“The lead program, VT-1953, is a topical gel that is being developed to treat signs and symptoms of malignant fungating wounds in advanced cancer, a potential orphan drug designation program.” — 原件

“Vyome raised its first American capital from Krishna Gupta and his venture capital firm in 2016 after initially meeting Dr. Sengupta at MIT nearly a decade earlier.” — 原件

ReShape 原业务：“Our current portfolio includes the U.S. Food and Drug Administration (“FDA”) approved and reimbursed Lap-Band® and the recently approved Lap-Band® 2.0 FLEX systems” — 原件

ReShape 董事会的考虑（并购说明书）：“the risks associated with being a shell company prior to cash distribution, including the risks associated with delisting” — 原件

Vyome 董事会的考虑：“Vyome’s need for capital to support the development of Vyome Assets and the potential to access public market capital, including sources of capital from a broader range of investors than it could otherwise obtain if it continued to operate as a privately-held company” — 原件

二季报新闻稿（2026-08-25）：“During the second quarter of 2026, the Company received the FDA’s written response on the proposed clinical development program.” — 原件

器械资产出售：“for an agreed upon purchase price of $2.25 million in cash” — 原件（原价 516 万美元，见 2025-04 修订 EX-2.1）

三笔对外交易，只有 Impetis 披露了对价。

• 2025-09 收购 MIT 孵化的 AI 公司 Oculo 的几乎全部资产，对价未披露（8-K 附件 99.1）。
• 2026-05 从塔塔集团旗下 Impetis 引进两个 JAK 抑制剂，只付未来销售额 1.5% 的提成，没有首付款：“The Impetis License Agreement provides for consideration of a 1.5% royalty on future net sales, if any, upon commercialization of the Impetis Assets, and no upfront payment obligations, development funding commitments, or milestone payment obligations.” — 原件
• 公司新闻稿把这笔许可称为「约 570 亿美元的市场机会」（新闻稿 2026-05-12）。

LiveChain（场外代码 LICH）。VTI 2021 年以 22 万美元买下的一家没有业务的场外壳公司：“LICH is an inactive non-reporting shell (“Shell Company”) that trades on the OTCID operated by OTC Markets Group under the ticker symbol LICH.” — 原件

这笔投资在资产负债表上记为「Intangible asset - shell company」314,191 美元。

“In August 2025, VTI issued 376,256 shares of common stock to certain advisors and consultants. The fair value of such shares of approximately $ 5.9 million is recorded principally as a Transactional and Financial Advisory Fee” — 原件

这些股票在并购前由 VTI 发出，随后和其他 VTI 股一起换成 HIND 股。本轨按 0.6244 的换股比例推算，约合 23.5 万股 HIND 股。它们登记在 S-4 下，和其他并购换股一样，锁定期满后可卖。

此外，VTI 优先股持有人在并购前多拿了 1,238,604 股新优先股，并以每股 0.001 美元行权 6,008,589 份权证。两项都记为「视同股息」，公允价值分别为 1,942 万美元和 246 万美元：

“will enable us to fund our operating expenses and capital expenditure requirements for at least 15 months, including the initiation of the pivotal trial of our lead candidate, VT-1953, but will not be sufficient to complete the trial” — 原件

印度税务争议。印度税务机关要求退回约 378,000 美元的 IGST 退税，连同利息和罚款约 75 万美元。公司已向德里高等法院起诉，判决尚未作出，也没有计提准备：

公司对资本结构的表态。二季度新闻稿里，CEO 称公司「没有债务、没有优先股、没有有毒融资工具」（新闻稿原件）。股本上的实际情况：

• 没有优先股，没有可转债；
• 有 817 份旧 ReShape 权证；
• 有 148 万股印度换股权，兑换时公司不收现金。

1 月 29 日的现金。公司在 2026-02-02 新闻稿里称，当天现金为 950 万美元（2026-02-02 新闻稿）。

“in connection with a firm commitment public offering (the “Offering”) of 1,275,000 units (the “Units”) at a public offering price of $8.00 per Unit.” — 原件

另类无现金行权：“For purposes of clarity, one Common Warrant to purchase one and one-half shares would be exercisable for 0.75 shares under this alternative cashless exercise provision.” — 原件

董事会可随时下调行权价（说明书原文；在已提交的权证文本里没有找到这一条，指本轨已转文本的附件）：“The exercise price of the common warrants may also be reduced to any amount and for any period of time at the sole discretion of our board of directors.” — 原件

持股上限：“shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%)” — 原件

行权结果：“As of March 31, 2023, warrants to purchase 1,670,626 shares of common stock have been exercised under the alternative cashless exercise for a total of 835,313 shares of common stock.” — 原件

超额配售：Maxim 只行使了权证部分，对应 286,875 股：“Maxim Group LLC has exercised its option to purchase additional Common Warrants to purchase 286,875 shares of Common Stock” — 原件

对不上的地方：已提交的权证文本把倍数写成「(y) 0.75」，但同一句的示例（1.5 股换 0.75 股）算出来是 0.5 倍。

今天口径：1,275,000 单位 ÷ 5,800 ≈ 220 单位，价格 8 × 5,800 = 46,400 美元。旧权证行权价上限正是 46,400 美元（见 #3 之后的 817 份）。

“(ii) pre-funded warrants to purchase an aggregate of 509,300 shares of Common Stock (the “Pre-funded Warrants”)” — 原件

私募权证条款：“The exercise price per share of Common Stock under this Warrant shall be $3.07” — 原件；“on or prior to 5:00 p.m. (New York City time) on October 24, 2028” — 原件

旧权证当场改价：“to reduce the exercise price of those certain warrants to purchase (i) 57,693 shares of Common Stock which expire on May 9, 2028” — 原件

配售代理权证：“warrants to purchase up to 40,035 shares of Common Stock” — 原件（行权价 3.38 美元，2028-04-24 到期）

之后两次改价：2023-10 降到 0.33，2023-11 降到 0.23（见 #4、#5）。

去向。这组权证在 2024 年年报里按一并五十八后的口径写作「16,644 股 @ 19.14 美元」（10-K 2024），之后并入合并时剩下的 817 份旧权证。

对不上的地方：

• 说明书说权证会因「增发股票」调整行权价，已提交的权证文本里没有这条；
• 预付权证的持股上限，文本写 9.99%，说明书写 4.99%。

“provided, however, in no event shall the exercise price of the Common Warrants be reduced to an exercise price lower than $0.088, which is equal to 20% of the closing price of the Common Stock on the day prior to the pricing of the offering.” — 原件

30 天重置：“On the 30-day anniversary of the issuance date of the Common Warrants, the exercise price of the Common Warrants will adjust to be equal to the greater of $0.088” — 原件

重置后是 0.2503 美元：“with a current exercise price of $0.2503 per share” — 原件

Armistice 的旧权证同时改价：“were amended effective upon the closing of the Offering so that the amended warrants have an exercise price of $0.33 per share.” — 原件

配售代理权证：“The exercise price per share of Common Stock under this Warrant shall be $0.363” — 原件（455,000 份，2028-09-29 到期）

本轨推算的买家分布：733 万份预付权证单位很可能全部由 Armistice 买下，因为它持有的这批权证正好是 733 万 × 1.5 = 1,099.5 万份。

今天口径：0.33 × 5,800 = 1,914 美元，地板价 0.088 × 5,800 = 510 美元。

424B4 说明书

“The gross proceeds to the Company from the Exercise was approximately $1.2 million” — 原件

新权证的棘轮地板：“No adjustment to the Exercise Price pursuant to Section 3(e) of this Warrant shall cause the Exercise Price to be less than 50% of the closing price on November 20, 2023” — 原件

股东批准（纳斯达克 5635(d)）：“upon the operation of anti-dilution provisions contained in such warrants, as required by and in accordance with Nasdaq Listing Rule 5635(d)” — 原件

表决结果：赞成 1,158,808，反对 801,271，经纪人未投票 6,332,883。

结局（当时口径）：“On June 4, 2024, the Company issued 5,824,958 shares of common stock in exchange for 10,765,000 common stock purchase warrants.” — 原件

一并五十八后的口径：“On June 4, 2024, the Company issued 100,430 shares of common stock in exchange for 185,604 common stock purchase warrants.” — 原件

本轨推算：每份权证换 0.54 股，相当于行权价约为结算价的 46%。文件没有写结算时的行权价。

对不上的地方：

• 行权股数，8-K 写 5,385,500，诱导函与年报写 5,382,500；
• 一起改价的剩余权证，8-K 写 7,299,351 份，新闻稿写 6,960,351 份；
• 2024 年年报把这批权证误称为「liability warrants」，那本是 2023-02 那批的名称。

“to reduce the liquidation preference of the Series C Preferred Stock from $26.2 million to the greater of (i) $1 million” — 原件

并购前一刻提交的修订后设定书：“95,388 shares have been designated as Series C Convertible Preferred Stock, all of which have been issued.” — 原件

转换比例：“into 0.0000078 shares of fully paid and non-assessable shares of Common Stock” — 原件。每家持有人转换时向上取整为 1 股，历次文件都写合计「10 股」。

此后：“There are currently no shares of our series C convertible preferred stock outstanding.” — 原件

待查：备考报表按 100 万美元计提了这笔清算款（8-K/A 备考），但实际付了多少，没有文件披露。

C 系列修订协议 EX-10.1

“bears an interest rate of 10% per annum and is due and payable on the earlier of (i) January 16, 2025” — 原件

转股价：“The conversion price in effect on any Conversion Date shall be equal to $5.22” — 原件

地板价：““Floor Price” means $1.05” — 原件

持股上限：“shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of all Conversion Shares” — 原件（后来的 S-1 写成 9.99%）

2025-01 修订：到期日延到并购或 90 天后；强制还款比例从 66% 降到 50%；另加 45,000 美元费用（8-K 2025-01-21）。

结局：“On February 18, 2025, the Company repaid the Note in full.” — 原件

2025 年一季报的现金流量表显示还款 81.1 万美元，比面值 83.3 万少，文件没有解释差额。

“over the 36-month term of the Purchase Agreement” — 原件

定价：“the VWAP on the Trading Day immediately prior to submission of an Advance Notice by (b) 93%” — 原件

事后补股：“equal to 93% of the lowest daily VWAP in the four (4) Trading Days” — 原件

股东批准：2025-04-01 获批（8-K）。

本轨判断：2025 年上半年的股东权益变动表里，只看到承诺股和预付权证行权，看不到按额度发的股，所以认为这条额度没有动用过。

“The securities were sold as part of units at a price of $2.33 per unit.” — 原件

零价行权：“the Holder may also effect an “alternative cashless exercise”” — 原件

最多稀释多少：“they would receive 5.597 shares of Common Stock” — 原件；“the maximum aggregate number of shares of Common Stock to be issued upon the alternative cashless exercise of the Warrants would be approximately 14,412,359 shares” — 原件

股东批准：“the exercisability of 2,703,862 common stock purchase warrants, and the issuance of the up to 15,132,975 shares of common stock underlying such warrants” — 原件

结局：“The exercise price of the Warrants was reset to the floor price of $ 31.25 per share” — 原件

投资人 576,416 股、配售代理 28,825 股，都在 2025-04-02 至 04 发出，合计 605,241 股（当时口径），今天口径约 151,310 股。

对股数的影响：2025-04-02 封面股数为 11,276,248（一并二十五前），今天口径 112,762 股，比 2024 年底多了约 15 倍（10-K 2024 封面）。

ATM：“with respect to the issuance and sale of up to $9,700,000 of the Company’s shares of common stock” — 原件

6 月卖了多少，两份文件说法不一。

• 8-K：“the Company sold 593,000 shares of common stock for gross proceeds of $3,642,564” — 原件
• 二季报：“In June 2025, the Company sold 830,918 Shares under the ATM Offering” — 原件

注册发行：“1,054,604 shares of the Company’s common stock” — 原件，每股 2.50 美元（424B5）。

配售代理权证：52,730 份 @ 2.75 美元，到期日为“June 10, 2030” — 原件

这批权证既不在二季报的权证表里，也不在并购后「817 份、2026-06 至 2029-12 到期」的旧权证里，去向不明。

目的：6/18 的 8-K 称，两笔融资之后股东权益已超过 250 万美元（8-K 2025-06-18）。

“If the merger is completed prior to September 30, 2025, then Vyome will not be required to repay the amounts outstanding under the promissory note” — 原件

并购后的处理：“The Reshape Notes were cancelled at the date of the Merger; however, the outstanding principal and interest were a part of the calculation of the relative shares of common stock of the Company retained by former Reshape shareholders at the Merger date.” — 原件

票据转股：“In connection with the Merger, all of the Promissory Notes and Bridge Notes were converted into shares of 534,850 and 86 shares of common stock of VTI and VTL, respectively.” — 原件

一分钱权证：“In August 2025, VTI issued warrants to certain preferred shareholders, who agreed to participate in the Concurrent Financing, to purchase 6,008,589 shares of VTI common stock at $ 0.001 per share.” — 原件

二季报另一处把行权价写成 0.01 美元。

VTI 的 8,161,761 股怎么来的（本轨逐项相加，结果与年报吻合）：

• 原有普通股 386 股
• 优先股转换 1,241,680 股
• 票据转股 534,850 股
• 顾问股 376,256 股
• 一分钱权证 6,008,589 股

一分钱权证一项就占 73.6%，而它只给了「同意参与同步私募」的优先股持有人。

对应的 Form 4 口径：Form 4 脚注写的是每 5,000 股 VTI 换 1 股 HIND；VTI 本身在并购前做过一次 5,000 并 1 的反拆（8-K 2025-09-02）。

“At the Merger date, there were 8,161,761 common shares of VTI outstanding, of which 6,843,451 of such VTI common shares were exchanged into 4,272,773 shares of VHI common stock as merger consideration pursuant to the Exchange Ratio specified in the Merger Agreement.” — 原件

换股比例公式（并购协议）：“the sum of $10,000,000 plus the ReShape Net Cash amount by (y) the sum of $130,000,000 plus the ReShape Net Cash Amount” — 原件

按这个公式，ReShape 股东分到的比例 = (1,000 万 + 净现金) ÷ (1.3 亿 + 净现金)，在 7.69% 到 11.1% 之间。实际结果约 12%：“the former holders of common stock of VTI owned, in the aggregate, approximately 88 % of the common shares, with Reshape’s shareholders immediately prior to the Merger owning approximately 12 % of common shares outstanding.” — 原件

印度换股权：“Through this agreement, 1,318,310 shares of common stock held by Indian stockholders of VTI be exchanged for 825,307 entitled shares of VHI common stock pursuant to the put/call exercise in the future as per the terms of the agreements.” — 原件

全部三份协议合计 1,715,339 股，已兑换 233,741 股，剩余 1,481,598 股。触发条件和审批见 股本专项 §4.8。

并购时的估值：“the value of shares to be issued in connection with the Merger will be approximately $92.5 million” — 原件（按 8/14 收盘价 15.68 美元计算）

“Vyome, through its subsidiary Vyome Limited, also closed on the sale of 999,shares of Vyome Limited at a price per share of $937.14 which shares are subject to a put call option agreement with the Company.” — 原件

定价规则：“The price per share for the common stock of the Combined Company will be calculated as a 30% discount to the price per share of the common stock for the agreed upon valuation of the combined company” — 原件

股数两种说法：8-K 写 529,137 股，季报年报写 520,514 股、毛额 5,735,052 美元，本页取后者。

主要买家（转售说明书）：MNI Ventures、Hunter Ventures、Bakalest Partners 等 28 家（424B3）。

时间对照：8 月 14 日收盘价 15.68 美元，私募价 11.02 美元是其 70%；到 9 月 26 日，股价已跌到 5.04 美元。

“The Amendment increases the amount that may be offered and sold in the Offering from $3,420,926 to $12,000,000.” — 原件

2026 年那笔，三种说法：

• 一季报：“In February 2026, the Company sold 1,089,545 shares of common stock at prices between $ 3.090 and $ 4.86 per share” — 原件
• 二季报：“In January 2026, the Company sold 1,089,545 shares of common stock at prices approximately between $ 4.00 and $ 6.00 per share” — 原件
• 2026-02-02 新闻稿：1 月 27 日一天卖出，均价 5.00 美元，比前一日收盘 3.11 美元高 59.2%。

同一天发生的事：

• 早上 8:00（美东），公司发布 Destum Partners 的估值新闻稿，称 VT-1953 三期成功后价值约 10 亿美元（新闻稿）。这份估值是公司委托的：“commissioned by Vyome and conducted by Destum Partners, Inc.” — 原件
• 当天常规时段开 3.64、最高 3.89、最低 2.65、收 3.26，成交 44,197,610 股（Nasdaq 官网历史行情），是在外股数的 6.3 倍。
• 之后四个交易日收盘依次为 2.54、2.14、1.92、2.20，2 月 2 日盘中最低 1.75。

本轨的直接含义：均价 5.00 美元高于当天常规时段的最高价，成交可能发生在盘前（8:00 之后、9:30 之前）；公司没有披露成交时段。

估值报告全文作为 8-K 附件 99.1 提交（原件）。

替换期权：“In February 2026, VHI issued stock options to employees, board members and consultants to purchase 1,725,211 shares of common stock at $ 0.66 per share and 75,400 shares of common stock at $ 4.97 per share.” — 原件

申报日期不一致：董事高管的 Form 4 把这批 0.66 美元期权记在 2025-11-13（Nelabhotla Form 4），年报却说是 2026 年 2 月发出、替换 VTI 的 0.41 美元旧期权。

Jolly 新期权：2026-09-01 获授 120,000 份，行权价 2.17 美元，授予即全部归属（Form 4）。

计划额度：2025 股权激励计划共 200 万股，2026-03-02 剩余 199,389 股（委托书）。扣除 Jolly 这笔后约剩 79,389 股（本轨推算）。

S-8 转售说明书：董事高管 1,524,918 股期权股可在行权后卖出（S-8）。

服务商股：“The Company issued 9,646 and 19,960 shares of common stock to a marketing vendor in January 2026 and December 2025” — 原件

“As consideration, LICH will issue to Remus 211,200,844 shares of its common stock, representing 25% of the fully diluted common stock of LICH immediately prior to Closing” — 原件

公司认定为关联交易：“The LOI and the transactions contemplated thereunder constitute a related party transaction.” — 原件

三位董事回避：“Mr. Krishna K. Gupta (founder and CEO of Remus), Mr. Stash Pomichter (a partner of Remus) and Mr. John Tincoff (a partner of Remus) recused themselves” — 原件

交割状态，两种说法：

• 2026-02-24 新闻稿说收购已完成（附件 99.1）；
• 一季报和二季报都说：“This transaction has still not closed as of the date of the filing of this document.” — 原件

Remus 的签字人：意向书上是 Krishna Gupta，身份为「General partner」（意向书 EX-10.1）；修订协议上是 Gupta，身份为「Managing Member」（10-K 附件 10.45）。

票据规模：Humanyze 的高级有担保可转债，本金 5,765,000 美元（交换协议 EX-10.1）。

复算：窗口 2024-08-30 → 2024-11-04。最高 1,213（2024-09-23）÷ 最低 460（2024-10-04）= 2.637 倍，最高在前，所以是下跌。

窗口内「先低后高」的最大涨幅：2024-09-20 的最低到 2024-09-23 的最高，1.90 倍。「先高后低」的最大跌幅：2024-09-23 → 2024-10-04，2.64 倍。

落地前一日收 649.7，窗口末收 605，比值 0.931。前 15 日均量 149，后 30 日均量 1,462（今天口径）。

黄底 = 窗口最高日，蓝底 = 窗口最低日，红框 = 落地日。「当时成交价」一列是今天口径除以括号里的倍数得到的。

复算：窗口 2025-04-17 → 2025-06-24。最高 56.38（2025-05-02）÷ 最低 8.92（2025-06-11）= 6.321 倍，最高在前，所以是下跌。

窗口内「先低后高」的最大涨幅：2025-06-02 的最低到 2025-06-03 的最高，2.06 倍。「先高后低」的最大跌幅：2025-05-02 → 2025-06-11，6.32 倍。

落地前一日收 33.33，窗口末收 10.48，比值 0.314。前 15 日均量 215,208，后 30 日均量 1,227,452（今天口径）。

黄底 = 窗口最高日，蓝底 = 窗口最低日，红框 = 落地日。「当时成交价」一列是今天口径除以括号里的倍数得到的。

复算：窗口 2025-07-25 → 2025-09-29。最高 18.6（2025-08-14）÷ 最低 5.04（2025-09-26）= 3.690 倍，最高在前，所以是下跌。

窗口内「先低后高」的最大涨幅：2025-08-11 的最低到 2025-08-14 的最高，2.49 倍。「先高后低」的最大跌幅：2025-08-14 → 2025-09-26，3.69 倍。

落地前一日收 15.68，窗口末收 5.355，比值 0.342。前 15 日均量 957,392，后 30 日均量 585,917（今天口径）。

黄底 = 窗口最高日，蓝底 = 窗口最低日，红框 = 落地日。「当时成交价」一列是今天口径除以括号里的倍数得到的。

1:58（2024-09-23）。8-K 正文：“The Reverse Stock Split does not reduce the number of authorized shares of common stock and preferred stock under the Certificate of Incorporation.” — 原件

章程修正案：“The reverse stock split shall also not increase or decrease the authorized shares of Common Stock or Preferred Stock as set forth in ARTICLE IV, Section 1 hereof.” — 原件

资产负债表口径：2024-09-30 授权普通股仍为 3 亿（10-Q 2024Q3）。

1:25（2025-05-09）。8-K 正文：“The Reverse Stock Split does not reduce the number of authorized shares of common stock and preferred stock under the Certificate of Incorporation.” — 原件

章程修正案：“The reverse stock split shall also not increase or decrease the authorized shares of Common Stock or Preferred Stock as set forth in ARTICLE IV, Section 1 hereof.” — 原件

2025-06-30 授权仍为 3 亿（10-Q 2025Q2）。

1:4（2025-08-15）。第八修正案：“The reverse stock split shall also not increase or decrease the authorized shares of Common Stock or Preferred Stock as set forth in ARTICLE IV, Section 1 hereof.” — 原件

2025-09-30 授权仍为 3 亿（10-Q 2025Q3）。同日的第九修正案只改名称和董事会条款（原件）。

2026-04-24（没有反拆）。第十修正案：“The total number of shares of all classes of stock that the Corporation has authority to issue is Sixty Million (60,000,000) shares” — 原件

三次反拆各自的股东授权：

• 2024-02-23 授权 1:10–1:60（8-K）；
• 2025-04-01 授权 1:2–1:250（8-K）；
• 2025-07-24 授权 1:2–1:5（8-K）。

每次都只用了一次。

往前看。2026 年委托书没有反拆议案。2025-07-24 那次授权为期一年，已经用掉，也已到期。截至今天，没有待表决或尚未用完的反拆授权。

纳斯达克规则的直接含义（本轨按 5810(c)(3)(A)(iv) 的两条线推算）：

• 若过去一年内做过反拆，或过去两年内累计反拆达到 250 倍，一旦股价跌破 1 美元，就没有宽限期。
• HIND 最近一次反拆（2025-08-15）已超过一年。两年累计 5,800 倍，这条线在 2026-09-23 之前仍然成立；此后两年累计只剩 1:25 × 1:4 = 100 倍。
• 现价 1.95 美元，暂不涉及这条规则。

规则原件已补核（2026-09-18，第四轮回查第 ⑤ 条）：上面两条线此前只写「本轨推算」，没有引一手件。现按三份美国联邦公报原件逐字核过，两条线的表述都成立，另补两点此前没写到的内容。原件在 Dropbox USstock/_rules/nasdaq-bid-price-reverse-split/。

对 HIND 的结论不变：一年线已于 2026-08-15 过期；两年累计线因 1:58（2024-09-23）仍在窗口内而成立，2026-09-23 之后累计降为 100 倍、低于 250 倍。补一句此前漏掉的：这两条线一旦触发，不是「等 180 天再说」，而是当场发退市决定；但公司可在期限内请求听证，按上表脚注 60，及时请求通常会中止停牌，听证小组还可另给整改期。三份批准令里都没有写规则的适用起始日，本页不写「自某日起适用」。

历史参照（2024 年以前，不在本节范围内）：2022-12-23 曾做过 1 并 50（2023-02 说明书）。

全部抓取存放在 Dropbox HIND/pr/2026-09-17/。ReShape 时期（2025-08 以前）的新闻稿不在这个网站上，只能通过 8-K 附件 99.1 查看。

• September 14, 2026 · Vyome Appoints Experienced Public Company Finance Executive Jerry Leonard as Chief Financial Officer
• August 25, 2026 · Vyome Holdings Reports Second Quarter 2026 Results Highlighted by Advancement of Lead VT-1953 Program, Pipeline Expansion and Strong Balance Sheet
• July 01, 2026 · Vyome Granted Chinese Patent Strengthening Immuno-Inflammation Portfolio
• May 28, 2026 · Vyome Holdings Reports First Quarter 2026 Results With Key FDA Filings and Strong Balance Sheet
• May 12, 2026 · Vyome Strikes Deal With Impetis Biosciences, Opening A ~$57B Market Opportunity
• April 22, 2026 · Vyome Presents Transformational VT-1953 Phase 2 Clinical Study Data at Prestigious AACR 2026
• April 06, 2026 · Vyome to Present Compelling Phase 2 Clinical Data on VT-1953 for Treatment of MFW at AACR 2026
• March 26, 2026 · Vyome Reports Transformational 2025 Results: Company Well Positioned for Breakout Phase
• February 24, 2026 · Livechain Completes Acquisition of Senior, Secured Debt of Humanyze, An MIT Incubated, AI Enabled HR Analytics Company
• February 18, 2026 · Vyome Announces the Publication of Positive Preclinical Results in Uveitis, Addressing a $3B Potential Market Opportunity
• February 11, 2026 · Vyome Files for VT-1953 Orphan Drug Status, Furthers Strategic Focus On VT-1953 Program Over the Next 6 Months
• February 02, 2026 · Vyome Successfully Capitalizes All VT-1953 Funding Requirements For Initial Phase 3 Results
• January 27, 2026 · Independent Analyst Values Vyome’s VT-1953 at USD 1 Billion Upon Successful Completion of Phase 3 Study
• December 22, 2025 · Vyome Subsidiary LiveChain (LICH) to Acquire Senior Secured Note in Humanyze, An MIT Incubated Company
• December 08, 2025 · Vyome Reports Positive Final Phase 2 Results for VT-1953; Plans to Advance Into Pivotal Study For FDA Approval
• November 25, 2025 · Vyome Appoints Renowned Medical Oncologist, Dr. Aditya Bardia, as Senior Medical Advisor to Guide the Development of MFW Program
• November 04, 2025 · Vyome Holdings Announces Results of Annual Shareholder Meeting
• September 30, 2025 · Vyome Holdings Announces Transformational First Quarter Following Nasdaq Listing
• September 29, 2025 · Vyome Holdings Acquires MIT AI Spinout Oculo Health
• September 17, 2025 · Vyome Presents Strong Data Showing Topical VT-1908 is an Effective Treatment for Uveitis, Opening Up a $3B Addressable Market Opportunity
• September 09, 2025 · Vyome Holdings Strengthens Leadership Team with Industry Veterans as it plans Pivotal Trial Studies
• September 04, 2025 · Vyome Holdings Announces Positive Interim Data from Phase 2 Study of VT-1953 in Malignant Fungating Wounds (MFW) and Provides Update on MFW market opportunity
• August 21, 2025 · Vyome Signs MoU with Embryyo, India’s Leading Medical Device Innovation Studio
• August 18, 2025 · Vyome Announces Strategic Review of Livechain (OTCID: LICH)
• August 15, 2025 · Vyome To Mark First Day of Trading as HIND with Nasdaq Opening Bell

“two (2) directors to be designated by KKG Enterprises, LLC, including the Chairman of the Board of Directors, who shall initially be Krishna Gupta, and Stash Pomichter” — 原件

“provided that the director designation rights of KKG Enterprises, LLC and Shiladitya Sengupta shall at all times be proportionate to the voting power held by each of KKG Enterprises, LLC and Shiladitya Sengupta” — 原件

董事罢免只能有因：“provided that any Director may be removed only with cause” — 原件

独立董事认定：“our board of directors has determined that each of Krishna K. Gupta, Mohanjit Jolly, Stash Pomichter and John Tincoff, are “independent directors”” — 原件

直接含义：

• 章程规定指派权要与表决权「成比例」，但 Sengupta 本人只持有 92 股，其余 62 万余份是期权，期权没有表决权。
• 三名独立董事中，Gupta、Pomichter、Tincoff 三人都来自 Remus，同时又是 LiveChain 交易对手方的负责人。

LiveChain / Humanyze 关联交易：“Such investor is also an investor in the Company, and a principal of such investor is a member of both Humanyze and our Board of Directors.” — 原件（详见 #21）

Sengupta 顾问协议：“Dr. Sengupta is entitled to a fee of $100,000 per annum payable in four equal instalments every quarter.” — 原件

董事长未申报 Form 3/4：“Krishna Gupta failed to file a Form 3 and a Form 4 reporting his appointment as a member of our Board of Directors and a transaction on August 15, 2025, respectively.” — 原件

其他人也迟报了。Dickey、Nelabhotla、Tincoff、Sengupta、Jolly、Pomichter 的 Form 3 都是 2025-09 至 11 月才补交（例：Jolly Form 4）。

大股东申报缺口。并购后，EDGAR 上没有任何 13D/13G，持股 14% 的 MNI Ventures 也没有申报过。口径：2025-08-15 交割日至 2026-09-03（清单上最新一件）之间全部 41 份申报里 0 份 13D / 13G；2023-01-01 以来的 211 份里有 17 份，全部是并购前 ReShape 时期的持有人。这 17 份按台账 form 字段计，SC 13G、SCHEDULE 13G、SC 13D、SCHEDULE 13D 及各自 /A 共七种写法都已计入——EDGAR 同一类表单存在两种拼法，只认其中一种会漏数。

欠董事与 CEO 的钱：“The amount outstanding to such Directors as of December 31, 2025 and 2024 is approximately $ 200,000 and $ 100,000 , respectively” — 原件

换审计师：“Kreit & Chiu CPA LLP (“Kreit & Chiu”) was appointed to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025.” — 原件

董事薪酬：2025 年非执行董事没有领取现金或股票（委托书）。2026-09-01 Jolly 获授 12 万份期权，本轨按行权价 2.17 × 12 万粗算面值约 26 万美元，公司没有给出公允价值。

“the Company will pay ClearBridge a consulting fee of $15,000 per calendar month (the “Consulting Fee”).” — 原件

“On August 25, 2026, Robert Dickey notified the Company’s board of directors of his intention to voluntary resignation from his position as Interim Chief Financial Officer effective August 31, 2026.” — 原件

Leonard 的 Form 3 申报没有任何持股（Form 3）。咨询协议附件里的收费明细被涂黑（EX-10.1）。

HIND 年报：“Mr. Gupta has also served as a member of the board of directors of Allurion Technologies (NYSE: ALUR) since 2015.” — 原件

Allurion 年报：“Krishna Gupta has served as a member of our Board of Directors since January 2017.” — 原件

Allurion 8-K：“On August 17, 2026, Krishna Gupta, a Class I member of the board of directors (the “Board”) of Allurion Technologies, Inc. (the “Company”), notified the Company of his resignation from the Board” — 原件

HIND 8-K（新 CFO）：“Since March 2026, Mr. Leonard serves as fractional Chief Financial Officer and Secretary of VSee Health (OTC: VSEE), a telehealth company, pursuant to an assignment through ClearbridgeCFO.” — 原件

VSee 8-K（2024-06-28）：“Jerry Leonard was appointed Chief Financial Officer and Secretary of the Company” — 原件

VSee 委托书（2026-07-20）：“Jerry Leonard is the Senior Vice President, Chief Financial Officer and Secretary of the Company.” — 原件；“In March 2026, Mr. Leonard founded ClearBridgeCFO” — 原件

VSee 年报（2026-03-31）：Leonard 以 CFO 身份签字，并以个人名义为公司的一笔借款提供担保（原件）。

年龄对不上：HIND 年报的表格写 Gupta 39 岁，简历段写 38 岁；Allurion 年报写 38 岁。

“As of September 30, 2024, the Company’s stockholders’ equity was $1,487,000.” — 原件

“Nasdaq has determined to delist the Company’s securities from Nasdaq.” — 原件

“Nasdaq approved the initial listing application on August 6, 2025.” — 原件

并购后。HIND 没有再收到任何 3.01 通知（口径：2025-08-15 至 2026-09-03 的全部 41 份申报，其中 14 份 8-K 的事项栏里都没有 3.01）（另有 1 份 8-K/A，合计 8-K 类 15 份，正文同样没有出现 Item 3.01。份数按 SEC 台账的 form 字段计，不按本地目录名——本地目录名把空格与斜杠换成下划线，8-K_A 会被「按名筛 8-K」误收，211 个目录里有 46 个是这种写法）。二季度末股东权益 731 万美元，股价 1.95 美元，都在上市标准之上。

一、10 封 SEC 审查意见信（UPLOAD）。公司的回函（CORRESP）是 HTML，早已引用；SEC 这一侧此前没读。与本页相关的几条：

• 2024-11-01（信日期 10-31）：S-4 首轮 20 条。要求把「Vyome 股东最多可拿 92.31%」写上封面、解释 put-call 是什么、披露可继承的净经营亏损总额：“Please state the total NOL carryforward you may be eligible to receive.”
• 2024-12-20：S-4/A 第一轮回复后的意见，三点与本页相关：
  • 换股权的集中度：“the two affiliated Navam entities hold approximately half of the entitled shares (751,147)”（当时口径，早于 2025-05 的 1 并 25 与 2025-08 的 1 并 4）
  • 要求删改「VT-1953 的活性成分已获 FDA 批准」的说法：“please revise the statement that the active agent in VT-1953 is approved by the US-FDA”
  • 截至当时还没和 FDA 开过会：“to date, you have not had any meetings with the FDA regarding Phase 3 trial protocols or regarding obtaining orphan drug designation”
• 2025-02-12：2025 年 2 月单位发行的 S-1/A 意见。要求把封面股数从 1,326,260 改成 1,591,512，并讲明公司预计收不到行权现金：“each warrant could be exercised for 1.2 common shares on a cashless basis rather than for one share on a cash basis”
• 2025-03-13：对 2025-03-03 委托书的意见。要求不要再叫「另类无现金行权」，改用「零行权价」，因为持有人拿到的股比现金行权更多、公司一分钱收不到：“exclusively using the term "zero exercise price"”
• 其余各封：2023-01-20 与 2023-08-30 是「不审阅」通知；2025-01-03 要求补 Vyome 财报并讲清股权信用额度与可转债风险；2025-01-31 是税务意见与高管薪酬；2025-03-14 审查完成；2025-05-07 是 S-3 草案「不审阅」。

这批意见信不改变本页任何数字，但对 §4 第 9 项与教学页第 9 步是印证：监管机构自己也认为「另类无现金行权」这个叫法会让人误解。

二、2 份 13G 附件 PDF（授权委托书、联合申报协议）：本次解码读过，例行文件，无实质内容。

三、5 份「正文只有图片」的 HTML 附件（本次把图解出来读过）：

• 2024-04-10 与 2025-08-20 两份 EX-16.1（审计师变更函）：正文在 HTML 里，图片只是事务所抬头，不影响已写内容。
• 2026 年年报的 EX-10.21 / 10.22 / 10.23：整份是扫描图，读完是三份 Regus 办公室服务协议，与股本无关。例如 EX-10.23 的扫描页：2025-09-16 签，地址是哈佛广场 One Mifflin Place Suite 400（公司总部），两人间，月费 980 美元（标价 2,029），期限 2025-10-01 至 2026-09-30。
• 提醒：这三份在 EDGAR 提交头里的 DESCRIPTION 写作「2024-05-23 续租协议」「2024-06-27 办公室服务协议」「2024-07-08 雇佣协议修正案」，与 10-K 附件索引和图里的实际内容都对不上。只看描述，就会把一份办公室租约当成 CEO 的薪酬协议——所以扫描件必须开图核对。