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|   | (Mark One) |
|--------|------------|

|                                                                                            |
|-------------------------------------------------------------------------------------------------|
| x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|                                                                                            |
| For the quarterly period ended April 30, 2011                                                   |
| or                                                                                              |
|                                                                                            |
| o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

| LIGHTLAKE THERAPEUTICS INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (Exact name of registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
| Nevada                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | N/A |
|  (State or other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  (IRS Employer Identification No.) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|  54 Baker Street, 6th Floor, London, England                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | W1U 7BU |
|  (Address of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (Zip Code) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 44-207-034-1943                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|  (Registrant’s telephone number, including area code)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                          |
|  (Former name, former address and former fiscal year, if changed since last report)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

| Large accelerated filer | o      |                                          | Accelerated filer         | o      |
|-------------------------|--------|-----------------------------------------------|---------------------------|--------|
|                    |   |                                          |                      |   |
| Non-accelerated filer   | o      | (Do not check if a smaller reporting company) | Smaller reporting company | x      |

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Table of Contents

TABLE 

| PART I. FINANCIAL INFORMATION | Page                                                                                                                                                                                                                     |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |                                                                                                                                                                                                                     |   |
| Item 1.                       | Financial Statements                                                                                                                                                                                                | 1 |
|                          | Balance Sheet as of April 30, 2011 (unaudited)and July 31, 2010 (audited)                                                                                                                                      | 1 |
|                          | Statements of Operation for the three and nine months ended April 30, 2011 and 2010 and for the year ended July 31, 2010 and from Inception (July 25, 2005) to April 30, 2011 (unaudited)  | 2 |
|                          | Statement of Stockholders Equity (Deficit) for the period from Inception (July 25, 2005) to April 30, 2011                                                                                                     | 3 |
|                          | Statement of Cash Flows for the nine months ended April 30, 2011 and 2010 and the period from Inception (July 25, 2005) to April 30, 2011 (unaudited)                                           | 4 |
|                          | Notes to Financial Statements (unaudited)                                                                                                                                                                           |   |
|                          |                                                                                                                                                                                                                     |   |
| Item 2.                  | Management's Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                               | 12 |
| Item 3.                  | Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                                     | 15 |
| Item 4.                  | Controls and Procedures                                                                                                                                                                                             | 15 |
|                          |                                                                                                                                                                                                                     |   |
| PART II. OTHER INFORMATION    |                                                                                                                                                                                                                     |
|                          |                                                                                                                                                                                                                     |   |
| Item 1.                       | Legal Proceedings                                                                                                                                                                                                        | 16 |
| Item 2.                  | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                                                              | 16 |
| Item 3.                  | Defaults Upon Senior Securities                                                                                                                                                                                          | 16 |
| Item 4.                  | Submission of Matters to a Vote of Security Holders                                                                                                                                                                 | 16 |
| Item 5.                  | Other Information                                                                                                                                                                                                        | 16 |
| Item 6.                  | Exhibits                                                                                                                                                                                                                 | 16 |
|                          |                                                                                                                                                                                                                     |   |
| Signatures               |                                                                                                                                                                                                                     | 17 |

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Table of Contents

Item 

| Lightlake Therapeutics, Inc.               |   |   |   |   |
|--------------------------------------------|--------|--------|--------|--------|
| (formerly known as Madrona Ventures, Inc.) |   |   |   |
| ( a Development Stage Enterprise)          |   |   |   |   |
| Balance Sheet                              |   |   |   |   |
|                                       |   |   |   |   |
| As of                                      |   |   |   |   |

|                                                                  |   | April 30,        |       |   | July 31,       |   |
|-----------------------------------------------------------------------|--------|------------------|------------|--------|----------------|--------|
|                                                                  |   | 2011 (unaudited) |       |   | 2010 (audited) |   |
| Assets                                                                |   |             |       |   |           |   |
| Current assets                                                        |   |             |       |   |           |   |
| Cash and cash equivalents                                             |   | $                | 156,518    |   |           | $      | 2,300 |   |
| Total current assets                                                  |   |             | 156,518    |   |           |   | 2,300 |   |
|                                                                  |   |             |       |   |           |   |   |   |
| Other assets                                                          |   |             |       |   |           |   |   |   |
| Patents and patent applications (net of accumulated amortization)     |   |             | 26,180     |   |           |   | 19,825 |   |
|                                                                  |   |             |       |   |           |   |   |   |
| Total assets                                                          |   | $                | 182,698    |   |           | $      | 22,125 |   |
|                                                                  |   |             |       |   |           |   |   |   |
| Liabilities and Shareholders' Deficit                                 |   |             |       |   |           |   |   |   |
| Liabilities                                                           |   |             |       |   |           |   |   |   |
| Accounts payable and accrued liabilities                              |   | $                | 104,136    |   |           | $      | 203,908 |   |
| Accrued salaries and wages                                            |   |             | 36,206     |   |           |   | 74,917 |   |
| Due to related party                                                  |   |             | 307,969    |   |           |   | 380,587 |   |
| Total liabilities                                                     |   |             | 448,311    |   |           |   | 659,412 |   |
|                                                                  |   |             |       |   |           |   |   |   |
|                                                                  |   |             |       |   |           |   |   |   |
| Stockholders' equity (deficit)                                        |   |             |       |   |           |   |   |   |
| Common stock; par value $0.001; 200,000,000 shares authorized;        |   |             |       |   |           |   |   |   |
| 73,598,333 shares issued and outstanding at April 30, 2011 and        |   |             |       |   |           |   |   |   |
|   61,508,333 shares issued and outstanding at July 31, 2010 |   |             | 73,598     |   |           |   | 61,508 |   |
| Additional paid-in capital                                            |   |             | 8,408,452  |   |           |   | 1,373,125 |   |
| Accumulated deficit during the development stage                      |   |             | (8,747,663 | )      |           |   | (2,071,920 | ) |
| Total stockholders' equity (deficit)                                  |   |             | (265,613   | )      |           |   | (637,287 | ) |
| Total liabilities and stockholders' equity                            |   | $                | 182,698    |   |           | $      | 22,125 |   |

----

Table of Contents

| Lightlake Therapeutics, Inc.                                               |                                                         |   |   |   |   |   |   |   |
|----------------------------------------------------------------------------|--------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| (formerly known as Madrona Ventures, Inc.)                                 |                                                         |   |   |   |   |   |   |
| (a Development Stage Enterprise)                                           |                                                         |   |   |   |   |   |   |   |
| Statements of Operations                                                   |                                                         |   |   |   |   |   |   |   |   |   |
| For the three and nine months ended April 30, 2011 and 2010 and the period |                                                         |   |
|                                                                       | From inception (June 21, 2005) to April 30, 2011 (Unaudited) |   |   |   |   |   |   |

|                                            |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |
|-------------------------------------------------|--------|--------------------|------------|--------|-------------------|--------|------------|-----------------|--------|--------|------------|--------|--------|--------|------------|
|                                            |   | For the            |       |   | For the           |   |       | From Inception  |   |
|                                            |   | Three Months Ended |       |   | Nine Months Ended |   |       | (June 21, 2005) |   |
|                                            |   | April 30,          |       |   | April 30,         |   |       | to April 30,    |   |
|                                            |   | 2011               |       |   | 2010              |   |       | 2011            |   |   | 2010       |   |   | 2011   |       |
|                                            |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |
| Revenues                                        |   | $                  | -          |   |              | $      | -          |            |   | $      | -          |   |   | $      | -          |   |   | $ | - |   |
|                                            |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| Operating expenses                              |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| General and administrative                      |   |               | 5,399,303  |   |              |   | 217,369    |            |   |   | 6,675,743  |   |   |   | 1,532,356  |   |   |   | 8,751,811 |   |
| Mineral interests                               |   |               | -          |   |              |   | -          |            |   |   | -          |   |   |   | -          |   |   |   | 39,015 |   |
| Total operating expenses                        |   |               | 5,399,303  |   |              |   | 217,369    |            |   |   | 6,675,743  |   |   |   | 1,532,356  |   |   |   | 8,790,826 |   |
|                                            |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| Income (loss) from operations                   |   |               | (5,399,303 | )      |              |   | (217,369   | )               |   |   | (6,675,743 | )      |   |   | (1,532,356 | ) |   |   | (8,790,826 | ) |
|                                            |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| Other income (expense)                          |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| Debt forgiveness                                |   |               | -          |   |              |   | -          |            |   |   | -          |   |   |   | -          |   |   |   | 43,163 |   |
| Total other income (expense)                    |   |               | -          |   |              |   | -          |            |   |   | -          |   |   |   | -          |   |   |   | 43,163 |   |
|                                            |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| Income (loss) before provision for income taxes |   |               | (5,399,303 | )      |              |   | (217,369   | )               |   |   | (6,675,743 | )      |   |   | (1,532,356 | ) |   |   | (8,747,663 | ) |
|                                            |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| Provision for income taxes                      |   |               | -          |   |              |   | -          |            |   |   | -          |   |   |   | -          |   |   |   | - |   |
|                                            |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| Net income (loss)                               |   | $                  | (5,399,303 | )      |              | $      | (217,369   | )               |   | $      | (6,675,743 | )      |   | $      | (1,532,356 | ) |   | $ | (8,747,663 | ) |
|                                            |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| Basic loss per common share:                    |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| Earnings (loss) per common share                |   | $                  | (0.08      | )      |              | $      | (0.00      | )               |   | $      | (0.10      | )      |   | $      | (0.02      | ) |   |   |   |   |
| Basic weighted average                          |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| common shares outstanding                       |   |               | 64,495,989 |   |              |   | 95,719,711 |            |   |   | 64,495,989 |   |   |   | 95,719,711 |   |   |   |   |   |
|                                            |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| Fully diluted per common share:                 |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |
| Earnings (loss) per common share                |   | $                  | (0.07      | )      |              | $      | (0.00      | )               |   | $      | (0.09      | )      |   | $      | (0.02      | ) |   |   |   |   |
| Fully diluted weighted average                  |   |               |       |   |              |   |       |            |   |   |       |   |   |   |       |   |   |   |   |   |
| common shares outstanding                       |   |               | 74,143,217 |   |              |   | 95,719,711 |            |   |   | 74,143,217 |   |   |   | 95,719,711 |   |   |   |   |   |

----

Table of Contents

| Lightlake Therapeutics, Inc.                  |   |   |   |   |   |   |   |   |   |   |   |   |
|-----------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| (formerly known as Madrona Ventures, Inc.)    |   |   |   |   |   |   |   |   |   |
| ( a Development Stage Enterprise)             |   |   |   |   |   |   |   |   |   |   |
| Statement of Stockholders' Equity (Deficit)   |   |   |   |   |   |   |   |   |   |   |
| For the period from Inception (June 21, 2005) |   |   |   |   |   |   |   |   |   |
|  to April 30, 2011(Unaudited)            |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |
|---------------------------------------------------------|--------|--------------|--------------|---------|---------|--------|----------|------------|--------|--------|-------------|--------|--------|------------|--------|---------|--------|--------|
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   | Deficit    |   |    |   |   |
|                                                    |   |         |         |    |    |   |     | Additional |   |   |        |   |   | During the |   |    |   |   |
|                                                    |   | Common Stock |         |    | Paid In |   |     | Treasury   |   |   | Development |   |   |       |   |
|                                                    |   | Shares       |         |    | Amount  |   |     | Capital    |   |   | Stock       |   |   | Stage      |   |    | Total  |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |
| Balance at June 21, 2005                                |   |         | -            |    |    | $      | -        |       |   | $      | -           |   |   | $          | -      |    |   | $      | - |   |   | $ | - |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Balance at July 31, 2005                                |   |         | -            |    |    |   | -        |       |   |   | -           |   |   |       | -      |    |   |   | - |   |   |   | - |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Common shares issued for cash                           |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
|   March 2006 at $0.001 per share              |   |         | 5,000,000    |    |    |   | 5,000    |       |   |   | -           |   |   |       |   |    |   |   |   |   |   |   | 5,000 |   |
|   March 2006 at $0.01 per share               |   |         | 1,300,000    |    |    |   | 1,300    |       |   |   | 11,700      |   |   |       |   |    |   |   |   |   |   |   | 13,000 |   |
|   April 2006 at $0.01 per share               |   |         | 75,000       |    |    |   | 75       |       |   |   | 7,425       |   |   |       |   |    |   |   |   |   |   |   | 7,500 |   |
|   May 2006 at $0.01 per share                 |   |         | 150,000      |    |    |   | 150      |       |   |   | 29,850      |   |   |       |   |    |   |   |   |   |   |   | 30,000 |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Net income (loss)                                       |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   | (32,125 | ) |   |   | (32,125 | ) |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Balance at July 31, 2006                                |   |         | 6,525,000    |    |    |   | 6,525    |       |   |   | 48,975      |   |   |       | -      |    |   |   | (32,125 | ) |   |   | 23,375 |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Net income (loss)                                       |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   | (33,605 | ) |   |   | (33,605 | ) |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Balance at July 31, 2007                                |   |         | 6,525,000    |    |    |   | 6,525    |       |   |   | 48,975      |   |   |       | -      |    |   |   | (65,730 | ) |   |   | (10,230 | ) |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Net income (loss)                                       |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   | (17,924 | ) |   |   | (17,924 | ) |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Balance at July 31, 2008                                |   |         | 6,525,000    |    |    |   | 6,525    |       |   |   | 48,975      |   |   |       | -      |    |   |   | (83,654 | ) |   |   | (28,154 | ) |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Net income (loss)                                       |   |         | -            |    |    |   | -        |       |   |   | -           |   |   |       | -      |    |   |   | 28,444 |   |   |   | 28,444 |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Balance at July 31, 2009                                |   |         | 6,525,000    |    |    | $      | 6,525    |       |   | $      | 48,975      |   |   | $          | -      |    |   | $      | (55,210 | ) |   | $ | 290 |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Forward Stock Split : 20 for 1                          |   |         | 130,500,000  |    |    | $      | 130,500  |       |   | $      | (130,500    | )      |   |       |   |    |   |   |   |   |   |   | - |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Stock issued for acquisition of patent                  |   |         | 20,333,333   |    |    |   | 20,333   |       |   |   | -           |   |   |       | -      |    |   |   |   |   |   |   | 20,333 |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Cancellation of shares                                  |   |         | (100,000,000 | )       |    |   | (100,000 | )          |   |   | 100,000     |   |   |       | -      |    |   |   |   |   |   |   | - |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Stock issued for services                               |   |         | 4,150,000    |    |    |   | 4,150    |       |   |   | 1,354,650   |   |   |       |   |    |   |   |   |   |   |   | 1,358,800 |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Net income (loss)                                       |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   | (2,016,710 | ) |   |   | (2,016,710 | ) |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Balance at July 31, 2010                                |   |         | 61,508,333   |    |    | $      | 61,508   |       |   | $      | 1,373,125   |   |   | $          | -      |    |   | $      | (2,071,920 | ) |   | $ | (637,287 | ) |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Warrants issued for acquisition of patent               |   |         |         |    |    |   |     | 7,117      |   |   |        |   |   |       |   |    |   |   |   | 7,117 |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Sales of common stock                                   |   |         | 5,600,000    |    |    |   | 5,600    |       |   |   | 3,057,600   |   |   |       |   |    |   |   |   |   |   |   | 3,063,200 |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Stock issued for services                               |   |         | 6,490,000    |    |    |   | 6,490    |       |   |   | 3,864,360   |   |   |       |   |    |   |   |   |   |   |   | 3,870,850 |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Stock based compensation from issuance of stock options |   |         |         | 106,250 |    |   |     |       |   |   |        |   |   |       |   | 106,250 |   |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Net loss (unaudited)                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   | (6,675,743 | ) |   |   | (6,675,743 | ) |
|                                                    |   |         |         |    |    |   |     |       |   |   |        |   |   |       |   |    |   |   |   |   |   |   |   |   |
| Balance at April 30, 2011                               |   |         | 73,598,333   |    |    | $      | 73,598   |       |   | $      | 8,408,452   |   |   | $          | -      |    |   | $      | (8,747,663 | ) |   | $ | (265,613 | ) |

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| Lightlake Therapeutics, Inc.                                     |   |   |   |   |   |   |   |
|------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| (formerly known as Madrona Ventures, Inc.)                       |   |   |   |   |   |
| (a Development Stage Enterprise)                                 |   |   |   |   |   |   |   |
| Statements of Cash Flows                                         |   |   |   |   |   |   |   |
| For the Nine Months Ended April 30, 2011 and 2010 and the period |   |   |   |
| From inception (June 21, 2005) to April 30, 2011(Unaudited)      |   |   |   |   |   |

|                                                                                                                                                                               |   | For the           |       |   | From Inception  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|-----------------|--------|
|                                                                                                                                                                               |   | Nine Months Ended |       |   | (June 21, 2005) |   |
|                                                                                                                                                                               |   | April 30,         |       |   | to April 30,    |   |
|                                                                                                                                                                               |   | 2011              |       |   | 2010            |   |   | 2011 |   |
|                                                                                                                                                                               |   |              |       |   |            |   |   |   |   |
| Cash Flows Provided (Used) By Operating Activities                                                                                                                                 |   |              |       |   |            |   |   |
| Net income (loss)                                                                                                                                                                  |   | $                 | (6,675,743 | )      |            | $      | (1,532,356 | ) |   | $ | (8,747,663 | ) |
| Adjustments to reconcile net income (loss) to net cash                                                                                                                             |   |              |       |   |            |
| provided from (used by) operating activities:                                                                                                                                      |   |              |       |   |            |   |   |   |   |
| Amortization                                                                                                                                                                       |   |              | 762        |   |            |   | 254 |   |   |   | 1,270 |   |
| Issuance of common stock for services                                                                                                                                              |   |              | 3,870,850  |   |            |   | 1,058,800 |   |   |   | 5,025,049 |   |
| Stock based compensation from issuance of stock options                                                                                                                            |   |              | 106,250    |   |            |   | - |   |   |   | 106,250 |   |
|                                                                                                                                                                               |   |              |       |   |            |   |   |   |   |   |   |   |
| Increase (decrease) in accounts payable                                                                                                                                            |   |              | (99,772    | )      |            |   | 84,119 |   |   |   | 233,908 |   |
| Increase (decrease) in accrued salaries and wages                                                                                                                                  |   |              | (38,711    | )      |            |   | 57,417 |   |   |   | 109,917 |   |
| Net cash provided from (used by) operating activities                                                                                                                              |   |              | (2,836,364 | )      |            |   | (331,766 | ) |   |   | (3,271,269 | ) |
|                                                                                                                                                                               |   |              |       |   |            |   |   |   |   |   |   |   |
| Cash Flows Provided (Used) By Investing Activities                                                                                                                                 |   |              | -          |   |            |   | - |   |   |   | - |   |
|                                                                                                                                                                               |   |              |       |   |            |   |   |   |   |   |   |   |
| Cash Flows Provided (Used) By Financing Activities                                                                                                                                 |   |              |       |   |            |   |   |   |   |
| Borrowings from related party                                                                                                                                                      |   |              | 192,000    |   |            |   | 333,469 |   |   |   | 572,587 |   |
| Payments to related party for note payable                                                                                                                                         |   |              | (264,618   | )      |            |   | - |   |   |   | (263,500 | ) |
| Issuance of common stock for cash                                                                                                                                                  |   |              | 3,063,200  |   |            |   | - |   |   |   | 3,118,700 |   |
| Net cash provided from (used by) financing activities                                                                                                                              |   |              | 2,990,582  |   |            |   | 333,469 |   |   |   | 3,427,787 |   |
|                                                                                                                                                                               |   |              |       |   |            |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                                                                                               |   |              | 154,218    |   |            |   | 1,703 |   |   |   | 156,518 |   |
| Cash and cash equivalents, beginning of period                                                                                                                                     |   |              | 2,300      |   |            |   | 290 |   |   |   | - |   |
| Cash and cash equivalents, end of period                                                                                                                                           |   | $                 | 156,518    |   |            | $      | 1,993 |   |   | $ | 156,518 |   |
|                                                                                                                                                                               |   |              |       |   |            |   |   |   |   |   |   |   |
| Supplemental disclosure                                                                                                                                                            |   |              |       |   |            |   |   |   |   |   |   |   |
| Interest paid during the period                                                                                                                                                    |   | $                 | -          |   |            | $      | - |   |   | $ | - |   |
|                                                                                                                                                                               |   |              |       |   |            |   |   |   |   |   |   |   |
| Non-Cash Transactions                                                                                                                                                              |   |              |       |   |            |   |   |   |   |   |   |   |
| In August, 2009, the Company acquired a Patent and Patent Applications through the issuance of 20,333,000 Common shares.                                                           |
| In December, 2009, the Company cancelled 100,000,000 shares of common stock.                                                                                                       |
|                                                                                                                                                                               |   |
| On November 29, 2010, The Company issued 7,116,667 warrants to purchase its' common stock at $0.25 per share for a term of five years in exchange for the acquisition of a patent. |
| On December 15, 2010, the Company issued incentive stock options on 7,500,000 shares at $0.60 and expire three years from date of grant.                                           |
| On December 15, 2010, the Company issued 1,900,000 warrants to purchase its' common stock at $0.50. These warrants expire in five years from the date of issuance.            |
| On December 15, 2010, the Company issued incentive stock options on 1,000,000 shares at $1.20 and expire three years from date of grant.                                           |
| On March 1, 2011, the Company issued 920,000 warrants to purchase its' common stock at $0.50. These warrants expire in five years from the date of issuance.                  |
| On March 15, 2011, the Company issued 1,760,000 warrants to purchase its' common stock at $0.50. These warrants expire in five years from the date of issuance.               |
| On April 25, 2011, the Company issued 280,000 warrants to purchase its' common stock at $0.50. These warrants expire in five years from the date of issuance.                 |

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|                                 |   | April 30, 2011 |       |   | July 31, 2010 |   |
|--------------------------------------|--------|----------------|------------|--------|---------------|--------|
|                                 |   |           |       |   |          |   |
| Income tax expense at statutory rate |   | $              | (2,603,540 | )      |          | $      | (786,517 | ) |
| Valuation allowance                  |   |           | 2,603,540  |   |          |   | 786,517 |   |
| Income tax expense per books         |   | $              | -          |   |          | $      | - |   |

|                         |   | April 30, 2011 |       |   | July 31, 2010 |   |
|------------------------------|--------|----------------|------------|--------|---------------|--------|
|                         |   |           |       |   |          |   |
| Net Operating Loss Carryover |   | $              | (3,406,714 | )      |          | $      | (808,049 | ) |
| Valuation allowance          |   |           | 3,406,714  |   |          |   | 808,049 |   |
| Net deferred tax asset       |   | $              | -          |   |          | $      | - |   |

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| Balance Sheet Data:           |   | 4/30/11 |     |   | 7/31/10 |   |
|-------------------------------|--------|---------|----------|--------|---------|--------|
|                          |   |    |     |   |    |   |
| Cash                          |   | $       | 156,518  |   |    | $      | 2,300 |   |
| Total assets                  |   | $       | 182,698  |   |    | $      | 22,125 |   |
| Total Liabilities             |   | $       | 448,311  |   |    | $      | 659,412 |   |
| Shareholder's equity(deficit) |   | $       | (265,613 | )      |    | $      | (637,287 | ) |

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| ·   | The user patents that were acquired by the company from Dr. David Sinclair, in exchange for 20,333,333 restricted common shares on August 24, 2009.  (see Exhibit 5, Sinclair Agreement Form 10-K) The safe and effective treatment is a proprietary patented pharmaceutical medicine-based behavior program pioneered by Dr. David Sinclair. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | On December 16, 2010, the Company announced it had acquired US Patent #5,587,381, entitled: ‘Method for terminating methadone maintenance through extinction of the opiate-taking responses’, using an opioid antagonist as treatment. The Company aims to leverage its’ capabilities into new therapeutic areas. The potential to expand the product pipeline into this area is important progress for Lightlake Therapeutics.  The patent was acquired for 7,116,667 warrants to purchase the Company’s common stock at a price of $0.25 per share.  The issuance date of these warrants was November 29, 2010 and they expire in 5 years. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Exhibit Number   |   | Description                              |
|------------------|--------|------------------------------------------|
|             |   |                                     |
| 3.1         |   | Articles of Incorporation*               |
| 3.2         |   | Bylaws*                                  |
| 31.1   |   | Rule 13a-14(a)/14a-15(d) Certification   |
| 31.2   |   | Rule 13a-14(a)/14a-15(d) Certification   |
| 32.1        |   | Certification pursuant to 18 U.S.C. 1350 |
| 32.2        |   | Certification pursuant to 18 U.S.C. 1350 |

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SIGNATURES

|                    | Lightlake Therapeutics Inc. |                                                                                                                                                                                                                                                                       |
|-------------------------|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |                        |                                                                                                                                                                                                                                                                       |   |
| Date: November 10, 2011 | By:                         | /s/ Dr. Roger Crystal                                         |   |
|                    |                        | Name  Dr. Roger Crystal                                                                                                                                                                                                                                               |   |
|                    |                        | Title Chief Executive Officer and President                                                                                                                                                                                                                           |   |
|                    |                        |                                                                                                                                                                                                                                                                       |   |

|                         |   |                                                                                                                                                                                                                                                                                                                                                         |   |
|------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Date: November 10, 2011 | By:    | /s/ Seijin Ki                                                        |   |
|                         |   | Name Seijin Ki                                                                                                                                                                                                                                                                                                                                          |   |
|                         |   | Title Chief Financial Officer and Director                                                                                                                                                                                                                                                                                                              |   |
|                         |   |                                                                                                                                                                                                                                                                                                                                                         |   |

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