Note 3 – Accounts Payable and Related Party

Accounts payable consist of the following:

 Schedule of Accounts Payable

Cytovance, a Related Party

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

 Schedule of Accounts Payable to Related Party

In April and June 2024, the Company issued an aggregate of 127,597 shares of common stock with a fair value of approximately $810,000 to Cytovance as partial payment of accounts payable.

In March 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.

University of Minnesota

See Note 7 – Commitments and Contingencies, Significant Agreements.

PDPC Advisors Inc., a Related Party

On June 30, 2025, the Company entered into an Advisory Agreement (the “Agreement”) with PDPC Advisors Inc. (“PDPC”), to perform certain advisory services. Under the Agreement cash payments amounting to $100,000 are to be paid in six equal installments beginning on July 1, 2025 and ending on December 31, 2025. In addition, upon execution of the Agreement, the Company issued to PDPC a pre-funded warrant to purchase 150,000 shares of common stock of the Company, which had a fair value of $537,000 at the time of issuance. The Agreement begins on July 1, 2025 and terminates on June 30, 2026. PDPC is considered a related party as its CEO is an individual who has voting and investment control over an entity whose beneficial ownership exceeded 5% of the issued and outstanding shares of the Company’s common stock.