NOTE 13 — SUBSEQUENT EVENTS

In April 2026, Telcon offset KRW3.8 billion, or approximately $2.6 million, against the principal amount of the Company's Telcon convertible bond and the Company released KRW297.1 million, or approximately $202,000, in cash proceeds to Telcon in satisfaction of the target shortfall for the year ended December 31, 2025.

On May 14, 2026, Company and NeoImmuneTech, Inc., or NIT, entered into a letter agreement confirming May 15, 2026 as the “Effective Date” under the License and Exclusive Distribution Agreement, or License Agreement, between the parties pursuant to which the Company has granted NIT an exclusive license to our rights to market, sell, and distribute Endari® and any generic equivalents the Company may develop in sickle cell disease, or the Field, in the U.S. and its territories and possessions and Canada, or the Territory, in exchange for an upfront cash payment, a double digit percentage royalty on NIT’s sales of the licensed products and a double digit percentage of any NIT sublicenses of rights to the products. The letter agreement amended the License Agreement in certain respects relating to the “transition period” between the Effective Date and May 31, 2026.

Concurrently with the Effective Date, the Exclusive Supply Agreement between the parties also became effective. Pursuant to the Exclusive Supply Agreement the Company agrees to supply exclusively to NIT, and NIT agrees, subject to certain exceptions, to purchase exclusively from the Company all NIT’s requirements for the products in the Field in the Territory at a purchase price based upon the cost of production plus a specified percentage margin,