Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 2

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 2
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 of the Company,
based on the recommendation of the Company’s management, and after consultation with the Company’s independent registered
public accounting firm, concluded that the Company’s previously issued unaudited interim condensed consolidated financial statements
for the quarter ended March 31, 2024 contained a material misstatement related to certain warrants which were exercised during the three
months ended March 31, 2024, which had not been appropriately reflected as a component of the change in fair value of the contingent consideration
during the three and nine months ended March 31, 2024. Accordingly, those financial statements should no longer be relied upon. Similarly,
related reports filed with the Securities Exchange Commission (the “SEC”), earnings releases, press releases, shareholder
communications, investor presentations or other communications describing relevant portions of the March 31, 2024, financial statements
should no longer be relied upon. The Company is restating the March 31, 2024, financial statements within this Amendment.

Refer to “Note 2 - Restatement of Previously Issued Financial Statements” of “Part I - Item 1. Financial Statements” (“Note 2”) for
additional information.

Internal Control Considerations

Due to discovery of the error,
the Company’s management re-evaluated the effectiveness of the Company’s internal control over financial reporting (“ICFR”)
as of March 31, 2024 and believes the error relates to and is the result of a previously identified and reported material weakness which
has been disclosed in our Form 10-K filed on October 2, 2023. The material weakness remained in place as of March 31, 2024. For a discussion
of management’s consideration of disclosure controls and procedures, internal controls over financial reporting and the material
weaknesses identified, see “Part I - Item 4. Controls and Procedures” of this Amendment.

Items Amended in this Amendment

This Amendment amends and restates
the following items included in the original filing as appropriate to reflect the restatement of the relevant periods:

| ● | Part                                          
 I - Item 1. Financial Statements (Unaudited); |

| ● | Part                                                                                
 I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results 
 of Operations; and                                                                  |

| ● | Part                  
 II, Item 6. Exhibits. |

This Amendment includes new certifications
by our principal executive officer and principal financial officer pursuant to Sections 302 and 906 of the Sarbanes-O