10-Q

第一部分—財務信息財務信息

IteM 1. 基本報表。

CARMELL CORPORATION

簡明綜合資產負債表


	九月三十日			十二月三十一日
	2024			2023
	(未經審核)
資產
流動資產:
現金	$	1,137,325		$	2,912,461
預付款項		430,036			761,271
前期購買協議		—			5,700,451
庫存		97,890			—
所得稅應收		204,559			204,559
應收帳款及其他流動資產		15,079
可供出售的資產		—			53,321,372
全部流動資產		1,884,889			62,900,114
營業租賃權利資產		404,971			831,656
物業及設備，扣除累計折舊$684,345和$622,715，分別為		131,216			192,846
淨無形資產，扣除攤銷共 $49,968和$46,559，分別為		20,778			24,187
資產總計	$	2,441,854		$	63,948,803

負債及股東權益（赤字）
流動負債：
應付賬款	$	4,214,294		$	4,417,234
應計利息		1,175,845			1,175,845
應計費用及其他負債		334,569			1,595,434
應付貸款，扣除債務折扣		362,967			1,288,598
營業租賃負債		86,163			150,136
可供出售的負債		—			29,874,831
流動負債合計		6,173,838			38,502,078
長期負債：
租賃負債淨額，除去當期部分		332,573			697,715
總負債		6,506,411			39,199,793

承擔和或有義務（詳見第10條註釋）

股東（赤字）權益：
A系列可轉換投票優先股，$0.0001面值；-0-和 4,243截至2024年9月30日及2023年12月31日授權、已發行及流通的股份數量		—			1
0.010.0001面值， 250,000,000 授權股份數，以及 20,905,407 及 23,090,585於2024年9月30日及2023年12月31日分別發行及流通股數		2,091			2,309
資本公積額額外增資		63,890,731			83,250,101
累積虧損		(67,957,379	)		(58,503,401	)
總股東權益（逆差）		(4,064,557	)		24,749,010
負債總額和股東（赤字）權益	$	2,441,854		$	63,948,803

附註是這些未經審計的簡明綜合財務報表的一個組成部分。

CARMELL CORPORATION

綜合綜合綜合損益表

（未審計）


	截至三個月結束						截至九個月結束的日期
	九月三十日						九月三十日，
	2024			2023			2024			2023
毛銷售	$	58,915		$	—		$	71,235		$	—
折扣及津貼		(38,396	)					(38,396	)
淨銷售額		20,519			—			32,839			—
銷貨成本		4,840			—			5,132			—
毛利潤		15,679			—			27,707			—

營業費用：
銷售和行銷		120,062			—			131,107			—
研究與開發		331,806			1,590,899			865,292			3,154,881
一般及行政管理		965,622			507,948			2,957,890			1,655,846
無形資產的折舊和攤銷		17,978			23,158			65,039			73,533
重組費用		—			726,280			—			726,280
營業費用總額		1,435,468			2,848,285			4,019,328			5,610,540
營業損失		(1,419,789	)		(2,848,285	)		(3,991,621	)		(5,610,540	)

其他收入（費用）：
其他收益（費用）		13,145			13,247			41,970			47,327
利息費用		(7,123	)		(314,124	)		(21,953	)		(845,158	)
債務折價攤銷		—			(14,179	)		(19,549	)		(22,479	)
遠期購買協議損失		(1,420,137	)		(10,592,442	)		(5,700,451	)		(10,592,442	)
租約終止損失		(44,577	)		—			(44,577	)		—
衍生負債公允價值變動		—			4,697,138			—			826,980
其他收入（支出）總計		(1,458,692	)		(6,210,360	)		(5,744,560	)		(10,585,772	)
繼續營業虧損在所得稅開支之前		(2,878,481	)		(9,058,645	)		(9,736,181	)		(16,196,312	)

所得稅準備		—			—			—			—
持續營業虧損		(2,878,481	)		(9,058,645	)		(9,736,181	)		(16,196,312	)

停止營運損失歸屬於普通股股東		—			(2,406,124	)		(1,252,276	)		(2,406,124	)
出售停產業務所獲得的利益，屬於普通股東		—			—			1,534,479			—
淨虧損		(2,878,481	)		(11,464,769	)		(9,453,978	)		(18,602,436	)

Legacy A系列、Legacy C-1系列及Legacy C-2系列優先股票的分紅派息		—			(49,378	)		—			(676,023	)
歸屬於普通股股東的淨虧損	$	(2,878,481	)	$	(11,514,147	)	$	(9,453,978	)	$	(19,278,459	)

每普通股的淨（損失）收益 - 基本及攤薄：
持續營運淨損失	$	(0.14	)	$	(0.49	)	$	(0.45	)	$	(2.46	)
已中止的營運，稅後淨損失		—			(0.13	)		0.01			(0.35	)
每普通股淨損失	$	(0.14	)	$	(0.62	)	$	(0.44	)	$	(2.81	)

普通股加權平均數 - 基本和攤薄		20,905,407			18,629,730			21,516,291			6,871,258

附註是這些未經審計的簡明綜合財務報表的一個組成部分。

CARMELL CORPORATION

綜合股東權益（赤字）簡明合併財務報表

截至2024年和2023年9月30日止三個和九個月

（未經審核）


	A系列優先股						普通股票						其他 Paid-in			累積
	股份			金額			股票			金額			資本			資本總額			總計
截至2024年6月30日的餘額		—		$	—			20,905,407		$	2,091		$	63,705,035		$	(65,078,898	)	$	(1,371,772	)
以股票為基礎的補償費用		—			—			—			—			185,696			—			185,696
淨損失		—			—			—			—			—			(2,878,481	)		(2,878,481	)
截至2024年9月30日的餘額		—		$	—			20,905,407		$	2,091		$	63,890,731		$	(67,957,379	)	$	(4,064,557	)

2023年6月30日結餘		—		$	—			911,058		$	911		$	5,039,320		$	(50,146,603	)	$	(45,106,372	)
應計的A系列優先股股息		—			—			—			—			—			(12,655	)		(12,655	)
應計的C-1系列優先股股息		—			—			—			—			—			(2,912	)		(2,912	)
應計的C-2系列優先股股息		—			—			—			—			—			(33,811	)		(33,811	)
行使普通股期權		—			—			6,680			7			15,188			—			15,195
普通股變動的面值		—			—			—			(827	)		827			—			—
與Alpha進行業務組合，扣除交易成本後的淨額		—			—			18,302,510			1,830			55,380,524			—			55,382,354
在併購中向可換股票持有人發行的普通股		—			—			25,000			3			249,997			—			250,000
與AxoBio收購相關發行的普通股和A類優先股		4,243			1			3,845,337			385			21,652,404			—			21,652,790
以股票為基礎的供款支出		—			—			—			—			237,760			—			237,760
淨虧損		—			—			—			—			—			(11,464,769	)		(11,464,769	)
2023年9月30日結餘		4,243		$	1			23,090,585		$	2,309		$	82,576,020		$	(61,660,750	)	$	20,917,580

2024年1月1日的餘額		4,243		$	1			23,090,585		$	2,309		$	83,250,101		$	(58,503,401	)	$	24,749,010
從AxoBio處分收到的股票		(4,243	)		(1	)		(3,845,337	)		(385	)		(23,455,793	)		—			(23,456,179	)
根據票據發行的普通股		—			—			328,707			33			848,467			—			848,500
發行的普通股		—			—			1,331,452			134			2,687,091			—			2,687,225
以股票為基礎的薪酬費用		—			—			—			—			560,865			—			560,865
淨虧損		—			—			—			—			—			(9,453,978	)		(9,453,978	)
2024年9月30日的賬面		—		$	—			20,905,407		$	2,091		$	63,890,731		$	(67,957,379	)	$	(4,064,557	)

2023年1月1日結餘		—			—			896,580			897			4,590,855			(42,382,291	)		(37,790,539	)
應計的A級優先股股息		—			—			—			—			—			(164,510	)		(164,510	)
應計的C-1級優先股股息		—			—			—			—			—			(40,551	)		(40,551	)
應計的C-2級優先股股息		—			—			—			—			—			(470,962	)		(470,962	)
普通股期權行使		—			—			21,158			21			41,052			—			41,073
憑證發行作為票據關聯		—			—			—			—			55,062			—			55,062
普通股面值變動		—			—			—			(827	)		827			—			—
與Alpha的業務組合，扣除交易成本		—			—			18,302,510			1,830			55,380,524			—			55,382,354
在業務組合中向可轉換票據持有人發行的普通股		—			—			25,000			3			249,997			—			250,000
普通股和A輪優先股與AxoBio收購同時發行		4,243			1			3,845,337			385			21,652,404			—			21,652,790
基於股份的報酬費用		—			—			—			—			605,299			—			605,299
淨虧損		—			—			—			—			—			(18,602,436	)		(18,602,436	)
2023年9月30日的結餘		4,243		$	1			23,090,585		$	2,309		$	82,576,020		$	(61,660,750	)	$	20,917,580

附註是這些未經審計的簡明綜合財務報表的一個組成部分。

卡梅爾公司

簡明的合併現金流量表

（未經審計）


	在截至9月30日的九個月中，
	2024			2023
來自經營活動的現金流：
持續經營的淨虧損	$	(9,736,181	)	$	(16,196,312	)
已終止業務的虧損，扣除稅款		(1,252,276	)		(2,406,124	)
出售已終止業務的收益		1,534,479			—
爲使淨虧損與經營活動中使用的淨現金相一致而進行的調整：
出售已終止業務的收益		(1,534,479	)		—
基於股票的薪酬		560,865			605,299
無形資產的折舊和攤銷		65,039			73,533
使用權資產的攤銷		93,682			(5,675	)
債務折扣的攤銷		19,549			22,479
遠期購買協議公允價值的變動		5,700,451			10,592,442
衍生負債公允價值的變化		—			(826,980	)
以利息爲目的發行的股票		—			250,000
運營資產和負債的變化：
預付費用		331,235			(1,033,599	)
庫存		(97,890	)		—
應收賬款和其他流動資產		(15,079	)		28,175
可供出售的資產		4,662,980			4,748,384
應付賬款		(202,940	)		593,463
應計費用和其他負債		(1,260,865	)		271,251
租賃責任		(96,112	)		(75,219	)
應計利息		—			577,007
應繳所得稅		—			187,126
可供出售的負債		(2,389,343	)		(2,342,260	)
用於經營活動的淨現金		(3,616,885	)		(4,937,010	)

來自投資活動的現金流
購買財產和設備		—			(30,470	)
在 AxoBio 處置中支付的現金		(748,796	)		—
投資活動提供的（用於）淨現金		(748,796	)		(30,470	)

來自融資活動的現金流：
普通股發行的收益，扣除成本		2,687,225			—
發放貸款的收益		495,692			1,859,980
貸款的支付		(592,372	)		(106,631	)
業務合併的總收益		—			30,951,174
與業務合併相關的交易費用		—			(624,847	)
與遠期購買協議相關的現金轉移		—			(17,535,632	)
普通股期權行使的收益		—			41,064
可轉換票據的支付		—			(2,649,874	)
融資活動提供的淨現金		2,590,545			11,935,234

現金淨增加（減少）		(1,775,136	)		6,967,754
現金-期初		2,912,461			128,149
現金-期末	$	1,137,325		$	7,095,903

隨附的附註是這些未經審計的簡明合併財務報表的組成部分。

卡梅爾公司

現金流量表 (續)

(未經審計)


	截至9月30日九個月期間
	2024		2023
補充現金流量信息：
已支付利息	$	21,953	$	11,367
所得稅已付款項		—		423,754

非現金融資活動：
AxoBio處置中收到的股份公允價值	$	23,456,179	$	—
與可轉換票據相關的普通股發行		848,500		—
與終止租約相關的使用權資產和租賃負債的減少		333,003		—
在AxoBio收購中獲得的淨資產				43,135,082
在AxoBio收購中產生的可變現負債和應付遞延對價				21,482,292
在AxoBio收購中發行的A系列優先股和普通股				21,652,790
應計的遺留A系列優先股股息		—		164,510
應計的遺留C-1系列優先股股息		—		40,551
應計遺留的C-2系列優先股股利		—		470,962
與應付貸款相關的債務折讓		—		55,062
與業務合併相關的未支付交易成本				1,186,219
與業務合併相關的未支付負債				6,179,562
與業務合併相關的普通股和優先股轉換		—		32,092,096

附註是這些未經審計的簡明綜合財務報表的組成部分。

卡梅爾公司

簡明合併財務報表附註

（未經審計）

注1 — 組織和業務的性質

除非上下文另有要求，否則在業務合併（定義見下文）關閉之前提及的「Carmell」或「公司」是指特拉華州的一家公司Carmell Therapeutics Corporation（「Legacy Carmell」），在業務合併完成後，旨在指特拉華州的一家公司卡梅爾公司及其合併子公司。

Carmell Corporation是一家生物美容公司，開發化妝品護膚和護髮產品，這些產品利用Carmell Secretome™ 局部提供蛋白質和生長因子，以支持皮膚和頭髮健康。Carmell Secretome™ 由來自美國食品藥品監督管理局批准的組織庫的異基因人血小板中提取的強效蛋白質、肽和生物脂質混合物組成。該公司的產品線還包括正在開發的創新骨骼和傷口癒合產品。卡梅爾的業務總部設在賓夕法尼亞州的匹茲堡。該公司作爲單一細分市場運營，其所有業務均位於美國。卡梅爾的普通股，面值美元0.0001 每股（「普通股」）和可贖回認股權證，每份完整認股權證可行使一股普通股，行使價爲美元11.50，在納斯達克資本市場上分別使用股票代碼「CTCX」和「CTCXW」進行交易。

業務組合

2023年7月14日（「截止日期」），公司根據截至2023年1月4日的業務合併協議（「業務合併協議」）的條款，完成了特拉華州公司、Carmell（「Alpha」）的前身Alpha Healthcare Acquisition Corp. III、特拉華州公司Candy Merger Sub, Inc.（「Merger Sub」）（「Merger Sub」）的業務合併（「合併子公司」）和 Legacy Carmell，根據該協議，Merger Sub 與 Legacy Carmell 合併併入了 Legacy Carmell，Legacy Carmell 是該業務中倖存的公司組合。業務合併生效後，Legacy Carmell成爲該公司的全資子公司。根據業務合併協議，在截止日期，Alpha更名爲「Carmell Therapeutics Corporation」，Legacy Carmell更名爲「Carmell Regen Med Corporation」。2023年8月1日，公司向特拉華州國務卿提交了第三次修訂和重述的公司註冊證書修正案，將其名稱更改爲「Carmell Corporation」。

根據業務合併協議，在業務合併生效時（「生效時間」），（i）Legacy Carmell的每股已發行普通股（「Legacy Carmell普通股」）均轉換爲獲得相當於適用匯率（定義見業務合併協議）的普通股數量的權利；（ii）Legacy Carmell的每股已發行優先股均轉換爲普通股有權獲得將要發行的普通股總數標的Legacy Carmell普通股的轉換，乘以適用的交易比率；（iii）購買Legacy Carmell普通股的每股未償還期權和認股權證（視情況而定）轉換爲期權或認股權證，以購買一定數量的普通股，等於受該期權或認股權證約束的傳統卡梅爾普通股數量乘以適用的交易比率；以及（iv）Alpha A類普通股的每股已發行股份，面值 $0.0001 每股（「A類普通股」）和每股Alpha b類普通股，面值美元0.0001 每股（「b類普通股」）轉換爲一股普通股。截至截止日期，傳統卡梅爾普通股的匯率爲 0.06154，而Legacy Carmell每隻未償還的衍生股票證券的匯率介於兩者之間 0.06684 和 0.10070.

2023年7月11日，即阿爾法股東批准業務合併的特別會議（「特別會議」）的記錄日期，有（i） 15,444,103 已發行和流通的A類普通股的股份以及 (ii) 3,861,026 由Alpha的贊助商AHAC贊助商III LLC（「贊助商」）發行和流通並持有的b類普通股。此外，在Alpha首次公開募股（「IPO」）的截止日期，Alpha發行了 455,000 認股權證以私募方式向保薦人購買A類普通股。在特別會議之前，持有者 12,586,223 Alpha首次公開募股中發行的單位中包含的Alpha A類普通股股份（不包括 1,705,959 根據遠期購買協議（定義見附註2），Meteora（定義見附註2）直接從贖回股東那裏購買的A類普通股（定義見下文）行使了以約美元的價格將此類股票贖回現金的權利10.28 每股（扣除聯邦和特許經營稅負債的預扣額），總贖回價格約爲美元29,374,372。贖回價格是從Alpha的信託帳戶中支付的，在考慮贖回後但在扣除任何交易費用之前，該帳戶的餘額爲美元29,376,282 在截止日期.

該項業務合併是根據美國普遍接受的會計原則（「GAAP」）作為反向資本化帳目。根據這種會計方式，Alpha 因財務報告目的而被視為收購的公司，而 Legacy Carmell 則被視為會計收購公司。企業合併之前的業務是傳奇卡梅爾的。除非另有註明，否則本公司已追溯調整所有普通股及優先股及相關股價資料，以實施業務合併協議中所訂立的兌換比率。

阿克索洛特生物學收購

於 2023 年 8 月 9 日（「合併截止日期」），本公司根據日期的合約和合併計劃完成收購阿克索洛特生物科技股份有限公司（「AxObio」）二零二三年七月二十六日（修訂後，「合併協議」），由該公司、AxObio、阿茲特克合併子公司（「合併子公司」）（「合併子公司」）和公司全資附屬公司 Axolotl Biologix LLC（「合併子公司」）之間進行之間。在合併協議所規定的交易完成後，(a) 合併 Sub I 與 AxObio 合併，之後合併 Sub I 的獨立公司存在終止，AxObio 繼續作為存在的公司，及 (b) AxObio 與併入合併 Sub II，之後 AxObio 停止存在，並且合併 Sub II 作為公司的全資子公司（集體稱為「AxoBio」收購」）。在 AxoBio 收購的有效時間（「合併生效時間」），AxoBio 普通股的每股，面值 $0.001 於合併生效時間前立即發行及未發行的每股（不包括不同股份（如合併協議中定義）及持有為庫存股份之股份）被取消，並轉換為獲得以下按比例份額的權利：

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$8,000,000 現金（「結束現金代價」），在交付 AxObio 經審計的財務報表時支付；

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3,845,337 普通股股份及 4,243 於合併截止日期發行的新指定系列 A 系列可換股票優先股（「A 系列優先股」）之股份（「收盤股代價」）；及

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高達 $9,000,000 現金及高達 $66,000,000 以普通股的股份，在每個情況下均須達到某些收入目標和研發里程碑（以下簡稱「逾期」）。

阿克索洛特生物學處理

2024 年 3 月 20 日，該公司與 AxoBio 的前股東簽訂了會員權益購買協議（「購買協議」），包括伯恩斯創業有限責任公司（「BVLLC」）、H.羅德尼伯恩斯（「伯恩斯」）、AXO XP 有限責任公司（「AXPLLC」）和蛋白質基因組有限責任公司（「PGEN」），並與 BVLLC、伯恩斯和 AXPLLC 一起簽訂會員權益購買協議（「購買協議」）。統稱「買家」及每個「買家」），根據其中列明的條款和條件下，本公司出售 AxObio 所有未償還的有限責任公司權益（「AxoBio 處置」）如下所述的買家進行總考慮。阿克索比奧盤點已截止二零二四年三月二十六日.

AxoBio 處置的代價包括 (i) 最初作為合併協議向買家作為代價發出的收盤股代價，(ii) 取消總本金額為 $ 向買家支付的債券8,000,000 作為 AxoBio 收購中的最終現金代價發行，以及 (iii) 終止本公司就逾期付款的義務。

風險與不確定性

全球金融市場中斷和衰退或市場調整，包括俄羅斯和烏克蘭之間持續的軍事衝突以及對俄羅斯施加的相關制裁，以及以色列和哈馬斯之間的衝突以及中東相關緊張局勢以及其他全球宏觀經濟因素，如通脹和利率變化，可能會降低公司獲取資本的能力，將來可能對公司的流動性產生負面影響，並可能會對公司的業務和價值進行重大影響它的普通股票。

註 2 — 重要會計政策摘要

演示基礎

未經審核的簡明綜合財務報表已根據 GAAP 擬備中期財務資料的準則，並按照表格 10-Q 和規例 S-X 第 8 條所載的指示擬備。因此，它們不包括 GAAP 對完整財務報表所需的所有信息和註腳。這些未經審核的簡明綜合財務報表應與截至 2023 年 12 月 31 日止財政年度之公司 10-k 表年報中所包含的綜合財務報表一併閱讀。隨附的未經審計簡明綜合財務報表包括一般經常經常性質的調整，以及公平呈現中期業績所需的調整。中期的業績並不一定表明全年預期的業績。

新興成長企業地位

本公司為依據經修訂的1933年證券法第2(a)條定義的「新興成長公司」，並依據2012年《創業公司啟動法案》（「JOBS法案」）修訂的規定，可能享有某些豁免，這些豁免適用於不具新興成長公司的其他上市公司，包括但不限於，不需要遵守2002年《薩班斯-奧克斯利法》第404條對於審計人評估的要求、在定期報告及代理聲明中減少有關高管薪酬的披露義務，以及豁免不締結非約束性諮詢投票以決定高管薪酬的要求和對任何未經批准的金色降落傘付款的股東批准。

此外，JOBS法案第102(b)(1)條免除新興成長公司遵從新的或修訂的財務會計標準，直到私人公司（即，尚未有證券法註冊聲明被宣告有效或未在經修訂的1934年證券交易法（「交易所法」）下註冊的證券類別的公司）需要遵守新的或修訂的財務會計標準。JOBS法案規定，公司可以選擇不使用延長過渡期並遵從適用於非新興成長公司的要求，但任何此類選擇不使用都是不可撤銷的。本公司已選擇不退出此延長過渡期，這意味著當某一標準被發布或修訂並對於上市公司或私人公司的適用日期有所不同時，本公司作為新興成長公司，可以在私人公司採用新的或修訂標準的同時採用該新的或修訂標準。這可能使本公司的基本報表與其他既非新興成長公司也非新興成長公司且已選擇不使用延長過渡期的上市公司的比較變得困難或不可能，因為所使用的會計標準可能存在潛在差異。

估計的使用

根據GAAP準則編製的未經審計的簡明合併基本報表需要管理層進行估算和假設，這些估算和假設影響未經審計的簡明合併基本報表及其附註中報告的金額。這些未經審計的簡明合併基本報表中的重要估算包括與前購資產、收益負債、衍生負債、長期資產和商譽減值、所得稅的準備金或利益及相應的遞延稅資產的估值備抵以及或有負債相關的估算。如果未經審計的簡明合併基本報表所基於的根本估算和假設在未來發生變化，實際金額可能與附註中包含的金額有所不同。

業務組合

本公司根據收購的可確定公平價值，將收購的對價的公平價值分配給實體資產、負債和無形資產。收購對價的公平價值超過這些可識別資產和負債的公平價值的部分記錄為商譽。與收購相關的費用在發生時支出，並計入一般及行政費用。

購買價格的分配需要管理層在確定獲得的資產和承擔的負債的公平價值時進行重大估算，特別是對無形資產的估算。這些估算是基於從被收購公司的管理層和歷史經驗獲得的信息。這些估算可以包括但不限於資產未來預期產生的現金流和從獲得資產中預期節省的成本。這些估算本質上是不確定和不可預測的，如果使用不同的估算，收購的購買價格可能會與本公司所做的分配不同地分配到獲得的資產和負債。

終止業務

在2024年3月26日，公司完成了如上文第1條所述的AxoBio處置。根據財務會計標準委員會會計標準彙編（“ASC”）205，基本報表的呈現，終止業務，其他呈現事項（“ASC 205”）AxoBio的資產和負債在附帶的未經審計的簡明合併資產負債表中被歸類為可供出售，其業務結果在附帶的未經審計的簡明合併營運報表中報告為終止業務。

板塊報告

ASC主題第280條，板塊報告 (“ASC 280”), establishes standards for the way that public business enterprises report information about operating segments in their annual consolidated financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC 280 also establishes standards for related disclosures about products and services, geographic areas and major customers. The Company’s business segments are based on the organizational structure used by the chief operating decision-maker to make operating and investment decisions and assess performance. Our chief executive officer, who is our chief operating decision-maker, views the Company’s operations and manages its business in 一 operating segment, which is the business of developing and commercializing cosmetic and regenerative care products.

現金及現金等值

本公司將所有購買時原有期限為三個月或更少的短期投資視為現金等值。現金和現金等值由金融機構持有，並且在某些限制內受聯邦保險。有時，公司的現金和現金等值餘額超過聯邦保險限額，這可能使公司受信貸風險集中。截至 2024 年 9 月 30 日及 2023 年 9 月 30 日止九個月內，本公司沒有因現金及現金等值而遭受超過聯邦保險存款限額的損失。截至 2024 年 9 月 30 日，該公司的現金超過美元的聯邦保險限額819,484。截至二零二四年九月三十日及二零二三年十二月三十一日，該公司現金等值為美元25,297 和 $30,000，分別。截至 2023 年 12 月 31 日的現金等值在附帶的未經審核簡合併資產負債表中，將可供出售的資產組成部分。

遠期購買協議

2023 年 7 月 9 日，阿爾法及美泰奧拉特殊機會基金 I、LP（「MSOF」）、梅特奧拉資本合作夥伴、LP（「MCP」）和梅泰奧拉精選交易機會大師，LP（「MSTO」），並與 MCP 和 MSOF，「賣家」或「Meteora」一起簽訂遠期購買協議（「遠期購買協議」），規定有關櫃檯股權遠期交易至生效時間之前，A 類普通股，以及在生效時間之後，普通股。根據遠期購買協議的條款，於截止日期，賣家直接向 Alpha 股東購買 1,705,959 價格為 $ 的 A 類普通股（「回收股」）股10.28 每股（以下簡稱「初始價格」），即根據 Alpha 修訂及修訂的第二份公司註冊證明書（「修訂第二條約章」）第 9.2 (a) 條，允許 A 類普通股持有人在業務合併有關的股份贖回價格。

根據遠期購買協議的條款，於截止日期，公司向賣家支付總現金金額為 $17,535,632，等於 (a) 回收股份和 (b) 初始價格的產品。在《FPA 修訂》（如下所定義）之前，結算日期為 (a) 截止日期的第一周年及 (b) 在 Meteora 在 Meteora 的書面通知中指明的日期發生後 (i) 除牌事件（如遠期購買協議所定義）或 (ii) 註冊失敗（如遠期購買協議所定義）發生後的最早結算日期。自行決定權（其結算日期不能早於該通知日期）。

2024 年 8 月 6 日，本公司與 Meteora 修訂「遠期購買協議」（「FPA 修訂」），將結算方式從實體結算變更為現金結算。根據 FPA 修訂，Meteora 同意在估值期最後一天後的第十個工作日 (如下所定義) 即時向本公司支付現金，金額等於 (i) 1,705,959 受遠期購買協議的普通股票乘以估值期內每日交易量加權平均價格（「結算金額」），減去 (ii) 1,705,959 普通股份乘以 $0.75 （「結算金額調整」）。「估值期」在《FPA 修訂》中定義為二零四年七月十四日（「估值日期」）開始，至於交易日下午四時結束的期間 10在納斯達克資本市場的普通股股票累計交易量的百分比已達到截至估值日期的未平倉普通股股數量的百分比。如果在估值期結束時，結算金額小於結算金額調整，則不會向本公司或向本公司發出任何資金。2024 年 10 月 9 日，估價期已結束，並根據其條款，已修訂的遠期購買協議到期，無須向 Carmell 或向 Carmell 付款，因為結算金額小於結算金額調整。

應收帳款淨額

應收帳款會以原始商業發票金額記錄。應收帳款根據合同付款條款視為過期。本公司根據收款歷史和當前經濟趨勢保留其應收應收帳款餘額的百分比，預期將影響公司應收帳款年期內的信貸損失水平。這些儲備將定期重新評估，並根據需要進行調整。一旦應收款項被視為不可追收，該等餘額將從儲備金中扣除。截至 2024 年 9 月 30 日及 2023 年 12 月 31 日，該公司沒有任何儲備金有關未收取其應收帳款的潛在可能性。公司全部 '截至 2023 年 12 月 31 日，該公司的應收帳款與 AxoBio 有關，並在附帶的未經審核簡綜合資產負債表中分類為可供出售的資產組成部分。

庫存

庫存以成本或可實現淨值較低的表示。使用平均成本方法來計算成本。本公司定期審查現有庫存數量，並記錄其認為可實現淨值降低的庫存。管理層會根據現有庫存、產品競爭力、市場條件和產品生命週期，考慮預測需求，以及可實現價值淨值調整。截至二零二三年十二月三十一日，全公司庫存與 AxoBio 有關，並在附帶的未經審核簡綜合資產負債表中分類為可供出售的資產組成部分。該公司有沒有預留截至二零二四年九月三十日及二零二三年十二月三十一日為過時。

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Maintenance and repair charges are expensed as incurred. Fixed assets are depreciated using the straight-line method using the following estimated useful lives:

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Equipment – 5-7 years

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Leasehold improvements – The lesser of 10 years or the remaining life of the lease

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Furniture and fixtures – 7 years

Goodwill and Intangible Assets

Goodwill is not amortized but tested for impairment on an annual basis in the fourth quarter and more frequently if events or changes in circumstances indicate that the asset may be impaired. The Company’s impairment tests are based on a single reporting unit structure. The carrying value and ultimate realization of these assets are dependent upon estimates of future earnings and benefits that the Company expects to generate from their use. If the expectations of future results and cash flows are significantly diminished, intangible assets and goodwill may be impaired, and the resulting charge to operations may be material. First, the Company assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. If, after assessing qualitative factors, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. If deemed necessary, a two-step test is used to identify the potential impairment and to measure the amount of goodwill impairment, if any. The first step is to compare the fair value of the reporting unit with its carrying amount, including goodwill. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the impairment loss recognized should not exceed the total amount of goodwill allocated to that single reporting unit. All of the Company’s goodwill was related to the AxoBio Acquisition and totaled $19,188,278 as of December 31, 2023, which is classified as a component of assets available for sale in the accompanying unaudited condensed consolidated balance sheets.

Finite-lived intangible assets are carried at cost and amortized based on an economic benefit period, which is seven to twenty years. The Company evaluates finite-lived intangible assets for impairment by assessing the recoverability of these assets whenever adverse events or changes in circumstances or business climate indicate that expected undiscounted future cash flows related to such intangible assets may not be sufficient to support the net book value of such assets. An impairment charge is recognized in the period of identification to the extent the carrying amount of an asset exceeds the fair value of such asset. Costs billed to the Company as reimbursement for third parties’ patent submissions are considered to be license fees and are expensed as incurred. Intangible assets related to AxoBio are classified as a component of assets available for sale in the accompanying unaudited condensed consolidated balance sheets.

Finite-lived intangible assets are amortized using the straight-line method using the following useful lives:

•

Customer contracts – 20 years

•

Trade name – 7 years

•

Intellectual property – 7 years

•

Patents – 16 years

Significant judgments required in assessing the impairment of goodwill and intangible assets include the assumption the Company only has a single reporting unit, identifying whether events or changes in circumstances require an impairment assessment, estimating future cash flows, determining appropriate discount and growth rates and other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value and whether an impairment exists and, if so, the amount of that impairment. The Company has not recognized any goodwill or intangible asset impairment charges in the nine months ended September 30, 2024 and 2023.

Series A Voting Convertible Preferred Stock

In connection with the AxoBio Acquisition, the Company issued 4,243 shares of Series A Preferred Stock to former AxoBio stockholders. Based on the limited exception under ASC 480-10-S99-3A(3)(f) for equity instruments that are subject to a deemed liquidation provision if all of the holders of equally and more subordinated equity instruments of the entity would always be entitled to also receive the same form of consideration (for example, cash or shares) upon the occurrence of the event that gives rise to the redemption (that is, all subordinate classes would also be entitled to redeem), the Company determined that the Series A Preferred Stock should be classified as permanent equity.

Earnout Liability

In connection with the AxoBio Acquisition, the former stockholders of AxoBio were entitled to receive the Earnout, consisting of up to $9,000,000 in cash and up to $66,000,000 in shares of Common Stock, subject to the achievement of certain revenue targets and research

and development milestones. In accordance with ASC 805, Business Combinations (“ASC 805”), the Earnout was included in the purchase price for AxoBio at the Merger Closing Date and subsequently remeasured at each reporting date with changes in fair value recorded as a component of other (expense) income in the accompanying unaudited condensed consolidated statements of operations. As of December 31, 2023, the Company determined that the performance-based targets would not be met and that the Earnout would not be payable.

Revenue Recognition

The Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized when control of promised goods or services is transferred to a customer in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. Revenue is recognized based on the following five-step model:

•

Identification of the contract with a customer;

•

Identification of the performance obligations in the contract;

•

Determination of the transaction price;

•

Allocation of the transaction price to the performance obligations in the contract; and

•

Recognition of revenue when, or as, the Company satisfies a performance obligation.

All of the Company's revenue for the three and nine months ended September 30, 2024 was derived from sales for which the price is fixed. Such revenue is recognized upon the shipment of the related goods.

Selling and Marketing Expenses

Selling and marketing expenses included in continuing operations principally consist of marketing and advertising expenses. Such costs are expensed as incurred. The Company incurred advertising expenses of $32,867 for the three and nine months ended September 30, 2024. Selling and marketing expenses related to AxoBio, which are reported as a component of discontinued operations in the accompanying unaudited condensed consolidated statements of operations, totaled $0 and $100,000 for the three and nine months ended September 30, 2024, respectively, and $3,069,520 for the three and nine months ended September 30, 2023. Such expenses consist primarily of advertising expenses, commissions and freight expenses, and the distribution and marketing expenses described above in the revenue recognition policies.

Research and Development Expenses

Research and development expenses are expensed as incurred and consist principally of internal and external costs, which include the cost of product development, patent licenses, contract research services, and laboratory supplies.

Income Taxes

Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2024 and December 31, 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities for all tax years subsequent to 2020.

Net Loss Per Share

Under ASC 260, Earnings per Share, the Company is required to apply the two-class method to compute earnings per share (“EPS”). Under the two-class method, both basic and diluted EPS are calculated for each class of common stock and participating security, considering both dividends declared (or accumulated) and participation rights in undistributed earnings. The two-class method results in an allocation of all undistributed earnings as if all those earnings were distributed. As the Company has generated losses in each reporting period since its inception, the Company also considered the guidance related to the allocation of the undistributed losses under the two-class method. The contractual rights and obligations of the shares of Legacy Preferred Stock (as defined in Note 12 below) and the Company’s warrants were evaluated to determine if they have an obligation to share in the losses of the Company. As there is no

遺產優先股持有人或本公司認股權證持有人承擔本公司損失的義務，而繼承優先股股份或認股權證的合約本金或贖回金額不會因本公司所產生的損失而減少，根據兩類方式，未分配損失完全分配給普通股。每股盈利資料已經過後調整，以反映應用於 Legacy Carmell 歷史上出行股份數目的業務合併比率。截至業務合併日期，Alpha 的股票視為用於每股收益目的發行。

本公司計算每股基本虧損，通過將期內普通股持有人應佔虧損除以該期內出售普通股股份的加權平均數目。本公司的認股權證、期權、舊式優先股及可換股票據可能被行使或轉換為普通股，然後在本公司盈利中分享。然而，在計算每股稀釋虧損時，這些可轉換工具、認股權證和期權將被排除，因為這些可轉換工具、認股權證和期權將在展示期間內有反稀釋性。因此，每股稀釋虧損與所述期間的每股基本虧損相同。

截至二零二四年九月三十日止三個月及九月三十日止三個月及九個月的稀釋加權平均股票，截至 2024 年 9 月 30 日止的潛在稀釋平均股票中，包括以下（以普通股等值計算）：


	九月三十日
	2024	2023
A 系列優先股（如果轉換）	—	4,243,000
股票期權	2,486,531	1,551,886
普通股權證	4,640,929	4,638,444
總計	7,127,460	10,433,330

基於股票的補償

本公司適用 ASC 718 的規定，補償-股票補償（「ASC 718」），規定在未經審核簡明綜合業務報表中對所有向僱員的股票式獎勵（包括員工股票期權）進行評估和承認薪酬費用。

對於向員工和公司董事會成員（「董事會」）為其服務而發行的股票期權，本公司使用 Black-Scholes 期權定價模式估計每個期權的授予日期公平價值。使用 Black-Scholes 期權定價模式，要求管理層就期權的預期期限、普通股的預期波動率與期權的預期壽命一致、無風險利率和普通股的預期股息收益率做出假設。對於符合服務型權益條件的獎項，包括具有分級授權時間的獎勵，本公司會在必要服務期間（通常是授權期限）內，以直線方式承認股票基本補償費用等於股票期權的授予日期公平價值。沒收的款項被記錄為已發生，而不是在撥款時預估並修訂。

在 2018-07 年度會計準則更新 (「ASU」) 下，薪酬-股票補償（主題 718）：改善非僱員以股份為本的薪酬會計，本公司按照 ASC 718 規定向非僱員發行的股票期權以供其服務進行帳目。本公司使用估值方法和假設來估值股票期權的股票期權，這些股票期權是符合上述評估的過程。

租賃

本公司根據 ASC 842 處理其租賃契約，租賃，經修訂。本公司的租賃包括辦公空間的租賃權。公司決定安排是否包含 ASC 842 定義的開始時租約。為符合 ASC 842 規定的租賃定義，該合約安排必須向公司賦予該公司控制某個可識別資產的使用權利，以換取代價。使用權（「ROU」）資產代表在租賃期內使用相關資產的權利，而租賃負債表示從租賃條款所產生的租賃付款的義務。ROU 資產和負債將根據租賃期內租賃付款的估計現值在租賃開始日記錄。二零二四年八月，本公司終止其中一份租賃並承認虧損為 $44,577 與此終止有關。

濃度

一客戶會計 100二零二三年，阿克索比奧營收的百分比 100截至 2023 年 12 月 31 日，其應收帳款的百分比。AxoBio 的人類陰道合併體產品組成 100截至 2023 年 12 月 31 日止年度的收入百分比，全部由一家供應商 — 畢諾克移植技術有限責任公司購買。

公平價值評估及金融工具公平價值

公司將其按公平價值定期估值的資產和負債分類為三級公平價值階層

in accordance with GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy below gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, deferred consideration payable and related party loans payable approximate fair value because of the short-term maturity of such instruments.

•

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

•

Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

•

Level 3 - Inputs are unobservable inputs that reflect the reporting entity’s assumptions on the assumptions the market participants would use to price the asset or liability based on the best available information.

Other financial assets and liabilities are categorized based on a hierarchy of inputs as follows:


	2024年9月30日				2023年12月31日				公允價值
	賬面價值		估計公允價值		賬面價值		估計公允價值		輸入層級
前期購買協議	$	—	$	—	$	5,700,451	$	5,700,451	第三級
SBA貸款		—		—		1,505,070		1,498,000	第2級

截至2024年9月30日的九個月內，第三級金融資產及負債的公允價值變化如下：


遠期購買協議：
期初餘額	$	5,700,451
公允價值變動		(5,700,451	)
期末賬面	$	—

遠期購買協議作為ASC 480範疇內的金融工具按公允價值入帳，區分負債和權益並在結算日结果產生了資產。根據遠期購買協議公司位置的公允價值是以看漲/看跌選擇權定價模型截至2023年12月31日計算的。2023年12月31日估值模型中納入的假設包括每股價格為$3.81每股的終止費用為$0.50 債務利率為 12.95%，期限為 0.54 年。截至2024年9月30日，確定遠期購買協議的公允價值為$0 因為由於結算金額低於結算金額調整，沒有應付款項或應收款項與Carmell相關，如附註1中所述。

附註 3 — 業務結合

AxoBio收購

AxoBio的收購反映在未經審計的簡明合併基本報表中，根據ASC 805的會計收購方法，該公司被視為AxoBio收購的會計和法律收購方。經判定，AxoBio是一個變量利益實體，因為AxoBio的總風險股本不足以使其在沒有額外次級金融支持的情況下融資其活動，該公司是主要受益人。根據ASC 805，該公司以公允價值記錄AxoBio的資產和負債。為了估算在未經審計的簡明合併財務信息中所反映的收購資產和假定負債的公允價值，該公司已應用ASC 820中的指導，公允價值衡量和披露（“ASC 820”）建立了收購中公允價值測量的框架。根據ASC 820，公允價值是一個退出價格，並定義為“在測量日市場參與者之間的有序交易中，為出售資產或轉移負債所收到的價格。”根據ASC 805，與收購相關的交易成本不包括在轉移的對價元件中，而是在成本發生的期間作為費用入賬。 AxoBio收購中轉移的購買對價的公允價值如下：


普通股 - 3,845,337股份	$	11,270,683
A類可轉換投票優先股 - 4,243股份		10,382,107
收購金額分期付款		13,482,292
遞延支付		8,000,000
轉讓的總估計價值	$	43,135,082

The fair value of the Series A Preferred Stock was estimated at $2,447 per share, using the put option model, based on the market value of the Common Stock at the Merger Closing Date, conversion rate, projected conversion term, and estimated discount for lack of marketability. Deferred consideration is related to the Closing Cash Consideration of $8,000,000, that was payable upon delivery of the AxoBio 2022 audited financial statements. The 2022 audited financial statements were delivered in October 2023, and as such, the cash consideration was payable at December 31, 2023.

In connection with the AxoBio Acquisition, the former stockholders of AxoBio were entitled to receive payment of the Earnout consisting of up to $9,000,000 in cash and up to $66,000,000 in shares of Common Stock, subject to the achievement of certain revenue targets and research and development milestones. In accordance with ASC 815-40, as the Earnout was not indexed to the Common Stock, it was accounted for as a liability at the Merger Closing Date and is subsequently remeasured at each reporting date with changes in fair value recorded as a component of discontinued operations in the accompanying unaudited condensed consolidated statements of operations.

The fair value of the Earnout was estimated as of the Merger Closing Date using (1) the probabilities of success and estimated dates of milestone achievements in relation to the research and development milestones, and (2) probability-adjusted revenue scenarios in relation to the revenue targets.

The total purchase consideration transferred in the AxoBio Acquisition has been allocated to the net assets acquired and liabilities assumed based on their fair values at the acquisition date. The transaction costs related to this acquisition of approximately $1,300,000 were expensed and included in the transaction-related expenses on the accompanying unaudited condensed consolidated statements of operations.

The allocation of the purchase price was as follows:


Total estimated value of consideration transferred	$	43,135,082
Cash and cash equivalents		662,997
Accounts receivable		18,296,000
Prepaid expenses		170,604
Inventories		10,600,000
Property and equipment		81,846
Intangible assets		23,260,000
Total assets		53,071,447
Accounts payable		12,767,909
Accrued interest		146,829
Other accrued expenses		1,390,278
Loan payable		1,498,000
Related party loans		5,610,000
Deferred tax liabilities		7,711,627
Net assets to be acquired		23,946,804
Goodwill	$	19,188,278

The Company estimated the fair value of the acquired inventories based on the selling price less costs to sell and recorded the fair value step-up of approximately $8,200,000 at the Merger Closing Date. The fair value step-up is amortized over the expected realization term of one year from the Merger Closing Date.

The acquired loan payable of AxoBio was adjusted down to its fair value by $502,000 due to the more favorable than the market interest rate. This fair value step down is amortized over the term of the loan as a credit to the interest expense.

The intangible assets include trade names, customer contracts and intellectual property. The intangible assets were valued using a discounted cash flow model. The estimated fair value of the customer contracts as of the acquisition date was determined based on the projected future profits from the contracts, discounted to present value, and the likelihood of contract renewals at the end of each contract term. The estimated fair value of the intellectual property as of the acquisition date was determined based on the estimated license royalty rates, the present value of future cash flows from the intellectual property, and the expected useful life of 7 years. The estimated fair value of the trade name was determined based on the estimated royalty rates for the use of the trade name, the projected revenues attributable to the trade name discounted to present value and the expected useful life of 7 years. The goodwill and other intangible assets associated with the AxoBio Acquisition are not deductible for U.S. tax purposes.

公司根據S-X條例第3-05條規定確定，AxoBio收購對公司而言是重要的。根據ASC 805的要求，業務組合以下是截至2023年9月30日的三個月和九個月的未經審核的臨時營運報表，反映AxoBio收購的影響，假設該收購於2023年1月1日完成。下面的未經審核的臨時財務資訊僅為示範目的，並不一定代表如果在所述期間內完成了AxoBio收購，實際的營運結果將會是什麼。此外，未經審核的臨時財務資訊並不意圖預測未來的營運成果。臨時營運報表未完全反映：(i) 任何預期的協同效應（或實現協同效應的成本）或(ii) 與AxoBio收購直接相關的非經常性項目的影響。


	截至2023年9月30日止三個月			截至2023年9月30日止的九個月
整體營運報表中已結束業務的營業收入	$	3,728,816		$	3,728,816
加：未在整體營運報表中反映的AxoBio營業收入		4,100,086			26,020,319
未經審核的事後營業收入	$	7,828,902		$	29,749,135


合併業務基本報表的凈損	$	(11,464,769	)	$	(18,602,436	)
加：AxoBio的凈利潤未反映在合併基本報表中
的業務，減去下面描述的事後調整 (1)		4,526,658			1,069,186
未經審核的事後凈利潤（損失）	$	(6,938,111	)	$	(17,533,250	)

(1)

調整以反映$598,458 和 $1,795,374 在截至2023年9月30日的三個月和九個月中，假設在2023年1月1日已經對無形資產的公平價值調整進行計算而將會收取的攤銷。此調整還反映了$的額外銷售成本2,037,582 和$6,112,746 截至2023年9月30日的三個和九個月，假如自2023年1月1日起已按公允價值步進計入存貨，將會收取相應的費用。

註4 — 企業持續經營能力及管理層流動性計劃

歷史上，公司的流動性需求一直是通過債務和股權融資來滿足的。截至2024年9月30日，公司現金為$1,137,325，累計虧損為$67,957,379，負債為$6,506,411。此外，公司從持續業務中產生的凈損為$9,736,181 ，來自業務的現金流為負。3,616,885 於2024年9月30日結束的九個月中，根據SEPA條款，得到的款項約為$。

由於其當前的負債及其他潛在負債，公司可用的現金可能不足以支持公司在這些未經審核的簡明合併基本報表發布之日起至少 12 個月的運營。公司可能需要通過股權或債務發行籌集額外的資金。如果公司無法籌集到額外的資金，則可能需要採取額外措施來節約流動性，這可能包括但不限於縮減業務和降低工資支出。公司無法保證新融資能以商業可接受的條件提供給其。

這些情況引發了對公司能否繼續經營的重大懷疑。這些未經審核的簡明合併基本報表不包括任何有關於所記錄資產的恢復或負債的分類可能需要的調整，這可能是因為公司如果無法繼續經營而必須進行的調整。

公司已將重點重新放回於具有短期商業潛力的化妝品護膚產品，重新調整其研究和開發優先級，並停止了將需要超過一年才能商業化的產品候選者的臨床研究。公司還在探索籌集額外資金的可能性，以及基於Carmell Secretome的護髮產品的開發和商業化。TM 以及某些研究和開發項目的外授權，以產生非稀釋性的流動資金。

附註5 — 存貨

截至2024年9月30日的庫存包括以下內容：


	2024年9月30日
原材料	$	75,240
在製品		19,109
成品		3,541
總計	$	97,890

附註6 — 財產與設備

資產和設備包括以下內容:


	2024年9月30日			2023年12月31日
	繼續經營			持續業務			終止業務
實驗室設備	$	696,648		$	696,648		$	216,210
租賃改良		115,333			115,333			—
傢俱及裝置		3,580			3,580			30,057
		815,561			815,561			246,267
減：累積折舊		(684,345	)		(622,715	)		(182,883	)
物業及設備，扣除折舊後淨值	$	131,216		$	192,846		$	63,384

在伴隨的未經審核的簡明合併營運報表中，持續經營業務的折舊費用為$16,833 和 $22,028 ，分别为2024年和2023年9月30日结束的三个月，以及$61,630 和$70,147 截至2024年和2023年9月30日的九個月中的折舊費用為$0 和$10,828 截至2024年9月30日的三個月和九個月，分別為，和 $7,343 截至2023年9月30日止三個月和九個月。

註7 — 商譽及無形資產

公司的商譽與AxoBio收購有關。商譽代表收購業務的購買價格超過相關的淨有形及無形資產的公允價值。公司可能根據在測量期間內取得的初步評估變更來記錄商譽調整，該期間為自收購日期起至多一年。至2023年12月31日止年度，公司確認來自AxoBio收購的$19,188,278 的商譽，該項商譽被列為可出售資產的組成部分，見附帶的未經審計的簡明綜合資產負債表。

公司將與提交公司專利申請直接相關的法律費用資本化。至2024年9月30日的專利總成本為$70,746 ，按專利期限進行直線攤銷。

與AxoBio收購有關的無形資產最初依其估計的公允價值於收購日期記錄（見註3）。具有有限壽命的無形資產按其經濟使用壽命進行攤銷。與AxoBio相關的無形資產攤銷被列為附帶未經審計的簡明綜合損益表中的終止業務組成部分。

無形資產及相關累計攤銷截至2024年9月30日的情況如下：


	攤銷年限	總額資產價值		累積攤提		淨書價值
繼續營運：
專利	16年	$	70,746	$	49,968	$	20,778

在2023年12月31日，無形資產及相關累計攤銷包括以下內容：


	攤銷年限	總額資產價值		累積攤提		淨書價值
繼續營運：
專利	16年	$	70,746	$	46,559	$	24,187

已停止操作：
客戶合約	20年	$	12,170,000	$	337,313	$	11,832,687
商標	7年		2,220,000		132,143		2,087,857
知識產權	7年		8,870,000		527,976		8,342,024
		$	23,260,000	$	997,432	$	22,262,568

攤銷費用已包含在附帶的未經審計簡明的綜合營運損失中，金額為$1,145 和 $1,130 ，分别为2024年和2023年9月30日结束的三个月，以及$3,409 和 $3,386 截至2024年9月30日和2023年的九個月，停業採用的收入中包括攤提費用，金額為 $625,621 截至2024年9月30日的三個和九個月，攤提費用分別為 $398,973 截至2023年9月30日止三個月和九個月。

備註8 — 應計費用和其他負債

應計費用和其他負債包括以下金額：


	2024年9月30日		2023年12月31日
	繼續經營		持續營業		終止業務
應計福利費用	$	—	$	452,579	$	—
應付補償		19,332		790,332		—
應計股票薪酬		—		48,698		—
其他應計費用		315,237		303,825		468,652
應計費用及其他負債	$	334,569	$	1,595,434	$	468,652

應計薪酬是截至2024年9月30日和2023年12月31日尚未支付的員工工資的非利息負債，其中包括2019年至2023年間賺取的薪酬。

債務附註9

美國小企業管理局（SBA）貸款

在合併截止日期，AxoBio與SBA有一筆未償還的貸款，總本金和應計利息分別為$2,000,000 和$113,476，該貸款的利息以簡單利率計算，為 3.75本業務以年息%計算，截至初始借款紀念日，基金尚有未結清。每月支付$9,953 自2023年12月開始，並持續總共 30 年。為配合AxoBio收購，SBA貸款按公允價值調整，據未計利息計算，公允價值確定為$1,498,000。未結清本金與$502,000 公允價值的差額$的債務折扣記入，並依有效利率方法按照貸款剩餘期限攤銷。截至2023年12月31日，本金及欠利息分別為$2,000,000 和$134,961。截至2023年12月31日，尚未攤銷的債務折扣為$494,930。公司發生利息費用為$0 和 $17,571 和 $的債務折扣攤銷0 和 $4,242 截至2024年9月30日三個月和九個月，公司分別發生利息費用 $。截至2023年9月30日三個月和九個月，公司分別發生利息費用 $，和債務折扣攤銷 $13,318 和 $的債務折扣攤銷0 在每個期間內，SBA貸款及相關應計利息被歸類為財務狀況摘要中的可供出售資產組成部分，相關的利息費用和債務折扣攤銷被歸類為利潤表中終止營業組成部分。

Related Party Loans

As of the Merger Closing Date, AxoBio had several promissory notes outstanding to Burns Ventures, LLC (the “Burns Notes”) with total principal outstanding of $5,610,000. The owner of Burns Ventures LLC was a former stockholder of AxoBio. Interest on the Burns Notes is payable quarterly at a fixed interest rate of 7.00%. The Burns Notes require no monthly payments and are due in full at maturity date on December 31, 2024. As of December 31, 2023, the Burns Notes had outstanding principal and accrued interest of $5,610,000 and $98,982, respectively. Interest expense for the Burns Notes totaled $0 and $89,448 for the three and nine months ended September 30, 2024, and $65,629 for the three and nine months ended September 30, 2023. The Burns Notes and related accrued interest are classified as a component of assets available for sale in the accompanying unaudited condensed consolidated balance sheets, and the related interest expense is classified as a component of discontinued operations in the accompanying unaudited condensed consolidated statements of operations.

2023 Promissory Notes

During the year ended December 31, 2023, the Company received proceeds of $848,500 from 26 zero coupon Promissory Notes (the “Promissory Notes”). The Promissory Notes had a maturity date of one year from the date of issuance. The principal of the Promissory Notes was due in full at maturity. All Promissory Notes had a proportionate number of Common Stock warrants for 16,489 shares of Common Stock issued in connection with the issuance of the Promissory Notes with a fair value of $55,062. These warrants vested immediately and have a term of 5 years, with exercise prices ranging from $11.50 to $14.30. The fair value of these warrants was recorded as debt discount and was amortized over the term of the loans using the effective interest method. Debt discount amortization was $0 and $14,179 for the three months ended September 30, 2024 and 2023, respectively, and $19,549 and $22,479 for the nine months ended September 30, 2024 and 2023, respectively. Pursuant to the terms of the Promissory Notes, the Board elected to repay all maturities of the Promissory Notes in shares of Common Stock. During the nine months ended September 30, 2024, the Company issued 328,707 shares of Common Stock to repay the Promissory Notes with an aggregate principal amount of $848,500.

Insurance Premium Financing

In July 2024, the Company entered into an agreement with a third party to finance a $423,687 premium on an insurance policy. This financing agreement has a monthly payment of $40,467, accrues interest at a rate of 9.99%, and matures in June 2025. As of September 30, 2024 and December 31, 2023, there was $349,498 and $0, respectively, of principal outstanding under this financing agreement.

In April 2024, the Company entered into another agreement with a third party to finance a $29,911 premium on an insurance policy. This financing agreement has a monthly payment amount of $2,761, accrues interest in the amount of 9.99% and matures in February 2025. As of September 30, 2024 and December 31, 2023, there was $13,469 and $0, respectively, of principal outstanding under this financing agreement.

In August 2023, the Company entered into an agreement with a third party to finance a $1,011,480 premium on an insurance policy. This financing agreement had a monthly payment amount of $117,072, accrued interest at a rate of 8.99%, and matured in April 2024. As of September 30, 2024 and December 31, 2023, there was $0 and $459,647, respectively, of principal outstanding under this financing agreement.

Interest expense on these financing agreements totaled $7,123 and $18,152 for the three months ended September 30, 2024 and 2023, respectively, and $21,953 and $18,152 for the nine months ended September 30, 2024 and 2023, respectively.

January 2022 Convertible Notes

On January 19, 2022, the Company issued two senior secured convertible notes (the “Convertible Notes”) of $1,111,111 each to two investors (the “Holders”), due on January 19, 2023. The Convertible Notes bore interest at 10% (18% upon default). The Company was required to make monthly interest payments for the interest incurred and required monthly principal payments of $158,730 beginning on July 19, 2022. The Convertible Notes were collateralized by all assets (including current and future intellectual property) of Legacy Carmell. The Convertible Notes were issued with a 10% discount and were subject to an 8% commission due to the underwriter. These fees were recorded as debt discount. In addition, each of the Holders received warrants to subscribe for and purchase up to 155,412 shares of Common Stock (the “Convertible Note Warrants”). Each Convertible Note Warrant is exercisable at a price of $0.16 per warrant share, vested immediately, and has a term of five years. The fair value of the Convertible Note Warrants at the time of issuance was $409,483, which was recorded as debt discount. The Convertible Notes are convertible at the option of the Holders into shares of Common Stock at a fixed conversion price equal to the lesser of $3.57 per share and a 25% discount to the price of the Common Stock in a Qualified Offering (as defined in the Convertible Notes) (as adjusted, the “Conversion Price”). In the event units consisting of Common Stock and warrants are issued in a Qualified Offering, the Convertible Notes are convertible into Common Stock and warrants. If, at any time while the Convertible Notes are outstanding, the Company sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition), any Common Stock or Common Stock equivalents entitling any person to acquire shares of Common Stock at an effective price per share

that is lower than the then Conversion Price (such lower price, the “Base Conversion Price”), then the Conversion Price shall be reduced to equal the Base Conversion Price. Such adjustments are to be made whenever such Common Stock or Common Stock equivalents are issued. Multiple events have triggered the down-round feature of the base conversion price. As of December 31, 2022, the Base Conversion Price was $1.79.

The conversion feature within the Convertible Notes met the requirements to be treated as a derivative. Accordingly, the Company estimated the fair value of the Convertible Notes derivative using the Monte Carlo Method as of the date of issuance. The fair value of the derivative was determined to be $1,110,459 at the time of issuance and was recorded as a liability with an offsetting amount recorded as a debt discount. The derivative is revalued at the end of each reporting period, and any change in fair value is recorded as a gain or loss in the unaudited condensed consolidated statements of operations.

Proceeds from the sales of the Convertible Notes with Convertible Note Warrants were allocated to the two elements based on the relative fair value of the Convertible Notes without the warrants and the warrants themselves at the time of issuance. The total amount allocated to the Convertible Note Warrants was $409,483 and accounted for as paid-in capital. The discount amount was calculated by determining the aggregate fair value of the warrants using the Black-Scholes option pricing model.

On July 19, 2022, Carmell defaulted on the Convertible Notes. Under the terms of the Convertible Notes, upon an event of default, there would be a 25% increase to the outstanding principal, in addition to the interest rate increasing from 10% to 18%. Upon the event of default, the unamortized debt discount of $958,899 was accelerated and expensed, and the 25% increase in outstanding principal of $555,556 was recorded as interest expense.

An Agreement Subsequent to the Notice of Acceleration

On November 2, 2022, Carmell received a letter (“Notice of Acceleration”) from one of the Holders, notifying it of an Event of Default under the Convertible Notes. Carmell and Alpha entered into an agreement with such Holder, Puritan Partners LLC (“Puritan”), in connection with the Notice of Acceleration on December 19, 2022. Pursuant to this agreement, Alpha and Carmell each represented and warranted to Puritan that (i) it intended to enter into the Business Combination, (ii) there would be no conditions to closing relating to Alpha or its affiliates delivering a certain amount of cash to the Company at closing of the Business Combination, (iii) the only conditions to the closing of the Business Combination were as set forth in Sections 6.1 through Section 6.3 of the Business Combination Agreement, (iv) upon entering into such Business Combination Agreement, such parties would have a commitment letter from a third party to provide capital in an amount sufficient to the surviving company of the Business Combination to, among other things, repay all amounts due and owing at such time to Puritan at the closing, (v) the equity valuation ascribed to Carmell in the Business Combination Agreement was $150,000,000, and (vi) such Business Combination Agreement shall not place any restrictions on Puritan’s ability to transfer any of its securities, including, without limitation, the shares underlying its Convertible Note Warrants. Carmell agreed it would not pay any other debtholder on account of interest or principal during the forbearance period.

Based on the representations, warranties and agreements above and in consideration of Carmell’s agreement to pay Puritan at the closing of the Business Combination (i) the outstanding principal amount, plus accrued interest, late fees and all other amounts then owed as specified in the Convertible Notes and (ii) 25,000 freely tradeable shares of Common Stock (not subject to lock-up or any other restrictions on transfer) at a price of $10.00 per share (i.e., the price per share of Common Stock to the equity holders of Carmell in the Business Combination), Puritan withdrew and rescinded the Notice of Acceleration, and such Notice of Acceleration was deemed null and void and had no further force or effect. Puritan further agreed that, based on the representations and warranties, and agreements contained in such agreement, it shall not issue any further notices of acceleration or default notices under the Convertible Notes, seek repayment of any amounts due under the Convertible Notes, or seek to exercise any other remedies contained in the Convertible Notes and other related agreements in regard to non-payment of the Convertible Notes from the date of the Notice of Acceleration until June 30, 2023.

On the closing of the Business Combination, the Company repaid $2,649,874 to the Holders, which represented the original principal amount of the Convertible Notes plus accrued interest at a rate of 25%, which the Company believes is the maximum rate permissible under New York State usury laws. In addition, the Company issued Puritan 25,000 freely tradeable shares of Common Stock. Following the closing of the Business Combination, both Holders have provided notice to the Company demanding additional payment of principal and interest on the Convertible Notes in an approximate amount of $600,000 per Holder at the closing of the Business Combination with additional interest thereon. In the case of Puritan, following the Business Combination, Puritan alleged that the Business Combination constituted a “Fundamental Transaction” under the terms of the Convertible Note Warrants, resulting in a purported right for Puritan to require the Company to repurchase such Convertible Note Warrants at a purchase price equal to the Black-Scholes Value of the unexercised portion of such Convertible Note Warrants as of the closing of the Business Combination. Puritan calculated the cash amount of such repurchase to be $1,914,123. The Company believes that this calculation is inaccurate. The other Holder demanded to be provided its share of the Convertible Note Warrants. Puritan has also asserted damages in connection with the timing of the issuance to it of 25,000 freely tradeable shares of Common Stock. The Company believes that it provided freely tradeable shares to Puritan at the same time as other Legacy Carmell stockholders. Puritan’s total claims, inclusive of the amounts paid at the Closing Date, exceed

$4,050,000 與公司收到的$貸款有關的1,000,000公司的管理層相信其在可轉換票據和可轉換票據warrants下的義務已經被滿足，且不需對持有人支付額外款項，公司已經向持有人表達其立場。無法保證這些或類似的事項不會導致昂貴的仲裁、訴訟或其他爭議解決，可能無法按照我們的利益解決，並可能對我們的財務狀況產生不利影響（見附註10 - 承諾和或有事項）。

附註10 — 承諾和或有事項

獨家授權協議

於2008年1月30日，公司與卡內基梅隆大學（“CMU”）簽訂了一份授權協議，該協議於2011年7月19日經修訂的第1號修訂版，進一步經2016年2月8日的第2號修訂版，進一步經2020年2月27日的第3號修訂版以及於2021年11月23日的第4號修訂版（統稱為“修訂授權協議”）。修訂授權協議賦予公司獨家、全球性權利，使用CMU與生物相容性等離子體塑料相關的特定科技，以製造、委託製造、使用及以其他方式處置授權產品，並為使用領域創造衍生品。公司需竭盡所能，盡快將授權科技引入商業市場，並在修訂授權協議中符合某些里程碑。CMU保留對公司因使用此科技而開發的任何衍生技術的使用權，並保留對授權科技的知識產權，包括專利、版權和商標。

修訂授權協議有效期至2028年1月30日，或直到與此科技相關的最後一項專利到期為止，以較晚者為準，除非根據修訂授權協議中的其他條款終止。未能根據約定的里程碑執行是CMU提前終止修訂授權協議的理由。作為授權權利的部分版稅，公司發行了 66,913 向CMU發行普通股的股份。此外，在2008年，該公司發行了一項warrant，該warrant於2011年全部行使， 98,938 普通股的股份。在合格的首次公開募股或合格的銷售之前，CMU有權訂閱額外的股權證券，以維持其在公司的持股百分比。此業務合併不符合修訂許可協議下的合格首次公開募股或合格銷售的標準。

公司應支付CMU的版稅為 2.07%的淨銷售額，如修訂許可協議中所定義。公司還需要支付CMU 25%的任何許可費用，該費用在公司收到許可費用時到期且應支付。所有應付給CMU的款項必須在每個財政季度結束後的六十（60)天內到期。所有逾期付款將按當時到期金額的基準利率（如修訂許可協議中所定義）加上 4%的利率計算。在2024年和2023年截至9月30日的三個和九個月內未計提或支付任何版稅。

公司有義務向CMU報銷迄今為止CMU因被授權的科技所產生的所有專利費用和支出，最早於（1）自修訂許可協議生效日起三年；（2）控制權變更事件的結束日期；以及（3）對於國際專利，自美國以外的專利費用開始時起。還有沒有金額到期支付給PHP。報銷費用及沒有金額到期支付給PHP。截至2024年與2023年9月30日的三個月及九個月內應支付的報銷費用相關的金額。

可轉換票據。

如第九註解所詳述，持有人均已向公司發出通知，要求額外支付可轉換票據的本金及利息，金額約為$600,000 每位持有人於業務結合結束時的金額，並附加其利息。至於Puritan，業務結合後，Puritan聲稱該業務結合根據可轉換票據warrants的條款構成「基本交易」，因此Puritan有權要求公司以自業務結合結束時可轉換票據warrants未行使部分的Black-Scholes價值相等的價格回購該等可轉換票據warrants。Puritan計算回購所需的現金金額為$1,914,123。公司認為該計算不準確。另一位持有人要求獲得其在可轉換票據warrants中的份額。Puritan也聲稱由於向其發放的時間問題而造成的損失 25,000 自由可交易的普通股股份。公司相信它在與其他遺留的Carmell股東同時，向Puritan提供了自由可交易的股份。Puritan的總索賠，包括在成交日期支付的金額，超過$4,050,000 與公司收到的貸款有關$1,000,000公司的管理層相信其在可轉換票據和可轉換票據warrants下的義務已經得到滿足，對持有人無需額外付款，公司已經向持有人傳達了自己的立場。如下所述，Puritan已對公司提出針對這些指控的訴訟。無法保證這些或類似的事項不會導致進一步的仲裁、訴訟或其他爭議解決，這可能無法以對我們有利的方式解決，並可能對我們的財務狀況產生不利影響。

清教徒訴訟

於2022年3月17日，法院發出了一份訂單，暫停州級衍生訴訟，等候下文所述的聯邦衍生訴訟解決。 2023年11月8日，清教徒提出了一項訴狀，標題為清教徒合作夥伴有限責任公司訴卡梅爾再生醫學公司及其他，案號655566/2023（紐約州最高法院，紐約縣）將本公司命名為被告。在訴狀中，清教徒主張本公司違反了可轉換票據及可轉換票據warrants下的義務。清教徒還主張本公司未能恰當履行向清教徒提供 25,000 可自由交易的普通股。清教徒主張宣告性判決、違約、轉讓、安防權利的止贖、返還、不當得利和賠償的索賠，並尋求包括總計$的賠償救濟。2,725,000 至2023年11月1日，隨後的額外費用和利息，成本和律師費，對其安防權益的止贖令，以及其他的宣告救濟。公司已提出駁回訴狀的請求。在2024年7月，法院在不裁定的情況下駁回了訴狀中八項主張中的四項。該案目前進入了對剩餘主張的取證階段，預計將持續到2025年6月。公司打算積極為自己辯護，對抗這場訴訟。然而，無法保證此事將以對公司有利的方式解決，並且不利的結果可能會對公司的財務狀況產生重大負面影響。

附註11 — 利潤分享計畫

公司擁有涵蓋幾乎所有員工的401(k)利潤分享計劃。公司的自選利潤分享貢獻由董事會每年決定。否在截至2024年和2023年9月30日的三個和九個月內，對計劃進行了自選利潤分享貢獻。

附註12 — 股東權益（虧損）

普通股票

截至2024年9月30日及2023年12月31日，公司被授權發行 250,000,000 普通股股份，並持有 20,905,407 和 23,090,585，分別發行和流通的股份。與2024年3月26日的AxoBio處置有關， 3,845,337 普通股股份已經退回給公司並被註銷。

2024年4月4日，公司與某些投資者簽訂了證券購買協議，出售總計 1,331,452 普通股股份，總收入為$3,001,235 到期日期「定向增發」). 與定向增發同時，公司於2024年4月11日向配售代理發行了一份warrant，涉及普通股的 89,787 分享。該warrant的行使價格為$2.81，有效期為五年，公允價值為$129,495，並在發行九個月後開始可行使。與定向增發同時，公司向配售代理支付了$212,212 的費用和$25,000 的法律費用，這些支出被記錄為收取的總收益的減少。該配售代理為相關方，因為董事會成員是該配售代理的管理合夥人。

A系列投票可轉換優先股

在AxoBio收購相關事宜中，公司向 4,243 AxoBio的前股東發行了A系列優先股。隨著2024年3月26日AxoBio處置的進行，這些股份被退還給公司並被註銷。

可轉換優先股

在業務合併之前，Legacy Carmell有未償還的A系列可轉換優先股（“Legacy A系列優先股”）、B系列可轉換優先股（“Legacy B系列優先股”）、C-1系列可轉換優先股（“Legacy C-1系列優先股”）和C-2系列可轉換優先股（“Legacy C-2系列優先股”），這些總稱為“Legacy優先股。”

Legacy A系列優先股、Legacy C-1系列優先股和Legacy C-2系列優先股的累積分紅派息按原始發行價格每年計算，利率分別為 7%。這些分紅派息自發行之日起在每一股Legacy優先股上累積。

在業務合併相關事項中，所有先前發行及未償還的Legacy優先股股份以一對一的比例轉換為等額的普通股，然後根據業務合併協議乘以交易所比率。

2023年長期激勵計劃

在 2023年7月，本公司的股東批准了2023年長期激勵計劃（“2023計劃”），該計劃取代了修訂和重述的2009年遺產卡梅爾股票激勵計劃（“2009計劃”）。在2009計劃下不再頒發新的獎勵。在2023計劃下，董事會可以授予期權、股票增值權、限制性股票、限制性股票單位的獎勵。

or other stock-based awards to employees and other recipients as determined by the Board. The exercise price per share for an option granted to employees owning stock representing more than 10% of the Company at the time of the grant cannot be less than 110% of the fair market value. Incentive and non-qualified stock options granted to all persons shall be granted at a price no less than 100% of the fair market value and any price determined by the Board. Options expire no more than ten years after the date of the grant. Incentive stock options to employees owning more than 10% of the Company expire no more than five years after the date of grant. The vesting of stock options is determined by the Board. Generally, the options vest over a four-year period at a rate of 25% one year following the date of grant, with the remaining shares vesting equally on a monthly basis over the subsequent thirty-six months.

The maximum number of shares that may be issued under the 2023 Plan is the sum of: (i) 1,046,408, (ii) an annual increase on January 1, 2024 and each anniversary of such date prior to the termination of the 2023 Plan, equal to the lesser of (a) 4% of the outstanding shares of our Common Stock determined on a fully diluted basis as of the immediately preceding year-end and (b) such smaller number of shares as determined by the Board or the compensation committee of the Board, and (iii) the shares of Common Stock subject to 2009 Plan awards, to the extent those shares are added into the 2023 Plan by operation of the recycling provisions described below.

The initial maximum number of shares of Common Stock that may be issued under the 2023 Plan through incentive stock options was 1,046,385, provided that this limit automatically increases on January 1 of each year for a period of not more than ten years, commencing on January 1, 2024 and ending on (and including) January 1, 2032, by an amount equal to the lesser of 1,500,000 shares or the number of shares added to the share pool as of such January 1, as described in clause (ii) of the preceding sentence. The following shares will be added (or added back) to the shares available for issuance under the 2023 Plan:

•

Shares subject to 2009 Plan or 2023 Plan awards that expire, terminate or are canceled or forfeited for any reason after the effectiveness of the 2023 Plan;

•

Shares that after the effectiveness of the 2023 Plan are withheld to satisfy the exercise price of an option issued under the 2009 Plan or 2023 Plan;

•

Shares that after the effectiveness of the 2023 Plan are withheld to satisfy tax withholding obligations related to any award under the 2009 Plan or 2023 Plan; and

•

Shares that after the effectiveness of the 2023 Plan are subject to a stock appreciation right that are not delivered on exercise or settlement.

However, the total number of shares underlying 2009 Plan awards that may be recycled into the 2023 Plan pursuant to the above-described rules will not exceed the number of shares underlying 2009 Plan awards as of the effective date of the 2023 Plan (as adjusted to reflect the Business Combination). Shares of Common Stock issued through the assumption or substitution of awards in connection with a future acquisition of another entity will not reduce the shares available for issuance under the 2023 Plan.

Warrant and Option Valuation

The Company computes the fair value of warrants and options granted using the Black-Scholes option pricing model. The expected term used for warrants and options issued to non-employees is the contractual life, and the expected term used for options issued to employees and directors is the estimated period that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” grants for stock options. The Company utilizes an expected volatility figure based on a review of the historical volatilities over a period equivalent to the expected life of the instrument valued by similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. The Company’s stock price was derived from a 409A valuation prior to the Business Combination and market price for all options and warrants granted thereafter.

Warrants Outstanding

A summary of Common Stock warrant activity during the nine months ended September 30, 2024 is as follows:


	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Outstanding, December 31, 2023		4,638,454		$	10.20		4.62	$	1,382,919
Issued		89,787			2.81
Expired		(87,312	)		7.03
Outstanding, September 30, 2024		4,640,929		$	10.11		3.87	$	74,287
Exercisable, September 30, 2024		4,551,142		$	10.25		3.86	$	74,287

Option Activity and Summary

A summary of option activity during the nine months ended September 30, 2024 is as follows:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Aggregate Intrinsic Value
Outstanding, December 31, 2023		1,689,765		$	2.72		9.00	$	1,850,397
Granted		1,471,874			1.23
Expired/Cancelled		(675,108	)		2.61
Outstanding, September 30, 2024		2,486,531		$	1.86		9.28	$	—
Vested/Exercisable, September 30, 2024		228,432		$	2.51		7.31	$	—

The weighted average fair value of the options granted during the nine months ended September 30, 2024 was based on a Black Scholes option pricing model using the following assumptions:


Expected volatility		70.0%
Expected term of option		6.0 - 7.0
Range of risk-free interest rate		3.8% -4.6%
Dividend yield		0%

The Company recorded stock-based compensation expense related to its options of $185,696 and $237,760 for the three months ended September 30, 2024 and 2023, respectively, and $560,865 and $605,299 for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $2,471,651 of unrecognized compensation expense related to unvested stock options, which will be recognized over the weighted average remaining vesting period of 3.74 years.

NOTE 13 – INCOME TAXES

The Company did not record any income tax provision or benefit for the three and nine months ended September 30, 2024 and 2023. The Company provides for a valuation allowance when it is more likely than not that it will not realize a portion of its deferred tax assets. The Company has established a valuation allowance against the net deferred tax asset due to the uncertainty that enough taxable income will be generated in those taxing jurisdictions to utilize the assets. Therefore, we have not reflected any benefit of such deferred tax assets in the accompanying unaudited condensed consolidated financial statements.

NOTE 14 – DISCONTINUED OPERATIONS

On March 20, 2024, the Company entered into the Purchase Agreement to sell AxoBio and closed the AxoBio Disposition on March 26, 2024 as detailed in Note 1. The assets and liabilities of AxoBio are classified as available for sale in the accompanying unaudited condensed consolidated balance sheets and consist of the following:


	September 30, 2024		December 31, 2023
Assets available for sale
Cash and cash equivalents	$	—	$	804,277
Accounts receivable, net		—		7,713,600
Prepaid expenses		—		251,086
Inventories		—		3,038,179
Property and equipment, net		—		63,384
Intangible assets, net		—		22,262,568
Goodwill		—		19,188,278
Total assets available for sale	$	—	$	53,321,372

Liabilities available for sale
Accounts payable	$	—	$	8,520,243
Accrued interest		—		134,961
Accrued interest, related party		—		98,982
Other accrued expenses		—		468,652
Loans payable, current		—		1,505,070
Related party loans, current		—		5,610,000
Earnout liability		—		8,000,000
Deferred income taxes		—		5,536,923
Total liabilities available for sale	$	—	$	29,874,831

The significant components of discontinued operations in the accompanying unaudited condensed consolidated statements of income are as follows:


	For the Nine Months Ended
	September 30,
	2024			2023
Revenue	$	—		$	3,728,816
Cost of sales		—			1,648,752
Gross profit		—			2,080,064
Operating expenses:
Selling and marketing		100,000			3,069,520
Research and development		89,972			81,009
General and administrative		470,686			812,306
Depreciation and amortization		636,449			406,316
Total operating expenses		1,297,107			4,369,151
Loss from operations		(1,297,107	)		(2,289,087	)
Other income (expense):
Other income					3
Amortization of debt discount		(4,242	)		—
Interest expense, related party		(89,448	)		(65,629	)
Interest expense		(17,571	)		(13,318	)
Change in fair value of earnout liabilities					(38,093	)
Total other (expense) income		(111,261	)		(117,037	)
Loss before income taxes		(1,408,368	)		(2,406,124	)
Income tax benefit, deferred		156,092			—
Discontinued operations, net	$	(1,252,276	)	$	(2,406,124	)

NOTE 15 – SUBSEQUENT EVENTS

In October 2024, the Company issued options for an aggregate of 1,817,550 shares of Common Stock pursuant to the 2023 Plan with an exercise price of $0.358 per share. These options vest over four years (with 25% vesting after one year and the remainder vesting 1/36th per month over the balance of the vesting period) and expire after ten years from the date of grant.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and the related notes contained in Part I, Item 1 of this Quarterly Report on Form 10-Q (this "Quarterly Report") and our audited consolidated financial statements and the notes thereto, Part I – Item 1A. “Risk Factors” and Part II – Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report”). Unless the context requires otherwise, references in this Quarterly Report to “Carmell,” the “Company,” “we,” “us,” or “our,” prior to the closing of the Business Combination (as defined in Note 1 to the accompanying unaudited condensed consolidated financial statements), are intended to refer to Carmell Therapeutics Corporation, a Delaware corporation, (“Legacy Carmell”) and, after the closing of the Business Combination, are intended to refer to Carmell Corporation, a Delaware corporation, and its consolidated subsidiaries.

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. We have based these forward-looking statements on our current expectations, assumptions and projections about future events. These forward-looking statements involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “future,” “intend,” “anticipate,” “likely,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements include, but are not limited to, statements and expectations regarding the launch and commercialization of our products, our ability to raise financing in the future, our success in retaining or recruiting key members of our management, the benefits of and our expectations related to the AxoBio Disposition and the Private Placement, market acceptance of our products, regulatory developments related to the cosmetics industry, our ability to compete in our industry, our need to grow the size of our organization in the future and the management of such growth, outcomes related to legal proceedings, as well as all other statements other than statements of historical fact included in this Quarterly Report. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other filings we make with the U.S. Securities and Exchange Commission (the “SEC”), including those described under the section entitled Part II, Item 1A. “Risk Factors” in this Quarterly Report and under Part I, Item 1A, “Risk Factors” in the 2023 Annual Report. These forward-looking statements represent our estimates and assumptions as of the filing date of this Quarterly Report. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Overview

Carmell is a bio-aesthetics company that utilizes the Carmell SecretomeTM to support skin and hair health. The Carmell SecretomeTM consists of a potent cocktail of proteins, peptides, and bio-lipids extracted from allogeneic human platelets sourced from U.S. Food and Drug Administration-approved tissue banks. Over the past seven years, Carmell has extensively tested the technology underpinning the Carmell SecretomeTM. Additionally, we have developed a novel microemulsion formulation that enables the delivery of lipophilic and hydrophilic ingredients without relying on the Foul FourteenTM, which are 14 potentially harmful excipients that are commonly used by other companies to impart texture, stability, and other desirable physicochemical attributes to cosmetic products. We are also developing a line of men’s products and a line of topical haircare products. All of our cosmetic skincare and haircare products are tailored to meet the demanding technical requirements of professional care providers and discerning retail consumers. Our product pipeline also includes innovative regenerative bone and tissue healing products that are under development.

We have completed the development of 12 products for our cometic skincare line and began to commercially launch them in 2024. We are employing an omnichannel distribution strategy and are selling our products online through direct e-commerce channels and through retailers in the United States. In addition, we have begun selling our doctor-dispensed products through dermatology and plastic surgery practices and medical aesthetics centers.

Third Quarter Developments

Appointment of Chief Executive Officer

The Board appointed Kendra Bracken-Ferguson as Chief Executive Officer of the Company effective as of July 30, 2024. Ms. Bracken-Ferguson, age 44, is the Founder and Chief Executive Officer of BrainTrust, which encompasses BrainTrust Agency, BrainTrust Founders Studio and BrainTrust Fund 1. She has vast experience in the digital media space and has excelled at developing revenue-generating partnerships in the beauty and wellness industries. Ms. Bracken-Ferguson has served as Chief Executive Officer of BrainTrust Founders Studio since October 2021 and as the Chief Executive Officer of BrainTrust Fund since 2022. She was previously the interim Chief Executive Officer of rē•spin by Halle Berry from April 2020 until October 2021. From May 2019 to April 2020, she was the Chief

Beautycon Media的業務主管。Bracken-Ferguson女士幫助發展了200多家以意見領袖驅動的品牌，總共產生了超過10000萬美元的營業收入。她目前擔任Iced Media的增長諮詢委員會成員，之前曾擔任過Cayton兒童博物館董事會成員、Influencer Marketing Association董事會成員和BeautyUnited諮詢委員會成員。Bracken-Ferguson女士獲得了普渡大學學士學位和凱萊管理學院的MBA學位。

在Bracken-Ferguson女士被任命為首席執行官之際，Rajiv Shukla辭去了我們的首席執行官職位。在他辭職後，Shukla先生繼續擔任董事會執行主席。

其他2024年的發展

有關我們在2024年上半年的重大發展信息，詳見未經審計的簡明綜合財務報表附註。

宏觀經濟事件的影響

由於政治不穩定和衝突（例如烏克蘭和以色列的持續衝突、中東緊張局勢和經濟挑戰）造成全球各地市場的經濟不確定性，導致市場出現紊亂，包括商品價格顯著波動、信貸和資本市場不穩定，以及供應鏈中斷，全球通脹創下紀錄。我們的業務、財務狀況和營運結果可能會因全球經濟和資本市場的進一步負面影響而受到重大不利影響，尤其是如果這些全球經濟條件持續惡化。雖然迄今為止，我們的營運結果沒有受到這些全球經濟和地緣政治條件的實質影響，但是無法預測我們的業務在短期和長期內可能受到的影響程度。這些市場紊亂的程度和持續時間，無論是由於俄羅斯和烏克蘭之間的軍事衝突、俄羅斯制裁的影響、以色列和哈瑪斯之間的衝突、地緣政治張力、通脹等，都是無法預測的。任何此類紊亂也可能加劇本季度報告中第II部分第1A項“風險因素”和第I部分第1A項中所描述或參考的其他風險的影響。風險因素在我們2023年度報告中查看“

關鍵的會計政策和估計

本基本報表分析及營運結果討論，基於我們按照GAAP準則編製的未經審計的簡明合併基本報表。編製這些未經審計的簡明合併基本報表需要我們進行估計和假設，影響基本報表中資產和負債的申報金額以及條款資產和負債的公開披露，截至未經審計的簡明合併基本報表日期，以及在報告期間產生的申報收入支出和淨損失。我們的估計基於我們的歷史經驗和其他各種因素，我們認為這些因素在當時具有合理性，其結果形成對於並非從其他來源顯而易見的資產和負債攜帶價值進行判斷的基礎。根據不同假設或條件，實際結果可能與這些估計不同。

持續經營和管理計劃

此處包含的未經審計的簡明合併基本報表是在假設我們將繼續經營的情況下編製的，該假設預計在業務正常運作期間實現資產並滿足負債。然而，截至2024年9月30日，我們擁有1137325美元的現金，积累虧損67957379美元，以及6506411美元的負債。我們從持續營運中持續承擔重大虧損，從持續營運中使用現金而非提供現金，並依賴於額外融資來資助未來的業務。這些情況對於我們在財務報表發布後一年內能否繼續作為持續經營提出重大懷疑。此處包含的未經審計的簡明合併基本報表未包括任何調整，以反映可能對於資產的回收和分類，或因該不確定性結果可能導致的負債的金額和分類的未來影響。

我們在2024年4月完成了定向增發，獲得了300,1235美元的總收益。此外，我們已經重新將精力集中在具有即期商業潛力的化妝品護膚產品上，重新安排了進一步的研究開發工作，並停止了需要超過一年才能商業化的產品候選的臨床研究。我們還在探索籌集額外資本，開發和商業化基於Carmell Secretome的護髮產品。TM, 並將某些研發計畫外封授權以產生非稀釋性流動性。綜合來看，這些活動預計將幫助我們延長現金的可支配年限。

截至2024年和2023年9月30日的營業成果比較

以下表格列出我們未經審計的截至2024年和2023年9月30日的綜合營業成果：


	截至九月30日止三個月									%
	2024			2023			變更			變化
營業收入	$	58,915		$	—		$	58,915		100%
折扣和津貼		(38,396	)		—			(38,396	)	100%
淨營業收入		20,519			—			20,519		100%
銷貨成本		4,840			—			4,840		100%
毛利		15,679			—			15,679		100%
營業費用：
銷售和行銷		120,062			—			120,062		100%
研究與開發		331,806			1,590,899			(1,259,093	)	-79%
一般及行政		965,622			507,948			457,674		90%
無形資產折舊和攤銷		17,978			23,158			(5,180	)	-22%
重組費用		—			726,280			(726,280	)	-100%
營業費用總額		1,435,468			2,848,285			(1,412,817	)	-50%
營運損失		(1,419,789	)		(2,848,285	)		1,428,496		-50%
其他費用，淨額		(1,458,692	)		(6,210,360	)		4,751,668		-77%
稅前持續營業虧損	$	(2,878,481	)	$	(9,058,645	)	$	6,180,164		-68%

營業收入/毛利潤

截至2024年9月30日的三個月內，我們首次推出的五款2024年化妝品護膚產品的毛收入為58,915美元。我們已研發了另外七款化妝品護膚產品，預計在接下來的六個月內推出。截至2024年9月30日的三個月內，與這些銷售相關的折扣和津貼總計為38,396美元。我們在這些銷售中的淨收入、營業成本和毛利潤分別為20,519美元、4,840美元和15,679美元。

營運費用

截至2024年9月30日的三個月內，銷售及市場營銷費用總計為120,062美元，主要是由我們於2024年推出的首五款化妝品護膚產品相關的市場營銷工作驅動。

研發費用由2024年第三季度相比於2023年同期的$1,259,093減少至$331,806。這個減少是由我們的戰略重組所驅動，將焦點重新集中於有近期商業潛力的化妝品護膚產品上，優先考慮進一步的研發，並停止可能需要超過一年才能商業化的產品候選的臨床研究。同時貢獻於這個減少的是在2023年第三季度和2024年第一季度解僱了非核心或重疊業務領域的員工。

一般行政費用分別為2024年9月30日和2023年同期分別為$965,622和$507,948。這個增加主要是由保險成本增加和員工薪酬及福利增加引起的。

2023年9月30日結束的三個月的重組費用為$726,280，與AxoBio後收購整合有關，主要包括從終止擔任兼職顧問及核心領域或重疊業務功能的全職員工中的某些高管所產生的遣散費。

其他費用，淨額

其他費用淨額為2024年9月30日結束的三個月為$1,458,692，相較於2023年同期的$6,210,360。2024年第三季度的其他費用淨額主要是由於前置買賣協議的公平價值不利變動$1,420,137引起。2023年同期反映前置買賣協議公平價值不利變動$10,592,442和利息支出$314,124。這些費用部分被與轉換票據相關的衍生負債的公平價值有利變動$4,697,138抵銷。

2024年和2023年截至9月30日營業收入運營結果比較

下表列出我們截至2024年和2023年9月30日的未經審計綜合運營結果：


	截至9月30日止九個月									%
	2024			2023			變更			變更
毛利潤	$	71,235		$	—		$	71,235		100%
折扣和津貼		(38,396	)		—			(38,396	)	100%
淨營業收入		32,839			—			32,839		100%
銷貨成本		5,132			—			5,132		100%
毛利		27,707			—			27,707		100%
營業費用：
銷售和行銷		131,107			—			131,107		100%
研究與開發		865,292			3,154,881			(2,289,589	)	-73%
一般及行政		2,957,890			1,655,846			1,302,044		79%
無形資產折舊和攤銷		65,039			73,533			(8,494	)	-12%
重組費用		—			726,280			(726,280	)	-100%
營業費用總額		4,019,328			5,610,540			(1,591,212	)	-28%
營運損失		(3,991,621	)		(5,610,540	)		1,618,919		-29%
其他費用，淨額		(5,744,560	)		(10,585,772	)		4,841,212		-46%
稅前虧損收入	$	(9,736,181	)	$	(16,196,312	)	$	6,460,131		-40%

營業收入／毛利潤

2024年9月30日止九個月的毛收入為71,235美元，來自我們於2024年推出的首五款化妝品護膚產品的銷售。我們開發了另外七款我們預計在接下來的六個月內推出的化妝品護膚產品。截至2024年9月30日止的九個月，與這些銷售相關的折扣和津貼總計為38,396美元。我們在這些銷售上的淨收入、營業成本和毛利潤分別為32,839美元、5,132美元和27,707美元。

營運費用

截至2024年9月30日止的九個月，銷售和市場營銷費用總計為131,107美元，這些費用是由於我們為2024年化妝品護膚產品推出的營銷努力所產生的成本驅動。

在2024年前九個月，研發費用較2023年同期減少2289589美元，降至865292美元。此降幅是由我們的戰略重組所驅動，重新將我們的努力集中在具有近期商業潛力的化妝品護膚產品上，優先考慮進一步的研發工作，並停止了需要一年以上才能商業化的產品候選的臨床研究。貢獻於此減少的另一因素是在2023年第三季度和2024年第一季度終止了非核心或重疊業務領域的員工。

截至2024年9月30日的九個月，一般和行政費用分別為2957890美元和1655846美元。這增加主要是由保險成本和人員薪金福利的增加所驅動。

截至2023年9月30日的九個月，重組費用為726280美元，與AxoBio的後收購一併整合有關，主要包括從終止擔任兼職顧問和非核心領域或重疊業務職員的某些高管所需的遣散費。

其他費用，淨額

其他費用淨額在2024年9月30日結束的九個月為5744560美元，相較於2023年相應期間的10585772美元。截至2024年9月30日的九個月，其他費用淨額受到５,700,451美元的預付購買協議公平價值不利變化的影響。 2023年相同期間包括預付購買協議公平價值不利變化的10592442美元與債務利息845158美元。這些費用部分抵銷了與轉換票據相關的衍生負債公平價值有利變化的826980美元。

已停止營運的綜合淨額

我們在2024年9月30日結束的九個月內從已停止運營中虧損1252276美元，稅後，這反映了AxoBio業務的結果，直至2024年3月26日AxoBio處置結束。從2023年10月至AxoBio處置關門日期，未銷售任何AxoBio的產品。公司認識到在2024年9月30日結束的九個月內，通過AxoBio出售的非現金盈利1534479美元，主要是由於股票公平價值的變化。


德拉瓦	86-1645738
(依據所在地或其他管轄區) 的註冊地或組織地點)	(國稅局雇主識別號碼)
2403 西德尼街, 300室匹茲堡, 賓夕法尼亞	15203
(總部辦公地址)	(郵遞區號)


每種類別的名稱	交易標的	每個註冊交易所的名稱
普通股票，每股面值$0.0001。	CTCX	該納斯達克股票市場有限責任公司
每憑證可換股一股普通股，行使價為11.50美元	CTCXW	這納斯達克股票市場有限公司


大型加速歸檔人	☐	加速歸檔人	☐
非加速歸檔人	☒	小型報告公司	☒
新興成長型企業	☒


		頁

第一部分。	財務信息

項目1。	未經查核的簡明合併基本報表
	簡明綜合資產負債表	1
	損益綜合表簡明合併報表	2
	股東權益不足的縮表合併報表	3
	控制項綜合現金流量表	4
	基本報表未經審核簡明合併財務報表註腳	6
項目2。	管理層對財務狀況和業績的討論與分析	26
項目 3。	市場風險的定量和定性披露。	32
項目 4。	內部控制及程序	32

第二部分。	其他資訊

條目 1。	法律訴訟	33
项目1A。	風險因素	33
條目 2。	股票權益的未註冊銷售和資金用途	33
項目3。	優先證券違約	33
項目4。	礦業安全披露	33
项目5。	其他資訊	33
第6項。	展品	34

簽名		35


數量		描述
10.1		就卡梅爾公司與肯德拉·布拉肯-弗格森於2024年7月23日簽署的《雇傭協議》（參見2024年7月29日向證券交易委員會提交的公司8-k報告的附件10.1）。
10.2*		截至2024年8月6日的《增訂前購協議確認書》，由梅特拉特殊機會基金I, LP、梅特拉資本夥伴，LP、梅特拉選擇交易機會母基金，LP及卡梅爾公司共同簽署。
10.3*		2023年長期激勵計劃下的授予協議範本。
31.1*		根據2002年Sarbanes-Oxley法案302節條款，按照1934年證券交易法13a-14(a)和15d-14(a)規定，首席執行官的認證
31.2*		根據2002年Sarbanes-Oxley法案302節條款，按照1934年證券交易法13a-14(a)和15d-14(a)規定，首席財務官的認證
32.1*		根據2002年薩班斯-豪利法第906條所採用的18 U.S.C.第1350條，總執行長主管的證明。
32.2*		信安金融主要財務官根據2002年《薩班斯-豪利法案》第906條頒布的18 U.S.C.第1350條規定進行認證。
101.INS		內嵌XBRL實例文件 - 實例文件不顯示在交互式數據文件中，因為XBRL標籤嵌入在內嵌XBRL文檔中。
101.SCH		嵌入鏈接基底文件的內聯XBRL分類擴展架構。


☒	根據1934年證券交易法第13或15(d)條款的季度報告。


☐	根據1934年證券交易法第13或15(d)條款的過渡報告


	截至九月三十日止九個月
	2024			2023			變化
經營活動所用的淨現金	$	(3,616,885	)	$	(4,937,010	)	$	1,320,125
投資活動中使用的淨現金		(748,796	)		(30,470	)		(718,326	)
籌資活動提供的淨現金		2,590,545			11,935,234			(9,344,689	)


104		交互式數據文件封面（嵌入內聯XBRL文檔中）。


	Carmell Corporation

日期：2024年11月14日	簽署:	/s/ Kendra Bracken-Ferguson
		姓名：Kendra Bracken-Ferguson
		職稱：首席執行官

	卡梅爾公司

日期：2024年11月14日	由：	/s/ 布萊恩·J·卡斯迪
		姓名：布萊恩·J·卡薩迪
		職稱: 財務長