Quarterly Report for Quarter Ending May 31, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.

Company Overview

We are a pre-clinical-stage, platform technology biopharmaceutical company which has developed proprietary innovative medicines in areas of significant unmet medical needs in oncology, with a current focus on colorectal cancer ("CRC"). Our drug candidate under development for colon cancer is RCC-33, a first-in-class therapy being developed primarily in two settings: one to reduce tumor cell activity in colon cancer patients as a standalone in neoadjuvant treatment or "window of opportunity" at the time after colonoscopy, prior to cancer staging; and another for patients with refractory to therapy and adjuvant to surgery also at the time after colonoscopy. The Company hopes to start first in human Phase I/II clinical trials in 2027. Neoadjuvant treatment is the administration of a therapy before the surgical treatment to improve patient outcome, and our business strategy is to advance our programs through clinical studies including with partners, and to opportunistically add programs in areas of high unmet medical needs through acquisition, collaboration, or internal development.

Results of Operations

For the Three Months Ended May 31, 2026 and May 31, 2025

Operating Expenses

For the three months ended May 31, 2026, our total operating expenses were $162,763 compared to $40,380 for the three months ended May 31, 2025, resulting in an increase of $122,383. The increase is attributable to an increase in general and administrative expenses.

We incurred a financial income of $8,598 for the three months ended May 31, 2026, compared to financial loss of $19,347 for the three months ended May 31, 2025. The improvement in financial income was mainly attributable to the interest of the Company's convertible loans.

Net Loss

Net loss for the three months ended May 31, 2026 was $154,165 compared to net loss $59,727 for the three months ended May 31, 2025, for the reasons explained above.

For the Nine Months Ended May 31, 2026 and May 31, 2025

Operating Expenses

For the nine months ended May 31, 2026, our total operating expenses were $299,728 compared to $141,960 for the nine months ended May 31, 2025, resulting in an increase of $157,768. The increase is attributable to an increase in general and administrative expenses.

We incurred a financial loss of $12,254 for the nine months ended May 31, 2026, compared to $21,907 for the nine months ended May 31, 2025. The decrease in financial expenses was mainly attributable to the interest of the Company's convertible loans.

Net Loss

Net loss for the nine months ended May 31, 2026 was $311,982 compared to net loss $163,867 for the nine months ended May 31, 2025, for the reasons explained above.

Liquidity and Capital Resources

Overview

As of May 31, 2026, we had $9,487 in cash compared to $15,111 on August 31, 2025. We expect to incur a minimum of $1,000,000 in expenses during the next twelve months of operations. We estimate that these expenses will be comprised primarily of general expenses including overhead, legal and accounting fees, research and development expenses, and fees payable to outside medical centers for clinical studies.

Liquidity and Capital Resources during the Nine Months Ended May 31, 2026 compared to the Nine Months Ended May 31, 2025

We used cash in operations of $125,624 for the nine months ended May 31, 2026 compared to cash used in operations of $142,760 for the nine months ended May 31, 2025. The negative cash flow from operating activities for the nine months ended May 31, 2026 is primarily attributable to the Company's net loss from operations of $311,982, offset by an increase in accounts payables and accrued liabilities of $187,832 and a decrease in Accounts Receivable and pre-paid expenses of $18.

We had no cash flow from investing activities during the nine months ended May 31, 2026 and May 31, 2025.

We earned cash in financing activities of $120,000 for the nine months ended May 31, 2026 compared to $129,992 for the nine months ended May 31, 2025. The cash is from short term loan proceeds for the nine months ended May 31, 2026 and convertible loan proceeds for the nine months ended May 31, 2025.

We will have to raise funds to pay for our expenses. We may have to borrow money from shareholders, issue equity or enter into a strategic arrangement with a third party. There can be no assurance that additional capital will be available to us. We currently have no arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources. Since we have no such arrangements or plans currently in effect, our inability to raise funds for our operations will have a severe negative impact on our ability to remain a viable company.

Going Concern

Our independent auditors included an explanatory paragraph in their report on the accompanying unaudited financial statements regarding concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.

Our unaudited financial statements have been prepared on a going concern basis, which assumes the realization of assets and settlement of liabilities in the normal course of business. Our ability to continue as a going concern is dependent upon our ability to generate profitable operations in the future and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they become due. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that we will be able to continue as a going concern. Our unaudited financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern.

There is no assurance that our operations will be profitable. Our continued existence and plans for future growth depend on our ability to obtain the additional capital necessary to operate either through the generation of revenue or the issuance of additional debt or equity.

Off-Balance Sheet Arrangements

We currently have no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates and assumptions affect the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experiences and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions and conditions. We continue to monitor significant estimates made during the preparation of our financial statements. On an ongoing basis, we evaluate estimates and assumptions based upon historical experience and various other factors and circumstances. We believe our estimates and assumptions are reasonable in the circumstances; however, actual results may differ from these estimates under different future conditions.

See Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 2, "Summary of Significant Accounting Policies" in our audited consolidated financial statements for the year ended August 31, 2025, included in our Annual Report on Form 10-K as filed on December 1^st, 2025, for a discussion of our critical accounting policies and estimates.