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v3.25.1

Accounts Payable and Related Party | 3 Months Ended
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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: Schedule of Accounts Payable to Related Party
|  | 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.

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