BETHESDA, Md., April 08, 2024 (GLOBE NEWSWIRE) -- Gain Therapeutics, Inc. (NASDAQ:GANX) ("Gain", or the "Company"), a clinical-stage biotechnology company leading the discovery and development of the next generation of allosteric small molecule therapies, today announces the appointment of Gene Mack, MBA as its chief financial officer, effective as of April 8, 2024. "We are thrilled to welcome Gene as our new CFO," commented Gain CEO Matthias Alder. "His experience as an operational CFO with a track record ...

DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive Proxy Statement ("Proxy Statement") of Gain Therapeutics, Inc. to be filed pursuant to Regulation 14A of the general rules and regulations under the Securities Exchange Act of 1934, as amended, for the 2024 annual meeting of stockholders to be held within 120 days after the end of the Registrant's 2023 fiscal year are incorporated by reference into Part III of this Form 10-K. Table of Contents Table of Contents UNITED STATES SECURITIES AND EXCHA ...

Exhibit 99.1 Gain Therapeutics Reports Financial Results for Year End 2023 and Provides Corporate Update BETHESDA, Md., March 26, 2024 – Gain Therapeutics, Inc. (Nasdaq: GANX) ("Gain", or the "Company"), a clinical-stage biotechnology company leading the discovery and development of the next generation of allosteric small molecule therapies, today reports financial results for the year ended December 31, 2023 and provides a corporate update. Corporate Highlights from Q4 2023 to Date "With the tremendous pro ...

BETHESDA, Md., March 15, 2024 (GLOBE NEWSWIRE) -- Gain Therapeutics, Inc. (NASDAQ:GANX) ("Gain", or the "Company"), a clinical-stage biotechnology company leading the discovery and development of the next generation of allosteric small molecule therapies, today announced participation in the upcoming Public Ventures Discovery Day on March 19, 2024 at Old Parkland in Dallas, TX. Public Ventures Discovery DayDate: Tuesday, March 19, 2024Presentation: 2:30 PM CSTLocation: Pecan Room, Old Parkland, 3819 Maple A ...

BETHESDA, Md., March 15, 2024 (GLOBE NEWSWIRE) -- Gain Therapeutics, Inc. (Nasdaq: GANX) (“Gain”, or the “Company”), a clinical-stage biotechnology company leading the discovery and development of the next generation of allosteric small molecule therapies, today announced participation in the upcoming Public Ventures Discovery Day on March 19, 2024 at Old Parkland in Dallas, TX. Public Ventures Discovery DayDate: Tuesday, March 19, 2024Presentation: 2:30 PM CSTLocation: Pecan Room, Old Parkland, 3819 Maple ...

BETHESDA, Md., March 05, 2024 (GLOBE NEWSWIRE) -- Gain Therapeutics, Inc. (NASDAQ:GANX) ("Gain", or the "Company"), a clinical-stage biotechnology company leading the discovery and development of the next generation of allosteric small molecule therapies, today announces the presentation of a poster at the International Conference on Alzheimer's and Parkinson's Diseases and Related Neurological Disorders (AD/PD™ 2024) that addresses the mechanism of action of the Company's lead compound, GT-02287. AD/PD™ 20 ...

BETHESDA, Md., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Gain Therapeutics, Inc. (NASDAQ:GANX) ("Gain", or the "Company"), a clinical-stage biotechnology company leading the discovery and development of the next generation of allosteric small molecule therapies, announces the initiation of the Multiple Ascending Dose (MAD) part of the Phase 1 clinical trial of GT-02287, Gain's lead drug candidate for the treatment of GBA1 Parkinson's disease. Based on the safety and tolerability profile observed in the Single Ascen ...

As filed with the Securities and Exchange Commission on December 19, 2023 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GAIN THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 2834 85-1726310 (I.R.S. Employer Identification No.) (Primary Standard Industrial Classification Code Number) 4800 Montgomery La ...

PART I - FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) The unaudited condensed consolidated financial statements for Gain Therapeutics, Inc. as of September 30, 2023, highlight decreased cash, increased net loss from higher operating expenses, and going concern uncertainty [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of September 30, 2023, shows a significant decrease in total assets to $14.1 million from $24.1 million at year-end 2022, primarily due to a reduction in cash, cash equivalents, and marketable securities Condensed Consolidated Balance Sheet Highlights (Unaudited) | Metric | September 30, 2023 (USD) | December 31, 2022 (USD) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $4.3M | $7.3M | | Marketable securities (current & non-current) | $8.0M | $14.8M | | Total Assets | $14.1M | $24.1M | | **Liabilities & Equity** | | | | Total Liabilities | $6.8M | $5.2M | | Accumulated Deficit | $(56.1M) | $(38.5M) | | Total Stockholders' Equity | $7.3M | $18.9M | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the nine months ended September 30, 2023, the company reported a net loss of $17.5 million, a significant increase from the $12.9 million loss in the same period of 2022, primarily driven by increased R&D and G&A expenses Operating Results (Unaudited) | Metric | Nine Months Ended Sep 30, 2023 (USD) | Nine Months Ended Sep 30, 2022 (USD) | | :--- | :--- | :--- | | Total Revenues | $55K | $140K | | Research and Development Expenses | $(9.1M) | $(6.1M) | | General and Administrative Expenses | $(8.8M) | $(7.3M) | | Loss from Operations | $(17.8M) | $(13.2M) | | Net Loss | $(17.5M) | $(12.9M) | | Net Loss Per Share (basic and diluted) | $(1.42) | $(1.09) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2023, net cash used in operating activities increased to $13.2 million, while investing activities provided $7.1 million and financing activities provided $3.1 million, resulting in a $3.0 million overall decrease in cash Cash Flow Summary (Unaudited) | Metric | Nine Months Ended Sep 30, 2023 (USD) | Nine Months Ended Sep 30, 2022 (USD) | | :--- | :--- | :--- | | Cash used in operating activities | $(13.2M) | $(10.8M) | | Cash provided by/(used in) investing activities | $7.1M | $(14.9M) | | Cash provided by/(used in) financing activities | $3.1M | $(57K) | | Net decrease in cash, cash equivalents and restricted cash | $(3.0M) | $(26.0M) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial statement line items, critically disclosing a 'Going Concern' evaluation indicating insufficient cash to fund operations for 12 months and plans for additional capital - The company is a biotechnology firm developing small molecule therapeutics using its in-licensed SEE-Tx® platform for CNS disorders, LSDs, and oncology[37](index=37&type=chunk) - There is **substantial doubt** about the company's ability to continue as a going concern. Existing cash, cash equivalents, and marketable securities of **$12.3 million** are not sufficient to fund operations for at least 12 months from the report's issuance date. The company will need to raise additional capital to continue operations beyond Q3 2024[46](index=46&type=chunk)[47](index=47&type=chunk) - During the nine months ended September 30, 2023, the company sold **740,131 shares** under its ATM Program for gross proceeds of **$3.5 million**. As of September 30, 2023, **$12.5 million** remained available under the program[120](index=120&type=chunk)[50](index=50&type=chunk) - As of September 30, 2023, the company had research commitments of **$4.6 million** for activities to be performed within one year[142](index=142&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes the company's financial condition and operations, highlighting the initiation of a Phase 1 clinical trial for GT-02287, significant financial challenges including a going concern doubt, and plans for capital raising [Overview and Recent Developments](index=29&type=section&id=Overview%20and%20Recent%20Developments) The company, a biotechnology firm utilizing its SEE-Tx® platform, initiated a Phase 1 clinical trial for its lead candidate, GT-02287, in September 2023, while streamlining operations and seeking partnerships for capital efficiency - The company's lead product candidate, **GT-02287** for GBA1 Parkinson's disease, received approval to conduct a Phase 1 clinical trial in Australia in September 2023[145](index=145&type=chunk) - The Phase 1 trial for **GT-02287** is expected to be completed in the **first half of 2024**. The first cohort of the single ascending dose part was completed with no drug-related adverse effects observed[145](index=145&type=chunk) - In response to the current financing environment, the company is streamlining operations, pursuing partnering opportunities, and seeking non-dilutive funding to advance its pipeline[146](index=146&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) The company's net loss increased for both the three and nine-month periods ended September 30, 2023, primarily due to higher Research and Development and General and Administrative expenses, alongside a decrease in collaboration revenues Comparison of Operating Expenses (Nine Months Ended Sep 30) | Expense Category | 2023 (USD) | 2022 (USD) | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Research & Development | $9.1M | $6.1M | +$3.0M | Increase in fees for third-party personnel assisting with the Parkinson's disease program | | General & Administrative | $8.7M | $7.2M | +$1.5M | Increase in legal fees (IP & corporate), accounting services, and personnel costs | - For the nine months ended September 30, 2023, total revenues were **$55 thousand**, down from **$140 thousand** in the same period of 2022, mainly from the Zentalis Collaboration Agreement[174](index=174&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2023, the company had $12.3 million in cash, cash equivalents, and marketable securities, which are only sufficient to fund operations through Q3 2024, necessitating additional capital raising efforts - As of September 30, 2023, the company had **$12.3 million** in cash, cash equivalents, and marketable securities, with an accumulated deficit of **$56 million**[179](index=179&type=chunk) - The company's cash is expected to be sufficient to fund operations only through the **third quarter of 2024**, which raises substantial doubt about its ability to continue as a going concern[179](index=179&type=chunk) - The company has an ATM Program with **$12.5 million** of remaining capacity as of September 30, 2023, which it plans to use along with other financing options to raise capital[184](index=184&type=chunk)[186](index=186&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is a "smaller reporting company" and is therefore not required to provide the information for this item - As a "smaller reporting company," the registrant is not required to provide quantitative and qualitative disclosures about market risk[203](index=203&type=chunk) [Item 4. Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2023, with no material changes in internal control over financial reporting during the quarter - Management concluded that as of September 30, 2023, the company's disclosure controls and procedures were **effective** at the reasonable assurance level[204](index=204&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[205](index=205&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings and is unaware of any pending or threatened legal actions that could materially adversely affect its business or financial condition - The company is not currently a party to any material legal proceedings[210](index=210&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) Key risks include substantial doubt about the company's going concern ability, early-stage product development, reliance on third parties and intellectual property, intense competition, and stock price volatility - There is **substantial doubt** about the company's ability to continue as a going concern due to a history of operating losses and the need for future financing[214](index=214&type=chunk)[216](index=216&type=chunk) - The company's product candidates are novel and in early development; success in preclinical studies may not be indicative of results in later clinical trials[214](index=214&type=chunk) - The company relies on a license from Minoryx Therapeutics for its core **SEE-Tx® technology**, and termination of this agreement would have a material adverse effect on the business[220](index=220&type=chunk)[313](index=313&type=chunk) - The company will need to raise additional capital, which may not be available on favorable terms, or at all, and could lead to dilution or require relinquishing rights to technologies[215](index=215&type=chunk)[291](index=291&type=chunk) - Global and macroeconomic conditions, including economic instability, political conflicts (e.g., Ukraine, Hamas-Israel), and supply chain disruptions, could adversely affect operations and financial condition[220](index=220&type=chunk)[366](index=366&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=80&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period and confirms no material change in the planned use of proceeds from its March 2021 IPO - There were no unregistered sales of equity securities in the period[457](index=457&type=chunk) - The company received net proceeds of **$40.5 million** from its IPO in March 2021. There has been no material change in the planned use of these proceeds[458](index=458&type=chunk)[459](index=459&type=chunk) [Item 3. Defaults Upon Senior Securities.](index=80&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) Not applicable - Not applicable[460](index=460&type=chunk) [Item 4. Mine Safety Disclosures](index=80&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - Not applicable[461](index=461&type=chunk) [Item 5. Other Information](index=80&type=section&id=Item%205.%20Other%20Information) Not applicable - Not applicable[462](index=462&type=chunk) [Item 6. Exhibits](index=81&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the quarterly report, including corporate governance documents, material contracts, and required certifications - Lists all exhibits filed with the Form 10-Q, including corporate governance documents, material contracts, and required certifications[464](index=464&type=chunk)

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's analysis of financial condition and operations [Item 1. Condensed Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, for the period ended June 30, 2023 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This table provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at specific dates | Financial Metric | June 30, 2023 ($) | December 31, 2022 ($) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $6,319,925 | $7,311,611 | | Marketable securities (current & non-current) | $9,873,209 | $14,768,442 | | Total current assets | $17,308,448 | $21,091,296 | | Total assets | $18,260,874 | $24,099,387 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $5,588,164 | $4,125,251 | | Total liabilities | $7,168,040 | $5,219,873 | | Total stockholders' equity | $11,092,834 | $18,879,514 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This table summarizes the company's revenues, expenses, and net loss over specified periods | Metric | Three Months Ended June 30, 2023 ($) | Three Months Ended June 30, 2022 ($) | Six Months Ended June 30, 2023 ($) | Six Months Ended June 30, 2022 ($) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $0 | $95,102 | $55,180 | $140,108 | | Research and development expenses | ($3,987,943) | ($2,582,224) | ($6,779,148) | ($4,138,664) | | General and administrative expenses | ($3,743,171) | ($2,689,263) | ($6,236,930) | ($4,466,306) | | Net loss | ($7,687,969) | ($5,085,420) | ($12,825,288) | ($8,358,063) | | Net loss per share - basic and diluted | ($0.62) | ($0.43) | ($1.05) | ($0.70) | [Condensed Consolidated Statements of Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) This table presents the net loss and other comprehensive income/loss components for the reporting periods | Metric | Three Months Ended June 30, 2023 ($) | Six Months Ended June 30, 2022 ($) | | :--- | :--- | :--- | | Net loss | ($7,687,969) | ($5,085,420) | | Comprehensive loss | ($7,649,956) | ($5,116,686) | [Condensed Consolidated Statement of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Stockholders%27%20Equity) This section details changes in the company's equity, including net loss and capital raises - Total stockholders' equity decreased from **$18.9 million** at December 31, 2022, to **$11.1 million** at June 30, 2023. The decrease was primarily driven by the net loss of **$12.8 million**, which was partially offset by **$3.0 million** in net proceeds from an at-the-market (ATM) stock offering[25](index=25&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This table outlines the cash inflows and outflows from operating, investing, and financing activities | Cash Flow Activity | Six Months Ended June 30, 2023 ($) | Six Months Ended June 30, 2022 ($) | | :--- | :--- | :--- | | Cash used in operating activities | ($9,238,779) | ($7,498,450) | | Cash provided by/(used in) investing activities | $5,152,086 | ($14,897,232) | | Cash provided by/(used in) financing activities | $2,946,272 | ($36,611) | | Net decrease in cash | ($990,688) | ($22,576,168) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of the company's accounting policies, business operations, and financial statement items, including its going concern assessment - The company is a biotechnology firm developing small molecule therapeutics using its exclusively in-licensed computational platform, Site-Directed Enzyme Enhancement Therapy (SEE-Tx®), for CNS disorders, lysosomal storage disorders, metabolic disorders, and oncology[37](index=37&type=chunk) - Management believes the company has sufficient cash and cash equivalents to fund its operating expenses and capital expenditure requirements into the **third quarter of 2024** and for at least the next **twelve months** from the financial statement issuance date[49](index=49&type=chunk)[50](index=50&type=chunk) - During the six months ended June 30, 2023, the company sold **681,559 shares** of common stock under its At-The-Market (ATM) Program for aggregate gross proceeds of **$3.3 million**[121](index=121&type=chunk) - As of June 30, 2023, the company had research commitments of **$2.1 million** for activities that will be performed before the end of **Q2 2024**[140](index=140&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses the company's financial condition, operational results, and future outlook, focusing on its therapeutic development and liquidity [Overview](index=28&type=section&id=Overview) This section provides a strategic overview of the company's business, product pipeline, and operational priorities - The company's lead product candidate, GT-02287 for GBA1 Parkinson's disease, has generated an extensive preclinical data package. An application to conduct a Phase 1 clinical trial in Australia was submitted in July 2023, with the study expected to begin in the **second half of 2023**[143](index=143&type=chunk) - The company is streamlining operational plans to improve capital efficiency and is pursuing partnering opportunities for its pipeline programs, including its lead Parkinson's program and lysosomal storage disease programs[145](index=145&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, detailing changes in revenues and expenses over time | Expense Category | Six Months Ended June 30, 2023 ($) | Six Months Ended June 30, 2022 ($) | Change ($) | | :--- | :--- | :--- | :--- | | Research and development | $6.8 million | $4.1 million | +$2.7 million | | General and administrative | $6.2 million | $4.5 million | +$1.7 million | - The increase in R&D expenses was primarily due to higher costs for third-party services related to the development of the company's Parkinson's disease program[172](index=172&type=chunk) - The increase in G&A expenses was mainly attributable to higher legal fees for intellectual property and corporate matters, professional accounting fees, and increased personnel-related costs[173](index=173&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's ability to meet its short-term and long-term financial obligations - As of June 30, 2023, the company had cash, cash equivalents, and marketable securities totaling **$16.2 million**, down from **$22.1 million** at the end of 2022[176](index=176&type=chunk) - The company believes its existing cash resources will be sufficient to fund its operating expenses and capital expenditure requirements into the **third quarter of 2024**[178](index=178&type=chunk)[284](index=284&type=chunk) - The company has an At-The-Market (ATM) Program with approximately **$12.7 million** of remaining capacity as of June 30, 2023, to raise additional capital[180](index=180&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a "smaller reporting company," Gain Therapeutics is not required to provide the quantitative and qualitative disclosures about market risk - The company is a "smaller reporting company" and is not required to provide the information for this item[196](index=196&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2023. No material changes were made to the internal control over financial reporting during the quarter - Management, including the Chief Executive Officer and Chief Financial Officer, concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2023[197](index=197&type=chunk) - There were no changes in the company's internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting[198](index=198&type=chunk) [PART II - OTHER INFORMATION](index=38&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, and other miscellaneous disclosures [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings and is not aware of any pending or threatened legal proceedings that could have a material adverse effect on its business - The company is not currently a party to any material legal proceedings[203](index=203&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) This section outlines significant investment risks, including operating losses, capital needs, reliance on licensed technology, and regulatory challenges - The company has a history of operating losses and expects to incur losses for the foreseeable future, with no guarantee of ever achieving profitability[208](index=208&type=chunk) - The company will need to raise additional capital, which may not be available on favorable terms. Failure to do so could force delays or elimination of R&D programs[283](index=283&type=chunk)[284](index=284&type=chunk) - The business is significantly dependent on its exclusive license from Minoryx Therapeutics for the SEE-Tx® platform. Termination of this license would have a material adverse effect on the business[305](index=305&type=chunk) - The company faces risks from global macroeconomic conditions, including inflation, rising interest rates, and geopolitical instability, which could adversely affect its financial condition and operations[358](index=358&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=78&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section states there were no unregistered sales of equity securities during the period. It also confirms that the use of proceeds from the company's March 2021 IPO, which raised net proceeds of $40.5 million, has not materially changed from the plans described in the final prospectus - The company's IPO in March 2021 raised net proceeds of **$40.5 million**, and there has been no material change in the planned use of these proceeds[450](index=450&type=chunk)[451](index=451&type=chunk) [Item 3. Defaults Upon Senior Securities](index=78&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports that this item is not applicable - Not applicable[452](index=452&type=chunk) [Item 4. Mine Safety Disclosures](index=78&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports that this item is not applicable - Not applicable[453](index=453&type=chunk) [Item 5. Other Information](index=78&type=section&id=Item%205.%20Other%20Information) The company reports that this item is not applicable - Not applicable[454](index=454&type=chunk) [Item 6. Exhibits](index=79&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, material contracts, and certifications required by the Sarbanes-Oxley Act - Lists exhibits filed with the report, including certifications from the Principal Executive Officer and Principal Financial Officer pursuant to the Sarbanes-Oxley Act of 2002[456](index=456&type=chunk)