Note 9 - Subsequent Events

On November 5, 2025, the Company entered into a stock purchase agreement (the “Baergic Agreement”) with Axsome and the holders of outstanding options, warrants and other similar rights with respect to shares of Baergic. Pursuant to the Baergic Agreement, Axsome: (i) purchased 100% of the equity interests in Baergic from Avenue and the other stockholders of Baergic for an upfront payment of $0.3 million (less transaction fees) and additional contingent consideration described below (the “Disposition”) and (ii) received worldwide commercial, development, and manufacturing rights to BAER-101 (now referred to as AXS-17), including all available nonclinical and clinical data.

Additionally, Avenue and the other former stockholders of Baergic will be eligible to receive from Axsome:

Avenue expects to receive approximately 74% of all future payments and royalties payable under the Baergic Agreement.

Also effective November 5, 2025, the Company’s Chief Executive Officer, the Company’s Interim Chief Financial Officer and Chief Operating Officer, and a Fortress employee were each granted an award of restricted stock in Baergic of 443,578 shares, 266,147 shares, and 77,431 shares respectively. The restricted stock was granted and fully-vested upon closing of the Disposition and upon the vesting, the individuals are entitled to receive a portion of the future payments and royalties that may become payable under the Baergic Agreement.