UNCY Q1 FY26 net loss doubles to $12.8M on warrant revaluation; ATM raises ~$20.2M (3.12354M × $6.46; filing rounds to up to $130M), lifts going concern

Filed May 12, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 14, 2025 · ~2 min read

Key Changes

• high

  Net loss widened 106% to $12.8M (from $0.6M net income in Q1 FY25) while operating loss grew only 6% to $8.4M, driven by a $4.8M non-cash loss on warrant liability revaluation as stock price rose from $1.1 million to $6.58 post-split and FDA approval probabilities increased.

  MD&A: Net Income/Loss Swing; Notes: Warrant Liability verify on EDGAR →
• high

  Going-concern warning removed after ATM offering raised $19.6M net (3.1M shares at $6.46 average) in Q1 FY26 plus $6.3M post-quarter, extending cash runway beyond 12 months; cash rose from $19.8M to $37.4M.

  MD&A: Going Concern; Notes: Subsequent Events verify on EDGAR →
• high

  Three lawsuits filed Aug 2025–Mar 2026 allege securities fraud and breach of fiduciary duty over OLC manufacturing disclosures and NDA approval prospects; defense costs may exceed insurance coverage and distract management.

  Legal Proceedings verify on EDGAR →