Financial Analysis

"9. Right of Use Asset On March 23, 2026, the Company entered into a 24-month licence agreement commencing May 1, 2026, with monthly base lease fees of approximately $5,016 (comprised of $769 for office space and $4,246 for lab space), plus applicable operating costs and taxes, payable monthly in advance, with a one-month rent-free early access period prior to commencement and two additional base rent ""holiday"" months (one in each lease year) during which no base rent is payable. Effective May 1, 2026, the Company began to recognize the lease in accordance with ASC 842. As of May 1, 2026, the Company recognized an Operating Lease - Right of Use non-current asset of $81,482 and a lease liability of $81,482. As of July 31, 2026, there was accumulated amortization of $9,841. A corresponding current lease liability of $39,249 and a long-term lease liability of $33,233. When measuring lease liabilities for leases that classified as operating leases, the Company discounted lease payments using the estimated incremental borrowing rate at the later of the lease inception or May 1, 2026, the date of adoption of the ASC 842. The weighted average incremental borrowing rate applied was 3.75%. The following table presents the net lease cost and other supplemental lease information: Nine months ending July 31, 2026 2025 Lease cost: - Operating lease cost $ 10,378 $ - Short-term lease cost - - Net lease cost $ 10,378 $ - Cash paid for operating lease liabilities $ 7,478 $ - As of July 31, …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"8. Debt Loan Agreement with University of British Columbia (""UBC"") In connection with the purchase of the patent, on November 20, 2023, the Company entered into a loan agreement with UBC. The loan was for $136,539 CAD, bearing interest at 15%, and had a maturity date of November 20, 2026. There are no required payments under the loan, as the full amount was due upon maturity. As of October 31, 2024, the outstanding principal was $98,117 ($136,539 CAD). On March 4, 2025, the Company paid UBC a total of $148,037 ($213,795 CAD) in settlement of the PAA. The settlement included interest of $27,256 CAD and an accounts payable of $50,000 CAD. Interest expense was $0 and $43 during the three months ended July 31, 2026, and 2025, respectively. For the nine months ended July 31, 2026, and 2025, interest expense totaled $0 and $4,949, respectively. Insurance Funding Agreement On May 5, 2026, the Company obtained an insurance policy with total premiums equaling $625,535 on which a cash down payment of $155,750 was paid. On May 12, 2026, the Company entered into an agreement with a third party to finance the remaining premiums of $469,785. The financing agreement had nine equal monthly payments of $53,943 each month, accrued interest at a rate of 7.95% and a maturity date of February 5, 2027. Total financing charges equal $15,699. As of July 31, 2026, the outstanding balance, including principal and interest, was $377,598 and was reported on the unaudited condensed interim balance she …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"5. Taxes Receivable The Company has filed with the Canada Revenue Agency (""CRA"") a Goods and Services Tax (""GST"") return to claim the GST paid on Canadian expenses paid between September 21, 2024 (date of registration) and up to April 10, 2025, when the Company continued from the jurisdiction of British Columbia, Canada to a newly incorporated Nevada corporation and no longer qualified for claiming any GST paid. The outstanding amount due July 31, 2026, and October 31, 2025, were $0 and $3,037, respectively."

IncomeTaxDisclosureTextBlock

"10. Related Party Transactions Founder and Former CEO The Founder and then Chief Executive Officer (""CEO"") made non-interest-bearing advances to the Company with no specific terms of repayment that are due on demand. The outstanding amounts as of July 31, 2026, and October 31, 2025, were $3,722 and $3,722, respectively. These are disclosed as due to shareholders on the unaudited condensed balance sheets. Director 1 (Former) The Company entered into a consulting agreement with a company of which Director 1 controls in October 2023. In accordance with the agreement, it was agreed to provide consulting services, including but not limited to, provide the Company with corporate management services, (ii) provide the Company with introductions to certain entities which could form strategic alliances or partnerships with the Company, including assisting with negotiations with respect to any such alliance or partnership, and (iii) assist the Company with strategic planning and, Director 1 received a monthly fee of $7,500 and could earn discretionary performance-based bonuses. This agreement was in effect through March 2025. Effective April 2025, the Company entered into a new consulting agreement with Director 1, which had an indefinite term, and increased the monthly fee of $10,000. Director 1 earned certain discretionary bonuses in the form of shares and warrants during the nine months ended July 31, 2025. On January 15, 2025, Director 1 was granted 82,500 shares and 82,500 warra …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

"3. Summary of Significant Accounting Policies The significant accounting policies applied in the preparation of these unaudited condensed interim financial statements are consistent with the accounting policies disclosed in the Company's audited financial statements for the year ended October 31, 2025. Reclassifications Certain prior period amounts in the unaudited condensed consolidated financial statements have been reclassified to conform to the current period presentation. Specifically, regulatory expenses previously included in professional fees has been reclassified into Regulatory fees to better reflect the nature of the expenses. This reclassification had no effect on previously recorded operating expenses or net loss. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held with banks, funds in transit and when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of no more than three months. As of July 31, 2026, the Company had cash of $290,718 and cash equivalents of $1,680,690, for an aggregate amount of $1,971,408. As of October 31, 2025, there was cash of $4,808,965 and $0 of cash equivalents. The total uninsured cash and cash equivalents balance as of July 31, 2026, and October 31, 2025, were $909,868 and $4,554,887, respectively. Investment The Company has an investment of 19,327 shares of Series Seed Preferred Stock in a non-public company. This investment is less than 20% ownersh …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"11. Share capital Write-off of Deferred Offering Costs The Company was pursuing an Initial Public Offering ""IPO"", in which they were capitalizing costs incurred in connection with the potential offering as deferred offering costs. During the nine months ended July 31, 2026, the Company decided to pursue a direct listing rather than go forward with the IPO. Due to this, the Company wrote off $73,169 of deferred offering costs that were capitalized for the previously pursued IPO. These costs are recorded as a write-off of offering costs on the unaudited interim condensed statements of operations during the three and nine months ended July 31, 2026. Private Placements - Non-brokered The Company closed several non-brokered private placements in December 2024 and January 2025. The private placements consisted of units which were comprised of 1 share of common stock and 1 warrant. The warrants vested immediately, have a two-year life, and an exercise price equal to the price of the unit in the private placement. The price of the units of the private placements was $0.80. The Company issued a total of 687,500 shares for total proceeds of $550,000. The Company closed a non-brokered private placement in May 2025. The private placement consisted of units which were comprised of 1 share of common stock and 1 warrant. The warrants vested immediately, have a two-year life, and an exercise price equal to the price of the unit in the private placement. The price of the units of the priva …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

12. Subsequent Events On August 21, 2026, 160,338 warrants expired unexercised. On August 24, 2026, the Company issued 6,500 common shares to two vendors as part of their service agreements. The fair value of these shares was determined based on the Nasdaq closing price on August 21, 2026, of $8.89 per share. On August 24, 2026, the Company issued a total of 5,259 common shares to a director in settlement of liabilities owed for advisory and director fees. The fair value of these shares was determined based on the either a historical value of $2.30 per share for 3,658 shares and a volume weighted average price between May 21, 2026, and June 15, 2026, of $13.96 per share for 1,601 shares. On August 27, 2026, the Board of Directors agreed to amend and restate a service agreement previously approved on July 12, 2026, wherein a vendor will be issued common shares in the Company as part of a compensation package including cash and equity, the originally agreed aggregate amount of 50,000 shares shall be increased to an aggregate amount of 67,000 shares. The value of the original 50,000 common shares will be based on the closing trading price of the Company's shares on the previously agreed schedule of August 31 st and September 30 th . The additional new shares that will be issued along with the issuances on August 31 st and September 30 th , in equal amounts of 8,500 shares per issuance with a reserved price based on the market closing price on August 26, 2026, of $6.98 per share. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing