Company: LNAI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001731122-25-000765
Chunk: 58

Company: Lunai Bioworks Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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 months ended March 31, 2025 and 2024, were $4,162,492 and $51,380,840 respectively, representing
a decrease of $47,218,348 or approximately 92%. The decrease in operating expenses primarily relates to the decrease of intangible
asset impairment of $42,611,000, general and administrative expenses of $3,427,789 and the decrease in research and development expenses
of $1,181,229.

Our operating expenses for the
nine months ended March 31, 2025 and 2024, were $62,047,361 and $64,535,029 respectively, representing
a decrease of $2,487,668, or approximately 4%. The decrease in operating expenses primarily relates to the decrease in intangible
asset impairment of $42,611,000, general and administrative expenses of $5,680,018 and research and development expenses of $1,817,121,
partially offset by the increase in goodwill impairment of $47,614,729.

General and administrative expenses
for the three months ended March 31, 2025, and 2024, were $4,224,590 and $7,652,379, respectively, representing a decrease of $3,427,789
or approximately 45%. The variance is related to decreases in legal expenses of $1,915,126, consulting fees expense of $453,294, non-cash
stock-based compensation expense of $362,402, marketing expenses of $137,516, investor relations expenses of $109,831 and board of director
compensation of $107,718.

General and administrative expenses
for the nine months ended March 31, 2025, and 2024, were $13,878,963 and $19,558,981, respectively, representing a decrease of $5,680,018
or approximately 29%. The variance is related to decreases in legal expenses of $1,722,555, consulting fees expense of $2,552,211, non-cash
stock-based compensation expense of $1,429,180, marketing expenses of $280,412, investor relations expenses of $186,646 and board of director
compensation of $203,968, partially offset by an increase in compensation related expenses of $856,873.

Research and development expenses
for the three months ended March 31, 2025, and 2024, were $(