Company: LNAI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001731122-25-000765
Chunk: 121

Company: Lunai Bioworks Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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 driven by decreases of $632,102 in collaborating partner expenses with
CDMO and CROs, consulting expenses of $339,505 and consumables and reagents related expenses of $205,985. 

Research and development expenses
for the nine months ended March 31, 2025, and 2024, were $457,200 and $2,274,321, respectively, representing a decrease of $1,817,121
or approximately 80%. The variance is primarily driven by decreases of $1,130,193 in collaborating partner expenses with
CDMO and CROs, consulting expenses of $446,938 and consumables and reagents related expenses of $231,281. 

The Company recorded other income
of $4,351,668 for the three months ended March 31, 2025, compared to other expense of $7,609,230 for the three months ended March 31,
2024, representing an decrease in other expense of $11,960,898 or 157%. The variance is primarily due to the change in fair value of contingent
consideration liability of $11,619,156.

The Company recorded other income
of $10,772,108 for the nine months ended March 31, 2025, compared to other expense of $8,159,190 for the nine months ended March 31, 2024,
representing a decrease in other expense of $18,931,298 or 232%. The variance is primarily due to the change in fair value of contingent
consideration liability of $18,279,156.

Net Loss 

Net income (loss) for the three
months ended March 31, 2025, and 2024, was $189,176 and $(58,990,070), respectively, representing a change in net income (loss) of $59,179,246
or approximately 100%. The decrease in net loss was primarily due to a decrease in intangible asset impairment of $42,611,000 and the
change in fair value of contingent consideration of $11,619,156.

Net loss for the nine months ended
March 31, 2025, and 2024, was $51,275,253 and $72,694,219, respectively, representing a decrease in net loss of $21,418,966 or approximately
29%. The decrease in net loss was primarily due to decreases in intangible asset impairment of $42,611,