Quarterly report [Sections 13 or 15(d)]

Accounts Payable and Related Party (Tables)

v3.25.1
Accounts Payable and Related Party (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable

Accounts payable consists of the following:

 

    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 %
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.
Schedule of Accounts Payable to Related Party

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