On February 26, 2025, the Company effected a 1-for-30 reverse stock split of its Common Shares (the "Reserve Stock Split"). The par value and the authorized shares of the Common Shares were not adjusted as a result of the Reverse Stock Split. All of the Company’s issued and outstanding common shares ("Common Shares"), stock options and warrants have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented.

These unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles in the United States ("GAAP") for interim financial statements and the rules and regulations of the Securities and Exchange Commission ("SEC") related to quarterly reports filed on Form 10-Q, assuming the Company will continue as a going concern. Accordingly, they do not include all financial information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company's ability to continue as a going concern exists. As of the filing date, the Company does not have sufficient cash to fund operations and relies on advances made by Hanmi (as defined below).

Since the Company's inception, the Company has financed its operations and technology acquisitions primarily through equity financing, proceeds from the exercise of warrants and stock options, advances made by Hanmi (as defined below) and interest income on funds held for future investment. Cash used for operating activities has primarily consisted of salaries and wages for management and employees, facility and facility-related costs for the Company's offices, fees paid in connection with preclinical and clinical studies, licensing fees, drug manufacturing costs, laboratory supplies and materials, and professional fees. Given the early stage of the Company's clinical trials, the Company does not expect to generate positive cash flow from operations in the foreseeable future. Negative cash flows are expected to continue until the Company receives regulatory approval to commercialize any of its products under development and/or when royalty or milestone revenue from such products exceeds expenses.

The Company incurred a net loss of $7.6 million for the three months ended March 31, 2026. As of March 31, 2026, the Company had an accumulated deficit of $574.1 million; cash and restricted cash of $4.1 million; current assets less current liabilities of negative $5.1 million; and shareholder's deficit of $34.7 million. The Company's cash needs for the twelve months subsequent to the issuance of these financial statements include estimates of the number of patients and rate of enrollment in its clinical trials, the amount of drug product the Company will require to support its clinical trials and general corporate overhead costs to support its operations. The Company has based these estimates on assumptions and plans that may change and could impact the magnitude and/or timing of operating expenses and its cash runway.

Management recognizes that in order to meet capital requirements and to continue operations, additional financing will be necessary (see Notes 7 and 8). The Company plans to raise additional funds to fund its business operations through debt or other financing activities. Management continues considering other options for raising capital including debt, through collaborations or reorganization to reduce operational expenses. However, given the decrease in the share price, the Company's delisting from Nasdaq, as well as the difficulty for micro-cap market capitalization companies to raise significant capital, the Company may be unable to access

financing when needed. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all.

The Company's ability to raise additional funds has been affected by adverse market conditions, the status of its product pipeline, delays in enrollment in its trial, and various other factors, and the Company may be unable to raise capital when needed, or on terms favorable to the Company. In the event that debt or equity financing is unable to be secured, the Company may need to resort to other means of protecting its assets in the best interests of its shareholders, including foreclosure or forced liquidation and/or seeking creditors’ protection.

As discussed in Note 7 below, on November 18, 2025, the Company entered into an Arrangement Agreement, as amended on February 23, 2026, to which Hanmi Purchaser will acquire all of the issued and outstanding Common Shares of the Company that are not currently owned or controlled by the Hanmi Purchasers or their respective affiliates, for a consideration of C$2.41 in cash for each Common Share of the Company. However, the completion of the Arrangement is dependent on the Company’s ability to satisfy all customary closing conditions. The outcome of this matter cannot be predicted at this time.

The aforementioned conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated interim financial statements do not reflect any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company is unable to continue as a going concern; these types of adjustments could be material.

These condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions, balances, revenue, and expenses are eliminated on consolidation.

No changes to the Company's significant accounting policies occurred during the three months ended March 31, 2026 as described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on March 31, 2026.

The preparation of the unaudited condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities at the date of the unaudited condensed consolidated interim financial statements and reported amounts of revenue and expenses during the reporting period. Actual outcomes could differ from those estimates. The unaudited condensed consolidated interim financial statements include estimates, which, by their nature, are uncertain, including estimates surrounding accrued research and development expenses. The impacts of such estimates are pervasive throughout the unaudited condensed consolidated interim financial statements and may require accounting adjustments based on future occurrences. The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.

The functional and presentation currency of the Company is the U.S. dollar.

The Company is subject to credit risk from its cash and restricted cash. The carrying amount of the financial assets represents the maximum credit exposure. The Company manages credit risk associated with its cash and restricted cash by maintaining minimum standards of R1‑low or A‑low investments. The Company invests only in highly rated corporations and treasury bills, which are capable of prompt liquidation.

The Company adopted no new accounting pronouncements during the three months ended March 31, 2026. Various accounting standards and interpretations were issued recently, none of which are expected to have a material impact on the Company's financial position, operations, or cash flows.