Greenland Mines Ltd
For the period ended Mar 31, 2026. Filed May 20, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 20, 2026
GRML$3.84+7.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001213900-25-109920
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-20.
0001213900-26-059581
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 44 previous paragraphs and 45 current paragraphs.
25 unchanged; 10 reworded; 10 added; 7 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Overview and Recent Developments
Current report
During the quarter ended March 31, 2026, the Company underwent a significant strategic transformation as a result of the acquisition of Greenland Mines Corp., which was completed on March 4, 2026. Through this transaction, the Company acquired an interest in the Skaergaard Project, a large-scale mineral exploration asset located in eastern Greenland, and expanded its business to include mining operations.
Current report
In connection with this transaction, on March 11, 2026, the Company changed its legal name from Klotho Neurosciences, Inc. to Greenland Mines Ltd, and its common stock began trading under the ticker symbol “GRML” on the Nasdaq Capital Market effective March 12, 2026.
Current report
As a result of the March 2026 acquisition, the Company now operates through two primary business segments: (i) Biotech and (ii) Mining. The Biotech segment continues to focus on research and development activities, while the Mining segment focuses on the exploration and development of mineral resources. This expansion represents a significant change in the Company’s business strategy and future capital allocation priorities.
Current report
General and administrative expenses increased significantly in the current period, primarily due to costs associated with operating as a public company following the merger, including payroll and personnel-related expenses, insurance, investor relations, and other corporate infrastructure. The increase also reflects higher share-based compensation expense associated with equity awards granted to employees, officers, directors, and consultants, as well as recurring administrative costs such as subscriptions, technology services, and office-related expenses.
Current report
Professional fees increased as a result of higher legal, accounting, advisory, and consulting costs incurred to support the Company’s expanded operational and reporting requirements, capital markets activities, and strategic initiatives following the merger. In the prior-year period, professional fees reflected a lower level of activity consistent with the Company’s pre-transaction operating structure.
Current report
In addition, the Company incurred research and development expenses during the three months ended March 31, 2026 related to the initiation of scientific and clinical development activities, including engagements with third-party research institutions and consultants. No comparable research and development expenses were incurred in the prior-year period.
Current report
In connection with the completion of the merger, the Company recognized transaction-related compensation expense for success-based payments to certain officers and consultants during the three months ended March 31, 2026. These costs were contingent upon the consummation of the merger and were expensed as incurred within general and administrative expenses, as they did not qualify for capitalization under applicable acquisition accounting guidance.
Current report
Net cash used in operating activities for the three months ended March 31, 2026 was $4,971,143, compared to $1,553,747, for the three months ended March 31, 2025.
Current report
Net cash used in operating activities increased in the three months ended March 31, 2026 compared to the prior-year period, primarily reflecting the higher level of operating expenditures, including transaction-related payments, the initiation of research and development activities, and ongoing public company costs. This increase in cash outflows was partially offset by non-cash charges, including share-based compensation and debt-related expenses, as well as changes in working capital, including decreases in accrued expenses and accounts payable.
Removed paragraphs (7)
Previous report
Our operating expenses for the three months ended September 30, 2025 were $1,853,304 compared to $2,870,932 for the three months ended September 30, 2024, a decrease of $1,017,628. The decrease was primarily due to decreases in share-based compensation and professional fees, partially offset by increases in research and development and general and administrative costs.
Previous report
Revenues
Previous report
Operating Expenses
Previous report
Net Loss
Previous report
For the nine months ended September 30, 2025, we incurred a net loss of $9,222,798 compared to a net loss of $4,083,109 for the nine-month period ended September 30, 2024. The increase in net loss was primarily due to increased interest expense, professional fees, general and administrative costs and research and development efforts, partially offset by a decrease in share-based compensation.
Previous report
Net cash used in operating activities for the nine months ended September 30, 2025 was $4,610,390, compared to $2,002,358, for the nine months ended September 30, 2024. The increase in cash used in operating activities is primarily attributable to increases in expenses related to continued operating costs. We expect net cash used in operating activities to increase in the coming periods, until our products are able to produce meaningful revenue.
Previous report
Net cash provided by financing activities for the nine months ended September 30, 2024 was $2,173,942, which consisted of proceeds from issuance of a convertible promissory note $1,000,000, proceeds from the sale of stock and warrants, net of $175,000, proceeds from shareholders of $120,000, proceeds from related party loans of $100,000 and merger proceeds net of transaction costs of $778,942.
Reworded paragraphs (10)
Previous wording
Klotho Neurosciences, Inc. (“The Company” or “Klotho”) develops essential medicines for the treatment of chronic diseases – cancer, cardiovascular, and neurodegenerative disorders. The Company currently has acquired two licensed platforms: a generic drug portfolio and a biosimilar biologics platform that uses biologic therapies to treat cancer, and two proprietary, patented technologies involving the melanocortin receptor-binding molecules and a gene therapy platform which uses a gene therapy approach to introduce a therapeutic protein called “Klotho” inside the body to treat neurodegenerative diseases.
Current wording
Prior to the March 2026 transaction, the Company operated as a biotechnology-focused entity developing essential medicines for the treatment of chronic diseases, including cancer, cardiovascular, and neurodegenerative disorders. The Company’s biotechnology platform includes a generic drug portfolio, a biosimilar biologics platform utilizing biologic therapies to treat cancer, and proprietary technologies involving melanocortin receptor-binding molecules and a gene therapy platform designed to deliver the “Klotho” protein for the treatment of neurodegenerative diseases.
Previous wording
Effective September 17, 2024, the Company changed its legal name from ANEW Medical, Inc. to Klotho Neurosciences, Inc. This name change was approved by the Company’s Board of Directors to better reflect the strategic focus of its proprietary products. Throughout these financial statements, references to the ‘Company’ refer to Klotho Neurosciences, Inc., formerly known as ANEW or ANEW Public. Under certain circumstances, references to ANEW and ANEW Public have remained when useful in describing the sequence of events that occurred during the merger between Redwoods and ANEW.
Current wording
Effective September 17, 2024, the Company changed its legal name from ANEW Medical, Inc. to Klotho Neurosciences, Inc. This name change was approved by the Company’s Board of Directors to better reflect the strategic focus of its proprietary products. Throughout these financial statements, references to the “Company” refer to Klotho Neurosciences, Inc., which was subsequently renamed Greenland Mines Ltd in March 2026.
Previous wording
As of May 30, 2023, Redwoods Acquisition Corp., a Delaware corporation and a special purpose acquisition company (“Redwoods”), Anew Medical Sub, Inc., a Wyoming corporation (“Merger Sub”) and ANEW Medical, Inc., a Wyoming corporation (“ANEW”) entered into a Business Combination Agreement, which was amended as of November 4, 2023 (the “Business Combination Agreement”). On June 21, 2024 (the “Closing Date”), Merger Sub merged with and into ANEW, with ANEW continuing as the surviving corporation and as a wholly owned subsidiary of Redwoods (the “Business Combination”). In connection with the Business Combination, on June 21, 2024, Redwoods filed a Second Amended Certificate of Incorporation with the Delaware Secretary of State, and adopted the amended and restated bylaws (the “Amended and Restated Bylaws”), which replaced Redwoods’ Charter and Bylaws in effect as of such time. In connection with the closing of the Business Combination (the “Closing”), Redwoods changed its name to “ANEW Medical, Inc.”
Current wording
On May 30, 2023, Redwoods Acquisition Corp., a Delaware special purpose acquisition company (“Redwoods”), Anew Medical Sub, Inc., and ANEW Medical, Inc. (“ANEW”) entered into a Business Combination Agreement, which was amended on November 4, 2023. On June 21, 2024, the transaction closed, resulting in ANEW becoming a wholly owned subsidiary of Redwoods, with ANEW deemed the accounting acquirer for financial reporting purposes. In connection with the closing of the transaction, Redwoods changed its name to “ANEW Medical, Inc.” This transaction was accounted for as a reverse recapitalization.
Previous wording
Our operating expenses for the nine months ended September 30, 2025 were $5,333,124 compared to $3,688,584 for the nine months ended September 30, 2024, an increase of $1,644,540. The increase was primarily due to increases in professional fees, general and administrative costs and research and development efforts, partially offset by a decrease in share-based compensation.
Current wording
Our operating expenses for the three months ended March 31, 2026 were $9,512,000 compared to $1,587,000 for the three months ended March 31, 2025, an increase of $7,925,000. The increase was primarily due to increases in professional fees and general and administrative costs.
Previous wording
For the three months ended September 30, 2025, we incurred a net loss of $2,895,585 compared to a net loss of $2,959,426 for the three months ended September 30, 2024. The decrease in net loss was primarily due to decreased share-based compensation expense and professional fees, partially offset primarily by increases in interest expense, research and development efforts and general and administrative costs.
Current wording
For the three months ended March 31, 2026, we incurred a net loss of $14,078,094 compared to a net loss of $2,116,726 for the three months ended March 31, 2025. The decrease in net loss was primarily due to decrease in professional fees, partially offset primarily by increases in interest expense, research and development efforts and general and administrative costs.
Previous wording
Net cash used in investing activities for the nine months ended September 30, 2025 was $0, compared to $123,497 for the nine months ended September 30, 2024, a decrease of $123,497. The decrease in cash used in investing activities is attributable to the Company not purchasing any new licenses eligible to be capitalized during the period.
Current wording
Net cash used in investing activities for the three months ended March 31, 2026 was $365,324 compared to $0 for the three months ended March 31, 2025, an increase of $365,324. The increase in cash used in investing activities is attributable to the Company’s purchase of mineral rights and exploratory licenses eligible to be capitalized during the period.
Previous wording
Net cash provided by financing activities for the nine months ended September 30, 2025 was $11,894,683, which consisted of investments, debt paydown, as well as proceeds from sales of common and preferred shares and warrants.
Current wording
Net cash provided by financing activities for the three months ended March 31, 2026 was $8,162,329, which consisted of proceeds from private placement in the amount of $7.75 million and proceeds from FPA terminated shares.
Previous wording
As of September 30, 2025, the Company had cash and cash equivalents of $7,348,034 and net working capital of $7,680,699.
Current wording
As of March 31, 2026, the Company had cash and cash equivalents of $10.0 million and net working capital of $10.4 million.
Previous wording
The Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company as well as incurred significant transaction costs related to the consummation of the Business Combination.
Current wording
The Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company as well as incurred significant transaction costs related to the consummation of the Asset Acquisition.
Previous wording
The accompanying condensed consolidated financial statements have been prepared as if the Company will continue as a going concern. The Company has incurred significant operating losses and negative cash flows from operations since inception. As of September 30, 2025, the Company had cash and cash equivalents of approximately $7.3 million and an accumulated deficit of approximately $19.8 million. The Company has incurred recurring losses, has experienced recurring negative operating cash flows, and requires significant cash resources to execute its business plans. The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities in order to continue to execute its development plans and continue operations. Without additional funding, there is substantial doubt about the Company’s ability to continue as a going concern for twelve months from the date of these financial statements.
Current wording
The accompanying condensed consolidated financial statements have been prepared as if the Company will continue as a going concern. The Company has incurred significant operating losses and negative cash flows from operations since inception. As of March 31, 2026, the Company had cash and cash equivalents of approximately $10.0 million and an accumulated deficit of approximately $35.0 million. The Company has incurred recurring losses, has experienced recurring negative operating cash flows, and requires significant cash resources to execute its business plans. The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities in order to continue to execute its development plans and continue operations. Without additional funding, there is substantial doubt about the Company’s ability to continue as a going concern for twelve months from the date of these financial statements.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Results of Operations for the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Previous report — wording carried elsewhere
The Company had no revenue for the nine months ended September 30, 2025 and 2024.