \n$4,602,983 \n\n \n\nThe accompanying notes are an integral part of\nthese financial statements.\n\n \n\n - F-4 - \n\n \n\n \n\n**ALZAMEND NEURO, INC.**\n\n**Statements of Operations**\n\n  \n    \n   \n\n  \nFor the Years Ended April 30, \n\n  \n2026  \n2025 \n\nOPERATING EXPENSES \n    \n   \n\nResearch and development \n$3,629,785  \n$1,414,928 \n\nGeneral and administrative \n 5,137,056  \n 3,081,896 \n\nTotal operating expenses \n 8,766,841  \n 4,496,824 \n\nLoss from operations \n (8,766,841) \n (4,496,824)\n\n  \n    \n   \n\nOTHER EXPENSE, NET \n    \n   \n\nInterest income \n 1,078  \n - \n\nInterest expense \n (6,619) \n (18,029)\n\nTotal other expense, net \n (5,541) \n (18,029)\n\nNET LOSS \n (8,772,382) \n (4,514,853)\n\n  \n    \n   \n\nDividends on preferred shares \n -  \n (117,022)\n\nDeemed dividend on warrant modification issued with preferred shares \n -  \n (473,209)\n\nNET LOSS AVAILABLE TO COMMON SHARES \n$(8,772,382) \n$(5,105,084)\n\n  \n    \n   \n\nBasic and diluted net loss per common share \n$(2.63) \n$(11.32)\n\n  \n    \n   \n\nBasic and diluted weighted average common shares outstanding \n 3,337,143  \n 450,799 \n\n \n\nThe accompanying notes are an integral part of\nthese financial statements.\n\n \n\n - F-5 - \n\n \n\n \n\n**ALZAMEND NEURO, INC.**\n\n**Statements of Changes in Stockholders’\nEquity (Deficit)**\n\n**For the Years Ended April 30, 2026 and April\n30, 2025**\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\n  \nSeries\nA Convertible\n\nPreferred Stock  \n\n**Series\nB Convertible**\n\n**Preferred\nStock**\n  \n\n**Series\nC Convertible**\n\n**Preferred\nStock**\n  \nCommon\nStock  \n\n**Additional**\n\n**Paid-in**\n  \nAccumulated  \n  \n\n  \nShares  \nAmount  \nShares  \nAmount  \nShares  \nAmount  \nShares  \nAmount  \nCapital  \nDeficit  \nTotal \n\nBALANCES, April 30, 2024 \n -  \n$-  \n 2,100  \n$-  \n -  \n$-  \n 76,444  \n$8  \n$51,426,215  \n$(54,020,408) \n$(2,594,185)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of common stock for cash, net of issuance\ncosts \n -  \n -  \n -  \n -  \n -  \n -  \n 235,907  \n 24  \n 2,704,028  \n -  \n 2,704,052 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of common stock for restricted stock awards \n -  \n -  \n -  \n -  \n -  \n -  \n 18  \n -  \n -  \n -  \n - \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of preferred stock for cash, net of issuance\ncosts \n 800  \n -  \n -  \n -  \n 75  \n -  \n -  \n -  \n 7,736,144  \n -  \n 7,736,144 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nProceeds from stock option exercise \n -  \n -  \n -  \n -  \n -  \n -  \n 1,111  \n -  \n 600  \n -  \n 600 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nConversion of preferred stock to common stock \n (712) \n -  \n -  \n -  \n (24) \n -  \n 465,253  \n 46  \n (46) \n -  \n - \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nConversion of note payable and interest to Series\nA preferred stock \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 311,356  \n -  \n 311,356 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nExchange of series A preferred stock to series C\npreferred stock \n (97) \n -  \n -  \n -  \n 97  \n -  \n -  \n -  \n -  \n -  \n - \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nStock-based compensation to employees and consultants \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 325,108  \n -  \n 325,108 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nPreferred dividends \n 9  \n -  \n -  \n -  \n 2  \n -  \n -  \n -  \n -  \n -  \n - \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nNet loss \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (4,514,853) \n (4,514,853)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nBALANCES, April 30, 2025 \n -  \n$-  \n 2,100  \n$-  \n 150  \n$-  \n 778,733  \n$78  \n$62,503,405  \n$(58,535,261) \n$3,968,222 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of common stock for cash, net of issuance\ncosts \n -  \n -  \n -  \n -  \n -  \n -  \n 451,298  \n 45  \n 794,799  \n -  \n 794,844 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of preferred stock for cash, net of issuance\ncosts \n -  \n -  \n -  \n -  \n 425  \n -  \n -  \n -  \n 4,035,000  \n -  \n 4,035,000 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nConversion of preferred stock to common stock \n -  \n -  \n (2,100) \n -  \n (575) \n -  \n 3,026,008  \n 302  \n (302) \n -  \n - \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nStock-based compensation to employees, directors\nand consultants \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 707,527  \n -  \n 707,527 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nNet loss \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (8,772,382) \n (8,772,382)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nBALANCES, April 30, 2026 \n -  \n$-  \n -  \n$-  \n -  \n$-  \n 4,256,039  \n$425  \n$68,040,429  \n$(67,307,643) \n$733,211 \n\n \n\nThe accompanying notes are an integral part of\nthese financial statements.\n\n \n\n - F-6 - \n\n \n\n \n\n**ALZAMEND NEURO, INC.**\n\n**Statements of Cash Flows**\n\n  \n    \n   \n\n  \nFor the Years Ended April 30, \n\n  \n2026  \n2025 \n\nCash flows from operating activities: \n    \n   \n\nNet loss \n$(8,772,382) \n$(4,514,853)\n\nAdjustments to reconcile net loss to net cash used in operating activities: \n    \n   \n\nDepreciation expense \n 110,740  \n 50,740 \n\nInterest expense - debt discount \n -  \n 9,286 \n\nStock-based compensation to employees, directors and consultants \n 707,527  \n 325,108 \n\nChanges in operating assets and liabilities: \n    \n   \n\nPrepaid expenses and other current assets \n (825,089) \n (149,525)\n\nAccounts payable and accrued liabilities \n 711,391  \n (2,288,942)\n\nNet cash used in operating activities \n (8,067,813) \n (6,568,186)\n\nCash flows from investing activities: \n    \n   \n\nPurchase of equipment \n -  \n (300,000)\n\nNet cash used in investing activities \n -  \n (300,000)\n\nCash flows from financing activities: \n    \n   \n\nNet proceeds from the issuance of common stock \n 794,844  \n 2,704,052 \n\nProceeds from stock option exercise \n -  \n 600 \n\nNet proceeds from the issuance of preferred stock \n 4,035,000  \n 7,736,144 \n\nNet cash provided by financing activities \n 4,829,844  \n 10,440,796 \n\nNet (decrease) increase in cash \n (3,237,969) \n 3,572,610 \n\nCash at beginning of period \n 3,948,658  \n 376,048 \n\nCash at end of period \n$710,689  \n$3,948,658 \n\n  \n    \n   \n\nSupplemental disclosures of cash flow information: \n    \n   \n\nNon-cash financing activities: \n    \n   \n\nConversion of Series A convertible preferred stock to common stock \n$-  \n$7,120,133 \n\nConversion of Series B convertible preferred stock to common stock \n$2,100,000  \n$- \n\nConversion of Series C convertible preferred stock to common stock \n$5,757,176  \n$239,712 \n\nFair value of warrants issued in connection with Series A convertible preferred stock \n$-  \n$1,635,489 \n\nPreferred stock dividends \n$-  \n$117,022 \n\nConversion of note payable and accrued interest into Series A convertible preferred stock \n$-  \n$311,356 \n\nExchange of Series A convertible preferred stock into Series C convertible preferred stock \n$-  \n$977,511 \n\nFair value of warrants issued with preferred stock \n$-  \n$577,073 \n\n \n\nThe accompanying notes are an integral part of\nthese financial statements.\n\n \n\n - F-7 - \n\n \n\n \n\n**ALZAMEND NEURO, INC.**\n\n**NOTES TO FINANCIAL STATEMENTS**\n\n \n\n**1. DESCRIPTION OF BUSINESS**\n\n \n\n**Organization**\n\n \n\nAlzamend Neuro, Inc. (the\n“Company” or “Alzamend”), is a clinical-stage biopharmaceutical company focused on developing novel products for\nthe treatment of Alzheimer’s disease (“Alzheimer’s”), bipolar disorder (“BD”), major depressive disorder\n(“MDD”) and post-traumatic stress disorder (“PTSD”). With two current product candidates, Alzamend aims to bring\ntreatments or cures to market at a reasonable cost as quickly as possible. The Company’s current pipeline consists of two novel\ntherapeutic drug candidates: (i) a patented ionic cocrystal technology delivering a therapeutic combination of lithium, proline and salicylate,\nknown as AL001, through two royalty-bearing exclusive worldwide licenses from the University of South Florida Research Foundation, Inc.,\nas licensor (the “Licensor”); and (ii) a patented method using a mutant peptide sensitized cell as a cell-based therapeutic\nvaccine that seeks to restore the ability of a patient’s immunological system to combat Alzheimer’s, known as ALZN002, through\na royalty-bearing exclusive worldwide license from the same Licensor.\n\n \n\nThe Company is devoting substantially\nall its efforts towards research and development of its two product candidates and raising capital. The Company has not generated any\nproduct revenue to date. The Company has financed its operations to date primarily through debt financings and through the sale of its\ncommon stock, par value $0.0001 per share (“Common Stock”) and its preferred stock, par value $0.0001 per share. The Company\nexpects to continue to incur net losses in the foreseeable future.\n\n \n\n**Reverse Stock Split**\n\n \n\nOn\nJuly 10, 2024, pursuant to the authorization provided by the Company’s stockholders at its annual meeting of stockholders, the Company\nfiled an amendment to the Certificate of Incorporation to effectuate a reverse stock split of the Company’s issued and outstanding\nCommon Stock by a ratio of one-for-ten (the “Second Reverse Split”). The Second Reverse Split did not affect the number of\nauthorized shares of Common Stock, preferred stock or their respective par value per share. As a result of the Second Reverse Split, each\nten shares of Common Stock issued and outstanding prior to the Second Reverse Split were converted into one share of Common Stock. The\nSecond Reverse Split became effective in the State of Delaware on July 16, 2024. All share amounts in these financial statements have\nbeen updated for all periods presented to reflect the Second Reverse Split.\n\n \n\nOn\nMay 6, 2025, pursuant to the authorization provided by the Company’s stockholders at its annual meeting of stockholders, the Company\nfiled an amendment to the Certificate of Incorporation to effectuate a reverse stock split of the Company’s issued and outstanding\nCommon Stock by a ratio of one-for-nine (the “Reverse Split”). The Reverse Split did not affect the number of authorized shares\nof Common Stock, preferred stock or their respective par value per share. As a result of the Reverse Split, each nine shares of Common\nStock issued and outstanding prior to the Reverse Split were converted into one share of Common Stock. The Reverse Split became effective\nin the State of Delaware on May 12, 2025. All share amounts in these financial statements have been updated for all periods presented\nto reflect the Reverse Split.\n\n \n\n**2. LIQUIDITY, GOING CONCERN AND MANAGEMENT’S\nPLANS**\n\n \n\nThe accompanying financial\nstatements have been prepared on the basis that the Company will continue as a going concern. As of April 30, 2026, the Company had cash\nof $711,000 and an accumulated deficit of $67.3 million. For the year ended April 30, 2026, the Company had a net loss of $8.8 million\nand cash used in operating activities of $8.1 million. The Company had cash as of April 30, 2025, totaling $3.9 million and accumulated\ndeficit of $58.5 million. In the past, the Company has financed its operations principally through issuances of equity and debt instruments.\n\n \n\nDuring the year ended April\n30, 2026, the Company sold an aggregate of 451,298 shares of Common Stock pursuant to an at-the-market offering for proceeds of $795,000\n(see Note 9).\n\n \n\nThe Company expects to continue\nto incur losses for the foreseeable future and needs to raise additional capital until it is able to generate revenues from operations\nsufficient to fund its development and commercial operations during the twelve-month period subsequent to the issuance of the financial\nstatements included in this Annual Report. These factors create substantial doubt about our ability\nto continue as a going concern. In order to continue as a going concern, the Company will need to raise additional funds. The Company\nplans to seek additional funding through public equity, private equity and debt financings. The terms of any additional financing may\nadversely affect the holdings or rights of the Company’s stockholders. If the Company is unable to obtain funding, it could be required\nto delay, reduce or eliminate research and development programs and planned clinical trials which could adversely affect the Company’s\nbusiness operations.\n\n \n\n - F-8 - \n\n \n\n \n\nOn\nMarch 20, 2026, the Company was notified by the staff of The Nasdaq Stock Market LLC (“Nasdaq”) that that\nits stockholders’ equity as reported in its Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2026 (the “Form\n10-Q”), did not satisfy the continued listing requirement under Nasdaq Listing Rule 5550(b)(1) for the Nasdaq Capital Market, which\nrequires that a listed company’s stockholders’ equity be at least $2.5 million. As reported on its Form 10-Q, the Company’s\nstockholders’ equity as of January 31, 2026 was approximately $2.2 million. As reported in this Annual Report, the Company’s\nstockholders’ equity as of April 30, 2026 was approximately $0.7 733,211 million.\n\n \n\nIn\naccordance with Nasdaq Listing Rules, the Company was provided an initial period of 45 calendar days, or until May 4, 2026, to submit\na plan to regain compliance. On May 4, 2026, the Company submitted a plan to regain compliance with Nasdaq Listing Rule 5550(b)(1) to\nNasdaq. On May 19, 2026, Nasdaq granted the Company an extension of time to regain compliance on or before September 16, 2026.\n\n \n\n**3. SIGNIFICANT ACCOUNTING POLICIES**\n\n \n\n**Basis of Presentation**\n\n \n\nThe financial statements have\nbeen prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and\npursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”).\n\n \n\n**Accounting Estimates**\n\n \n\nThe preparation of financial\nstatements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets\nand liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of\nrevenues and expenses during the reporting period. The Company’s critical accounting policies that involve significant judgment\nand estimates include research and development, stock-based compensation, warrant valuation, and valuation of deferred income taxes. Actual\nresults could differ from those estimates.\n\n \n\n**Cash and Cash Equivalents**\n\n \n\nThe Company considers all\nhighly liquid investments with a remaining maturity of three months or less when purchased to be cash equivalents. As of April 30, 2026\nand 2025, the Company had no cash equivalents.\n\n \n\n**Fair Value of Financial Instruments**\n\n \n\nFinancial Accounting Standards\nBoard (“FASB”) Accounting Standards Codification (“ASC”) 820, *Fair Value Measurement*, defines fair value\nas the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous\nmarket for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques\nused to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy\nis based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last\nis considered unobservable:\n\n \n\nLevel 1: Quoted prices in\nactive markets for identical assets or liabilities.\n\n \n\nLevel 2: Inputs other than\nLevel 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in\nmarkets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the\nfull term of the assets or liabilities.\n\n \n\nLevel 3 assumptions: Unobservable\ninputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities including\nliabilities resulting from imbedded derivatives associated with certain warrants to purchase common stock.\n\n \n\nThe fair values of warrants\nissued in connection with equity or debt issuance are determined using the Black-Scholes valuation model, a “Level 3” fair\nvalue measurement, based on the estimated fair value of the underlying common stock, volatility based on the historical volatility data\nof similar companies, considering the industry, products and market capitalization of such other entities, the expected life based on\nthe remaining contractual term of the conversion option and warrants and the risk free interest rate based on the implied yield available\non U.S. Treasury securities with a maturity equivalent to the warrants’ contractual life.\n\n \n\n - F-9 - \n\n \n\n \n\n**Income Taxes**\n\n \n\nThe Company determines its\nincome taxes under the asset and liability method. Under the asset and liability approach, deferred income tax assets and liabilities\nare calculated and recorded based upon the future tax consequences of temporary differences by applying enacted statutory tax rates applicable\nto future periods for differences between the financial statements carrying amounts and the tax basis of existing assets and liabilities.\nGenerally, deferred income taxes are classified as current or non-current in accordance with the classification of the related asset or\nliability. Those not related to an asset or a liability are classified as current or non-current depending on the periods in which the\ntemporary differences are expected to reverse. Valuation allowances are provided for significant deferred income tax assets when it is\nmore likely than not that some or all of the deferred tax assets will not be realized. As of April 30, 2026, the Company had fully reserved\nthe net deferred income tax assets by taking a full valuation allowance against these assets.\n\n \n\nThe Company recognizes tax\nliabilities by prescribing a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized\nand also provides guidance on de-recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure\nand transition. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the\napplicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the\nposition. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized\nupon ultimate settlement. To the extent that the final tax outcome of these matters is different than the amount recorded, such differences\nimpact income tax expense in the period in which such determination is made. Interest and penalties, if any, related to accrued liabilities\nfor potential tax assessments are included in income tax expense. U.S. GAAP also requires management to evaluate tax positions taken by\nthe Company and recognize a liability if the Company has taken uncertain tax positions that more likely than not would not be sustained\nupon examination by applicable taxing authorities. Management of the Company has evaluated tax positions taken by the Company and has\nconcluded that as of April 30, 2026, there were no uncertain tax positions taken, or expected to be taken, that would require recognition\nof a liability that would require disclosure in the financial statements.\n\n \n\n**Stock-Based Compensation**\n\n** **\n\nThe Company recognizes stock-based\ncompensation expense for stock options on a straight-line basis over the requisite service period and accounts for forfeitures as they\noccur. The Company’s stock-based compensation costs are based upon the grant date fair value of options estimated using the Black-Scholes\noption pricing model. To the extent any stock option grants are made subject to the achievement of a performance-based milestone, management\nevaluates when the achievement of any such performance-based milestone is probable based on the satisfaction of the performance conditions\nas of the reporting date.\n\n \n\nThe Company recognizes stock-based\ncompensation expense for restricted stock on a straight-line basis over the requisite service period and accounts for forfeitures as they\noccur. The Company’s stock-based compensation for restricted stock is based upon the estimated fair value of the Common Stock on\nthe date of grant.\n\n \n\nThe Black-Scholes option pricing\nmodel utilizes inputs which are highly subjective assumptions and generally requires significant judgment. Certain of such assumptions\ninvolve inherent uncertainties and the application of significant judgment. As a result, if factors or expected outcomes change and the\nCompany uses significantly different assumptions or estimates, the Company’s stock-based compensation could be materially different.\n\n \n\n**Warrants**\n\n \n\nThe Company accounts for stock\nwarrants as either equity instruments, derivative liabilities, or liabilities in accordance with ASC 480, *Distinguishing Liabilities\nfrom Equity*(“ASC 480”) and ASC 815, *Derivatives and Hedging*(“ASC 815”)*,* depending\non the specific terms of the warrant agreement.\n\n \n\nDuring the year ended April\n30, 2026, based on the terms of the Company’s warrant agreements, the Company accounted for the warrants as equity instruments as\nthe warrants were indexed to the Common Stock, required settlement in shares and would be classified as equity under ASC 815.\n\n \n\n**Loss per Common Share**\n\n \n\nThe Company utilizes FASB\nASC Topic No. 260, *Earnings per Share*. Basic loss per share is computed by dividing loss available to common stockholders\nby the weighted-average number of common shares outstanding. Diluted loss per share is computed similarly to basic loss per share except\nthat the denominator is increased to include the number of additional common shares that would have been outstanding if the additional\ncommon shares had been issued and if such common shares were dilutive. Diluted loss per common share reflects the potential dilution that\ncould occur if options, restricted stock units and warrants were to be exercised or converted or otherwise resulted in the issuance of\nCommon Stock that then shared in the earnings of the entity.\n\n \n\n - F-10 - \n\n \n\n \n\nSince the effects of outstanding\noptions, restricted stock units and warrants are anti-dilutive in the periods presented, shares of Common Stock underlying these instruments\nhave been excluded from the computation of loss per common share.\n\n \n\nThe following sets forth the\nnumber of shares of Common Stock underlying outstanding options and warrants that have been excluded from the computation of loss per\ncommon share:\n\nSchedule of anti-dilutive securities excluded from computation of earnings per share \n    \n   \n\n  \nFor the Years Ended April 30, \n\n  \n2026  \n2025 \n\nStock options \n 1,597,000  \n 12,854 \n\nWarrants \n 135,972  \n 137,051 \n\n  \n 1,732,972  \n 149,905 \n\n \n\n **Preferred Stock Classification**\n\n** **\n\nThe Company analyzes the terms\nof its preferred stock using ASC Topic No. 480, *Distinguishing Liabilities from Equity*, to determine whether the Company’s\npreferred stock should be classified as a liability or equity, and if classified as equity, permanent or temporary. Common criteria the\nCompany considers are redemption provisions, conversion options, mandatory fixed dividends, discretionary dividends based on earning,\nvoting rights and collateral requirements.\n\n \n\n**Segment Reporting**\n\n** **\n\nIn fiscal year 2025, the Company\nadopted Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment\nDisclosures. The Company operates as a single operating and reportable segment, which reflects the manner in which the Chief Operating\nDecision Maker, who is the Company’s Chief Executive Officer, manages the business and allocates resources. The Company is a clinical-stage\nbiopharmaceutical company focused on developing novel products for the treatment of Alzheimer’s, BD, MDD and PTSD, with key operational\ndecisions based on cash availability, development milestones, and return on investment associated with future manufacturing and commercialization\nopportunities.\n\n \n\n**Recent Accounting Standards**\n\n \n\nOn December 14, 2023, the\nFASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09\nrequires entities to disclose specific rate reconciliations, amount of income taxes separated by federal and individual jurisdiction,\nand the amount of income (loss) from continuing operations before income tax expense (benefit) disaggregated between federal, state, and\nforeign. The Company adopted this for its fiscal year beginning May 1, 2025, prospectively. Adoption impacted footnote disclosures only,\nwith no material effect on financial position or results of operations.\n\n \n\nIn November 2024, the FASB\nissued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, to require disaggregated\ndisclosure of certain income statement expense line items, such as purchases of inventory, employee compensation, and depreciation and\namortization. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal\nyears beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied prospectively, but retrospective\napplication is permitted. Management is currently evaluating the impact of this guidance on its financial statements.\n\n \n\n**4. PREPAID EXPENSES AND OTHER CURRENT ASSETS**\n\n \n\nPrepaid expenses and other\ncurrent assets were as follows:\n\nSchedule of prepaid expenses and other current assets \n    \n   \n\n  \nApril 30, 2026  \nApril 30, 2025 \n\nPrepaid clinical trial expenses \n$991,850  \n$178,922 \n\nPrepaid insurance \n 41,972  \n 42,584 \n\nOther prepaid expenses \n 19,986  \n 7,213 \n\nTotal prepaid expenses and other current assets \n$1,053,808  \n$228,719 \n\n \n\nOn June 14, 2025, the Company\npurchased directors’ and officers’ insurance for 12 months in the amount of $220,000. Prepaid insurance at April 30, 2026\nrepresented the unamortized portion of directors’ and officers’ insurance. In July 2025, the Company initiated its Phase II\nclinical trial of AL001 in patients with BD. Prepaid clinical trial expenses at April 30, 2026 represented the prepaid expenses association\nwith that trial.\n\n** **\n\n****\n\n - F-11 - \n\n \n\n** **\n\n**5. INCOME TAXES**\n\n \n\nThe following is a geographical\nbreakdown of the Company’s loss before the provision for income taxes:\n\nSchedule of loss before provision for income taxes \n    \n   \n\n  \nApril 30, 2026  \nApril 30, 2025 \n\nPre-tax loss: \n    \n   \n\nFederal \n$(8,771,281) \n$(4,514,853)\n\n  \n    \n   \n\nTotal pre-tax loss \n$(8,771,281) \n$(4,514,853)\n\n  \n\nSignificant components of\nthe Company’s deferred tax assets were as follows:\n\nSchedule of deferred tax assets and liabilities \n    \n   \n\n  \nApril 30, 2026  \nApril 30, 2025 \n\nDeferred income tax asset: \n    \n   \n\nAccruals \n$-  \n$3,705 \n\nCapitalized research expenditures \n 1,376,933  \n 2,022,954 \n\nNet operating loss carryover \n 12,950,374  \n 10,566,664 \n\nStock-based compensation \n 1,082,661  \n 2,677,922 \n\nTotal deferred tax asset \n 15,409,968  \n 15,271,245 \n\nFixed assets \n (14,114) \n (23,848)\n\nValuation allowance \n (15,395,854) \n (15,247,397)\n\nDeferred income tax asset, net of allowance \n$-  \n$- \n\n \n\nA reconciliation of the provision for\nincome taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the\nadoption of ASU 2023-09 is as follows:\n\nSchedule of effective income tax rate reconciliation \n    \n   \n\n  \nApril 30, 2026  \nPercent \n\nU.S. Federal statutory tax rate \n (1,841,969) \n 21.0%\n\nState and local income tax, net of federal income tax effect (1) \n -  \n 0.0%\n\nChange in valuation allowance \n 211,325  \n -2.4%\n\nNontaxable / Nondeductible Items \n    \n   \n\nOther \n 7,112  \n 0.1%\n\nOther \n    \n   \n\nStock Compensation – cancellations/expirations \n 1,623,532  \n -18.5%\n\nTotal provision for income taxes \n -  \n 0.0%\n\n \n\n(1)The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect\nin this category include California.\n\n \n\nA reconciliation of the provision for\nincome taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes for years\nprior to the adoption of ASU 2023-09 is as follows:\n\n \n\n  \nApril 30, 2025  \nApril 30, 2024 \n\nTax benefit at U.S. Federal statutory tax rate \n 21.0% \n 21.0%\n\nState income tax, net of federal benefit \n -32.0% \n 28.9%\n\nIncrease (decrease) in tax rate resulting from: \n    \n   \n\nChange in valuation allowance \n 11.5% \n -49.8%\n\nStock-based compensation \n -0.3% \n -0.1%\n\nOther \n -0.2% \n 0.0%\n\nEffective tax rate \n 0.0% \n 0.0%\n\n \n\n - F-12 - \n\n \n\n \n\n The amounts of cash\nincome taxes paid by the Company were as follows:\n\nSchedule of amounts of cash income taxes paid \n   \n\n  \nFor the Year Ended\nApril 30, 2026 \n\nFederal \n$- \n\nState and Local: \n   \n\nCalifornia \n 800 \n\nNorth Carolina \n 200 \n\nOther \n 100 \n\n  \n 1,100 \n\nForeign \n - \n\nOther \n - \n\nIncome taxes, net of amounts refunded \n$1,100 \n\n \n\nIn assessing the realization\nof deferred tax assets, management considers whether it is more likely than not that the Company’s deferred tax assets will be realized.\nManagement considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making\nsuch assessments. Given historical generation of and expected future taxable losses, management determined it is more likely than not\nthat some or all of the deferred tax assets will not be realized. Therefore, a full valuation allowance was maintained, as of the years\nended April 30, 2026 and 2025, of $15,395,854 and $15,247,397, respectively.\n\n \n\nAt April 30, 2026, the Company\nmaintained U.S. Federal and state net operating loss (“NOL”) carryovers of approximately $55.3 million and $23.8 million,\nrespectively. Federal and state NOLs begin to expire in various years depending on relevant jurisdiction. In accordance with Internal\nRevenue Code §382 (“IRC §382”), the future deductibility of the Company’s NOL’s may be subject to an\nannual limitation in the event of a change in control as defined by applicable regulations. The Company has yet to complete a formal study\nto confirm NOL’s are not limited in utilization per IRC §382 and may reduce applicable deferred tax assets upon completion\nof such a study, in future periods.\n\n \n\nThe impact of an uncertain\nincome tax position on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon\naudit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of\nbeing sustained. The Company had no uncertain tax positions as of April 30, 2026.\n\n \n\nThe Company’s policy\nis to recognize interest and penalties related to income tax matters in the provision for income taxes. As of April 30, 2026, no\ninterest or penalties have been recorded pertaining to uncertain tax positions.\n\n \n\nThe Company is subject to\ntaxation in the United States and various U.S. state jurisdictions. All tax years remain open to examination by the Internal Revenue Service\nand relevant state authorities.\n\n \n\nThe One Big Beautiful Bill Act (“OBBB Act”) was enacted\non July 4, 2025, in the United States. The OBBB Act included several significant provisions, including re-establishing a 100% bonus depreciation\ndeduction, re-establishing rules in calculating business interest expense limitations pursuant to Internal Revenue Code §163(j),\nchanging the calculation of international tax inclusions, and removing the capitalization requirements for domestic research or experimental\nexpenditures paid or incurred in tax years beginning after December 31, 2024. Management has considered applicable tax impacts of the\nOBBB Act within the financial statements for the fiscal year ended April 30, 2026. \n\n \n\n**6. STOCK-BASED COMPENSATION**\n\n \n\n**2016 Stock Incentive Plan**\n\n \n\nOn April 30, 2016, the Company’s\nstockholders approved the Company’s 2016 Stock Incentive Plan (the “2016 Plan”). The 2016 Plan provides for the issuance\nof a maximum of 9,259 shares of Common Stock to be offered to the Company’s directors, officers, employees, and consultants. On\nMarch 1, 2019, the Company’s stockholders approved an additional 5,556 shares to be available for issuance under the 2016 Plan.\nOptions granted under the 2016 Plan have an exercise price equal to or greater than the fair value of the underlying Common Stock at the\ndate of grant and become exercisable based on a vesting schedule determined at the date of grant. The options expire between five and\n10 years from the date of grant. Restricted stock awards granted under the 2016 Plan are subject to a vesting period determined at the\ndate of grant.\n\n \n\n**2021 Stock Incentive Plan**\n\n \n\nIn February 2021, the Company’s\nstockholders approved the Company’s 2021 Stock Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the issuance\nof a maximum of 7,407 shares of Common Stock to be offered to the Company’s directors, officers, employees, and consultants. Options\ngranted under the 2021 Plan have an exercise price equal to or greater than the fair value of the underlying Common Stock at the date\nof grant and become exercisable based on a vesting schedule determined at the date of grant. The options expire between five and 10 years\nfrom the date of grant. Restricted stock awards granted under the 2021 Plan are subject to a vesting period determined at the date of\ngrant.\n\n \n\n - F-13 - \n\n \n\n \n\n**2025 Stock Incentive Plan**\n\n \n\nIn April 2026, the Company’s\nstockholders approved, the Company’s 2025 Stock Incentive Plan (the “2025 Plan”). The 2025 Plan authorizes the grant\nto eligible individuals of (1) stock options (incentive and non-statutory), (2) restricted stock, (3) stock appreciation rights, or SARs,\n(4) restricted stock units, and (5) other stock-based compensation.\n\n \n\n*Stock Subject to the 2025\nPlan.* The maximum number of shares of Common Stock that may be issued under the 2025 Plan is 1,600,000 shares, which number will\nbe increased to the extent that compensation granted under the 2025 Plan is forfeited, expires or is settled for cash (except as otherwise\nprovided in the 2025 Plan). Substitute awards (awards made or shares issued by the Company in assumption of, or in substitution or exchange\nfor, awards previously granted, or the right or obligation to make future awards, in each case by a company that the Company acquires\nor any subsidiary of the Company or with which the Company or any subsidiary combines) will not reduce the shares authorized for grant\nunder the 2025 Plan, nor will shares subject to a substitute award be added to the shares available for issuance or transfer under the\n2025 Plan.\n\n  \n\n*Stock Options.* All\noptions that the Company grants are granted at the per share fair value on the grant date. Vesting of options differs based on the terms\nof each option. The Company has valued the options at their date of grant utilizing the Black Scholes option pricing model. As of the\ndate of issuance of these options, there was not an active public market for the Company’s shares. Accordingly, the fair value of\nthe underlying options was determined based on the historical volatility data of similar companies, considering the industry, products\nand market capitalization of such other entities. The risk-free interest rate used in the calculations is based on the implied yield available\non U.S. Treasury issues with an equivalent term approximating the expected life of the options as calculated using the simplified method.\nThe expected life of the options used was based on the contractual life of the option granted. Stock-based compensation is a non-cash\nexpense because the Company settles these obligations by issuing shares of Common Stock from its authorized shares instead of settling\nsuch obligations with cash payments. \n\n \n\nA summary of stock option\nactivity for the year ended April 30, 2026, is presented below:\n\nSchedule of share-based payment arrangement, option, activity \n    \n    \n    \n    \n   \n\n  \n    \n    \n**Outstanding Options** \n\n  \n**Shares Available for Grant**  \n**Number of Shares**  \n**Weighted Average Exercise Price**  \n**Weighted Average Remaining Contractual Life (years)**  \n**Aggregate Intrinsic Value** \n\nBalance at April 30, 2025 \n 6,889  \n 9,406  \n$1,802.18  \n 4.80  \n$- \n\nOptions granted \n -   \n 1,590,000  \n$2.33  \n 9.54  \n$- \n\nOptions exercised \n -   \n -  \n    \n    \n   \n\nOptions cancelled/forfeited \n -   \n (5,702) \n$1,856.49  \n    \n   \n\nBalance at April 30, 2026 \n 16,889  \n 1,593,406  \n$6.32  \n 9.53  \n$- \n\nOptions vested and expected to vest at April 30, 2026 \n    \n 1,593,406  \n$6.32  \n 9.53  \n$- \n\nOptions exercisable at April 30, 2026 \n    \n 798,704  \n$10.29  \n 9.51  \n$- \n\n \n\nThe aggregate intrinsic value\nin the table above represents the total pretax intrinsic value (i.e., the difference between the estimated fair value on the respective\ndate and the exercise price, times the number of shares) that would have been received by the option holders had all option holders exercised\ntheir options.\n\n \n\n**Stock Options Granted to Employees, Directors and Consultants**\n\n \n\nThe estimated fair value of\nstock options granted to employees, directors and consultants during the year ended April 30, 2026 were calculated using the Black-Scholes\noption-pricing model using the following assumptions:\n\nSchedule of estimated fair value of stock options granted \n \n\n  \n\n**For the Year Ended**\n\n**April 30, 2026**\n\nExpected term (in years) \n6.25\n\nVolatility \n93.4%\n\nRisk-free interest rate \n4.4%\n\nDividend yield \n0.0%\n\n \n\n - F-14 - \n\n \n\n \n\n*Expected Term: *The\nexpected term represents the period that the options granted are expected to be outstanding and is determined using the simplified method\n(based on the mid-point between the vesting date and the end of the contractual term).\n\n \n\n*Expected Volatility: *The\nCompany uses an average historical stock price volatility of comparable public companies within the biotechnology and pharmaceutical industry\nthat were deemed to be representative of future stock price trends as the Company only has a limited trading history for its common stock.\nThe Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own\nstock price becomes available.\n\n \n\n*Risk-Free Interest Rate: *The\nCompany based the risk-free interest rate over the expected term of the options based on the constant maturity rate of U.S. Treasury securities\nwith similar maturities as of the date of the grant.\n\n \n\n*Expected Dividend: *The\nCompany has not paid and does not anticipate paying any dividends in the near future. Therefore, the expected dividend yield was zero.\n\n \n\nThere were no stock options\ngranted during the year ended April 30, 2025.\n\n \n\n*Performance Contingent\nStock Options Granted to Employee*\n\n \n\nOn November 26, 2019, the\nCompany’s board of directors (the “Board”) granted 3,148 performance and market contingent awards to certain key employees\nand a director. These grants were made outside of the Plan. These awards have an exercise price of $2,025.00 per share. These awards have\nmultiple separate market triggers for vesting based upon either (i) the successful achievement of stepped target closing prices on a national\nsecurities exchange for 90 consecutive trading days later than 180 days after the Company’s initial public offering (“IPO”)\nfor its Common Stock, or (ii) stepped target prices for a change in control transaction. The target prices ranged from $13,500 per share\nto $54,000 per share. In the event any of the stock price milestones are not achieved within three years, the unvested portion of the\nperformance options will be reduced by 25%.\n\n \n\nOn November 22, 2022, the\nCompensation Committee of the Board modified the performance criteria for these awards. The target price range is now $13,500 per share\nto $27,000 per share. Additionally, if the stock price milestones are now not achieved by November 27, 2026, as opposed to within three\nyears, the unvested portion of the portion of the performance options will be reduced by 25%. Due to the significant risks and uncertainties\nassociated with achieving the market-contingent awards, as of April 30, 2026, the Company’s management believes that the achievement\nof the requisite performance conditions is not probable and, as a result, no compensation cost has been recognized for these awards.\n\n \n\nOn November 29, 2022, the\nCompensation Committee of the Board granted 1,481 performance-based stock option to the Chief Executive Officer at an exercise price of\n$1,579.50 per share, of which 50% vest upon the completion and announcement of topline data from the Company’s Phase II clinical\ntrial of AL001 within three years from grant date and the remaining 50% vest upon the completion and announcement of topline data from\nthe Company’s Phase II clinical trial of ALZN002 within four years from the grant date. During the year ended April 30, 2023, the\nCompany believed that it was probable that the performance condition of the completion and announcement of topline data from the Company’s\nPhase II clinical trial of AL001 would be achieved and had recognized the related stock-based compensation. As of April 30, 2026, the\nCompany believed that the achievement of the second performance condition was not probable and, as a result, no compensation cost has\nbeen recognized related to Phase I/IIA of ALZN002.\n\n \n\n**Stock-Based Compensation Expense**\n\n \n\nThe Company’s results\nof operations include expenses relating to stock-based compensation for the years ended April 30, 2026 and 2025, were comprised of the\nfollowing:\n\nSchedule of stock-based compensation \n    \n   \n\n  \nFor the Years Ended April 30, \n\n  \n2026  \n2025 \n\n Research and development \n$46,611  \n$- \n\n General and administrative \n 660,916  \n 325,108 \n\n Total \n$707,527  \n$325,108 \n\n \n\n - F-15 - \n\n \n\n \n\nAs of April 30, 2026, total\nunamortized stock-based compensation expense related to unvested employee and non-employee awards that are expected to vest was $618,000.\nThe weighted-average period over which such stock-based compensation expense will be recognized is approximately 2.0 years.\n\n \n\n**7. WARRANTS**\n\n \n\n**Warrant Issuances During 2026**\n\n \n\nNo warrants were issued during the year ended April\n30, 2026.\n\n** **\n\n**Warrant Issuances During 2025**\n\n** **\n\nDuring the year ended April\n30, 2025, the Company issued warrants to purchase an aggregate of 279,273 shares of Common Stock with a weighted average exercise price\nof $48.96 per share as follows:\n\nSchedule of Common Stock \n    \n    \n  \n   \n\nIssuance \n   \nExercise  \nOriginal \nFair Value \n\nDate \nQuantity  \nPrice  \nExpiration \nat Date of Grant \n\n5/10/2024 \n 8,889  \n$112.50  \n5/10/2029 **(1)** \n$256,591 \n\n6/25/2024 \n 13,333  \n$112.50  \n6/25/2029 **(1)** \n$241,340 \n\n8/19/2024 \n 17,778  \n$112.50  \n8/19/2029 **(1)** \n$558,811 \n\n8/21/2024 \n 22,222  \n$112.50  \n8/21/2029 **(1)** \n$473,512 \n\n9/11/2024 \n 8,889  \n$112.50  \n9/11/2029**(1)** \n$66,043 \n\n2/28/2025 \n 111,111  \n$112.50  \n2/28/2030 \n$577,073 \n\n \n\n(1)Cancelled on February 28, 2025\n\n \n\nBased on the terms of the\nCompany’s warrant agreement, the Company accounted for the warrant as an equity instrument as the warrant is indexed to the Common\nStock, requires settlement in shares and would be classified as equity under ASC 815.\n\n \n\nThe following table summarizes\ninformation about Common Stock warrants at April 30, 2026:\n\nSchedule of common stock warrants outstanding \n    \n  \n    \n    \n   \n\nOutstanding \nExercisable \n\n  \n   \nWeighted \n   \n   \n  \n\n  \n   \nAverage \nWeighted  \n   \nWeighted \n\n  \n   \nRemaining \nAverage  \n   \nAverage \n\nExercise \nNumber  \nContractual \nExercise  \nNumber  \nExercise \n\nPrice \nOutstanding  \nLife (years) \nPrice  \nExercisable  \nPrice \n\n$8.29 \n 111,111  \n3.8 \n$8.29  \n 111,111  \n$8.29 \n\n$108.00 \n 23,334  \n3.3 \n$108.00  \n 23,334  \n$108.00 \n\n$4,050.00 \n 1,482  \n0.7 \n$4,050.00  \n 1,482  \n$4,050.00 \n\n$8,437.50 \n 45  \n0.1 \n$8,437.50  \n 45  \n$8,437.50 \n\n  \n    \n  \n    \n    \n   \n\n$8.29 - $8,437.50 \n 135,972  \n3.7 \n$72.24  \n 135,972  \n$72.24 \n\n \n\nWarrant activity for the year\nended April 30, 2026 is presented below:\n\nSchedule of warrant activity  \n    \n   \n\n   \n\n**Number**\n\n**Outstanding**\n  \n\n**Weighted Average**\n\n**Exercise Price**\n \n\nOutstanding at April 30, 2025  \n 137,051  \n$103.56 \n\nCancelled/Expired  \n (1,079) \n$4,050.00 \n\nOutstanding at April 30, 2026  \n 135,972  \n$72.24 \n\n \n\n - F-16 - \n\n \n\n \n\nThe estimated fair value of\nwarrants granted during the years ended April 30, 2025, were calculated using the Black-Scholes option-pricing model using the following\nassumptions:\n\nSchedule of assumptions used\n \n \n\n \n \n**For the year ended**\n\n \n \n**April 30, 2025**\n\nExpected term (in years)\n \n5.00\n\nVolatility\n \n91.0%\n\nRisk-free interest rate\n \n4.03%\n\nDividend yield\n \n0.0%\n\n \n\n*Expected Term:* The\nexpected term represents the contractual life of the warrants granted.\n\n \n\n*Expected Volatility:* The\nCompany uses an average historical stock price volatility of comparable public companies within the biotechnology and pharmaceutical industry\nthat were deemed to be representative of future stock price trends as the Company only has a limited trading history for its Common Stock.\nThe Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own\nstock price becomes available.\n\n \n\n*Risk-Free Interest Rate:* The\nCompany based the risk-free interest rate over the expected term of the warrants based on the constant maturity rate of U.S. Treasury\nsecurities with similar maturities as of the date of the grant.\n\n \n\n*Expected Dividend:* The\nCompany has not paid and does not anticipate paying any dividends in the near future. Therefore, the expected dividend yield was zero.\n\n \n\n**8. COMMITMENTS\nAND CONTINGENCIES**\n\n \n\n**Contractual Obligations**\n\n \n\nOn\nJuly 2, 2018, the Company entered into two Standard Exclusive License Agreements with Sublicensing Terms for AL001 with the Licensor and\nits affiliate, the University of South Florida (the “AL001 Licenses”), pursuant to which the Licensor granted the Company\na royalty bearing exclusive worldwide licenses limited to the field of Alzheimer’s, under United States Patent Nos. (i) 9,840,521,\nentitled “Organic Anion Lithium Ionic Cocrystal Compounds and Compositions”, filed September 24, 2015 and granted December\n12, 2017, and (ii) 9,603,869, entitled “Lithium Co-Crystals for Treatment of Neuropsychiatric Disorders”, filed May 21, 2016\nand granted March 28, 2017. On February 1, 2019, the Company entered into the First Amendments to the AL001 Licenses, on March 30, 2021,\nthe Company entered into the Second Amendments to the AL001 Licenses and on June 8, 2023, the Company entered into the Third Amendments\nto the AL001 Licenses (collectively, the “AL001 License Agreements”). The Third Amendments to the AL001 Licenses modified\nthe timing of the payments for the license fees.\n\n \n\nThe\nAL001 License Agreements require that the Company pay combined royalty payments of 4.5% on net sales of products developed from\nthe licensed technology for AL001. The Company has already paid an initial license fee of $200,000 for AL001. As an additional\nlicensing fee for the license of the AL001 technologies, the Licensor received 1,650 shares of Common Stock. Minimum royalties for\nAL001 License Agreements are $40,000 on the first anniversary of the first commercial sale, $80,000 on the second anniversary\nof the first commercial sale and $100,000 on the third anniversary of the first commercial sale and every year thereafter, for the\nlife of the AL001 License Agreements.\n\n \n\nOn\nMay 1, 2016, the Company entered into a Standard Exclusive License Agreement with Sublicensing Terms for ALZN002 with the Licensor (the\n“ALZN002 License”), pursuant to which the Licensor granted the Company a royalty bearing exclusive worldwide license limited\nto the field of Alzheimer’s Immunotherapy and Diagnostics, under United States Patent No. 8,188,046, entitled “Amyloid Beta\nPeptides and Methods of Use”, filed April 7, 2009 and granted May 29, 2012. On August 18, 2017, the Company entered into the First\nAmendment to the ALZN002 License, on May 7, 2018, the Company entered into the Second Amendment to the ALZN002 License, on January 31,\n2019, the Company entered into the Third Amendment to the ALZN002 License, on January 24, 2020, the Company entered into the Fourth Amendment\nto the ALZN002 License, on March 30, 2021, the Company entered into the Fifth Amendment to the ALZN002 License, on April 17, 2023, the\nCompany entered into the Sixth Amendment to the ALZN002 License and on December 11, 2023, the Company entered into the Seventh Amendment\nto the ALZN002 License (collectively, the “ALZN002 License Agreement”). The Seventh Amendment to the ALZN002 License modified\nthe timing of the payments for the license fees.\n\n \n\nThe\nALZN002 License Agreement requires the Company to pay royalty payments of 4% on net sales of products developed from the licensed\ntechnology for ALZN002. The Company has already paid an initial license fee of $200,000 for ALZN002. As an additional licensing\nfee for the license of ALZN002, the Licensor received 2,668 shares of Common Stock. Minimum royalties for ALZN002 are $20,000 on\nthe first anniversary of the first commercial sale, $40,000 on the second anniversary of the first commercial sale and $50,000 on\nthe third anniversary of the first commercial sale and every year thereafter, for the life of the ALZN002 License Agreement.\n\n \n\n - F-17 - \n\n \n\n \n\nOn\nNovember 19, 2019, the Company entered into two Standard Exclusive License Agreements with Sublicensing Terms for two additional indications\nof AL001 with the Licensor (the “November AL001 License”), pursuant to which the Licensor granted the Company a royalty bearing\nexclusive worldwide licenses limited to the fields of (i) neurodegenerative diseases excluding Alzheimer’s and (ii) psychiatric\ndiseases and disorders. On March 30, 2021, the Company entered into the First Amendments to the November AL001 License and on April 17,\n2023, the Company entered into the Second Amendments to the November AL001 License (collectively, the “November AL001 License Agreements”).\nThe Second Amendments to the November AL001 License modified the timing of the payments for the license fees.\n\n \n\nThe\nNovember AL001 License Agreements require the Company to pay royalty payments of 3% on net sales of products developed from\nthe licensed technology for AL001 in those fields. The Company paid an initial license fee of $20,000 for the additional indications.\nMinimum royalties for November AL001 License Agreements are $40,000 on the first anniversary of the first commercial sale, $80,000 on\nthe second anniversary of the first commercial sale and $100,000 on the third anniversary of the first commercial sale and every\nyear thereafter, for the life of the November AL001 License Agreements.\n\n \n\nThese\nlicense agreements have an indefinite term that continue until the later of the date no licensed patent under the applicable agreement\nremains a pending application or enforceable patent, the end date of any period of market exclusivity granted by a governmental regulatory\nbody, or the date on which the Company’s obligations to pay royalties expire under the applicable license agreement. Under the various\nlicense agreements, if the Company fails to meet a milestone by its specified date, Licensor may terminate the license agreement. The\nLicensor was also granted a preemptive right to acquire such shares or other equity securities that may be issued from time to time by\nthe Company while the Licensor remains the owner of any equity securities of the Company.\n\n \n\nAdditionally,\nthe Company is required to pay milestone payments on the due dates to the Licensor for the license of the AL001 technologies and for the\nALZN002 technology, as follows:\n\n \n\n **Original AL001 Licenses:**\n\n Schedule of contractual obligation, fiscal year maturity\n \n\n**Payment**\n**Due Date**\n\n$50,000*\n Pre-IND Meeting - **Completed** September 2019\n\n \n \n\n$65,000*\n IND application filing - **Completed** June 2021\n\n \n \n\n$190,000*\n Upon first dosing of patient in a clinical trial - **Completed** December 2021\n\n \n \n\n$500,000*\n Upon completion of first clinical trial - **Completed** March 2022\n\n \n \n\n$1,250,000\nUpon first patient treated in a Phase III clinical trial\n\n \n \n\n$10,000,000\nUpon FDA NDA approval\n\n*Milestone met and completed\n\n \n\n**ALZN002 License:**\n\n \n\n**Payment**\n**Due Date**\n\n$50,000*\nUpon IND application - **Completed** January 2022\n\n \n \n\n$50,000\nUpon first dosing of patient in first Phase I clinical trial\n\n \n \n\n$500,000\nUpon completion of first Phase IIB clinical trial\n\n \n \n\n$1,000,000\nUpon first patient treated in a Phase III clinical trial\n\n \n \n\n$10,000,000\nUpon first commercial sale\n\n*Milestone met and completed\n\n \n\n**Additional AL001 Licenses:**\n\n \n\n**Payment**\n**Due Date**\n\n$2,000,000\nUpon first patient treated in a Phase III clinical trial\n\n \n \n\n$16,000,000\nFirst commercial sale\n\n \n\n - F-18 - \n\n \n\n \n\n**9.****EQUITY TRANSACTIONS**\n\n \n\nThe\nCompany is authorized to issue 10,000,000 shares of Preferred Stock, $0.0001 par value. As of April 30, 2026, the rights, preferences,\nprivileges and restrictions of Preferred Stock have not been determined. The Board is authorized to create a new series of preferred shares\nand determine the number of shares, as well as the rights, preferences, privileges and restrictions granted to or imposed upon any series\nof preferred shares. \n\n \n\n**Series B Convertible\nPreferred Stock**\n\n \n\nOn January 31, 2024, the Company\nand Ault Lending entered into a securities purchase agreement (the “AL SPA”) for the purchase of up to 6,000 shares of Series\nB Convertible Preferred Stock and warrants to purchase shares up to 66,667 shares of Common Stock. The AL SPA provided that Ault Lending\ncould have purchased up to $6 million of Series B Convertible Preferred Stock in one or more closings. Ault Lending had the right to purchase\nup to $2 million of Series B Convertible Preferred Stock, on or before March 31, 2024, and the right to purchase up to $4 million of Series\nB Convertible Preferred Stock after March 31, 2024, but on or before March 31, 2025 (the “Termination Date”). The final closing\ndid not occur prior to the Termination Date and the AL SPA automatically terminated.\n\n \n\nDuring the year ended April\n30, 2024, the Company sold 2,100 shares of Series B Convertible Preferred Stock and warrants to purchase 23,334 shares of Common Stock\nwith an exercise price of $108.00, for a total purchase price of $2.1 million. The purchase price\nwas paid by the cancellation of $1.15 million of cash advances made by Ault Lending to the Company between November 9, 2023 and January\n31, 2024, and $850,000 in cash.\n\n  \n\nThe\nSeries B Convertible Preferred Stock has a stated value of $1,000 per share (“Stated\nValue”) and does not accrue dividends. Each share of Series B Convertible Preferred Stock is convertible into a number of\nshares of Common Stock determined by dividing the Stated Value by $90.00 (the “Conversion\nPrice”). The Conversion Price is subject to adjustment in the event of an issuance of Common Stock at a price per share lower than\nthe Conversion Price then in effect, as well as upon customary stock splits, stock dividends, combinations or similar events. The holders\nof the Series B Convertible Preferred Stock are entitled to vote with the Common Stock as a single class on an as-converted basis, subject\nto applicable law provisions of the Delaware General Company Law and Nasdaq, provided however, that for purposes of complying with Nasdaq\nregulations, the conversion price, for purposes of determining the number of votes the holder of Series B Convertible Preferred Stock\nis entitled to cast, shall not be lower than $78.57 (the “Voting Floor Price”), which represents the closing sale price of\nthe Common Stock on the trading day immediately prior to the Execution Date. The Voting Floor Price shall be adjusted for stock dividends,\nstock splits, stock combinations and other similar transactions. Upon a liquidation event the holders of Series B Convertible Preferred\nStock receive a liquidation preference ahead of common stockholders.\n\n \n\nThe warrants have an exercise\nprice of $108.00 (the “Exercise Price”) and became exercisable on the first business day after the six-month anniversary of\nissuance (the “Initial Exercise Date”) and have a five-year term, expiring on the fifth anniversary of the Initial Exercise\nDate. The Exercise Price is subject to adjustment in the event of an issuance of Common Stock at a price per share lower than the Exercise\nPrice then in effect, as well as upon customary stock splits, stock dividends, combinations or similar events.\n\n \n\nDuring the year ended April\n30, 2026, Ault Lending converted 2,100 shares of Series B Convertible Preferred Stock into 905,172 shares of Common Stock.\n\n \n\nOn\nOctober 14, 2025, the Company filed a Certificate of Elimination to eliminate the Company’s Series B Convertible Preferred Stock.\nThe shares that were designated as Series B Convertible Preferred Stock were returned to the status of authorized but unissued.\n\n \n\n**Series C Preferred Financing**\n\n \n\nOn\nFebruary 28, 2025, the Company and Orchid Finance, LLC (“Orchid”) entered into a Securities and Purchase and Exchange\nAgreement (the “Orchid SPEA”) for the purchase of up to 500 shares of Series C Convertible Preferred Stock in several tranche\nclosings and warrants to purchase shares up to 111,111 shares of Common Stock with an exercise price of $8.29 (the “Series\nC Exercise Price”) and are exercisable upon issuance and have a five-year term, expiring on the fifth anniversary of issuance.\nThe Series C Exercise Price is subject to adjustment in the event of an issuance of Common\nStock at a price per share lower than the Series C Exercise Price then in effect, as well\nas upon customary stock splits, stock dividends, combinations or similar events. In addition, 97.7511 shares of Series A Convertible Preferred\nStock were exchanged for 97.7511 shares of Series C Convertible Preferred Stock. The fair market value of the warrants on the date of\nissuance was $577,073.\n\n \n\nOn April 28, 2025, the Company\nsold 75 shares of Series C Convertible Preferred Stock for a total purchase price of $750,000. On May 29, 2025, the Company sold 225 shares\nof Series C Convertible Preferred Stock for a total purchase price of $2.2 million.\n\n \n\nOn June 3, 2025, the Company\nsold 75 shares of Series C Convertible Preferred Stock for a total purchase price of $750,000.\n\n \n\n - F-19 - \n\n \n\n \n\nOn June 12, 2025, the Company\nsold 105 shares of Series C Convertible Preferred Stock for a total purchase price of $1.0 million.\n\n \n\nOn June 13, 2025, the Company\nsold 20 shares of Series C Convertible Preferred Stock for a total purchase price of $213,000.\n\n \n\nEffective June 13, 2025, the\nOrchid SPEA was terminated as all the shares of Series C Convertible Preferred Stock were sold.\n\n \n\nThe\nSeries C Convertible Preferred Stock has a stated value of $10,000 per share (“Series\nC Stated Value”) and accrued dividends at the rate of 15% per annum, payable quarterly in arrears in cash or paid-in-kind\nshares, in Orchid’s sole discretion. Each share of Series C Convertible Preferred Stock is convertible into a number of shares of\nCommon Stock determined by dividing the Series C Stated Value by (y)\nthe greater of (i) $0.90 per share (“Series C Floor Price”) and (ii) the lesser of (A) $135.00 and (B) 80% of the lowest closing\nprice of our Common Stock during the three trading days immediately prior to the date of conversion into conversion shares (the “Series\nC Conversion Price”). The Series C Conversion Price was subject to adjustment\nin the event of an issuance of Common Stock at a price per share lower than the Series C Conversion\nPrice then in effect, as well as upon customary stock splits, stock dividends, combinations or similar events. The holders of the Series\nC Convertible Preferred Stock were entitled to vote with the Common Stock as a single class on an as-converted basis, subject to applicable\nlaw provisions of the Delaware General Corporation Law and Nasdaq, provided however, that for purposes of complying with Nasdaq regulations,\nthe conversion price, for purposes of determining the number of votes the holder of Series C Convertible Preferred Stock is entitled to\ncast, shall not be lower than $7.5375 (the “Series C Voting Floor Price”), which represents the closing sale price of the\nCommon Stock on the trading day immediately prior to the date of execution of the Orchid SPEA. The Series C Voting Floor Price shall be\nadjusted for stock dividends, stock splits, stock combinations and other similar transactions.\n\n \n\nDuring the year ended April\n30, 2025, Orchid converted 23.9712 shares of Series C Convertible Preferred Stock into 44,444 shares of Common Stock. During the year\nended April 30, 2026, Orchid converted 575.7176 shares of Series C Convertible Preferred Stock into 2,120,836 shares of Common Stock.\n\n \n\nOn\nOctober 14, 2025, the Company filed a Certificate of Elimination to eliminate the Company’s Series C Convertible Preferred Stock.\nThe shares that were designated as Series C Convertible Preferred Stock were returned to the status of authorized but unissued.\n\n \n\n**Common Stock**\n\n \n\nAt-the-Market Offerings\n\n \n\n*October 2024 ATM*\n\n \n\nOn October 3, 2024, the Company\nentered into an At-the-Market Issuance Sales Agreement with Ascendiant Capital Markets, LLC (“Ascendiant”) as sales agent\nto sell shares of its Common Stock, having an aggregate offering price of up to approximately $6.5 million (the “2024 Shares”)\nfrom time to time, through an “at the market offering” (the “2024 ATM”) as defined in Rule 415 under the Securities\nAct. On October 3, 2024, the Company filed a prospectus supplement with the SEC relating to the offer and sale of the 2024 Shares in the\n2024 ATM.\n\n \n\nThe offer and sale of the\n2024 Shares was made pursuant to the Company’s effective “shelf” registration statement on Form S-3 and an accompanying\nbase prospectus contained therein (Registration Statement No. 333-273610) filed with the SEC on August 2, 2023 and declared effective\nby the SEC on August 10, 2023.\n\n \n\nDuring the year ended April\n30, 2025, the Company sold an aggregate of 235,904 shares of Common Stock pursuant to the 2024 ATM for proceeds of $2.7 million.\n\n \n\nOn April 7, 2025, the Company\nterminated its 2024 ATM.\n\n \n\n*March 2026 ATM*\n\n \n\nOn March 6, 2026, the Company\nentered into an At-the-Market Issuance Sales Agreement with Ascendiant as sales agent to sell shares of its Common Stock, having an aggregate\noffering price of up to approximately $3.0 million (the “2026 Shares”) from time to time, through an “at the market\noffering” (the “2026 ATM”) as defined in Rule 415 under the Securities Act. On March 6, 2026, the Company filed a prospectus\nsupplement with the SEC relating to the offer and sale of the 2026 Shares in the 2026 ATM.\n\n \n\nThe offer and sale of the\n2026 Shares was made pursuant to the Company’s effective “shelf” registration statement on Form S-3 and an accompanying\nbase prospectus contained therein (Registration Statement No. 333-273610) filed with the SEC on August 2, 2023 and declared effective\nby the SEC on August 10, 2023.\n\n \n\n - F-20 - \n\n \n\n \n\nDuring the year ended April\n30, 2026, the Company sold an aggregate of 451,298 shares of Common Stock pursuant to the 2026 ATM for proceeds of $795,000.\n\n \n\n**10. SUBSEQUENT EVENTS**\n\n \n\nFrom\nMay 1, 2026 to July 22, 2026, the Company sold an aggregate of 535,486 shares of Common Stock pursuant to the 2026 ATM for proceeds of\n$626,000.\n\n \n\n \n\n- F-21 -"}