PharmaCyte Biotech, Inc.
For the period ended Jul 31, 2026. Filed Sep 14, 2026.
View on SEC.govAbout this filing
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.
Jul 31, 2026 · Filed Sep 14, 2026
PMCB$0.36-4.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-01-31; filed 2026-03-17.
0001683168-26-001917
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-07-31; filed 2026-09-14.
0001683168-26-007106
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 65 previous paragraphs and 59 current paragraphs.
34 unchanged; 22 reworded; 3 added; 8 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 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 (3)
Current report
To address this deficiency, our Board has approved, and at our annual meeting of stockholders held on March 30, 2026, our stockholders approved, an amendment to our Articles of Incorporation, as amended, to effect a reverse stock split of our common stock at a ratio of not less than 1-for-1.1 and not more than 1-for-100, with the exact ratio, and whether and when to implement the reverse stock split, if at all, to be determined by our Board in its sole discretion. Our Board has the authority, but not the obligation, to effect the reverse stock split and may abandon the amendment at any time before it is filed with the Nevada Secretary of State, even though our stockholders have approved it. There can be no assurance that our Board will elect to effect the reverse stock split, that any reverse stock split will result in a sustained increase in the per share trading price of our common stock sufficient for us to regain or maintain compliance with the Bid Price Rule, or that our common stock will not decline in price following any reverse stock split.
Current report
If we are unable to regain compliance with the Bid Price Rule by the Compliance Date, Nasdaq will provide written notification that our common stock is subject to delisting.
Current report
There was no activity in cash and cash equivalents used in financing activities for the three months ended July 31, 2025.
Removed paragraphs (8)
Previous report
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 report
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 report
Investing Activities:
Previous report
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 report
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 report
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 report
In August 2025, we entered into a securities purchase agreement pursuant to which we agreed to sell to investors in a private placement an aggregate of 7,000 shares of our newly designated Series C convertible preferred stock with a stated value of $1,000 per share and warrants to purchase up to 7 million shares of our Common Stock, resulting in aggregate gross proceeds of $7 million.
Previous report
In September 2025, we entered into a securities purchase agreement pursuant to which we agreed to purchase in a private placement QCLS Series H convertible preferred stock initially convertible into 600,000 shares, subject to adjustment, of QCLS Common Stock and warrants for an aggregate purchase price of $3 million.
Reworded paragraphs (22)
Previous wording
Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations.
Current wording
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Previous wording
On August 15, 2022, we entered into a Cooperation Agreement (the “Cooperation Agreement”) with Iroquois Master Fund Ltd. and its affiliates, pursuant to which we elected a reconstituted board of directors (the “Board”). On November 17, 2023, the Board formed the Strategic Scientific Committee (the “Scientific Committee”), chaired by Dr. Michael Abecassis. The Scientific Committee and our independent consultants are reviewing many of the risks relative to our business. In addition, the Board is reviewing risks associated with our development programs and our relationship with SG Austria Pte. Ltd (“SG Austria”), including that all licensed patents have expired and that know-how relating to our Cell-in-a-Box® technology solely resides with SG Austria. The Board has reduced spending on our programs, including pre-clinical and clinical activities, until the review by the Scientific Committee and the Board is complete and the Board has determined the actions and plans to be implemented. The Scientific Committee’s recommendations will include potentially seeking a new framework for our relationship with SG Austria and its subsidiaries. We are reevaluating those programs which are dependent on SG Austria and the U.S. Food and Drug Administration’s (the “FDA”) acceptance of its technologies, including our development programs for locally advanced, inoperable, non-metastatic pancreatic cancer (“LAPC”). Our reevaluation for addressing the FDA concerns has resulted in delays stemming from the review of the non-clinical package provided by SG Austria and changes to the FDA review process.
Current wording
On August 15, 2022, we entered into a Cooperation Agreement (the “Cooperation Agreement”) with Iroquois Master Fund Ltd. and its affiliates, pursuant to which we elected a reconstituted board of directors (the “Board”). The Board formed a Business Review Committee to evaluate, investigate and review our business, affairs, strategy, management and operations and in its sole discretion to make recommendations to our management and Board with respect thereto. The Business Review Committee is also reviewing many of the risks relative to our business. In addition, the Board is reviewing our development programs and our relationship with SG Austria, including that all licensed patents have expired, that know-how relating to the Cell-in-a-Box® technology solely resides with SG Austria, and that the incentives of SG Austria and its management may not be currently aligned with ours. The Board has curtailed spending on our programs, including pre-clinical and clinical activities, until the review by the Business Review Committee and the Board is complete and the Board has determined the actions and plans to be implemented. The Business Review Committee’s recommendations will include potentially seeking a new framework for our relationship with SG Austria and its subsidiaries. In the event we are unsuccessful in seeking an acceptable new framework, we will reevaluate whether we should continue those programs which are dependent on SG Austria, including its development programs for LAPC. The issues involving SG Austria have delayed our timeline for addressing the FDA clinical hold for its planned clinical trial in LAPC and could result in other delays or termination of the development activities. In addition, the curtailment of spending on our programs pending the review by the Business Review Committee and the Board may cause additional delays.
Previous wording
Until the Strategic Scientific Committee completes its evaluation of our programs and we enter into a new framework for its relationship with SG Austria, spending on our development programs has been curtailed.
Current wording
Until the Strategic Scientific Committee completes its evaluation of our programs and we enter into a new framework for our relationship with SG Austria, spending on our development programs has been curtailed.
Previous 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.
Current wording
We assembled a scientific and regulatory team of experts to address the FDA requests. Through July 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 unnecessary. 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 next steps including encapsulation of the cells, testing the glide force and pressure testing of pushing the cells through syringes and catheters.
Previous wording
Non-financial performance indicators used by management to manage and assess how the business is progressing will include, but are not limited to, the ability to: (i) acquire appropriate funding for all aspects of our operations; (ii) acquire and complete necessary contracts; (iii) complete activities for producing genetically modified human cells and having them encapsulated for our preclinical studies and the planned clinical trial in LAPC; (iv) have regulatory work completed to enable studies and trials to be submitted to regulatory agencies; (v) complete all required tests and studies on the cells and capsules we plan to use in our clinical trial in patients with LAPC; (vi) ensure completion of the production of encapsulated cells according to cGMP regulations to use in our planned clinical trial; (vii) complete all of the tasked the FDA requires of us in order to have the clinical hold lifted; and (viii) obtain approval from the FDA to lift the clinical hold on our IND that we may commence our planned clinical trial in LAPC.
Current wording
Non-financial performance indicators used by management to manage and assess how the business is progressing will include, but are not limited to, the ability to: (i) acquire appropriate funding for all aspects of our operations; (ii) acquire and complete necessary contracts; (iii) complete activities for producing genetically modified human cells and having them encapsulated for our preclinical studies and the planned clinical trial in LAPC; (iv) have regulatory work completed to enable studies and trials to be submitted to regulatory agencies; (v) complete all required tests and studies on the cells and capsules we plan to use in our clinical trial in patients with LAPC; (vi) ensure completion of the production of encapsulated cells according to cGMP regulations to use in our planned clinical trial; (vii) complete all of the tasks the FDA requires of us in order to have the clinical hold lifted; and (viii) obtain approval from the FDA to lift the clinical hold on our IND that we may commence our planned clinical trial in LAPC.
Previous wording
On December 1, 2025, we received a written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that we are not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”) for continued listing on The Nasdaq Capital Market. The Bid Price Rule requires listed securities to maintain a minimum bid price of $1.00 per share, and, based on the closing bid price of our Common Stock for the 30 consecutive business days preceding the date of the Notice, we no longer satisfy this requirement.
Current wording
On December 1, 2025, we received a written notice (the “Initial Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based on the closing bid price of our common stock for 30 consecutive business days preceding the date of the Initial Notice, we were not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”) for continued listing on The Nasdaq Capital Market. The Bid Price Rule requires listed securities to maintain a minimum bid price of $1.00 per share. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), we were provided an initial compliance period of 180 calendar days, or until June 1, 2026, to regain compliance with the Bid Price Rule.
Previous wording
If we do not regain compliance by the Compliance Date, we may be eligible for an additional 180-day compliance period if we (i) meet all applicable continued listing requirements for initial listing on The Nasdaq Capital Market (other than the minimum bid price requirement) and (ii) provide Nasdaq with written notice of our intention to cure the deficiency during the second compliance period, which may include effecting a reverse stock split, if necessary. If we do not qualify for the second compliance period or fail to regain compliance during any additional compliance period granted, Nasdaq will provide written notification to us that our securities are subject to delisting. In such event, we would be entitled to appeal Nasdaq’s determination to a Nasdaq Hearings Panel.
Current wording
On June 2, 2026, we received a written notice (the “Extension Notice”) from Nasdaq advising us that we are eligible for an additional 180-calendar-day compliance period, or until November 30, 2026 (the “Compliance Date”), to regain compliance with the Bid Price Rule. Nasdaq’s determination to grant the second compliance period was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the Bid Price Rule, and the Company’s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
Previous wording
The Notice has no immediate effect on the listing or trading of our Common Stock on The Nasdaq Capital Market, and our Common Stock will continue to trade under the symbol “PMCB.” The Notice does not affect our business operations or our reporting obligations with the Securities and Exchange Commission.
Current wording
The Extension Notice has no immediate effect on the listing or trading of our common stock on The Nasdaq Capital Market, and our common stock will continue to trade under the symbol “PMCB.” The Extension Notice does not affect our business operations or our reporting obligations with the Securities and Exchange Commission.
Previous wording
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), we have been provided an initial period of 180 calendar days, or until June 1, 2026 (the “Compliance Date”), to regain compliance with the Bid Price Rule. If at any time during this 180-day period the closing bid price of our Common Stock is at least $1.00 per share for a minimum of 10 consecutive business days (or for such longer period as the Nasdaq staff may determine is necessary under Nasdaq Listing Rule 5810(c)(3)(H)), Nasdaq will provide us with written confirmation of compliance, and the matter will be closed.
Current wording
If at any time during this additional 180-day compliance period the closing bid price of our common stock is at least $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide us with written confirmation of compliance, and the matter will be closed. Nasdaq may, in its discretion, require us to maintain a closing bid price of at least $1.00 per share for a period in excess of 10 consecutive business days, but generally no more than 20 consecutive business days, before determining that we have demonstrated an ability to maintain long-term compliance, as provided under Nasdaq Listing Rule 5810(c)(3)(H).
Previous wording
We intend to actively monitor the closing bid price of our Common Stock and will consider all available options to regain compliance with the Bid Price Rule, including, if appropriate, implementing a reverse stock split, subject to stockholder approval. There can be no assurance that we will be able to regain or maintain compliance with the Bid Price Rule or the other continued listing requirements of The Nasdaq Capital Market.
Current wording
We intend to actively monitor the closing bid price of our common stock and will consider all available options to regain compliance with the Bid Price Rule, including, if appropriate, implementing a reverse stock split. There can be no assurance that we will be able to regain compliance with the Bid Price Rule or that we will otherwise maintain compliance with the other continued listing requirements of The Nasdaq Capital Market. If we fail to regain or maintain compliance with applicable Nasdaq listing requirements, our common stock could be delisted, which could adversely affect the market liquidity of our common stock, our ability to obtain financing on acceptable terms, and the market price of our common stock.
Previous wording
Three and nine months ended January 31, 2026, compared to three and nine months ended January 31, 2025
Current wording
Three months ended July 31, 2026, compared to three months ended July 31, 2025
Previous wording
We had no revenues for the three and nine months ended January 31, 2026, and 2025.
Current wording
We had no revenues for the three months ended July 31, 2026, and 2025.
Previous 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.
Current wording
R&D expense was $60,000 for the three months ended July 31, 2026, as compared to $95,157 for the three months ended July 31, 2025, a decrease of $35,157. The change in cost is primarily due to renegotiated terms with 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 $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.
Current wording
The majority of our operating losses from operations are from general and administrative expenses. 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 $946,708 and $753,148, respectively, for the three months ended July 31, 2026 and 2025, an increase of $193,560, or 26%. Legal and professional fees increased by $236,291 primarily due to an increase in consulting fees relating to audit fees, fair value calculations and legal costs increase in travel and entertainment of $10,846, net of decreases in director compensation of $60,492, primarily due to non-recurring option expenses.
Previous 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.
Current wording
Other income (expenses), net, for the three months ended July 31, 2026 was $(4,074,483) as compared to other income (expenses), net of $(7,511,791) for the three months ended July 31, 2025. Other income (expenses), net, for the three months ended July 31, 2026 is attributable to interest income of $166,278, dividend income of $240,884, change in fair value of warrant liability of $4,221,000 and change in fair value of derivative liability of $597,000, less unrealized loss on the fair value of marketable securities of $154,548, less decreases in the fair value of the Femasys warrant asset of $414,000, less change in fair value of investment – QCLS of $5,550,000, less change in fair value of warrant asset - QCLS of $3,181,000 and other expenses of $97. Other income (expense), net for the three months ended July 31, 2025 is attributable to interest income of $217,793, changes in fair values of warrant liability of $243,000, changes in fair value of convertible note receivable of $912,000 and gain on legal settlement re-fair value of warrants of $106,000 less unrealized loss on the fair value of marketable securities of $104,463, less change in the fair value of the Femasys warrant asset of $1,215,000, less change in fair value of investment – QCLS of $2,839,000, less change in fair value of QCLS warrant asset of $4,832,000 and other expenses of $121. 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 nine months ended January 31, 2026, and 2025.
Current wording
The following table presents a summary of our sources and uses of cash and cash equivalents for the three months ended July 31, 2026, and 2025.
Previous 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.
Current wording
The cash and cash equivalents used in operating activities for the three months ended July 31, 2026 of $780,894 is mainly a result of our general and administrative expenses. The cash and cash equivalents used in operating activities for the three months ended July 31, 2025 of $1,993,981 is mainly a result of the payment of $1,300,000 relating to the legal settlement accrued at April 30, 2025 and our general and administrative expenses.
Previous 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.
Current wording
The cash and cash equivalents used in financing activities for the three months ended July 31, 2026 is attributable to payments to investors of $83,399 in dividends on the Series C Preferred Stock.
Previous 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.
Current wording
As of July 31, 2026, we had approximately $17.7 million in cash and cash equivalents as compared to approximately $18.6 million at April 30, 2026. We expect that our current cash and cash equivalents of approximately $17 million as of the filing of this Quarterly Report on Form 10-Q, will be sufficient to support our projected operating requirements and financial commitments for at least the next twelve months from the date of this Quarterly Report.
Previous wording
We expect to need additional capital in order to complete a clinical trial for the treatment of pancreatic cancer. If any additional equity financing, if available, may not be on favorable terms and would likely be significantly dilutive to our current stockholders and debt financing, if available, may involve restrictive covenants. If we are able to access funds through collaborative or licensing arrangements, it may be required to relinquish rights to some of its product candidates that we would otherwise seek to develop or commercialize on its own, on terms that are not favorable to us. Our ability to access capital is not assured and, if not achieved on a timely basis, will likely have a material adverse effect on our business, financial condition and results of operations.
Current wording
We expect to need additional capital in order to complete a clinical trial for the treatment of pancreatic cancer. Any additional equity financing, if available, may not be on favorable terms and would likely be significantly dilutive to our current stockholders and debt financing, if available, may involve restrictive covenants. If we are able to access funds through collaborative or licensing arrangements, we may be required to relinquish rights to some of our product candidates that we would otherwise seek to develop or commercialize on our own, on terms that are not favorable to us. Our ability to access capital is not assured and, if not achieved on a timely basis, will likely have a material adverse effect on our business, financial condition and results of operations.
Previous wording
We operate in an industry that is subject to rapid technological change, competition and government regulation. Our operations are subject to significant risk and uncertainties including financial operational, technological, regulatory, and other risks. Such factors, include but not limited to, results of clinical testing and trial activities, the ability to obtain regulatory approval, the supply of needed materials, the ability to obtain manufacturing and the ability to raise capital to achieve strategic objectives.
Current wording
We operate in an industry that is subject to rapid technological change, competition and government regulation. Our operations are subject to significant risk and uncertainties including financial operational, technological, regulatory, and other risks. Such factors include but are not limited to results of clinical testing and trial activities, the ability to obtain regulatory approval, the supply of needed materials, the ability to obtain manufacturing and the ability to raise capital to achieve strategic objectives.
Previous wording
We entered into several service agreements, with both independent and related parties, pursuant to which services will be provided over the next twelve months related to the clinical hold on our IND submission involving LAPC. The services include developing studies and strategies relating to clearing the clinical hold. The total cost is estimated to be approximately $591,000, of which the related party portion will be approximately $157,000. These agreements are under review by our Business Review Committee and reconstituted Board which has curtailed spending on this program until their review is complete and recommendations are made.
Current wording
We entered into several service agreements, with both independent and related parties, pursuant to which services will be provided over the next twelve months related to the clinical hold on our IND submission involving LAPC. The services include developing studies and strategies relating to clearing the clinical hold. The total cost is estimated to be approximately $220,000, of which the related party portion will be approximately $220,000. These agreements are under review by our Business Review Committee and reconstituted Board which has curtailed spending on this program until their review is complete and recommendations are made.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
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.