Greenland Mines pivots from biotech to dual mining/biotech model, burns $14M in Q1

Filed May 20, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~1 min read

Key Changes

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  Company acquired Greenland Mines Corp and the Skaergaard mineral exploration project in March 2026, changed name from Klotho Neurosciences, and now operates two segments (Biotech and Mining). Management calls this a 'significant change in business strategy and capital allocation priorities.'

  MD&A: Strategic Transformation verify on EDGAR →
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  Net loss exploded 565% to $14.1M vs $2.1M prior year, driven by merger-related compensation, new R&D spending, and expanded G&A. Operating cash burn tripled to $5.0M. Accumulated deficit grew from $12.8M to $35.0M.

  MD&A: Operating Results verify on EDGAR →
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  Company raised $7.75M in private placement, boosting cash from $566K to $10.0M and flipping working capital from negative $1.6M to positive $10.4M. Going concern warning persists despite improved liquidity.

  MD&A: Liquidity verify on EDGAR →