Accounts Payable and Related Party

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accounts Payable and Related Party

Note 4 – Accounts Payable and Related Party

Accounts payable consists of the following:

	As of					As of
	December 31, 2024		%			December 31, 2023		%
Accounts payable to Cytovance, a related party 1	$	1,183,000		31	%	$	3,515,000		81	%
Accounts payable to University of Minnesota		712,000		18	%		121,000		3	%
Legal services firm		1,505,000		39	%		130,000		3	%
Other accounts payable		453,000		12	%		562,000		13	%
Total accounts payable	$	3,853,000				$	4,328,000

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 8 – Commitments and Contingencies, Significant Agreements.

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

	Year Ending
	December 31, 2024			December 31, 2023
Beginning balance	$	3,515,000		$	2,264,000
Invoices, net		2,335,000			4,584,000
Payments in cash		(3,857,000	)		(2,213,000	)
Payments in common stock, at fair value		(810,000	)		(1,120,000	)
Ending balance	$	1,183,000		$	3,515,000

During the year ended December 31, 2024, the Company issued 127,597 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, 2023, the Company issued 57,437 shares of common stock with a fair value of $1,120,000, consisting of $702,000 in share settled payables and $418,000 in gain on the extinguishment, to Cytovance as partial payment of research and development payables. The shares were valued at the respective date of the settlement.

University of Minnesota

See Note 8 – Commitments and Contingencies, Significant Agreements.