Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Quarterly Report on Form 10-Q of Nomad Power Solutions, Inc. (f/k/a Lixte Biotechnology Holdings, Inc.) (the "Company") contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These might include statements regarding the Company's financial position, business strategy and other plans and objectives for future operations, and assumptions and predictions about future clinical trials and their timing and costs, product demand, supply, manufacturing costs, marketing and pricing factors are all forward-looking statements. These statements are generally accompanied by words such as "intend", "anticipate", "believe", "estimate", "potential(ly)", "continue", "forecast", "predict", "plan", "may", "will", "could", "would", "should", "expect" or the negative of such terms or other comparable terminology. The Company believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, based on information available to it on the date hereof, but the Company cannot provide assurances that these assumptions and expectations will prove to have been correct or that the Company will take any action that the Company may presently be planning. These forward-looking statements are inherently subject to known and unknown risks and uncertainties. Actual results or experience may differ materially from those expected, anticipated or implied in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory policies or changes thereto, available cash, research and development results, competition from other similar businesses, and market and general economic factors. This discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included in Item 1 of this Quarterly Report on Form 10-Q and the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, including the section entitled "Item 1A. Risk Factors". The Company does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

Overview

During the quarter ended June 30, 2026, the Company announced a strategic transformation to expand beyond its biopharmaceutical and proton-therapy operations into AI energy infrastructure equipment and services. On June 12, 2026, the Company entered into a definitive merger agreement to acquire NOMAD Transportable Power Systems, Inc. ("NOMAD"), a provider of deployable, utility-grade battery energy storage systems ("BESS"). Upon closing of the acquisition on July 1, 2026, the Company was renamed Nomad Power Solutions, Inc. effective July 3, 2026, and began trading on the Nasdaq Stock Market under a new ticker symbol on July 6, 2026 (see Note 11).

The Company is a clinical-stage biopharmaceutical company focused on identifying novel targets for cancer drug development and developing and commercializing cancer therapies. The Company's corporate office is located in Pasadena, California.

The Company's product-development activities are primarily focused on inhibitors of protein phosphatase 2A ("PP2A"). The Company believes PP2A inhibitors may enhance the effectiveness of cytotoxic agents, radiation therapy, immune checkpoint inhibitors and other cancer treatments. The Company's principal product candidate is LB-100, a PP2A inhibitor currently undergoing clinical development.

The Company's operations are subject to significant risks and uncertainties, including its need to obtain additional capital. The Company has not commenced revenue-generating operations, has not generated positive cash flows from operations and relies, in part, on stock-based compensation to compensate employees and consultants. The Company is dependent on access to equity or debt financing and other sources of capital to fund its operating requirements and clinical-development programs.

For the six months ended June 30, 2026, the Company incurred a net loss of $4,331,947 and used $3,468,083 of cash in operating activities. As of June 30, 2026, the Company had cash of $12,670,143. The Company has not generated any revenue since inception and has incurred recurring losses and negative operating cash flows as it advances its development programs.

The Company is currently conducting early-stage clinical trials involving LB-100. These activities require substantial expenditures for research, development, regulatory compliance and clinical activities. The Company does not expect to generate sustainable operating revenue for several years, if ever.

As of June 30, 2026, the Company's remaining contractual commitments under clinical trial and clinical trial monitoring agreements totaled approximately $170,520 and are expected to be incurred through December 31, 2027. In addition, the Company expects to incur approximately $2.0 million over the next 24 months to recommission and update the LiGHT system equipment. Liora currently has no revenue, and the Company will require additional capital to fund these activities.

On June 4, 2026, the Company completed a registered direct offering that generated aggregate gross proceeds of approximately $16.6 million before deducting offering expenses. See Note 6, "Stockholders' Equity," to the condensed consolidated financial statements.

On June 16, 2026, the Company advanced $6.5 million to NOMAD pursuant to a secured promissory note entered into in connection with the Company's pending acquisition of NOMAD. See Note 11 to the condensed consolidated financial statements. The related merger agreement requires the Company to have at least $16.5 million of unrestricted cash at the closing of the acquisition.

Liquidity and Going Concern

Based on the Company's recurring losses, negative cash flows from operations, anticipated expenditures and need for additional capital, management concluded that substantial doubt exists regarding the Company's ability to continue as a going concern for at least 12 months following the date on which the condensed consolidated financial statements are issued.

The report of the Company's independent registered public accounting firm on the financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 also included an explanatory paragraph regarding substantial doubt about the Company's ability to continue as a going concern.

The condensed consolidated financial statements have been prepared on a going-concern basis and do not include any adjustments that could result from the outcome of this uncertainty.

Management continues to evaluate and pursue financing alternatives, including equity and debt financings and potential strategic transactions. There can be no assurance that additional capital will be available when needed, on acceptable terms or in amounts sufficient to fund the Company's operations.

If the Company is unable to obtain sufficient additional funding, it may be required to delay, reduce or discontinue one or more clinical-development programs, curtail expenditures related to the LiGHT system, sell assets, pursue other strategic alternatives or cease operations.

Nasdaq Compliance

The Company's common stock is traded on the Nasdaq Capital Market under the symbol "NMAD".

On August 23, 2024, the Company received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") that the Company was not in compliance with the $2.5 million minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b) (the "Stockholders' Equity Requirement").

On October 3, 2024, the Company submitted a plan to Nasdaq to regain compliance. On October 21, 2024, Nasdaq granted the Company an extension through February 18, 2025 to regain compliance with the Stockholders' Equity Requirement.

The Company had not regained compliance by February 18, 2025. Accordingly, on February 19, 2025, the Company received notice from Nasdaq that it had not satisfied the terms of the extension because it had not completed its proposed financing initiatives. The Company timely requested a hearing before the Nasdaq Hearings Panel (the "Panel"), which stayed any suspension or delisting action pending the Panel's decision.

Following a hearing held on April 3, 2025, the Panel granted the Company an additional extension through July 3, 2025 to regain compliance. On July 2, 2025, the Company completed a private placement that generated gross proceeds of approximately $5.05 million. On July 8, 2025, the Company completed a registered direct offering that generated gross proceeds of approximately $1.5 million. On July 15, 2025, Nasdaq notified the Company that it had regained compliance with the Stockholders' Equity Requirement.

The Company remained subject to a Panel Monitor under Nasdaq Listing Rule 5815(d)(4)(B) through July 15, 2026. During the monitoring period, any subsequent deficiency under the Stockholders' Equity Requirement would have required the Company to request a hearing before the Panel rather than submit a new compliance plan to Nasdaq. There was no subsequent deficiency through July 15, 2026.

Recent Accounting Pronouncements

Information regarding recently issued accounting pronouncements is included in Note 2 to the condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025 included elsewhere in this Quarterly Report.

Critical Accounting Policies and Estimates

The Company's significant accounting policies are described in Note 2 to the condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025 included elsewhere in this Quarterly Report. These policies, together with the estimates and assumptions used in their application, are important to an understanding of the Company's financial condition and results of operations.

Management evaluates its accounting estimates and assumptions on an ongoing basis using historical experience, current conditions and other factors it considers relevant. Actual results may differ from these estimates.

There have been no material changes to the Company's critical accounting policies and estimates from those disclosed in its most recent Annual Report on Form 10-K.

Summary of Business Activities and Plans

The Company's principal product candidate, LB-100, has a mechanism of action that the Company believes differs from that of cancer therapies currently approved for clinical use. LB-100 is being evaluated in clinical trials involving ovarian clear cell carcinoma, metastatic colorectal cancer and advanced soft tissue sarcoma.

In preclinical animal models, LB-100 has demonstrated anticancer activity in glioblastoma multiforme, neuroblastoma and medulloblastoma. LB-100 has also been evaluated in combination with commonly used anticancer agents in animal models of melanoma, breast cancer and sarcoma. In these models, LB-100 enhanced anticancer activity at doses that did not result in significant incremental toxicity. Preclinical results, however, may not be predictive of safety or efficacy in humans.

The cost and complexity of developing a product candidate generally increase as the candidate progresses through clinical development and the regulatory approval process. The Company seeks to operate with limited overhead and to advance its development programs as efficiently as practicable. The Company expects that it will need to raise additional capital as development milestones are achieved.

The Company's longer-term strategy includes seeking strategic collaborations, partnerships or licensing arrangements with pharmaceutical companies engaged in cancer-drug development. There can be no assurance that the Company will enter into any such arrangement on acceptable terms or at all.

Specific Risks Associated with the Company's Business Activities

Serious Adverse Events

LB-100 is being evaluated in multiple clinical trials. One or more of these trials could be placed on hold or terminated by an institutional review board, the U.S. Food and Drug Administration, the European Medicines Agency or another regulatory authority as a result of a serious adverse event ("SAE") involving LB-100 or another therapy administered in combination with LB-100.

Potential SAEs could include unexpected severe side effects, treatment-related deaths or long-term health complications. A patient may also experience a dose-limiting toxicity ("DLT"). Under applicable clinical-trial protocols, the occurrence of multiple DLTs at a particular dose level may result in that dose being considered unsafe and may require subsequent patients to be treated at a lower dose level previously determined to be tolerable.

If an SAE or a pattern of SAEs occurs during a clinical trial involving LB-100, regulatory authorities or institutional review boards may require the Company or the trial sponsor to suspend enrollment or dosing, modify the trial protocol, conduct additional studies or terminate the trial. Any such action could delay or prevent further development of LB-100, increase the Company's development costs and adversely affect its ability to obtain regulatory approval.

An SAE or related clinical hold could also adversely affect the Company's reputation among patients, investigators, medical institutions and investors; impede patient recruitment; and impair the Company's ability to obtain financing or enter into strategic arrangements. There can be no assurance that additional SAEs will not occur or that any clinical hold will be lifted in a timely manner or at all.

The principal investigator of the colorectal cancer study evaluating LB-100 in combination with atezolizumab, a Roche PD-L1 inhibitor, is investigating two SAEs observed in the trial, which commenced in August 2024. The Institutional Review Board (the "IRB") of the Netherlands Cancer Institute ("NKI") placed the study on hold.

One patient experienced dyspnea associated with lung toxicity that was considered possibly or probably related to the combination of LB-100 and atezolizumab. That patient subsequently died from complications associated with lung metastases and dyspnea. A second patient experienced fever and aphasia that were considered possibly or probably related to the drug combination. The second patient fully recovered following supportive treatment.

The NKI IRB requested additional information from the principal investigator regarding whether the adverse events may have been caused by the combination of LB-100 and atezolizumab and the potential mechanism of action of the combination. The principal investigator submitted a response describing the safety experience with LB-100 administered alone and in combination with other cancer therapies, including doxorubicin and dostarlimab.

The adverse events reported in the colorectal cancer trial had not been observed in other patients treated with LB-100, either alone or in combination with other cancer therapies. As of early July 2025, the Company had been informed that approximately 82 patients had received or were receiving experimental treatment involving LB-100.

In May 2025, the Company updated the safety information relating to LB-100 and distributed Version 5.0 of the Investigator's Brochure to investigators participating in the Company's ongoing clinical trials. The Investigator's Brochure includes relevant preclinical, clinical and pharmacological information concerning the administration of LB-100 to humans. The investigators conducting the colorectal cancer study, NCT06012734, submitted a detailed response to the NKI IRB that included the updated Investigator's Brochure. The Company is awaiting completion of the IRB's review.

External Risks Associated with the Company's Business Activities

Public Health Risks

The COVID-19 pandemic resulted in disruptions to global economic and business activity beginning in 2020. Although the effects of the pandemic have substantially subsided, a resurgence of COVID-19 or the emergence of another public-health emergency could disrupt the Company's clinical-development activities, relationships with vendors and clinical sites, access to capital and general business operations. The extent of any future impact cannot be predicted.

Inflation and Interest-Rate Risk

The Company does not believe that inflation or changes in interest rates have had a material direct effect on its operations to date, other than through their broader effects on the economy and capital markets. However, inflationary pressures could increase the costs of clinical trials, contract research, manufacturing, personnel and other operating activities.

Higher interest rates could also increase borrowing costs and adversely affect the availability and terms of financing.

Supply-Chain Risk

The Company does not currently anticipate that supply-chain constraints will materially affect its ongoing clinical trials. However, future disruptions could delay the manufacturing, testing, storage or delivery of LB-100 or other materials required for the Company's development programs.

Economic and Capital-Market Risk

A recession or deterioration in economic conditions could adversely affect the general business environment and capital markets. Such conditions could make it more difficult or costly for the Company to obtain financing and could adversely affect the market price of its common stock.

Geopolitical Risk

Military conflicts, trade restrictions and other geopolitical developments could disrupt supply chains and adversely affect the availability and cost of materials and services required for the Company's research, clinical-development, testing and manufacturing activities. Such developments could also delay clinical trials or other development activities.

Geopolitical uncertainty may also increase volatility in global financial markets, adversely affect investor confidence and market sentiment, and limit the Company's access to capital. These risks are outside the Company's control, and their effect on the Company's business, financial condition and results of operations may differ materially from management's current expectations.

Cybersecurity Risk

The Company has established policies and processes designed to assess, identify and manage material risks arising from cybersecurity threats and has integrated these processes into its overall risk-management framework.

The Company periodically assesses cybersecurity risks, including risks of unauthorized access to or activity involving its information and email systems that could adversely affect the confidentiality, integrity or availability of those systems or the information maintained in them. The Company also performs assessments when material changes in its business practices could affect information systems that may be vulnerable to cybersecurity threats.

These assessments include consideration of reasonably foreseeable internal and external risks, the likelihood and potential impact of such risks, and the adequacy of the Company's policies, procedures, systems and safeguards. The Company has not identified any cybersecurity incident that has materially impaired its operations or financial condition.

The Company continues to monitor these matters and may adjust its business and financing plans as additional information becomes available.

Results of Operations

At June 30, 2026, the Company had not yet commenced any revenue-generating operations, does not have any positive cash flows from operations, and is dependent on its ability to raise equity capital to fund its operating requirements.

The Company's condensed consolidated statements of operations as discussed herein are presented below.

		Six Months Ended June 30,								Three Months Ended June 30,
		2026				2025				2026				2025
Revenues, net		$	-			$	-			$	-			$	-
Costs and expenses:
General and administrative costs			3,941,701				1,329,644				2,287,670				714,161
Research and development costs			395,626				152,105				62,250				60,648
Total costs and expenses			4,337,327				1,481,749				2,349,920				774,809
Loss from operations			(4,337,327	)			(1,481,749	)			(2,349,920	)			(774,809	)
Other income (expenses):
Interest Income			5,661				806				2,291				365
Interest Expense			(3,947	)			(4,945	)			(851	)			(1,810	)
Foreign currency gain (loss)			3,666				660				4,141				581
Net loss			(4,331,947	)			(1,485,228	)			(2,344,339	)			(775,673	)
Series B Convertible Preferred Stock 8% cumulative dividend			(17,882	)			-				-				-
Non-controlling interest			221,013				-				157,081				-
Net loss attributable to common stockholders		$	(4,128,816	)		$	(1,485,228	)		$	(2,187,258	)		$	(775,673	)
Net loss per common share - basic and diluted		$	(0.34	)		$	(0.57	)		$	(0.16	)		$	(0.29	)
Weighted average common shares outstanding - basic and diluted			12,189,293				2,596,509				13,475,293				2,720,533

Three Months Ended June 30, 2026 and 2025

Revenues. The Company did not have any revenues for the three months ended June 30, 2026 and 2025.

Research and Development Costs. For the three months ended June 30, 2026, research and development costs were $62,250 which consisted of preclinical research focused on development of additional novel anti-cancer compounds costs of $47,077, clinical and related oversight costs of $15,018 and regulatory service costs of $155.

For the three months ended June 30, 2025, research and development costs were $60,648, which consisted of clinical and related oversight costs of $11,601, compound maintenance costs of $20,265, regulatory service costs of $1,190, and preclinical research focused on development of additional novel anti-cancer compounds to add to the Company's clinical pipeline of $27,592.

Research and development expenses remained flat compared to 2025.

General and Administrative Costs. For the three months ended June 30, 2026, general and administrative costs were $2,287,670 which primarily consisted of stock based compensation to related parties of $622,231, repairs and maintenance of $529, 494, consulting and professional fees of $517,191, payroll expenses of $226,942, insurance expense including D&O of $64,387.

For the three months ended June 30, 2025, general and administrative costs were $714,161, which consisted of the fair value of vested stock options issued to directors and officers of $267,999 (including quarterly director and board committee fees of $27,500 and the acceleration of the vesting of stock options held by Bas van der Baan of $167,460 as a result of the amendment of his employment contract), patent and licensing legal and filing fees and costs of $17,303, other consulting and professional fees of $206,362, insurance expense of $64,277, officer compensation and related costs of $104,947, licensing and royalties of $7,397, shareholder reporting costs of $7,353, listing fees of $13,250, filing fees of $5,420, investor relations of $11,397, taxes and licenses of $5,056, and other operating costs of $3,400.

General and administrative costs increased by $1,573,509 or 220%, in 2026 as compared to 2025, primarily as a result of increase in accounting fees by $318,485, increase in investment banking fees by $221,140, increase in public relations costs by 178,500, consulting fees related to acquisition by $172,572, increase in lease expense by $145,365, increase in payroll expense by $127,162 partially offset by decrease in legal fees by $43,847, decrease in consulting fees supporting prior period activities with no equivalent services requested in current period, decrease in intellectual property by $21,052.

Interest Income. For the three months ended June 30, 2026, the Company had interest income of $2,291, as compared to interest income of $365 for the three months ended June 30, 2025, due to higher average cash balance and from prevailing higher interest rates compared to three months ended June 30, 2025.

Interest Expense. For the three months ended June 30, 2026, the Company had interest expense of $851, as compared to interest expense of $1,810 for the three months ended June 30, 2025, related to the financing of the premium for the Company's directors and officers liability insurance policy.

Realized Gain (Loss) on Foreign Currency Transactions. For the three months ended June 30, 2026, the Company had a realized foreign currency gain of $4,141 as compared to a foreign currency gain of $581 for the three months ended June 30, 2025, from foreign currency transactions.

Net Loss. For the three months ended June 30, 2026, the Company incurred a net loss of $2,344,339, as compared to a net loss of $775,673 for the three months ended June 30, 2025.

Six Months Ended June 30, 2026 and 2025

Revenues. The Company did not have any revenues for the six months ended June 30, 2026 and 2025.

Research and Development Costs. For the six months ended June 30, 2026, research and development costs were $395,626 which consisted of clinical and related oversight costs of $324,812, preclinical research focused on development of additional novel anti-cancer compounds costs of $70,659, and regulatory service cost of $155.

For the six months ended June 30, 2025, research and development costs were $152,105, which consisted of clinical and related oversight costs of $27,470, compound maintenance costs of $53,083, regulatory service costs of $1,190, and preclinical research focused on development of additional novel anti-cancer compounds to add to the Company's clinical pipeline of $70,362.

Research and development expenses increased by $243,521 or 160%, primarily due to increased expenses related to clinical and related oversight by $297,342 offset by decrease in regulatory service cost.

General and Administrative Costs. For the six months ended June 30, 2026, general and administrative costs were $3,941,701 which primarily consisted consulting fees of $1,374,100, stock based compensation to related parties of $704,407, repairs and maintenance costs of $529,494, payroll expenses of $444,769, lease expense of $297,671, insurance expense including D&O of $128,774.

For the six months ended June 30, 2025, general and administrative costs were $1,329,644, which consisted of the fair value of vested stock options issued to directors and officers of $367,737 (including quarterly director and board committee fees of $55,000 and the acceleration of the vesting of stock options held by Bas van der Baan of $167,460 as a result of the amendment of his employment contract), patent and licensing legal and filing fees and costs of $73,386, other consulting and professional fees of $439,182, insurance expense of $128,553, officer compensation and related costs of $195,711, cash-based director and board committee fees of $0, licensing and royalties of $14,795, shareholder reporting costs of $12,164, listing fees of $46,500, filing fees of $15,170, investor relations of $22,794, taxes and licenses of $10,113, travel and entertainment of $435, and other operating costs of $5,587, offset by a rent refund of $2,483.

General and administrative costs increased by $2,612,057 or 196%, in 2026 as compared to 2025, primarily as a result of increase in accounting fees by $318,485, increase in investment banking fees by $221,140, increase in public relations costs by $178,500, consulting fees related to acquisition by $172,572, increase in lease expense by $145,365, increase in payroll expense by $127,162 partially offset by decrease in legal fees by $43,847, decrease in consulting fees supporting prior period activities with no equivalent services requested in current period, decrease in intellectual property by $21,052.

Interest Income. For the six months ended June 30, 2026, the Company had interest income of $5,661, as compared to interest income of $806 for the three months ended June 30, 2025, due to higher average cash balance and from prevailing higher interest rates compared to three months ended June 30, 2025.

Interest Expense. For the six months ended June 30, 2026, the Company had interest expense of $3,947, as compared to interest expense of $4,945 for the six months ended June 30, 2025, related to the financing of the premium for the Company's directors and officers liability insurance policy.

Realized Gain (Loss) on Foreign Currency Transactions. For the six months ended June 30, 2026, the Company had a realized foreign currency gain of $3,666 as compared to a foreign currency gain of $660 for the six months ended June 30, 2025, from foreign currency transactions.

Net Loss. For the six months ended June 30, 2026, the Company incurred a net loss of $4,331,947, as compared to a net loss of $1,485,228 for the six months ended June 30, 2025.

Liquidity and Capital Resources - June 30, 2026

The Company's condensed consolidated statements of cash flows as discussed herein are as follows:

		Six Months Ended June 30,
		2026				2025
Net cash used in operating activities		$	(3,468,083	)		$	(1,055,968	)
Net cash used in investing activities			(6,500,000	)			-
Net cash provided by financing activities			17,531,354				904,228
Net increase (decrease) in cash		$	7,563,271			$	(151,740	)

At June 30, 2026, the Company had working capital of $17,799,012, as compared to working capital of $3,845,268 at December 31, 2025, reflecting a net increase in working capital of $13,953,744 for the six months ended June 30, 2026. The increase in working capital during the six months ended June 30, 2026 was primarily due to direct offering issuance from June 2026. As of June 30, 2026, the Company had cash of $12,670,143 available to fund its operations.

Going Concern

For the six months ended June 30, 2026, the Company incurred a net loss of $4,331,947 and used cash in operations of $3,468,083. As of June 30, 2026, the Company had cash of $12,670,143 available to fund its operations. The Company has not generated recurring revenues since inception and has incurred negative operating cash flows as it advances its development programs. As a result, management has concluded that there is a substantial doubt regarding the Company's ability to continue as a going concern for a period of at least 12 months beyond the filing of this quarterly report. In addition, our independent registered public accounting firm, in their audit report to the financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, included an explanatory paragraph regarding substantial doubt about the Company's ability to continue as a going concern.

Trends, Events and Uncertainties

Research and development of new pharmaceutical compounds by its nature is unpredictable. Although the Company undertakes research and development efforts with commercially reasonable diligence, there can be no assurance that the Company's cash position will be sufficient to enable it to develop any pharmaceutical compound to the extent needed to create future sales to sustain operations as contemplated herein.

There can be no assurance that the Company's pharmaceutical compound will obtain the regulatory approvals and market acceptance to achieve sustainable revenues sufficient to support the Company's operations. Even if the Company is able to generate revenues, there can be no assurance that the Company will be able to achieve operating profitability or positive operating cash flows. There can be no assurance that the Company will be able to secure additional financing, to the extent required, on acceptable terms or at all. If cash resources are insufficient to satisfy the Company's ongoing cash requirements, the Company would be required to reduce or discontinue its research and development programs, or attempt to obtain funds, if available, through strategic alliances, joint ventures or other transaction structures that could require the Company to relinquish rights to and/or control of LB-100, or to discontinue operations entirely.

Other than as discussed above, the Company is not currently aware of any trends, events or uncertainties that are likely to have a material effect on its financial condition in the near term, although it is possible that new trends or events may develop in the future that could have a material effect on the Company's financial condition.