Quarterly report [Sections 13 or 15(d)]

Accounts Payable and Related Party

Accounts Payable and Related Party

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Accounts Payable and Related Party

Note 3 – Accounts Payable and Related Party

Accounts payable consists of the following:

Schedule of Accounts Payable

	As of					As of
	March 31, 2025		%			December 31, 2024		%
Accounts payable to Cytovance, a related party ¹	$	600,000		25	%	$	1,183,000		31	%
Accounts payable to University of Minnesota		629,000		26	%		712,000		18	%
Legal services firm		597,000		25	%		1,505,000		39	%
Accounts payable		597,000		25	%		1,505,000		39	%
Other accounts payable		554,000		24	%		453,000		12	%
Total accounts payable	$	2,380,000		100	%	$	3,853,000		100	%

¹	Accounts Payable to Cytovance Biologics, Inc. (“Cytovance”), a Related Party, since Cytovance owns greater than 5% of the Company’s issued and outstanding common stock. See Note 7 – Commitments and Contingencies, Significant Agreements.

The details of the Company’s accounts payable to Cytovance were as follows:


	Three Months Ending
	March 31, 2025			March 31, 2024
	(Unaudited)			(Unaudited)
Beginning balance	$	1,183,000		$	3,515,000
Invoices, net		532,000			269,000
Payments in cash		(268,000	)		(1,800,000	)
Payments in pre-funded warrants, at fair value		(847,000	)		—
Ending balance	$	600,000		$	1,984,000

During the three months ended March 31, 2025, the Company issued pre-funded warrants to purchase up to 326,251 shares of common stock exercisable at $0.0001 per share with a fair value of approximately $847,000 to Cytovance as partial payment of accounts payable. The pre-funded warrants were valued at the market price on the last day of the month during the respective month that the invoices are due.

In March 2025, a legal services firm currently engaged by the Company agreed to reduce the Company’s prior year unpaid fees by approximately $1 million. The Company classified this transaction as other income during the period ended March 31, 2025.

University of Minnesota

See Note 7 – Commitments and Contingencies, Significant Agreements.