Annual report [Section 13 and 15(d), not S-K Item 405]

Accounts Payable

Accounts Payable

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accounts Payable

Note 3 – Accounts Payable

Accounts payable consists of the following:

Schedule of Accounts Payable

	As of					As of
	December 31, 2025		%			December 31, 2024		%
Accounts payable to Cytovance	$	25,000		3	%	$	1,183,000		31	%
Accounts payable to University of Minnesota		500,000		67	%		712,000		18	%
Legal services firm		—		0	%		1,505,000		39	%
Accounts payable		—		0	%		1,505,000		39	%
Other accounts payable		223,000		30	%		453,000		12	%
Total accounts payable	$	748,000				$	3,853,000

The details of the Company’s accounts payable to Cytovance Biologics, Inc., were as follows:


	Year Ending
	December 31, 2025			December 31, 2024
Beginning balance	$	1,183,000		$	3,515,000
Invoices, net		743,000			2,335,000
Payments in cash		(1,054,000	)		(3,857,000	)
Payments in common stock, at fair value		—			(810,000	)
Payments in pre-funded warrants, at fair value		(847,000	)		—
Ending balance	$	25,000		$	1,183,000

During the year ended December 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.

During the year ended December 31, 2024, the Company issued shares of common stock with a fair value of $810,000 to Cytovance as partial payment of research and development payables. The shares were valued at the respective date of the settlement.

During the year ended December 31, 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.

On June 30, 2025, the Company entered into an Advisory Agreement (the “Advisory Agreement”) with PDPC Advisors Inc. (“PDPC”), to perform certain advisory services. Under the Advisory Agreement cash payments amounting to $100,000 were to be paid in six equal installments beginning on July 1, 2025 and ending on December 31, 2025. In addition, upon execution of the Advisory 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 began 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.