Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001731122-25-000258
Chunk: 51

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 assurance that the Company will be able to obtain any sources of funding.
Such additional funding may not be available or may not be available on reasonable terms, and, in the case of equity financing transactions,
could result in significant additional dilution to our stockholders. If we do not obtain required additional equity or debt funding, our
cash resources will be depleted and we could be required to materially reduce or suspend operations, which would likely have a material
adverse effect on our business, stock price and our relationships with third parties with whom we have business relationships, at least
until additional funding is obtained. If we do not have sufficient funds to continue operations, we could be required to seek bankruptcy
protection or other alternatives that could result in our stockholders losing some or all of their investment in us.

Funding that we may receive during
the fiscal year 2025 is expected to be used to satisfy existing and future obligations and liabilities and working capital needs, to support
commercialization of our products, to conduct the clinical and regulatory work to develop our product candidates, and to begin building
working capital reserves.

Results of Operations for the Three and Six Months ended December 31,
2024 and 2023

The following table sets forth
our revenues, expenses and net loss for the six months ended December 31, 2024 and 2023. The financial information below is derived from
our unaudited condensed consolidated financial statements.

    For the Three Months Ended 

    For the Six Months Ended 

    December 31, 
    Increase/(Decrease) 
    December 31, 
    Increase/(Decrease)

    2024 
    2023 
    $ 
    % 
    2024 
    2023 
    $ 
    %
  
    Operating Expenses 

    General and administrative 
    $4,353,123  
    $3,616,392  
    $736,731  
     20% 
    $9,654,373  
    $11,906,602  
    $(2,252,229) 
     (19)%
  
    Research and development 
     161,084  
     620,521  
     (459,437) 
     (74)% 
     551,273  
     1,187,165  
     (635,892) 
     (54)%
  
    Goodwill impairment