On January 26, 2023, the Board of Directors of Ayala Pharmaceuticals, Inc. determined that a fiscal year ending on December 31 would better reflect the business cycle of the Company. As a result of that determination, the Board voted on that date to change its fiscal year end from October 31 to December 31. December 31 is also the fiscal year end of Old Ayala, Inc., the accounting acquirer in the Company's recently completed reverse merger transaction.