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Accounts Payable and Related Party

6 Months Ended

Jun. 30, 2025

Payables and Accruals [Abstract]

Accounts Payable and Related Party

Note 3 – Accounts Payable and Related Party

Accounts payable consist of the following:

 Schedule of Accounts Payable

		As of								As of
		June 30, 2025				%				December 31, 2024				%
Accounts payable to Cytovance, a related party 1		$	598,000				44	%		$	1,183,000				31	%
Accounts payable to University of Minnesota			432,000				31	%			712,000				18	%
Legal services firm			—				—	%			1,505,000				39	%
Accounts payable			—				—	%			1,505,000				39	%
Other accounts payable			344,000				25	%			453,000				12	%
Total accounts payable		$	1,374,000				100	%		$	3,853,000				100	%

¹ Accounts Payable to 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

		June 30, 2025				June 30, 2024
		Six Months Ending
		June 30, 2025				June 30, 2024
		(Unaudited)				(Unaudited)
Beginning balance		$	1,183,000			$	3,515,000
Invoices, net			626,000				778,000
Payments in cash			(364,000	)			(2,641,000	)
Payments in common stock, at fair value			—				(810,000	)
Payments in pre-funded warrants, at fair value			(847,000	)			—
Ending balance		$	598,000			$	842,000

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 during the period ended June 30, 2025.

University of Minnesota

See Note 7 – Commitments and Contingencies, Significant Agreements.

X

- Definition

The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 720
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483384/720-30-45-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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- References

No definition available.

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