Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 270

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 2
Chunk 270
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 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
fiscal 2026 is expected to be used to satisfy existing and future obligations and liabilities and working capital needs, to support commercialization
of our products and conduct the clinical and regulatory work to develop our product candidates, and to begin building working capital
reserves.

RESULTS OF OPERATIONS

Year ended June 30, 2025 compared to the year ended June 30, 2024.

The following table sets forth
our revenues, expenses and net loss for the years ended June 30, 2025 and 2024. The financial information below is derived from our audited
consolidated financial statements included elsewhere in this Annual Report.

    For the Years Ended 

    June 30, 
    Increase/(Decrease)

    2025 
    2024 
    $ 
    %
  
    Operating Expenses 

    General and administrative 
    $17,880,050  
    $24,557,608  
     6,677,558  
     (27)%
  
    Research and development 
     537,428  
     2,708,829  
     (2,171,401) 
     (80)%
  
    Intangible asset impairment 
     —  
     42,611,000  
     (42,611,000) 
     (100)%
  
    Goodwill impairment 
     170,419,429  
     11,640,000  
     158,779,429  
     1,364%
  
    Depreciation and amortization 
     129,095  
     121,859  
     7,236  
     6%
  
    Total Operating Expenses 
     188,966,002  
     81,639,296  
     107,326,706  
     131%
  
    LOSS FROM OPERATIONS 
     (188,966,002) 
     (81,639,296) 
     (107,326,706) 
     131%

    Other Income (Expense) 

    Change in fair value of