Material Event Form 8 K

Item 8.01. Other Events.

As previously reported, on February 18, 2022, LifeSci Capital LLC filed an action against the Company in the U.S. District Court for the Southern District of New York seeking damages in the amount of approximately $5.3 million plus interest for unpaid banking and advisory fees. These fees arise under contracts which were entered into prior to the business combination (the "Business Combination") with Petra Acquisition ("Petra") and the Company asserted that LifeSci Capital LLC was not entitled to the fee because it violated its responsibilities by misrepresenting to Petra the funds that would be available following the Business Combination, absent which Petra would not have entered into the Business Combination Agreement. Also as previously reported, on December 1, 2023 a Magistrate Judge issued a report recommending summary judgment in favor of LifeSci Capital LLC. On August 1, 2024 the District Court judge entered an order adopting the Magistrate Judge's report and granted the summary judgment and a judgment has been issued in the amount of approximately $7.3 million.

The Company has sufficient cash resources to satisfy the judgment and is in the process of doing so. Based upon the available cash, the satisfaction of the judgment will not have an immediate impact on the Company's development and clinical trial programs.