Alzamend Neuro, Inc.

Previous wording

Based on the results from our Phase IIA MAD study, we plan to initiate five clinical trials to determine relative increased lithium levels in the brain compared to a marketed lithium salt for healthy subject and patients diagnosed with mild to moderate Alzheimer’s, BD, MDD and PTSD, based on published mouse studies that predict that lithium can be given at lower doses for equivalent therapeutic benefit when treating with AL001. For example, the goal is to replace the amount of lithium needed for maintenance treatment of BD with a clinically relevant, lower AL001 lithium carbonate equivalent lithium dose. Such lithium dose mitigation could redefine the landscape of neuropsychiatric, neurodegenerative, and neurological treatment practices. In August 2024, we announced that we had partnered with Massachusetts General Hospital to serve as the CRO for these clinical trials.

Current wording

Based on the results from our Phase IIA MAD study, we plan to initiate five clinical trials to determine relative increased lithium levels in the brain compared to a marketed lithium salt for healthy subject and patients diagnosed with mild to moderate Alzheimer’s, BD, MDD and PTSD, based on published mouse studies that predict that lithium can be given at lower doses for equivalent therapeutic benefit when treating with AL001. For example, the goal is to replace the amount of lithium needed for maintenance treatment of BD with a clinically relevant, lower AL001 lithium carbonate equivalent lithium dose. Such lithium dose mitigation could redefine the landscape of neuropsychiatric, neurodegenerative, and neurological treatment practices. In August 2024, we announced that we had partnered with Massachusetts General Hospital to serve as the contract research organization (“CRO”) for these clinical trials.

Previous wording

The dosing level identified as optimal in this robust nonclinical study will serve as the foundation for advancing the evaluation of AL001 in the comprehensive ‘Lithium in Brain’ Phase II clinical trials. These trials, conducted in collaboration with Massachusetts General Hospital, will encompass a diverse cohort of both healthy subjects and patients diagnosed with mild to moderate Alzheimer’s disease, BD, MDD and PTSD. In May 2025, we began the trial and dosed the first healthy subject.

Current wording

The dosing level identified as optimal in this robust nonclinical study will serve as the foundation for advancing the evaluation of AL001 in the comprehensive ‘Lithium in Brain’ Phase II clinical trials. These trials, conducted in collaboration with Massachusetts General Hospital, will encompass a diverse cohort of both healthy subjects and patients diagnosed with mild to moderate Alzheimer’s disease, BD, MDD and PTSD. In May 2025, we began the trial and dosed the first healthy subject. In November 2025, we announced that we completed the clinical portion of the Phase II study in healthy human subjects and expectto report topline data in the first quarter of 2026.

Previous wording

On April 3, 2023, we announced the initiation of a Phase I/IIA clinical trial for ALZN002 to treat mild to moderate dementia of the Alzheimer’s type. The purpose of this trial is to assess the safety, tolerability, and efficacy of multiple ascending doses of ALZN002 compared with that of a placebo in 20-30 subjects with mild to moderate morbidity. The primary goal of this clinical trial is to determine an appropriate dose of ALZN002 for treatment of patients with Alzheimer’s in a larger Phase IIB efficacy and safety clinical trial. On February 13, 2024, we received notice from the company we engaged as our contract research organization (“CRO”), Biorasi, LLC (“Biorasi”) that Biorasi was terminating our contract with them. We are currently pursuing the engagement of a replacement CRO.

Current wording

On April 3, 2023, we announced the initiation of a Phase I/IIA clinical trial for ALZN002 to treat mild to moderate dementia of the Alzheimer’s type. The purpose of this trial is to assess the safety, tolerability, and efficacy of multiple ascending doses of ALZN002 compared with that of a placebo in 20-30 subjects with mild to moderate morbidity. The primary goal of this clinical trial is to determine an appropriate dose of ALZN002 for treatment of patients with Alzheimer’s in a larger Phase IIB efficacy and safety clinical trial. On February 13, 2024, we received notice from the company we engaged as CRO, Biorasi, LLC (“Biorasi”) that Biorasi was terminating our contract with them. We are currently pursuing the engagement of a replacement CRO.

Previous wording

Research and development expenses for the three months ended July 31, 2025 and 2024 were $1.7 million and $207,000, respectively. As reflected in the table below, research and development expenses primarily consisted of professional fees and clinical trial fees:

Current wording

Research and development expenses for the three months ended October 31, 2025 and 2024 were $176,000 and $311,000, respectively. As reflected in the table below, research and development expenses primarily consisted of professional fees and clinical trial fees:

Previous wording

During the three months ended July 31, 2025 and 2024, we incurred professional fees of $74,000 and $184,000, respectively, which were primarily comprised of professional fees attributed to various types of scientific services, including FDA consulting services. The decrease relates to lower professional fees required to support the previous and upcoming clinical trial activities.

Current wording

During the three months ended October 31, 2025 and 2024, we incurred professional fees of $131,000 and $181,000, respectively, which were primarily comprised of professional fees attributed to various types of scientific services, including FDA consulting services. The decrease relates to lower professional fees required to support the previous and upcoming clinical trial activities.

Previous wording

During the three months ended July 31, 2025 and 2024, we incurred other fees of $6,000 and $22,000, respectively, which were primarily comprised of scientific materials required for our clinical trials.

Current wording

During the three months ended October 31, 2025 and 2024, we incurred other fees of $6,000, which were primarily comprised of scientific materials required for our clinical trials.

Previous wording

General and administrative expenses for the three months ended July 31, 2025 and 2024 were $959,000 and $756,000, respectively. As reflected in the table below, general and administrative expenses primarily consisted of the following expense categories: salaries and benefits; professional fees; insurance; stock-based compensation expense; marketing fees; and board of director fees. For the three months ended July 31, 2025 and 2024, the remaining general and administrative expenses of $102,000 and $62,000, respectively, primarily consisted of payments for filing fees, transfer agent fees, travel and entertainment and other office expenses, none of which was significant individually.

Current wording

General and administrative expenses for the three months ended October 31, 2025 and 2024 were $822,000 and $1.0 million, respectively. As reflected in the table below, general and administrative expenses primarily consisted of the following expense categories: salaries and benefits; professional fees; insurance; stock-based compensation expense; marketing fees; and board of director fees. For the three months ended October 31, 2025 and 2024, the remaining general and administrative expenses of $85,000 and $83,000, respectively, primarily consisted of payments for filing fees, transfer agent fees, travel and entertainment and other office expenses, none of which was significant individually.

Previous wording

During each of the three months ended July 31, 2025 and 2024, we incurred $228,000 in employee-related expenses. As of July 31, 2025, we had four full-time and three part-time employees.

Current wording

During the three months ended October 31, 2025 and 2024, we incurred salaries and benefits of $224,000 and $326,000, respectively. The decrease in salaries and benefits was due mainly to lower bonuses. As of October 31, 2025, we had four full-time and three part-time employees.

Previous wording

During the three months ended July 31, 2025 and 2024, we incurred professional fees of $333,000 and $222,000, respectively. During the three months ended July 31, 2025, we incurred $183,000 in legal fees, $78,000 in audit fees, $60,000 in investor relations fees and $12,000 in tax preparation fees. During the three months ended July 31, 2024, we incurred $85,000 in investor relations fees, $74,000 in legal fees, $56,000 in audit fees, and $7,000 in tax preparation fees. The increase in professional fees was due mainly to higher legal, audit and tax preparation fees, partially offset by lower investor relations fees. The increase in legal fees, which accounted for a significant proportion of the increase, was a result of actions from the termination of our ALZN002 clinical trial.

Current wording

During the three months ended October 31, 2025 and 2024, we incurred professional fees of $379,000 and $149,000, respectively. During the three months ended October 31, 2025, we incurred $340,000 in legal fees, $24,000 in audit fees, $20,000 in tax preparation fees and $5,000 in consulting fees, offset by $10,000 in investor relation fees due to a refund. During the three months ended October 31, 2024, we incurred $96,000 in audit fees, $35,000 in legal fees, $14,000 in tax preparation fees and $2,000 in consulting fees. The increase in professional fees was due mainly to higher legal and tax preparation fees, partially offset by lower audit and investor relations fees. The increase in legal fees, which accounted for a significant proportion of the increase, was a result of actions by the CRO from the termination of our ALZN002 clinical trial.

Previous wording

During the three months ended July 31, 2025 and 2024, we incurred insurance expense of $60,000 and $78,000, respectively, which was primarily directors’ and officers’ insurance.

Current wording

During the three months ended October 31, 2025 and 2024, we incurred insurance expense of $59,000 and $60,000, respectively, which was primarily directors’ and officers’ insurance.

Previous wording

During the three months ended July 31, 2025 and 2024, we incurred general and administrative stock-based compensation expense of $43,000 and $81,000, respectively, related to stock option grants and restricted stock grants to executives, employees and consultants. The decrease in stock-based compensation expense for the three months ended July 31, 2025, was a result of fewer stock options vesting during the period compared to the prior year period.

Current wording

During the three months ended October 31, 2025 and 2024, we incurred general and administrative stock-based compensation expense of $32,000 and $81,000, respectively, related to stock option grants and restricted stock grants to executives, employees and consultants. The decrease in stock-based compensation expense for the three months ended October 31, 2025, was a result of fewer stock options vesting during the period compared to the prior year period.

Previous wording

During the three months ended July 31, 2025 and 2024, we incurred clinical trial fees of $1.7 million and nil, respectively. Clinical trial fees for the three months ended July 31, 2025 were for our Phase IIA brain imaging study with Massachusetts General Hospital.

Current wording

During the six months ended October 31, 2025 and 2024, we incurred clinical trial fees of $1.7 million and $124,000, respectively. The increase in clinical trial fees relates to the timing of our Phase IIA brain imaging study with Massachusetts General Hospital.

Previous wording

Our inability to continue as a going concern could have a negative impact on our company, including our ability to obtain needed financing. We intend to finance our future development activities and our working capital needs largely through the sale of equity securities with some additional funding from other sources, including debt financing, until such time as funds provided by operations are sufficient to fund working capital requirements. Ourcondensed financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should we be unable to continue as a going concern. As of July 31, 2025, we had cash of $5.6 million, working capital of $4.9 million, stockholders’ equity of $5.3 million and an accumulated deficit of $61.2 million. We have incurred recurring losses and reported losses for the three months ended July 31, 2025 totaling $2.7 million. In the past, we have financed our operations principally through sales of equity securities and debt instruments.

Current wording

Our inability to continue as a going concern could have a negative impact on our company, particularly if we are unable to obtain needed financing. We intend to finance our future development activities and our working capital needs largely through the sale of equity securities with some additional funding from other sources, including debt financing, until such time as funds provided by operations are sufficient to fund working capital requirements. Ourcondensed financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should we be unable to continue as a going concern. As of October 31, 2025, we had cash of $4.4 million, working capital of $4.0 million, stockholders’ equity of $4.4 million and an accumulated deficit of $62.2 million. We have incurred recurring losses and reported losses for the three and six months ended October 31, 2025 totaling $1.0 million and $3.7 million, respectively. In the past, we have financed our operations principally through sales of equity securities and debt instruments.

Previous wording

The following table summarizes our cash flows for the three months ended July 31, 2025 and 2024:

Current wording

The following table summarizes our cash flows for the six months ended October 31, 2025 and 2024:

Previous wording

During the three months ended July31, 2025, net cash used in operating activities was $2.4 million. This consisted primarily of a net loss of $2.7 million, partially offset by an increase in our net operating assets and liabilities of $269,000 and by non-cash charges of $71,000. The non-cash charges consisted of stock-based compensation expense and depreciation expense. The increase in our net operating assets and liabilities was due to an increase in accounts payable and accrued liabilities and an increase in prepaid expenses and other current assets.

Current wording

During the six months ended October 31, 2025, net cash used in operating activities was $3.5 million. This consisted primarily of a net loss of $3.7 million, partially offset by an increase in our net operating assets and liabilities of $39,000 and by non-cash charges of $130,000. The non-cash charges consisted of stock-based compensation expense and depreciation expense. The increase in our net operating assets and liabilities was due to an increase in accounts payable and accrued liabilities and an increase in prepaid expenses and other current assets.

Previous wording

During the three months ended July 31, 2025, there was no net cash used in investing activities.

Current wording

During the six months ended October 31, 2025, there was no net cash used in investing activities.

Previous wording

During the three months ended July 31, 2025, net cash provided by financing activities was $4.0 million from the sale of Series C Convertible Preferred Stock.

Current wording

During the six months ended October 31, 2025, net cash provided by financing activities was $4.0 million from the sale of Series C Convertible Preferred Stock.