Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 65

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 65
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 report. In addition to the historical financial information, the following discussion and
analysis contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those
anticipated in these forward-looking statements.

Our Business

Lunai
Bioworks Inc. operates through three subsidiaries, Renovaro Biosciences,
Renovaro Cube and BioSymetrics Inc. Renovaro Cube refers to GediCube Intl. Ltd. and its wholly owned subsidiaries GediCube, B.V. and Grace
Systems B.V., which were acquired on February 13, 2024. BioSymetrics Inc. refers to BioSymetrics Inc. and its wholly owned subsidiary
BioSymetrics Corp., which were acquired on April 8, 2025.

Renovaro
Biosciences is a biotechnology company intending, if the necessary funding is obtained, to develop advanced allogeneic cell and gene therapies
to promote stronger immune system responses potentially for long-term or life-long cancer remission in some of the deadliest cancers.
As a result of our acquisition of GEDi Cube Intl on February 13, 2024 and BioSymetrics Inc. on April 8, 2025, we have shifted the Company’s
primary focus and resources to the development of the GEDi Cube Intl and BioSymetrics Inc. technologies.

To date, our operations have been
funded by sales of our securities and debt financing. We have never generated any sales revenue and we expect this to continue until our
products are approved for marketing in the United States and/or Europe. Even if we are successful in having our products approved for
sale in the United States and/or Europe, we cannot guarantee that a market for the products will develop. We may never be profitable.

55

Recent Developments

On September 2, 2025, the Court
of Amsterdam (the “Court”) declared bankrupt Gedi Cube B.V. (“Gedi”), an indirect subsidiary of Lunai Bioworks,
Inc. (“Lunai”), and appointed Mr. M.M. Dellebeke as the receiver in the bankruptcy. Gedi filed a voluntary petition seeking
a declaration of bankruptcy due to its inability to make payments as they became due. As a result of this, the Company determined that
a material impairment of Gedi had occurred (see Note 6 to the financial statements).

On August 18, 2025, the Company
issued Promissory Notes in the aggregate principal amount of $