PharmaCyte Biotech, Inc.

Previous wording

We assembled a scientific and regulatory team of experts to address the FDA requests. During the year ended April 30, 2025, our scientific consultants have been in active dialog with the FDA seeking permission to forego the large animal study. We believe that the technology upon which the LAPC treatment will be based, intra-arterial chemotherapy, has been used in five clinical trials in humans. Our position is that the data available from these human clinical trials supersedes large animal study data. The treatment may not be a treatment of pancreatic cancer, but a method of improving and possibly enabling complete surgical resection of the tumor. We are waiting for the FDA’s responses and hope the FDA will accept that the LAPC treatment now meets manufacturing standard requirements, which have significantly improved since the clinical hold was first placed. The FDA may require additional preclinical studies when the meeting takes place. We are in ongoing dialogue with SG Austria to prepare for the next steps and add requested information to the drug master file upon which the Company still relies on.

Current wording

We assembled a scientific and regulatory team of experts to address the FDA requests. Through January 31, 2026, our scientific consultants have been in active dialog with the FDA. We have received communications from the FDA and responded, including the submission of the updated drug master file. The FDA accepted the updated drug master file and cleared many of the clinical hold items. . We believe that the technology upon which the LAPC treatment will be based, intra-arterial chemotherapy, has been used in five clinical trials in humans. Our position is that the data available from these human clinical trials supersedes large animal study data, making the study unnecessry. The treatment may not be a treatment of pancreatic cancer, but a method of improving and possibly enabling complete surgical resection of the tumor. We are waiting for the FDA’s responses and hope the FDA will accept that the LAPC treatment now meets manufacturing standard requirements, which have significantly improved since the clinical hold was first placed. The FDA may require additional preclinical studies when the meeting takes place. We are in ongoing dialogue with SG Austria to prepare for the next steps, including the preparation of the syringes filled with the latest generation of CypCaps™ with the working cell bank material.

Previous wording

Three and six months ended October 31, 2025, compared to three and six months ended October 31, 2024

Current wording

Three and nine months ended January 31, 2026, compared to three and nine months ended January 31, 2025

Previous wording

We had no revenues for the three and six months ended October 31, 2025, and 2024.

Current wording

We had no revenues for the three and nine months ended January 31, 2026, and 2025.

Previous wording

R&D expense was $236,242 for the six months ended October 31, 2025, as compared to $193,486 for the three months ended October 31, 2024, an increase of $42,756. The change in cost is primarily due to our continued strategy utilizing consultants to conduct research into the treatment of pancreatic cancer.

Current wording

R&D expense was $93,113 for the three months ended January 31, 2026, as compared to $118,196 for the three months ended January 31, 2025, a decrease of $25,083. The change in cost is primarily due to nonrecurring expenditures in our use of consultants to conduct research into the treatment of pancreatic cancer.

Previous wording

R&D expense was $141,085 for the three months ended October 31, 2025, as compared to $97,470 for the three months ended October 31, 2024, an increase of $43,615. The change in cost is primarily due to our continued strategy utilizing consultants to conduct research into the treatment of pancreatic cancer.

Current wording

R&D expense was $329,355 for the nine months ended January 31, 2026, as compared to $311,682 for the nine months ended January 31, 2025, an increase of $17,673. The change in cost is primarily due to our continued strategy utilizing consultants to conduct research into the treatment of pancreatic cancer.

Previous wording

General and administrative expenses consist primarily of costs associated with our overall operations and with being a public company. These costs include personnel, legal and professional services, insurance, investor relations and compliance related fees. These expenses were $1,988,114 and $2,181,461, respectively, for the six months ended October 31, 2025 and 2024, a decrease of 193,347, or 9%. Compensation expenses decreased by $228,946 due to a decrease in stock options granted to our executives as compared to grants in the prior year. Investor relations fees increased by $83,940 due to having two stockholder meetings in 2025 and one meeting in 2024. Legal and professional fees decreased by $47,840 primarily due to a reduction in consulting fees relating to non-recurring transactions.

Current wording

General and administrative expenses consist primarily of costs associated with our overall operations and with being a public company. These costs include personnel, legal and professional services, insurance, investor relations and compliance related fees. These expenses were $2,024,989 and $842,056, respectively, for the three months ended January 31, 2026 and 2025, an increase of $1,182,933, or 141%. Stock-based compensation expenses increased by $880,130 primarily due to a restricted stock unit (“RSU”) granted to our CEO and directors, and investor relations and filing fees increased by $48,741 due to stockholder meetings requiring more attempts to reach investors. Legal and professional fees increased by $246,096 primarily due to an increase in consulting fees relating to capital raise costs.

Previous wording

General and administrative expenses consist primarily of costs associated with our overall operations and with being a public company. These costs include personnel, legal and professional services, insurance, investor relations and compliance related fees. These expenses were $1,234,966 and $1,008,590, respectively, for the three months ended October 31, 2025 and 2024, an increase of $226,376, or 22%. Compensation expenses decreased by $65,601 due to a decrease in stock options granted to our executives as compared to grants in prior years. Investor relations fees increased by $98,356 due to having two stockholder meetings in 2025 and one meeting in 2024. Legal and professional fees increased by $184,703 primarily due to an increase in consulting fees relating to non-recurring transactions.

Current wording

General and administrative expenses consist primarily of costs associated with our overall operations and with being a public company. These costs include personnel, legal and professional services, insurance, investor relations and compliance related fees. These expenses were $4,013,103 and $3,024,316, respectively, for the nine months ended January 31, 2026 and 2025, an increase of $988,787, or 33%. Stock-based compensation expenses increased by $659,283 primarily due to an increase in RSU to our CEO and directors, and investor relations and filing fees increased by $138,035 due to stockholder meetings in 2026 requiring more attempts to reach investors. Legal and professional fees increased by $198,256 primarily due to an increase in consulting fees relating to non-recurring transactions.

Previous wording

Other income (expenses), net, for the three months ended October 31, 2025 was $(6,041,924) as compared to other income (expense), net of $(363,500) for the three months ended October 31, 2024. Other income (expenses), net, for the three months ended October 31, 2025 is attributable to interest income of $206,387, net of changes in fair value of warrant liabilities of $(10,474,000), a change in the fair value of derivative liability of $302,000, a change in fair value of convertible note receivable of $392,000, a change in fair value of the Femasys warrant asset of $(726,000), a change in fair value of the QCLS investment of $(2,371,000), a change in fair value of the QCLS warrant assets of $6,050,000, a change in the unrealized loss on marketable securities of $(60,663), a gain on related party investment of $2,089,000, issuance costs on convertible preferred stock and warrants of $(1,234,553), a loss on the issuance of convertible preferred stock of $(215,000) and other expenses of $(95). Other income (expenses), net, for the three months ended October 31, 2024, is attributable to interest income of $382,562, changes in fair value of warrant liability of $1,829,000, derivative liability of $980,000, a change in fair value of convertible note receivable of $435,000, a change in fair value of the Femasys warrant asset of $276,000, a change in fair value of the QCLS investment of $(4,265,000) and a net of other expenses of $(1,062). The changes to the fair values are a result of the updated inputs in the various calculations of fair values.

Current wording

Other income (expenses), net, for the three months ended January 31, 2026 was $2,864,962 as compared to other income (expense), net of $(2,085,076) for the three months ended January 31, 2025. Other income (expenses), net, for the three months ended January 31, 2026 is attributable to interest income of $230,668, net of changes in fair value of warrant liabilities of $1,895,865, a change in the fair value of derivative liability of $557,000, a change in fair value of the Femasys warrant asset of $(214,000), a change in fair value of the QCLS investment of $1,725,000, a change in fair value of the QCLS warrant assets of $(1,200,000), a change in the unrealized loss on marketable securities of $(128,939), and other expenses of $(632). Other income (expenses), net, for the three months ended January 31, 2025, is attributable to interest income of $255,692, changes in fair value of warrant liability of $4,487,000, a change in fair value of convertible note receivable of $(79,000), a change in fair value of the Femasys warrant asset of $(596,000), a change in fair value of the QCLS investment of $(6,225,000), a change in the unrealized gain marketable securities of $72,632 and a net of other expenses of $(400). The changes to the fair values are a result of the updated inputs in the various calculations of fair values.

Previous wording

Other income (expenses), net, for the six months ended October 31, 2025 was $(13,553,715) as compared to other income (expense), net of $24,326,742 for the six months ended October 31, 2024. Other income (expenses), net, for the six months ended October 31, 2025 is attributable to interest income of $424,180, net of changes in fair value of warrant liabilities of $(10,231,000), a change in the fair value of derivative liability of $302,000, a gain on the legal settlement revaluation of $106,000, a change in fair value of convertible note receivable of $1,304,000, a change in fair value of the Femasys warrant asset of $(1,941,000), a change in fair value of the QCLS investment of $(5,210,000), a gain on related party investment of $2,089,000, issuance costs on convertible preferred stock and warrants of $(1,234,553), a change in fair value of the QCLS warrant assets of $1,218,000, a change in the unrealized loss on marketable securities of $(165,126), a loss on the issuance of convertible preferred stock of $(215,000) and other expenses of $(216). Other income (expenses), net, for the six months ended October 31, 2024, is attributable to interest income of $929,994, changes in fair value of warrant liability of $3,913,000, derivative liability of $2,184,000, a change in fair value of convertible note receivable of $680,000, a change in fair value of the Femasys warrant asset of $(1,234,000), a change in fair value of the QCLS investment of $(3,540,734), a gain on related party investment of $21,395,734, net of other expenses of $(1,252). The changes to the fair values are a result of the updated inputs in the various calculations of fair values.

Current wording

Other income (expenses), net, for the nine months ended January 31, 2026 was $(10,688,753) as compared to other income (expense), net of $22,242,466 for the nine months ended January 31, 2025. Other income (expenses), net, for the nine months ended January 31, 2026 is attributable to interest income of $654,848, net of changes in fair value of warrant liabilities of $(8,335,135), a change in the fair value of derivative liability of $859,000, a gain on the legal settlement revaluation of $106,000, a change in fair value of convertible note receivable of $1,304,000, a change in fair value of the Femasys warrant asset of $(2,155,000), a change in fair value of the QCLS investment of $(3,485,000), a gain on related party investment of $2,089,000, issuance costs on convertible preferred stock and warrants of $(1,234,553), a change in fair value of the QCLS warrant assets of $18,000, a change in the unrealized loss on marketable securities of $(294,065), a loss on the issuance of convertible preferred stock of $(215,000) and other expenses of $(848). Other income (expenses), net, for the nine months ended January 31, 2025, is attributable to interest income of $1,185,686, changes in fair value of warrant liability of $8,400,000, derivative liability of $2,184,000, a change in fair value of convertible note receivable of $601,000, a change in fair value of the Femasys warrant asset of $(1,830,000), a change in fair value of the QCLS investment and warrant assets of $(9,765,734), a gain on related party investment of $21,395,734, a change in the unrealized gain marketable securities of $72,632 net of other expenses of $(852). The changes to the fair values are a result of the updated inputs in the various calculations of fair values.

Previous wording

The following table presents a summary of our sources and uses of cash for the six months ended October 31, 2025, and 2024.

Current wording

The following table presents a summary of our sources and uses of cash for the nine months ended January 31, 2026, and 2025.

Previous wording

The cash and cash equivalents used in operating activities for the six months ended October 31, 2025 of $2,973,504 is mainly a result of the payment of $1,375,000 relating to the legal settlement accrued at April 30, 2025 and our general and administrative expenses. The cash and cash equivalents used in operating activities for the six months ended October 31, 2024 of $1,428,032 is mainly a result of our general and administrative expenses.

Current wording

The cash and cash equivalents used in operating activities for the nine months ended January 31, 2026 of $3,760,352 is mainly a result of the payment of $1,450,000 relating to the legal settlement accrued at April 30, 2025 and our general and administrative expenses. The cash and cash equivalents used in operating activities for the nine months ended January 31, 2025 of $1,937,925 is mainly a result of our general and administrative expenses.

Previous wording

The cash and cash equivalents for the six months ended October 31, 2025 used in investing activities is attributable to our entry into a Securities Purchase Agreement (the “Series H SPA”) with QCLS (defined below). Pursuant to the Series H SPA, the Company purchased (i) 3,000 shares of QCLS’s Series H Convertible Preferred Stock (the “Series H Preferred Shares” or “Series H Preferred Stock”), at a stated value of $1,000 per Series H Preferred Share, with an initial conversion price of $5.00 which were initially convertible into 600,000 shares of Common Stock; and (ii) warrants to purchase up to 600,000 shares of QCLS Common Stock with a five-year term (“QCLS Series H Warrant”), for a total purchase price of $3,000,000.

Current wording

The cash and cash equivalents for the nine months ended January 31, 2026 provided by investing activities is attributable to the collection of the Femasys note receivable in full in the amount of $5,000,000 and our entry into a Securities Purchase Agreement (the “Series H SPA”) with QCLS (defined below). Pursuant to the Series H SPA, the Company purchased (i) 3,000 shares of QCLS’s Series H Convertible Preferred Stock (the “Series H Preferred Shares” or “Series H Preferred Stock”), at a stated value of $1,000 per Series H Preferred Share, with an initial conversion price of $5.00 which were initially convertible into 600,000 shares of Common Stock; and (ii) warrants to purchase up to 600,000 shares of QCLS Common Stock with a five-year term (“QCLS Series H Warrant”), for a total purchase price of $3,000,000.

Previous wording

The cash and cash equivalents for the six months ended October 31, 2024, is attributable to our entry into a Securities Purchase Agreement (the “SPA”) with MyMD Pharmaceuticals, Inc. which subsequently changed its name to TNF Pharmaceuticals, Inc., and then to Q/C Technologies, Inc., (“QCLS”) in conjunction with a new focus on the development of energy-efficient computing infrastructure. Pursuant to the SPA, the Company purchased (i) 7,000 shares of QCLS’s Series G Convertible Preferred Stock (the “Series G Preferred Shares” or “Series G Preferred Stock”) with an original conversion price of $1.816 per Series G Preferred Share, which were initially convertible into 3,854,626 shares of Common Stock (as defined below); (ii) warrants to purchase up to 3,854,626 shares of QCLS Common Stock with a five-year term (“QCLS Series G Long-Term Warrant”); and (iii) warrants to purchase up to 3,854,626 shares of QCLS Common Stock with a 18-month term (“QCLS Series G Short-Term Warrant”) (collectively, the “QCLS Series G Warrants”), for an aggregate purchase price of $7,000,000.

Current wording

The cash and cash equivalents for the nine months ended January 31, 2025, is attributable to our entry into a Securities Purchase Agreement (the “SPA”) with MyMD Pharmaceuticals, Inc. which subsequently changed its name to TNF Pharmaceuticals, Inc., and then to Q/C Technologies, Inc., (“QCLS”) in conjunction with a new focus on the development of energy-efficient computing infrastructure. Pursuant to the SPA, the Company purchased (i) 7,000 shares of QCLS’s Series G Convertible Preferred Stock (the “Series G Preferred Shares” or “Series G Preferred Stock”) with an original conversion price of $1.816 per Series G Preferred Share, which were initially convertible into 3,854,626 shares of Common Stock (as defined below); (ii) warrants to purchase up to 3,854,626 shares of QCLS Common Stock with a five-year term (“QCLS Series G Long-Term Warrant”); and (iii) warrants to purchase up to 3,854,626 shares of QCLS Common Stock with a 18-month term (“QCLS Series G Short-Term Warrant”) (collectively, the “QCLS Series G Warrants”), for an aggregate purchase price of $7,000,000.

Previous wording

The cash and cash equivalents provided by financing activities for the six months ended October 31, 2025 is attributable to our entry into a Securities Purchase Agreement pursuant to which we sold investors in a private placement (the “Series C Private Placement”) (i) an aggregate of 7,000 shares of the Company’s newly designated Series C convertible preferred stock, par value $0.0001, with a stated value of $1,000 per share (the “Series C Preferred Stock”), initially convertible into up to 7,000,000 shares of the Company’s common stock, par value $0.0001 per share at an initial conversion price of $1.00 and (ii) the Series C Warrants to purchase up to an aggregate of 7,000,000 shares of Common Stock. Proceeds from the Series C Private Placement net of cash issuance costs totaled $6,182,447. Additionally, during the six months ended October 31, 2025, we paid investors $61,250 in dividends on the Series C Preferred Stock.

Current wording

The cash and cash equivalents provided by financing activities for the nine months ended January 31, 2026 is attributable to our entry into a Securities Purchase Agreement pursuant to which we sold investors in a private placement (the “Series C Private Placement”) (i) an aggregate of 7,000 shares of the Company’s newly designated Series C convertible preferred stock, par value $0.0001, with a stated value of $1,000 per share (the “Series C Preferred Stock”), initially convertible into up to 7,000,000 shares of the Company’s common stock, par value $0.0001 per share at an initial conversion price of $1.00 and (ii) the Series C Warrants to purchase up to an aggregate of 7,000,000 shares of Common Stock. Proceeds from the Series C Private Placement net of cash issuance costs totaled $6,268,866. Additionally, during the nine months ended January 31, 2026, we paid investors $162,606 in dividends on the Series C Preferred Stock and we paid our directors $401,625 in the form of RSUs granted to our directors for the estimated income tax effect of the grants.

Previous wording

The cash and cash equivalents used in financing activities for the six months ended October 31, 2024 is mainly attributable to the repurchase of our Common Stock of approximately $2,145,708 and redemption of Series B Preferred Stock of approximately $18,766,416.

Current wording

The cash and cash equivalents used in financing activities for the nine months ended January 31, 2025 is mainly attributable to the repurchase of our Common Stock of approximately $2,370,733 and redemption of Series B Preferred Stock of approximately $22,486,875.

Previous wording

As of October 31, 2025, we had approximately $15.4 million in cash and cash equivalents as compared to approximately $15.2 million at April 30, 2025. We expect that our current cash and cash equivalents of approximately $21 million as of the filing of this Quarterly Report on Form 10-Q, will be sufficient to support its projected operating requirements and financial commitments for at least the next twelve months from the date of this Quarterly Report.

Current wording

As of January 31, 2026, we had approximately $20.2 million in cash and cash equivalents as compared to approximately $15.2 million at April 30, 2025. We expect that our current cash and cash equivalents of approximately $19 million as of the filing of this Quarterly Report on Form 10-Q, will be sufficient to support its projected operating requirements and financial commitments for at least the next twelve months from the date of this Quarterly Report.