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Traws Pharma, Inc.(TRAW) - 2025 Q2 - Quarterly Report

PART I — FINANCIAL INFORMATION This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis. Item 1. Financial Statements (Unaudited) This section presents Traws Pharma's unaudited condensed consolidated financial statements and related notes. Condensed Consolidated Balance Sheets Total assets and liabilities decreased, while stockholders' equity improved from a deficit to a positive balance. Metric Comparison (June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 | December 31, 2024 | Change | % Change | | :-------------------------------- | :-------------- | :---------------- | :----- | :------- | | Cash and cash equivalents | $13,081,000 | $21,338,000 | $(8,257,000) | -38.69% | | Total current assets | $15,370,000 | $24,951,000 | $(9,581,000) | -38.39% | | Total assets | $15,622,000 | $24,962,000 | $(9,340,000) | -37.44% | | Total current liabilities | $7,352,000 | $11,533,000 | $(4,181,000) | -36.25% | | Warrant liabilities | $8,000 | $42,494,000 | $(42,486,000) | -99.98% | | Total liabilities | $7,360,000 | $56,592,000 | $(49,232,000) | -87.00% | | Total stockholders' equity (deficit) | $8,262,000 | $(31,630,000) | $39,892,000 | 126.11% | Condensed Consolidated Statements of Operations Revenue increased, and net loss significantly reduced for the quarter, with net income for the six months. Three Months Ended June 30, | Metric | 2025 | 2024 | Change | % Change | | :--------------------------------------- | :----------- | :------------- | :----------- | :------- | | Revenue | $2,733,000 | $57,000 | $2,676,000 | 4694.74% | | Acquired in-process research and development | $0 | $117,464,000 | $(117,464,000) | -100.00% | | Research and development | $2,291,000 | $3,964,000 | $(1,673,000) | -42.20% | | General and administrative | $1,691,000 | $1,977,000 | $(286,000) | -14.47% | | Total operating expenses | $3,982,000 | $123,405,000 | $(119,423,000) | -96.77% | | Loss from operations | $(1,249,000) | $(123,348,000) | $122,099,000 | 98.99% | | Change in fair value of warrant liability | $146,000 | $0 | $146,000 | N/A | | Net (loss) income | $(915,000) | $(123,143,000) | $122,228,000 | 99.26% | | Net (loss) income per share of common stock, basic | $(0.11) | $(20.52) | $20.41 | 99.46% | Six Months Ended June 30, | Metric | 2025 | 2024 | Change | % Change | | :--------------------------------------- | :----------- | :------------- | :----------- | :------- | | Revenue | $2,790,000 | $113,000 | $2,677,000 | 2368.94% | | Acquired in-process research and development | $0 | $117,464,000 | $(117,464,000) | -100.00% | | Research and development | $4,797,000 | $5,876,000 | $(1,079,000) | -18.36% | | General and administrative | $4,445,000 | $5,333,000 | $(888,000) | -16.65% | | Total operating expenses | $9,242,000 | $128,673,000 | $(119,431,000) | -92.82% | | Loss from operations | $(6,452,000) | $(128,560,000) | $122,108,000 | 94.98% | | Change in fair value of warrant liability | $26,659,000 | $0 | $26,659,000 | N/A | | Net (loss) income | $20,575,000 | $(128,126,000) | $148,701,000 | 116.06% | | Net (loss) income per share of common stock, basic | $2.02 | $(37.45) | $39.47 | 105.39% | Condensed Consolidated Statements of Comprehensive Income (Loss) Comprehensive income significantly improved, moving from substantial losses to positive for the six-month period. Comprehensive Income (Loss) Trends | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net (loss) income | $(915,000) | $(123,143,000) | $20,575,000 | $(128,126,000) | | Other comprehensive (loss) income | $28,000 | $(3,000) | $51,000 | $(10,000) | | Comprehensive (loss) income | $(887,000) | $(123,146,000) | $20,626,000 | $(128,136,000) | Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) Stockholders' equity improved from a deficit to a positive balance due to net income and warrant reclassification. Changes in Stockholders' Equity (Deficit) for Six Months Ended June 30, 2025 | Item | Amount | | :---------------------------------------------------------------- | :----------- | | Balance at December 31, 2024 | $(31,630,000) | | Stock-based compensation | $266,000 | | Issuance of common stock, net of offering costs | $3,157,000 | | Reclassification of warrant liability upon exercise of prefunded warrants and amended warrant agreements | $15,827,000 | | Exercise of prefunded warrants | $16,000 | | Conversion of Series C Preferred shares into common stock | $0 | | Other comprehensive income | $51,000 | | Net income | $20,575,000 | | Balance at June 30, 2025 | $8,262,000 | - Common stock shares issued and outstanding increased from 3,650,731 at December 31, 2024, to 7,069,148 at June 30, 20251020 - Additional paid-in capital increased from $617.5 million at December 31, 2024, to $636.8 million at June 30, 20251020 Condensed Consolidated Statements of Cash Flows Net cash used in operating activities decreased, while financing activities provided less cash, increasing the net decrease. Cash Flow Summary (Six Months Ended June 30) | Activity | 2025 | 2024 | Change | | :-------------------------------- | :------------- | :------------- | :------------- | | Operating activities | $(11,416,000) | $(14,276,000) | $2,860,000 | | Investing activities | $0 | $(3,648,000) | $3,648,000 | | Financing activities | $3,108,000 | $13,999,000 | $(10,891,000) | | Effect of foreign currency translation | $51,000 | $(10,000) | $61,000 | | Net decrease in cash and cash equivalents | $(8,257,000) | $(3,935,000) | $(4,322,000) | | Cash and cash equivalents at end of period | $13,081,000 | $16,886,000 | $(3,805,000) | Notes to Condensed Consolidated Financial Statements Critical context for financial statements, including business, policies, acquisition, and equity changes. 1. Nature of Business Traws Pharma, a clinical-stage biopharmaceutical company, faces going concern doubt despite regaining Nasdaq compliance. - Traws Pharma is a clinical stage biopharmaceutical company focused on developing novel therapies for respiratory viral diseases, with four clinical programs: tivoxavir marboxil, ratutrelvir, narazaciclib, and rigosertib. The primary focus is on tivoxavir marboxil and ratutrelvir24 - As of June 30, 2025, the Company had an accumulated deficit of $628.6 million and cash and cash equivalents of $13.1 million. Substantial doubt exists about the Company's ability to continue as a going concern for more than one year26 - The Company regained compliance with Nasdaq Listing Rule 5550(b)(1) related to minimum stockholders' equity requirements on February 25, 2025, and is subject to a mandatory panel monitor for one year30 2. Summary of Significant Accounting Policies Interim financial statements rely on GAAP estimates, with revenue from a license termination and warrant reclassification. - The Company recognized $2.7 million of deferred revenue as revenue on April 17, 2025, due to the mutual termination of a license agreement with Symbio Pharmaceuticals Limited49 Warrant Liability Activity (Six Months Ended June 30, 2025) | Item | Amount | | :------------------------------------------------------- | :----------- | | Balance, December 31, 2024 | $42,494,000 | | Change in fair value | $(26,513,000) | | Reclassification of warrant liability upon exercise of pre-funded warrants | $(6,694,000) | | Reclassification of warrant liability upon amendment of warrant agreements | $(9,133,000) | | Balance, June 30, 2025 | $8,000 | - An immaterial error in prior period loss per share calculation was corrected, reclassifying Series C Preferred shares as a second class of common stock for EPS computation, resulting in restated net loss per share attributable to common stockholders for Q2 2024 from $4.87 to $20.5254 3. Asset Acquisition Traws Pharma acquired Trawsfynydd Therapeutics for $112.5 million, primarily for its tivoxavir marboxil and ratutrelvir programs. - The Company acquired Trawsfynydd Therapeutics, Inc. on April 1, 2024, for a total consideration of $112.5 million, primarily for its tivoxavir marboxil and ratutrelvir programs626465 Consideration Transferred for Trawsfynydd Acquisition | Item | Amount | | :------------------------------------ | :----------- | | Common stock | $3,550,000 | | Series C Preferred | $93,232,000 | | Assumed options | $7,085,000 | | Company transaction costs settled in equity | $4,984,000 | | Company transaction costs paid in cash | $3,692,000 | | Total consideration transferred | $112,543,000 | - The acquisition was accounted for as an asset acquisition, with $117.5 million recognized as in-process research and development6465 4. Balance Sheet Detail Prepaid R&D and insurance decreased, while professional fees within accrued expenses significantly increased. Prepaid Expenses and Other Current Assets | Item | June 30, 2025 | December 31, 2024 | Change | | :-------------------------- | :-------------- | :---------------- | :----- | | Research and development | $793,000 | $1,514,000 | $(721,000) | | Insurance | $49,000 | $156,000 | $(107,000) | | Other | $124,000 | $178,000 | $(54,000) | | Total | $966,000 | $1,848,000 | $(882,000) | Accrued Expenses and Other Current Liabilities | Item | June 30, 2025 | December 31, 2024 | Change | | :-------------------------- | :-------------- | :---------------- | :----- | | Research and development | $192,000 | $2,331,000 | $(2,139,000) | | Employee compensation | $502,000 | $265,000 | $237,000 | | Professional fees | $1,899,000 | $525,000 | $1,374,000 | | Total | $2,593,000 | $3,121,000 | $(528,000) | 5. Commitments and Contingencies The company faces arbitration with a former executive and has issued Contingent Value Rights with de minimis value. - The Company is in arbitration with former President and Chief Scientific Officer, Dr. Steven M. Fruchtman, over his resignation and severance claims, with a determined range of possible losses from zero to $1.5 million72 - Contingent Value Rights (CVRs) were issued to common stockholders as of April 15, 2024, entitling holders to distributions from net proceeds and sales of oncology drug candidates, but the CVR liability value is currently de minimis due to uncertainty686973 6. Convertible Preferred Stock and Stockholders' Equity (Deficit) Series C Preferred stock is convertible, and an ATM offering raised $3.2 million, reclassifying warrant liabilities. - Series C Preferred shares are convertible into 400 shares of common stock each, subject to a 19.9% beneficial ownership limitation, and participate in dividends and liquidation on parity with common stockholders747576 - Under the ATM Agreement, the Company sold 1,565,047 shares of common stock for net proceeds of $3.2 million during the six months ended June 30, 202577 - Amendments to Series A Warrants and pre-funded warrants, along with exercises, led to the reclassification of $15.8 million in warrant liability to permanent equity during the six months ended June 30, 20257879 7. Warrants Shareholder approval led to reclassification of significant warrant liabilities to equity, with 5.6 million warrants outstanding. - As a result of Series A and PFW Amendments, 3,375,457 Series A Warrants and 1,928,493 pre-funded warrants were reclassified from liabilities to permanent equity during the six months ended June 30, 202580 Warrants Outstanding and Activity (Six Months Ended June 30, 2025) | Description | Classification (June 30, 2025) | Balance Dec 31, 2024 | Warrants Exercised | Balance June 30, 2025 | | :-------------------------------- | :----------------------------- | :------------------- | :----------------- | :------------------ | | Non-tradable pre-funded warrants | Equity | 3,311,052 | (1,582,559) | 1,728,493 | | Series A Warrants | Liability | 543,792 | — | 543,792 | | Series A Warrants | Equity | 3,375,457 | — | 3,375,457 | | Total | | 7,230,641 | (1,582,559) | 5,648,082 | 8. Stock-Based Compensation Stock-based compensation expense decreased, with new options and RSUs granted and unrecognized expense remaining. Stock-Based Compensation Expense | Expense Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $17,000 | $(4,000) | $33,000 | $147,000 | | General and administrative | $88,000 | $384,000 | $233,000 | $566,000 | | Total stock-based compensation expense | $105,000 | $380,000 | $266,000 | $713,000 | - As of June 30, 2025, there was $263,000 of unrecognized compensation expense for unvested stock options (expected to be recognized over ~1.0 years) and $425,000 for unvested service-based RSUs (expected over ~2.59 years)8587 Stock Option Activity (Six Months Ended June 30, 2025) | Item | Number of Shares | Weighted-Average Exercise Price | | :-------------------------- | :--------------- | :------------------------------ | | Balance, December 31, 2024 | 423,107 | $11.89 | | Granted | 152,742 | $1.77 | | Forfeitures | (1,333) | $17.67 | | Expired | (23,057) | $115.38 | | Balance, June 30, 2025 | 551,459 | $4.86 | 9. Segment Information Traws Pharma operates as a single segment, with the interim CEO managing operations based on net loss and budget. - The Company has one operating segment, and its interim chief executive officer acts as the chief operating decision maker (CODM)3690 - The CODM assesses performance based on net loss and monitors budget versus actual results to allocate resources and evaluate the Company's performance91 10. Research and Development Arrangements and Related Party Transactions R&D arrangements exist with unrelated parties and significant related parties, including ChemDiv and Viriom. - The Company has a licensing agreement with Temple University for exclusive use of patents related to anticancer therapy, requiring annual maintenance payments and potential royalties94 - R&D services are provided by related parties ChemDiv, Inc. ($2.3 million expensed for six months ended June 30, 2025) and Viriom, Inc. ($246 thousand expensed for six months ended June 30, 2025), where company COO Dr. Nikolay Savchuk holds significant roles9596 - A license agreement with Viriom, Inc. grants Trawsfynydd (now the Company) exclusive, royalty-free rights to Viriom Licensed IP for viral disease treatment and prevention99 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses financial condition, operations, clinical pipeline, recent developments, liquidity, and accounting policies. Cautionary Note Regarding Forward-Looking Statements This section warns that forward-looking statements involve risks, and actual results may differ materially. - Forward-looking statements are identified by words like 'believes,' 'estimates,' 'anticipates,' and 'expects,' and relate to business model, clinical trials, regulatory interactions, intellectual property, financial condition, and industry trends103 - Actual results may differ materially due to risks such as the need for additional financing, ability to continue as a going concern, integration of Trawsfynydd, CVR payouts, success of clinical trials, regulatory approvals, and market acceptance of products105107 Overview Traws Pharma faces substantial doubt about its going concern ability due to operating losses and an accumulated deficit. - As of June 30, 2025, the Company had cash and cash equivalents of $13.1 million and an accumulated deficit of $628.6 million110 - Substantial doubt exists about the Company's ability to continue as a going concern for at least the next 12 months due to expected significant expenses and operating losses110 - Management is exploring various funding sources, including equity financings, strategic alliances, and licensing arrangements, but there is no assurance of obtaining sufficient capital on acceptable terms111 Our Portfolio/ Product Candidates/ Compounds Traws Pharma advances four clinical programs, focusing on tivoxavir marboxil and ratutrelvir for viral diseases. - Tivoxavir marboxil, an oral CAP-dependent endonuclease inhibitor, is being developed for bird flu and seasonal influenza. Phase 1 data showed good tolerability and sustained plasma levels, supporting potential one-time treatment. The company is engaging with the FDA on accelerated approval paths, including the 'Animal Rule' for H5N1 bird flu112114115 - Ratutrelvir (TRX01), a SARS-CoV-2 main protease inhibitor, showed non-inferiority to nirmatrelvir + ritonavir in an animal model and good tolerability in a Phase 1 trial. A proposed Phase 2 study will evaluate its effects in newly diagnosed COVID patients, including those ineligible for PAXLOVID®116117118 - Narazaciclib, a multi-targeted kinase inhibitor, completed a Phase 1/2a trial in endometrial cancer, establishing a recommended Phase 2 dose. Another Phase 1 monotherapy study is ongoing. The company seeks partnerships for its further development119120 - Rigosertib, an oncology asset, showed positive clinical activity in two investigator-initiated trials for advanced/metastatic squamous cell carcinoma associated with RDEB, with an 80% overall response rate and 50% complete responses in evaluable patients. The company aims to establish partnerships for this program121 Recent Developments Recent events include an ATM offering, warrant reclassification, management changes, and a reverse stock split. - The Company entered into an At the Market (ATM) Offering Agreement on March 10, 2025, to sell up to $50 million of common stock. In Q2 2025, 1,522,947 shares were sold for net proceeds of $3.0 million122123 - Shareholders approved the issuance of common stock upon exercise of pre-funded and Series A Warrants from the December 2024 Offering, leading to 1,582,559 pre-funded warrants exercised by June 30, 2025, and amendments reclassifying warrant liabilities127128129 - Key management changes include Nora Brennan as Interim CFO (resigned July 2025, replaced by Charles Parker), Iain Dukes as Interim CEO (succeeding Werner Cautreels), and Jack Stover appointed Chairman of the Board130131132134 - A one-for-25 reverse stock split was effected in September 2024, retroactively adjusting all share and per share amounts. The company also regained compliance with Nasdaq's minimum stockholders' equity requirements on February 25, 2025135136 Results of Operations Revenue increased, and net loss significantly decreased for the quarter, with net income for the six months. Comparison of the Three Months Ended June 30, 2025 and 2024 Revenue increased, and net loss substantially decreased due to deferred revenue and no IPR&D expense. Financial Performance (Three Months Ended June 30) | Metric | 2025 | 2024 | Change | % Change | | :--------------------------------------- | :----------- | :------------- | :----------- | :------- | | Revenue | $2,733,000 | $57,000 | $2,676,000 | 4694.74% | | Acquired in-process research and development | $0 | $117,464,000 | $(117,464,000) | -100.00% | | Research and development | $2,291,000 | $3,964,000 | $(1,673,000) | -42.20% | | General and administrative | $1,691,000 | $1,977,000 | $(286,000) | -14.47% | | Net loss | $(915,000) | $(123,143,000) | $122,228,000 | 99.26% | - Research and development expenses decreased by $1.7 million (42%) due to a $1.0 million decrease in oncology expenses and a $0.9 million decrease in personnel expenses140 - General and administrative expenses decreased by $0.3 million (14%), primarily from a $0.6 million decrease in personnel-related expenses and a $0.3 million decrease in stock-based compensation, partially offset by a $0.6 million increase in professional and consulting fees141 Comparison of the Six Months Ended June 30, 2025 and 2024 Revenue increased, and net income was achieved due to deferred revenue, no IPR&D, and warrant liability changes. Financial Performance (Six Months Ended June 30) | Metric | 2025 | 2024 | Change | % Change | | :--------------------------------------- | :----------- | :------------- | :----------- | :------- | | Revenue | $2,790,000 | $113,000 | $2,677,000 | 2368.94% | | Acquired in-process research and development | $0 | $117,464,000 | $(117,464,000) | -100.00% | | Research and development | $4,797,000 | $5,876,000 | $(1,079,000) | -18.36% | | General and administrative | $4,445,000 | $5,333,000 | $(888,000) | -16.65% | | Net (loss) income | $20,575,000 | $(128,126,000) | $148,701,000 | 116.06% | - Research and development expenses decreased by $1.1 million (18%), primarily due to a $1.9 million decrease in oncology expenses and a $1.1 million decrease in personnel expenses, partially offset by a $2.0 million increase in virology expenses147 - General and administrative expenses decreased by $0.9 million (16%), mainly due to a $0.5 million decrease in personnel-related expenses and a $0.3 million decrease in stock-based compensation148 - A $26.7 million positive change in fair value of warrant liability contributed to the net income, resulting from the remeasurement and reclassification of warrant liabilities149 Liquidity and Capital Resources The company has insufficient cash for operations beyond one year, raising substantial doubt about its going concern. - As of June 30, 2025, the Company had an accumulated deficit of $628.6 million, working capital of $8.0 million, and cash and cash equivalents of $13.1 million150 - The Company does not have sufficient cash and cash equivalents to support operations for more than one year, leading to substantial doubt about its ability to continue as a going concern150 - Management plans to explore various funding sources, including debt and equity financings, strategic alliances, and business development, to alleviate going concern conditions151 Cash Flow Summary (Six Months Ended June 30) | Activity | 2025 | 2024 | Change | | :-------------------- | :------------- | :------------- | :------------- | | Operating activities | $(11,416,000) | $(14,276,000) | $2,860,000 | | Investing activities | $0 | $(3,648,000) | $3,648,000 | | Financing activities | $3,108,000 | $13,999,000 | $(10,891,000) | Material Cash Requirements Increased R&D expenditures are expected, requiring substantial additional financing due to insufficient cash for operations. - Research and development expenditures in 2025 are expected to be higher than 2024, especially for virology programs159 - The Company does not have sufficient cash and cash equivalents to support its operations for more than one year, leading to substantial doubt about its ability to continue as a going concern159 - Significant future expenses are expected for clinical trials, regulatory approval, and potential commercialization infrastructure, requiring substantial additional financing160 Critical Accounting Policies and Estimates Financial statements rely on estimates for accrued expenses, revenue, stock-based compensation, and acquired IPR&D. - Critical accounting policies and estimates involve accrued expenses, revenue recognition, deferred revenue, stock-based compensation, acquired in-process research and development, and contingent value rights162 - No significant changes in critical accounting policies and estimates were identified as of June 30, 2025, compared to the Annual Report162 Item 3. Quantitative and Qualitative Disclosures About Market Risk As a smaller reporting company, Traws Pharma is exempt from detailed market risk disclosures. - As a smaller reporting company, Traws Pharma, Inc. is not required to provide quantitative and qualitative disclosures about market risk163 Item 4. Controls and Procedures Disclosure controls were ineffective due to un-remediated material weaknesses in internal controls over financial reporting. Managements' Evaluation of our Disclosure Controls and Procedures Disclosure controls were ineffective due to un-remediated material weaknesses in internal controls over financial reporting. - As of June 30, 2025, the Company's disclosure controls and procedures were deemed not effective due to un-remediated material weaknesses in internal controls over financial reporting165 Inherent Limitations on Effectiveness of Controls No control system provides absolute assurance against errors and fraud, offering only reasonable assurance. - Management acknowledges that disclosure controls and internal control over financial reporting can only provide reasonable, not absolute, assurance against errors and fraud due to inherent limitations and resource constraints166 Changes in Internal Control Over Financial Reporting No material changes occurred, apart from ongoing remediation efforts for previously identified weaknesses. - No material changes in internal control over financial reporting occurred during the fiscal quarter ended June 30, 2025, apart from ongoing remediation efforts167 Management's Plan for Remediation Management is actively remediating material weaknesses through consultants and Audit Committee collaboration, targeting year-end remediation. - Material weaknesses in internal control over financial reporting were identified due to controls not being effectively updated post-Merger, insufficient risk assessment, and inadequate segregation of duties over manual journal entries168 - Remediation efforts are ongoing, involving engagement of finance and accounting consultants, employee education on policies, and collaboration with the Audit Committee and SOX advisors169170 - The Company aims to fully remediate the material weaknesses by December 31, 2025, but a conclusion cannot be reached until controls are designed, implemented, and tested effectively170 PART II — OTHER INFORMATION This section covers legal proceedings, risk factors, equity sales, defaults, and other miscellaneous information. Item 1. Legal Proceedings The company is involved in legal claims, including a material arbitration, which could significantly impact its financials. - The Company is a party to legal claims and actions, including a material pending arbitration with a former executive, as detailed in Note 5171 - Costly litigation, whether successful or not, could have a material adverse effect on the Company's business, financial condition, and reputation171 Item 1A. Risk Factors No material changes to previously disclosed risk factors, advising readers to consider all uncertainties. - No material changes to the risk factors disclosed in the Annual Report have occurred173 - Readers should carefully consider the risk factors from the Annual Report and other SEC filings, as additional unknown risks could also adversely affect the business172 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds No unregistered sales or repurchases of equity securities occurred during the quarter. - No unregistered sales of securities were made during the three months ended June 30, 2025, that were not reported in a Current Report on Form 8-K174 - The Company did not repurchase any of its outstanding equity securities during the three months ended June 30, 2025175 Item 3. Defaults Upon Senior Securities Traws Pharma, Inc. reported no defaults upon senior securities during the period. - There were no defaults upon senior securities176 Item 4. Mine Safety Disclosures This item is not applicable to Traws Pharma, Inc. - This item is not applicable to the Company177 Item 5. Other Information No directors or officers adopted, modified, or terminated any Rule 10b5-1 trading arrangements. - No directors or officers adopted, modified, or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2025178 Item 6. Exhibits This section lists the exhibits filed with the Form 10-Q, including employment agreements and certifications. - Exhibits include the employment agreement for Iain Dukes, Rule 13a-14(a)/15d-14(a) Certifications, Section 1350 Certifications, and Inline XBRL documents180 SIGNATURES The report is duly signed by the Interim CEO and Interim CFO on August 14, 2025. - The report is signed by Iain Dukes, D. Phil, Interim Chief Executive Officer, and Charles Parker, Interim Chief Financial Officer, on August 14, 2025185