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License Agreements and Acquired Patent Applications

6 Months Ended

Jun. 30, 2025

License Agreements and Acquired Patent Applications [Abstract]

License Agreements and Acquired Patent Applications

NOTE 3 – License Agreements and Acquired Patent Applications

The following summarizes the Company’s research and development expenses for licenses and patent applications acquired during the three and six months ended June 30, 2025 and 2024:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
The George Washington University	$	1,250	$	8,597	$	2,500	$	9,847
North Carolina State University		938		1,563		1,875		3,125
University of Cincinnati		2,708		417		3,333		417
Patent applications acquired		—		—		1,250,500		—
	$	4,896	$	10,577	$	1,258,208	$	13,389

The George Washington University

During the three and six months ended June 30, 2025, the Company recorded expenses of $1,250 and $2,500, respectively, related to license fees pursuant to the patent license agreement with The George Washington University (“GW”) dated February 1, 2020 (“GW Patent License Agreement”) and the patent license agreement with GW dated August 7, 2020 (“Second GW Patent License Agreement”). During the three and six months ended June 30, 2024, the Company recorded expenses of $8,597 and $9,847, respectively, for license fees, including an expense of $6,389 and $6,389 for the three and six months ended June 30, 2024, respectively, related to warrants granted to GW pursuant to the GW Patent License Agreement and the Second GW Patent License Agreement.

North Carolina State University

During the three months ended June 30, 2025 and 2024, the Company recorded expenses of $938 and $1,563, respectively, for license fees associated with the license agreement by and between the Company and North Carolina State University dated February 25, 2021. During the six months ended June 30, 2025 and 2024, the Company recorded expenses of $1,875 and $3,125, respectively, for license fees associated with the license agreement by and between the Company and North Carolina State University dated February 25, 2021.

Chelexa Biosciences, Inc. and the University of Cincinnati

During the three months ended June 30, 2025 and 2024, the Company recognized expenses of $2,708 and $417, respectively, for license fees associated with the Assignment and Assumption Agreement by and between the Company and Chelexa Biosciences, Inc. dated May 14, 2020. During the six months ended June 30, 2025 and 2024, the Company recognized expenses of $3,333 and $417, respectively, for license fees associated with the Assignment and Assumption Agreement by and between the Company and Chelexa Biosciences, Inc. dated May 14, 2020.

Patent Application Acquisition Agreement

On January 13, 2025, the Company entered into a Patent Application Acquisition Agreement with Med30, LLC (the “Seller”), whereby the Seller sold, conveyed, assigned and transferred to the Company all of Seller’s right, title, and interest in and to certain patent applications and associated rights, subject to the terms and conditions set forth in such agreement for a cash payment of $400,000 and the issuance of 450,000 shares of the Company’s common stock with a fair value of $850,500 for an aggregate purchase price of $1,250,500. These common shares were valued at $850,500, or $1.89 per share, on the measurement date based on quoted closing price of the Company’s common stock. For asset acquisitions, in-process research and development (“IPRD”) is expensed immediately unless there is an alternative future use. The patent applications acquired do not constitute a business, as defined under ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business (such when there is no substantive process in the acquired entity). The acquired IPRD intangible asset will be used in research and development projects which have been determined to not have alternative future use at the acquisition date and was expensed immediately. Accordingly, during the three and six months ended June 30, 2025, the Company recorded $0 and $1,250,500 in research and development expenses, respectively.