CalciMedica, Inc.

Previous wording

Our lead product candidate is Auxora, a potent and selective intravenous formulated small molecule CRAC channel inhibitor containing the active compound zegocractin (formerly referred to as CM4620) that, in animal models, reduced acute epithelial and/or endothelial cell injury and inflammation in organs, such as the pancreas, lungs and kidneys. Multiple Phase 2 clinical trials with Auxora have been conducted: an open-label Phase 2a trial in acute pancreatitis (“AP”) with accompanying systematic inflammatory response syndrome (“SIRS”), an international, randomized, double-blind placebo-controlled Phase 2b trial in AP with SIRS (which we refer to as “CARPO”), an investigator led open-label Phase 1/2 trial in asparaginase-induced pancreatic toxicity (“AIPT”) (which we also refer to as “CRSPA”) in which the first cohort of patients has been completed, a placebo-controlled double-blind Phase 2 trial in severe COVID-19 pneumonia (which we also refer to as “CARDEA”) and an investigator led open-label Phase 2a trial in COVID-19 pneumonia patients with acute respiratory distress syndrome (“ARDS”). We observed in all of these trials that patients treated with Auxora experienced a reduction of organ damage and reduced time to recovery. We believe the consistency of the results we observed from these trials in two different acute critical care conditions are mutually supportive and reinforce our plans to further pursue the use of Auxora in several additional acute critical illnesses, including acute kidney injury (“AKI”) with associated acute hypoxemic respiratory failure (“AHRF”), in which we are currently conducting a Phase 2 trial (which we also refer to as “KOURAGE”) with data expected around the end of 2025.

Current wording

Our lead product candidate is Auxora, a potent and selective intravenous formulated small molecule CRAC channel inhibitor containing the active compound zegocractin (formerly referred to as CM4620) that, in animal models, reduced acute epithelial and/or endothelial cell injury and inflammation in organs, such as the pancreas, lungs and kidneys. Multiple Phase 2 clinical trials with Auxora have been conducted: an open-label Phase 2a trial in acute pancreatitis (“AP”) with accompanying systematic inflammatory response syndrome (“SIRS”), an international, randomized, double-blind placebo-controlled Phase 2b trial in AP with SIRS (which we refer to as “CARPO”), an investigator led open-label Phase 1/2 trial in asparaginase-induced pancreatic toxicity (“AIPT”) (which we also refer to as “CRSPA”) in which the first cohort of patients has been completed, a placebo-controlled double-blind Phase 2 trial in severe COVID-19 pneumonia (which we also refer to as “CARDEA”) and an investigator led open-label Phase 2a trial in COVID-19 pneumonia patients with acute respiratory distress syndrome (“ARDS”). We observed in all of these trials that patients treated with Auxora experienced a reduction of organ damage and reduced time to recovery. We believe the consistency of the results we observed from these trials in two different acute critical care conditions are mutually supportive and reinforce our plans to further pursue the use of Auxora in several additional acute critical illnesses, including acute kidney injury (“AKI”) with associated acute hypoxemic respiratory failure (“AHRF”), in which we are currently conducting a Phase 2 trial (which we also refer to as “KOURAGE”) with data expected in early 2026. Additionally, we have conducted a productive initial meeting with the FDA to present the findings from the Phase 2b CARPO trial and discuss the design of a pivotal trial in AP. Additional meetings with the FDA are anticipated in the second half of 2025, with alignment on the trial design anticipated around the end of the year.

Previous wording

In connection with the 2024 Follow-On, on October 30, 2024, we suspended sales of common stock under the ATM Facility pursuant to the Original Prospectus Supplement, and until December 20, 2024, did not offer for sale any shares of common stock pursuant to the ATM Agreement. We filed a prospectus supplement (the “Current Prospectus Supplement”) with the SEC on December 20, 2024 for an aggregate gross sales price of up to $4,450,000 of shares of common stock to be sold pursuant to the ATM Facility. As of March 31, 2025, we sold an aggregate of 591,595 shares of common stock for net proceeds of $1.3 million after deducting $45,000 of commissions paid under the ATM Facility. Due to the Company’s public float and the Baby Shelf Limitations, there is no current capacity for ATM sales as of March 31, 2025.

Current wording

In connection with the 2024 Follow-On, on October 30, 2024, we suspended sales of common stock under the ATM Facility pursuant to the Original Prospectus Supplement, and until December 20, 2024, did not offer for sale any shares of common stock pursuant to the ATM Agreement. We filed a prospectus supplement (the “December Prospectus Supplement”) with the SEC on December 20, 2024 for an aggregate gross sales price of up to $4.45 million of shares of common stock to be sold pursuant to the ATM Facility. As of June 30, 2025, we sold an aggregate of 591,595 shares of common stock for net proceeds of $1.3 million after deducting $45,000 of commissions paid under the ATM Facility. As of June 30, 2025, the Company’s remaining capacity for sales of common stock pursuant to the December Prospectus Supplement was $3.45 million.

Previous wording

Our ability to generate revenue from product sales sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. Through March 31, 2025, our operations have been funded primarily by aggregate net proceeds of $189.4 million from the issuance of convertible preferred stock, convertible promissory notes, promissory notes, common stock, and the Merger. Since inception we have had significant operating losses, except for the three month period ending March 31, 2024. Our net loss was $5.0 million for the three months ended March 31, 2025. Included in the net loss for the three months ended March 31, 2025 were total operating expenses of $6.5 million and interest expense of $0.4 million, offset by a gain from the fair value adjustment to our warrant liability and promissory note of $1.5 million and interest income of $0.2 million. As of March 31, 2025, we had an accumulated deficit of $164.8 million and $24.6 million in cash, cash equivalents and short-term investments.

Current wording

Our ability to generate revenue from product sales sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. Through June 30, 2025, our operations have been funded primarily by aggregate net proceeds of $189.4 million from the issuance of convertible preferred stock, convertible promissory notes, promissory notes, common stock, and the Merger. Since inception we have had significant operating losses, except for the three month period ending March 31, 2024. Our net loss was $11.0 million for the six months ended June 30, 2025. Included in the net loss for the six months ended June 30, 2025 were total operating expenses of $13.1 million and interest expense of $0.8 million, offset by a gain from the fair value adjustment to our warrant liability and promissory note of $2.2 million, interest income of $0.4 million and other income of $0.3 million. As of June 30, 2025, we had an accumulated deficit of $170.8 million and $18.0 million in cash, cash equivalents and short-term investments. We expect that our cash, cash equivalents and short-term investments will enable us to fund our current operating plan into the middle of 2026. As a result, there is substantial doubt about our ability to continue as a going concern.

Previous wording

Our other income includes (i) interest income and expense and change in fair value of the promissory note; (ii) changes in the fair value of our warrant liabilities; and (iii) other non-operating income.

Current wording

Our other income includes (i) interest income and expense and changes in the fair value of the promissory note; (ii) changes in the fair value of our warrant liabilities; and (iii) other non-operating income.

Previous wording

Research and development expenses were $4.2 million for the three months ended March 31, 2025, compared to $2.9 million for the three months ended March 31, 2024. The increase of $1.3 million was due primarily to an increase in preclinical and clinical trial related activities of $0.5 million, an increase of $0.6 million in chemistry, manufacturing and control activities related to the production of drug and placebo non-recurring batches for the Phase 2 clinical trials of Auxora and an increase in consultants and other costs of $0.2 million.

Current wording

Research and development expenses were $8.3 million for the six months ended June 30, 2025, compared to $7.1 million for the six months ended June 30, 2024. The increase of $1.2 million was due primarily to an increase of $1.0 million in preclinical and clinical trial related activities relating to Auxora and our oral compound, an increase of $0.3 million in consultants and other costs, and personnel of $0.2 million. These were all offset by a decrease of $0.3 million in chemistry, manufacturing and control activities in regard to our Phase 2 clinical trials of Auxora.

Previous wording

General and administrative expenses were $2.3 million for the three months ended March 31, 2025, compared to $2.8 million for the three months ended March 31, 2024. The decrease of $0.5 million was primarily related to a decrease in consultants and other costs of $0.8 million driven by transactions costs associated with the 2024 Private Placement for the three months ended March 31, 2024. These costs were partially offset by an increase in personnel costs of $0.3 million driven by additional headcount for the three months ended March 31, 2025.

Current wording

General and administrative expenses were $4.8 million for the six months ended June 30, 2025, compared to $5.2 million for the six months ended June 30, 2024. The decrease of $0.4 million was primarily related to a decrease in consultants and other costs of $0.9 million driven by transactions costs associated with the 2024 Private Placement as of the six months ended June 30, 2024 and professional services of $0.4 million. These costs were partially offset by an increase in personnel costs of $0.9 million driven by increased headcount for the six months ended June 30, 2025.

Previous wording

Other income for the three months ended March 31, 2025 was income of $1.5 million, compared to $5.9 million for the three months ended March 31, 2024. The decrease of $4.4 million was due to the $5.6 million gain due to the fair value adjustments to our warrant liability as a result of the 2024 Private Placement for the three months ended March 31, 2024, as compared to the $1.7 million gain due to fair value adjustments to the promissory note and warrants for the three months ended March 31, 2025. We had a decrease in interest income of $0.1 million driven by the balances of our cash equivalents and short-term investments as well as an increase in interest expense due to the Company's debt financing in February 2025 of $0.4 million.

Current wording

Other income for the six months ended June 30, 2025 was income of $2.1 million, compared to $8.5 million for the six months ended June 30, 2024. The decrease of $6.4 million was due to the fair value adjustments to our financial instruments which resulted in a net gain of $2.2 million compared to a $7.9 million gain for the six months ended June 30, 2025 and 2024, respectively. Additionally we had an increase in interest expense associated with our promissory note issued pursuant to the Loan Agreement of $0.8 million and a decrease in interest income of $0.2 million driven by the balances of our cash equivalents and short-term investments. These decreases were offset by miscellaneous income of $0.3 million for the six months ended June 30, 2025.

Previous wording

As of March 31, 2025 we had cash, cash equivalents and short-term investments of $24.6 million.

Current wording

As of June 30, 2025 we had cash, cash equivalents and short-term investments of $18.0 million.

Previous wording

As further described below, on February 28, 2025, the Company entered into the Loan Agreement with Avenue Venture Opportunities Fund II, L.P. and Avenue Capital Management II, L.P. for an initial $10.0 million of gross proceeds. In March 2025, we sold an aggregate of 490,073 shares of common stock for net proceeds of $968,000 after deducting $32,000 of commissions and settlement expenses paid under the ATM Facility. We expect that our cash, cash equivalents and short-term investments will allow us to fund our current operating plan into the middle 2026. However, our current cash, cash equivalents and short-term investments will not be sufficient to fund any of our product candidates through regulatory approval, nor will it be sufficient to pursue additional indications for Auxora such as AHRF, nor will it be sufficient to fund clinical work on other product candidates in our portfolio aside from Auxora, and we will need to raise substantial additional capital to complete the development and commercialization of our product candidates.

Current wording

As further described below, on February 28, 2025, the Company entered into the Loan Agreement with Avenue Venture Opportunities Fund II, L.P. and Avenue Capital Management II, L.P. for an initial $10.0 million of gross proceeds. In March 2025, we sold an aggregate of 490,073 shares of common stock for net proceeds of $968,000 after deducting $32,000 of commissions and settlement expenses paid under the ATM Facility.

Previous wording

If we are unable to maintain sufficient financial resources, our business, financial condition and results of operations will be materially and adversely affected. To fund our operations in both the near term and long term, we will need to raise additional capital to develop our product candidates and implement our operating plans. There can be no assurance that we will be able to obtain the needed financing on acceptable terms or at all. Additionally, equity or debt financings may have a dilutive effect on the holdings of our existing stockholders.

Current wording

If we are unable to maintain sufficient financial resources, our business, financial condition and results of operations will be materially and adversely affected. To fund our operations in both the near term and long term, we will need to raise additional capital to develop our product candidates and implement our operating plans. There can be no assurance that we will be able to obtain the needed financing on acceptable terms or at all. Additionally, equity or debt financings may have a dilutive effect on the holdings of our existing stockholders. In addition, the terms of the Loan Agreement contain certain restrictions on incurring additional indebtedness.

Previous wording

In January 2024, the Company entered into the Purchase Agreement with certain accredited investors, in which the Company sold the following securities to the accredited investors the 2024 Private Placement: (i) an aggregate of 4,985,610 shares of our common stock; (ii) to certain investors, in lieu of shares, Pre-Funded Warrants to purchase an aggregate of 306,506 shares of our common stock; (iii) Tranche A Common Warrants to purchase an aggregate of up to 2,646,058 shares of our common stock (or Pre-Funded Warrants in lieu thereof and, in such case, shares of our common stock issuable upon exercise of such Pre-Funded Warrants); and (iv) Tranche B Common Warrants to purchase an aggregate of up to 2,646,058 shares of our common stock (or Pre-Funded Warrants in lieu thereof and, in such case, shares of our common stock issuable upon exercise of such Pre-Funded Warrants). The purchase price per share and accompanying Common Warrants was $3.827 (or $4.3915 for directors, employees or consultants participating in the 2024 Private Placement) (or $3.8269 per Pre-Funded Warrant and accompanying Common Warrants, which represented the price of $3.827 per share and accompanying Common Warrants minus the $0.0001 per share exercise price of each such Pre-Funded Warrant).

Current wording

In January 2024, we entered into the Purchase Agreement with certain accredited investors, in which we sold the following securities to the accredited investors the 2024 Private Placement: (i) an aggregate of 4,985,610 shares of our common stock; (ii) to certain investors, in lieu of shares, Pre-Funded Warrants to purchase an aggregate of 306,506 shares of our common stock; (iii) Tranche A Common Warrants to purchase an aggregate of up to 2,646,058 shares of our common stock (or Pre-Funded Warrants in lieu thereof and, in such case, shares of our common stock issuable upon exercise of such Pre-Funded Warrants); and (iv) Tranche B Common Warrants to purchase an aggregate of up to 2,646,058 shares of our common stock (or Pre-Funded Warrants in lieu thereof and, in such case, shares of our common stock issuable upon exercise of such Pre-Funded Warrants). The purchase price per share and accompanying Common Warrants was $3.827 (or $4.3915 for directors, employees or consultants participating in the 2024 Private Placement) (or $3.8269 per Pre-Funded Warrant and accompanying Common Warrants, which represented the price of $3.827 per share and accompanying Common Warrants minus the $0.0001 per share exercise price of each such Pre-Funded Warrant).

Previous wording

On November 1, 2024, the Company closed the 2024 Follow-On. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, were $10.2 million.

Current wording

On November 1, 2024, we closed the 2024 Follow-On. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, were $10.2 million.

Previous wording

In connection with the 2024 Follow-On, on October 30, 2024, we suspended sales of common stock under the ATM Facility pursuant to the Original Prospectus Supplement, and until December 20, 2024, did not offer for sale any shares of common stock. We filed the Current Prospectus Supplement with the SEC on December 20, 2024 for an aggregate gross sales price of up to $4,450,000 of shares of common stock to be sold pursuant to the ATM Facility. As of March 31, 2025, we sold an aggregate of 591,595 shares of common stock for net proceeds of $1.3 million after deducting $45,000 of commissions paid under the ATM Facility. Due to the Company’s public float and the Baby Shelf Limitations, there is no current capacity for ATM sales as of March 31, 2025.

Current wording

In connection with the 2024 Follow-On, on October 30, 2024, we suspended sales of common stock under the ATM Facility pursuant to the Original Prospectus Supplement, and until December 20, 2024, did not offer for sale any shares of common stock. We filed the December Prospectus Supplement with the SEC on December 20, 2024 for an aggregate gross sales price of up to $4.45 million of shares of common stock to be sold pursuant to the ATM Facility. As of June 30, 2025, we sold an aggregate of 591,595 shares of common stock for net proceeds of $1.3 million after deducting $45,000 of commissions paid under the ATM Facility. As of June 30, 2025, the Company’s remaining capacity for sales of common stock pursuant to the December Prospectus Supplement was $3.45 million.

Previous wording

On February 28, 2025, the Company entered into the Loan Agreement with Avenue Venture Opportunities Fund II, L.P. and Avenue Capital Management II, L.P., as administrative agent and collateral agent, for growth capital loans in an aggregate principal amount of up to $32,500,000, with (i) Tranche 1 for $10,000,000 funded on the Closing Date, (ii) Tranche 2 for up to $7,500,000 to be made available to the Company between September 1, 2025 and March 31, 2026, subject to, among other things, the Company’s achievement of certain milestones with respect to certain of its ongoing clinical trials and (iii) Tranche 3 for up to $15,000,000 to be made available to the Company between October 1, 2025 and March 31, 2026, subject to, among other things, (a) the Company’s achievement of additional milestones with respect to certain of its ongoing clinical trials and (b) the mutual written agreement of the Company and the Lender (upon its investment committee approval). The Company will make interest only payments until the 18 month anniversary of the Closing Date, subject to a 6-month extension upon the Company’s achievement of certain milestones with respect to certain of its ongoing clinical trials and funding of the full amount under Tranche 2. The Loan bears interest at an annual rate equal to the greater of (a) the sum of 5.00% plus the prime rate as reported in The Wall Street Journal and (b) 12.75%. The Loan is secured by a lien upon and security interest in all of the Company’s assets, including intellectual property, subject to agreed exceptions. The Maturity Date of the Loan is September 1, 2028.

Current wording

On February 28, 2025, we entered into the Loan Agreement with Avenue Venture Opportunities Fund II, L.P. and Avenue Capital Management II, L.P., as administrative agent and collateral agent, for growth capital loans in an aggregate principal amount of up to $32,500,000, with (i) Tranche 1 for $10,000,000 funded on the Closing Date, (ii) Tranche 2 for up to $7,500,000 to be made available to the Company between September 1, 2025 and March 31, 2026, subject to, among other things, our achievement of certain milestones with respect to certain of its ongoing clinical trials and (iii) Tranche 3 for up to $15,000,000 to be made available to the Company between October 1, 2025 and March 31, 2026, subject to, among other things, (a) our achievement of additional milestones with respect to certain of its ongoing clinical trials and (b) the mutual written agreement of the Company and the Lender (upon its investment committee approval). We will make interest only payments until the 18 month anniversary of the Closing Date, subject to a 6-month extension upon our achievement of certain milestones with respect to certain of its ongoing clinical trials and funding of the full amount under Tranche 2. The Loan bears interest at an annual rate equal to the greater of (a)

Previous wording

Our operations through March 31, 2025, have been funded primarily by aggregate net proceeds of $189.4 million from the issuance of convertible preferred stock, convertible notes, promissory notes, common stock, and the Merger. Since inception, we have had significant operating losses, except for the three month period ending March 31, 2024. Our net loss for the three months ended March 31, 2025 was $5.0 million and consisted of total operating expenses of $6.5 million and interest expense of $0.4 million offset by a gain from the fair value adjustment to our warrant liability and the promissory note of $1.5 million and interest income of $0.2 million. For the three months ended March 31, 2024, our net income was $0.1 million consisting of $5.8 million of operating expenses offset by a gain from the fair value adjustment to our warrant liability of $5.6 million and interest income of $0.3 million. As of March 31, 2025, we had an accumulated deficit of $164.8 million and $24.6 million in cash, cash equivalents and short-term investments. During the three months ended March 31, 2025, cash used in operations was $4.9 million, primarily due to cash outlays for operations. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected in the change in our outstanding accounts payable and accrued expenses.

Current wording

Our operations through June 30, 2025, have been funded primarily by aggregate net proceeds of $189.4 million from the issuance of convertible preferred stock, convertible notes, promissory notes, common stock, and the Merger. Since inception, we have had significant operating losses, except for the three month period ending March 31, 2024. Our net loss for the six months ended June 30, 2025 was $11.0 million and consisted of total operating expenses of $13.1 million and interest expense of $0.8 million offset by a gain from the fair value adjustment to our warrant liability and the promissory note of $2.2 million, interest income of $0.4 million and other income of $0.3 million. For the six months ended June 30, 2024, our net loss was $3.8 million consisting of $12.3 million of operating expenses offset by a gain from the fair value adjustment to our warrant liability of $7.9 million and interest income of $0.6 million. As of June 30, 2025, we had an accumulated deficit of $170.8 million and $18.0 million in cash, cash equivalents and short-term investments. During the six months ended June 30, 2025, cash used in operations was $11.5 million, primarily due to cash outlays for operations. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected in the change in our outstanding accounts payable and accrued expenses.

Previous wording

Cash used in operating activities of $4.9 million during the three months ended March 31, 2025 was attributable to our net loss of $5.0 million and non-cash items of $0.9 million offset by a net change in our operating assets and liabilities of $1.0 million. Non-cash items consisted primarily of $1.4 million and $0.3 million due to a change in our warrant liability and promissory note and accretion on our short term investments of $0.1 million offset by $0.6 million of stock-based compensation and debt costs of $0.3 million as result of the debt financing in the first quarter of 2025.

Current wording

Cash used in operating activities of $11.5 million during the six months ended June 30, 2025 was attributable to our net loss of $11.0 million, non-cash items of $0.3 million and a net change in our operating assets and liabilities of $0.2 million. Non-cash items consisted primarily of $1.8 million and $0.4 million due to a change in our warrant liabilities and promissory note and accretion on our short term investments of $0.2 million offset by $1.7 million of stock-based compensation and promissory note issuance costs of $0.4 million as result of the debt financing in the first quarter of 2025.

Previous wording

Cash used in operating activities of $4.7 million during the three months ended March 31, 2024 was attributable to our net income of $0.1 million offset by non-cash items of $4.5 million and a net change in our operating assets and liabilities of $0.3 million. Non-cash items consisted primarily of $5.6 million due to a change in our warrant liability as result of the 2024 Private Placement in the first quarter of 2024 and accretion on our short term investments of $0.1 million, offset by $0.8 million of transaction costs allocated to warrants and $0.4 million of stock-based compensation.

Current wording

Cash used in operating activities of $11.5 million during the six months ended June 30, 2024 was attributable to our net loss of $3.8 million, non-cash items of $6.6 million and a net change in our operating assets and liabilities of $1.1 million. Non-cash items consisted primarily of $7.9 million due to a change in our warrant liability as result of the 2024 Private Placement in the first quarter of 2024 and accretion on our short term investments of $0.4 million, offset by $0.8 million of transaction costs allocated to warrants and $0.9 million of stock-based compensation.

Previous wording

Cash used in investing activities of $1.2 million for the three months ended March 31, 2025 consisted of the purchase of short-term investments of $6.6 million, offset by the maturing of short-term investments of $5.4 million.

Current wording

Cash used in investing activities of $1.1 million for the six months ended June 30, 2025 consisted of purchases of short-term investments of $14.0 million offset by the maturing of short-term investments of $12.9 million.

Previous wording

Cash used in investing activities of $13.1 million for the three months ended March 31, 2024 consisted of the maturing of short-term investments of $17.9 million, offset by the purchase of short-term investments of $4.8 million.

Current wording

Cash used in investing activities of $8.0 million for the six months ended June 30, 2024 consisted of the purchase of short-term investments of $17.9 million, offset by maturing of short-term investments of $9.9 million.

Previous wording

Cash provided by financing activities for the three months ended March 31, 2025 was $10.8 million comprised of the debt financing of $9.8 million and $1.0 million as a result of our ATM.

Current wording

Cash provided by financing activities for the six months ended June 30, 2025 was $10.6 million comprised of the debt financing of $9.6 million and $1.0 million as a result of our ATM.

Previous wording

Cash provided by financing activities for the three months ended March 31, 2024 was $19.0 million comprised of the sale and issuance of common stock of $20.4 million in the 2024 Private Placement, offset by transaction costs of $1.4 million.

Current wording

Cash provided by financing activities for the six months ended June 30, 2024 was $19.1 million comprised of the sale and issuance of common stock of $20.4 million in the 2024 Private Placement and $0.1 million as a result of our ATM Facility, offset by transaction costs of $1.4 million.

Previous wording

Our material cash requirements from known contractual obligations consisted primarily of our lease obligation. We lease office and laboratory space in La Jolla, California with monthly rent expense of approximately $10,000 pursuant to a 12 month lease agreement that commenced in January 2023 and was amended and renewed in December 2023 for an additional 12 month term with monthly rent expense of approximately $10,000. In December 2024, an amendment was executed for a twelve month term with monthly rent expense of approximately $10,500. Over the next nine months, we expect cash requirements for our lease obligation to be approximately $95,000.

Current wording

Our material cash requirements from known contractual obligations consisted primarily of our lease obligation. We lease office and laboratory space in La Jolla, California with monthly rent expense of approximately $10,000 pursuant to a 12 month lease agreement that commenced in January 2023 and was amended and renewed in December 2023 for an additional 12 month term with monthly rent expense of approximately $10,000. In December 2024, an amendment was executed for a 12 month term with monthly rent expense of approximately $10,500. Over the next six months, we expect cash requirements for our lease obligation to be approximately $63,000.