Management Change/Compensation (Form 8-K)

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 8, 2025, the Compensation Committee of the Board of Directors (the "Compensation Committee") of the Company approved the grant of an aggregate of $950,000 restricted stock units ("RSUs") under the Company's 2023 Equity Incentive Plan (the "Plan") to certain executive officers and directors of the Company for their service to the Company from October 2025 to October 2026. The shares of common stock issuable under the Plan, including the shares underlying the RSUs, are registered on the Company's Form S-8 (SEC File No. 333-282391), In addition to the RSU grants, the Compensation Committee also approved cash bonuses to certain executive officers in recognition of their performance for the fiscal year 2024. The RSUs were calculated based on a per share price of $1.31, which was the closing price of the Company's common stock on The Nasdaq Capital Market on the date of grant.

The RSU grants were made to John S. Yu, our Chief Executive Officer and Chairman of the Board, who received 190,840 RSUs valued at $250,000; Neil Bhomick, our Chief Scientific Officer, who received 171,756 RSUs valued at $225,000; Ramachandran Murali, our Vice President of Research and Development, who received 152,672 RSUs valued at $200,000; and Doug Samuelson, our Chief Financial Officer, who received 152,672 RSUs valued at $200,000. Additionally, the Company's independent directors, Hyun W. Bae, Hansoo Michael Keyoung, and Rahul Singhvi, each received19,084 RSUs, valued at $25,000.

In addition to the RSU grants described above, the Compensation Committee approved cash bonuses to the Company's executive officers for fiscal year 2024. Dr. Yu received a cash bonus of $87,500; Dr. Bhomick received a cash bonus of $50,000; Dr. Murali received a cash bonus of $40,000; and Mr. Samuelson received a cash bonus of $50,000. The aggregate amount of cash bonuses approved for the executive officers was $227,500.

Each RSU represents the right to receive one share of the Company's common stock upon vesting. The RSUs will vest in full on October 8, 2026, the first anniversary following the grant date, subject to the recipient's continuous service with the Company through such vesting date. Notwithstanding the foregoing vesting schedule, in the event of a change in control of the Company (as defined in the Plan) occurring prior to the vesting date, all unvested RSUs will become fully vested immediately upon the occurrence of such change in control.

Each recipient has entered into a Restricted Stock Unit Grant Agreement (the "RSU Grant Agreement") with the Company evidencing the terms and conditions of the RSU grant, which is subject to all of the terms and conditions of the Plan. The foregoing description of the RSU grants is qualified in its entirety by reference to the form of RSU Grant Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.