Red Flags Detected

• ⚠ Dilution Per Share to Investors In This Offering $3.28 (new) — New investors pay $5.50 per share while the as-adjusted net tangible book value is only $2.22, resulting in immediate dilution of $3.28 per share.
• ⚠ There Is No Established Public Trading Market For the Pre-funded Warrants or Common Share Warrants (new) — The warrants will not be listed on any exchange and no market is expected to develop, severely limiting their liquidity.
• ⚠ Common Share Warrants Will Expire On the Earlier of (i) the 18-month Anniversary of the Original Issuance Date and (ii) the 30th Day Following the Date of the Company’s Public Announcement of Phase 2 Vitiligo Topline Data For Eb06 (new) — Warrant expiration is tied to a specific clinical milestone, adding event risk for investors.
• ⚠ As of June 30, 2026, We Had Outstanding 9,633,223 of Our Common Shares, Options to Purchase 378,039 of Our Common Shares, ... and Warrants Exercisable to Purchase 745,349 of Our Common Shares. In Addition, Up to an Additional $2,262,508 of Our Common Shares May Be Sold From Time to Time Under the At the Market Offering Agreement (new) — Substantial share overhang from options, RSUs, convertible preferred shares, warrants, and an active ATM program could depress the share price.