Financial Analysis

NOTE 5 COMMITMENTS AND CONTINGENCIES: a. License agreement CRT Pioneer Fund License Agreement In May 2021, the Company entered into a worldwide, exclusive license agreement with the CRT Pioneer Fund for CP800 and any of its derivatives, (collectively, the CP800 Program). CP800, now referred to as NXP800, is a small molecule drug candidate that the Company believes can be applied to a broad range of cancers. Prior to licensing by the Company, CRT was the commercial owner of the CP800 Program, which it acquired from the Institute of Cancer Research in London, UK (ICR). The ICR is a world-renowned research institute focused on the discovery and preclinical development of cancer therapeutics pursuant to the license agreement, the Company has an obligation to pay success-based milestones and royalties to CRT, as follows: 1) pre-approval milestone payments of up to approximately $26.5 million including an upfront nonrefundable payment of $3.5 million and $1.0 million in patient recruitment milestones which has already been paid; 2) regulatory approval and commercial sales milestones of up to $178 million (in addition to the above $26.5 million); and 3) mid-single digit to 10% royalties on a tiered basis on net sales. On March 31, 2022, the Company and ICR revised the license agreement for research and development support to a total of $865,000 (to allow for additional research activities). As of December 31, 2025 and 2024, no research and development expenses were recognized, due t …

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NOTE 7 SHARE BASED PAYMENTS a. Share Based Payments In January 2023, the Company granted 43,500 options with an exercise price of $7.51 per share, to a service provider, which will become exercisable between January 19, 2023, and January 18, 2025, into common shares based on the achievement of service condition, market condition or performance condition. During the year ended December 31, 2023, 2,792 options were exercised. Market and Performance conditions were achieved by December 31, 2025, thus all remaining 40,708 options are exercisable as of December 31, 2025. In February 2022, the Company granted to the underwriter of the IPO 128,000 fully vested warrants upon the IPO, exercisable into common shares with an exercise price of $6.25 per share for 5 years after the grant date. As of December 31, 2023, IPO warrants totaling 105,920 were exercised for $0.7 million. As of December 31, 2025 and 2024, no additional IPO warrants were exercised. In July 2022, the Company granted to the private placement agent of the July Private Placement, 115,481 warrants which become exercisable any time between January 23, 2023 and January 29, 2026, into common shares with an exercise price of $10.31 per share. As of December 31, 2023, 79,104 placement agent warrants were exercised for which the Company has received $0.8 million. As of December 31, 2025 and 2024, no additional placement agent warrants were exercised. b. 2021 Incentive Plan In May 2021, the Companys board of directors approved …

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"NOTE 10 INCOME TAXES: a. The Company has not recorded an income tax benefit for years ended December 31, 2025 and 2024, respectively. The Company has incurred net pre-tax losses in the United States only for all periods presented. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the carrying amounts of existing assets and liabilities in the financial statements and their respective tax bases using tax rates expected to be in effect during the years in which the basis differences reverse. On July 4, 2025, the enactment of the One Big Beautiful Bill Act (""OBBBA"") into law, marked a significant legislative development, resulting in substantial modifications to the U.S. tax code. The OBBBA influences multiple facets of taxation, including, but not limited to, maintaining the 21 percent corporate tax rate and makes permanent many of the beneficial expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act of 2017, including the immediate expensing of domestic research and development expenditures, more favorable interest deductibility and 100 percent bonus depreciation with effective dates in 2025. Revisions to the international tax framework are effective in 2026. The income taxes reported for the year ended December 31, 2025 incorporate all relevant tax provisions of this new law. b. Tax Rates: Income of the Company is taxed according to the federal tax laws in the US and the re …

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"p. Recently Adopted Accounting Pronouncements The Company qualifies as an emerging growth company (EGC) as defined under the Jumpstart Our Business Startups Act (the JOBS Act). Using exemptions provided under the JOBS Act for EGCs, the Company has elected to defer compliance with new or revised ASUs until it is required to comply with such updates, which is generally consistent with the adoption dates of private companies. q. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03 Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40). The ASU improves the disclosures about a public business entitys expenses and provides more detailed information about the types of expenses in commonly presented expense captions. The amendments require that at each interim and annual reporting period an entity will, inter alia, disclose amounts of purchases of inventory, employee compensation, depreciation and amortization included in each relevant expense caption (such as cost of sales, SG&A and research and development). The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. In December 2023, FASB issued an Accounting Standard Update No. 2023-09 Income Taxes (Topic 740) to e …

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NOTE 11 RELATED PARTY TRANSACTIONS: a. As for related party transactions regarding equity grants, see Note 7 and Note 12. …

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NOTE 9 SEGMENT REPORTING: a. The Company operates in one reportable segment: clinical development. The clinical development segment facilitates the development of potential new drug compounds, and its business is unified for the purposes of valuation of its performance. Management does not segregate its business for internal reporting. The Company's Chief Operating Decision Maker (CODM), who is the CEO evaluates the Company's performance based on its unified internal reporting which is consistent with the presentation in the Companys financial statements. Net loss is used to monitor budget versus actual results. The CODM uses many quantitative and qualitative factors including net loss, and quarterly cash burn in benchmarking the Company to its competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing managements compensation. Significant segment expenses are presented in the Companys statements of operations. Additional disaggregated significant segment expenses on a functional basis, that are not separately presented on the Companys statements of operations, are presented below: For the Year Ended December 31, 2025 2024 R&D Employee Expenses $ 7,966 $ 6,892 R&D Clinical Trial Expenses 5,461 4,330 R&D Professional Fees 157 156 R&D Manufacturing 2,131 1,535 R&D License Fees 2,438 5 G&A Professional Fees 5,253 3,462 G&A Employee Expenses 2,42 …

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NOTE 6 SHAREHOLDERS EQUITY: a. Private Placement in Public Entity On July 29, 2022, the Company closed a private placement offering (the July Private Placement), pursuant to the terms and conditions of a Securities Purchase Agreement (the Agreement), dated July 27, 2022. In connection with the July Private Placement, the Company issued 1,015,598 shares of common shares (the Shares), pre-funded warrants (the Pre-Funded Warrants) to purchase an aggregate of 909,091 shares of common shares and preferred investment options (the Preferred Investment Options) to purchase up to an aggregate of 1,924,689 shares of common shares. The purchase price of each Share and each Pre-Funded Warrant was the $8.25. The purchaser received one Preferred Investment Option for no consideration, with each Share or Pre-Funded Warrant purchased. The Pre-Funded Warrants had an exercise price of $0.001 per share, were exercisable on or after August 24, 2022, and are exercisable until the Pre-Funded Warrants were exercised in full. The Preferred Investment Options became exercisable on January 23, 2023 and are exercisable at any time on or after January 23, 2023 through January 29, 2026, at an exercise price of $9.65 per share, subject to certain adjustments as defined in the Agreement. On July 15, 2025, the exercise period of the Preferred Investment Options was extended to January 29, 2028, with the other terms remaining unchanged. The effect of the change in terms resulted in an incremental fair value …

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NOTE 12 SUBSEQUENT EVENTS: a. On January 6, 2026, the Company issued 150,000 RSAs to Mr. Ron Bentsur, Dr. Enrique Poradosu and Mr. Shay Shemesh each. b. On January 6, 2026, the vesting of the January 2025 Grants to Mr. Bentsur, Dr. Enrique Poradosu, and Mr. Shay Shemesh first 1/3 vesting of the grant was extended to July 15, 2026; the second vesting remained at January 12, 2027, and the third vesting remained at January 12, 2028. c. On January 6, 2026, the vesting of the January 2024 Grants to Dr. Enrique Poradosu and Mr. Shay Shemesh first and second 1/3 vesting of the grant was extended to July 15, 2026, and the third vesting remained at January 12, 2026. d. On January 6, 2026, the vesting of the July 2021 Grants, April 2022 Grants, and January 2023 Grants to Mr. Ron Bentsur, Dr. Enrique Poradosu and Mr. Shay Shemesh was extended to July 15, 2026. …

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