Red Flags Detected

• ⚠ Common Share Warrants Expire On the Earlier of 18 Months From Issuance or 30 Days After the Company Announces Phase 2 Vitiligo Topline Data For Eb06 (new) — Warrant expiration is tied to a clinical milestone, creating event-driven risk for warrant holders.
• ⚠ Investors Purchasing Common Shares In This Offering Will Pay a Price Per Share and Accompanying Common Share Warrant That Substantially Exceeds the As Adjusted Book Value Per Share (new) — Immediate and substantial dilution for new investors.
• ⚠ There Is No Established Public Trading Market For the Pre-funded Warrants or Common Share Warrants Being Offered In This Offering, and We Do Not Expect a Market to Develop (new) — Warrants will not be listed, limiting liquidity.
• ⚠ As of June 30, 2026, We Had Outstanding 9,633,223 of Our Common Shares, Options to Purchase 378,039 of Our Common Shares, All of Which Were Exercisable As of That Date, 1,878,201 of Our Common Shares Underlying Rsus, 435,414 of Our Common Shares Issuable Upon the Conversion of Our Series A-1 Convertible Preferred Shares, 3,833,333 of Our Common Shares Issuable Upon the Conversion of Our Series B-1 Convertible Preferred Shares and Warrants Exercisable to Purchase 745,349 of Our Common Shares (new) — Substantial share overhang from options, RSUs, convertible preferred shares, and warrants could depress the share price.