Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001731122-25-000258
Chunk: 141

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 2
Chunk 141
---
 (259,046) 
     (2,447,032) 
     945% 
     6,420,440  
     (549,960) 
     6,970,400  
     (1,267)%
  
    NET LOSS 
    $(7,252,394) 
    $(4,529,121) 
    $(2,723,273) 
     60% 
    $(51,464,429) 
    $(13,704,149) 
    $(37,760,280) 
     276%

32

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 revenue until our therapies or products are approved for marketing and sale.

Expenses 

Our operating expenses for the
three months ended December 31, 2024 and 2023, were $4,546,316 and $4,270,075 respectively, representing
an increase of $276,241 or approximately 6%. The increase in operating expenses primarily relates to the increase in general
and administrative expenses of $736,731, partially offset by the decrease in research and development expenses of $459,437.

Our operating expenses for the
six months ended December 31, 2024 and 2023, were $57,884,869 and $13,154,189 respectively, representing
an increase of $44,730,680, or approximately 340%. The increase in operating expenses primarily relates to the increase in goodwill
impairment of $47,614,729, partially offset by the decrease in general and administrative expenses of $2,252,229 and the decrease
in research and development expenses of $635,892.

General and administrative expenses
for the three months ended December 31, 2024, and 2023, were $4,353,123 and $3,616,392, respectively, representing an increase of $736,731
or approximately 20%. The variance is related to an increase in consulting fees expense of $667,815, compensation and related expenses
of $354,968, and accounting fees of $134,620, partially offset by a decrease in non-cash stock-based compensation expense of $440,597.

General and administrative expenses
for the six months ended December 31,