Management's Discussion & Analysis — Q1 2026

This MD&A is dated May 22, 2026 and should be read in conjunction with the unaudited condensed interim financial statements for the three months ended March 31, 2026.

Certain statements in this document constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information reflects current expectations regarding future events and operating performance and speaks only as of the date of this document. Actual results may differ materially. Material factors and assumptions used to develop the forward-looking information and the material risk factors that could cause actual results to differ are described in the Company's most recent Annual Information Form and MD&A. The Company undertakes no obligation to update forward-looking information except as required by applicable securities laws.

Research expenses of $3.6M for the quarter reflect IND-enabling work on VLD-117 and continued GMP supply qualification. The Company remains on track to file its investigational new drug application in the second half of 2026.

Cash runway is projected into Q1 2027 following the June bought-deal financing. The Company had cash of $18.4M at March 31, 2026, and, upon closing of the bought-deal financing announced subsequent to quarter end, expects pro-forma cash of approximately $40.4M.

On May 15, 2026, the Company announced a bought-deal offering of 8.8 million units at $2.50 per unit for gross proceeds of $22.0 million. The offering closed on June 18, 2026.