Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 95

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 95
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 ) |     |   | (25,545 | )% |
| Comprehensive Loss                         |     |                   $ | (88,566,792 | ) |     |    $ | (39,683,502 | ) |     | $                   | (48,883,290 | ) |     |   |     123 | %  |

Revenues

We are a pre-revenue, pre-clinical
biotechnology and artificial intelligence driven healthcare technology company. We have never generated revenues and have incurred losses
since inception. We do not anticipate earning any revenues until our therapies or products are approved for marketing and sale.

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Operating Expenses

Our operating expenses for the
years ended June 30, 2024 and 2023 were $81,639,296 and $38,556,891, respectively, representing an increase of $43,082,405 or 112%. The
largest contributors to the increase in operating expenses for the year ended June 30, 2024, were the increase in the non-cash intangible
asset impairment of $23,651,000 (see Note 66 to the Financial Statements), increase in the non-cash goodwill impairment of $11,640,000
and the increase in general and administrative expenses of $9,239,410 partially offset by the decrease in research and development expenses
of $1,456,368 compared to the year ended June 30, 2023.

General and administrative expenses
for the years ended June 30, 2024 and 2023, were $24,557,608 and $15,318,198, respectively, representing an increase of $9,239,410, or
60%. The increase in general and administrative expenses is primarily related to increases in non-cash consulting fees of $4,664,190,
accrued expenses related to the GEDi Cube acquisition of $812,775, legal expenses of $1,360,761, investor relations expenses of $882,534,
consulting expenses of $661,998, marketing expenses of $303,730 and rent expenses of $413,802, partially offset by a decrease in compensation
and related expenses of $781,467.

Research and development expenses
for the years ended June 30, 2024, and 2023, were $2,708,829 and $4,165,197, respectively, representing a decrease of $1,456,