Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2026

Accounts Payable and Accrued Expenses [Abstract]

NOTE 5 — ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following:

	June 30, 2026		December 31, 2025
Trade accounts payable	$	2,089,487	$	450,840
Accrued development costs		398,842		118,168
Accrued manufacturing costs		232,748		—
Accrued compensation and benefits		232,258		39,406
Other accrued expenses		268,308		310,235
Total accounts payable and accrued expenses	$	3,221,643	$	918,649

Accrued manufacturing costs represent amounts due to Piramal Pharma Solutions, Inc. for the manufacture of clinical trial material for APITOX under a manufacturing agreement entered into in 2025.

Legal and consulting fees of $1,281,090 incurred in connection with the April 24, 2026 Settlement Agreement described in Note 1, comprising consultancy fees of $500,000 and legal fees of $781,090, were charged to general and administrative expense in the three months ended June 30, 2026. Those fees were disbursed directly from the settlement escrow held in an attorney trust account and were not accrued as of June 30, 2026.

In addition to the amounts above, the Company had accrued offering costs of $780,000 as of June 30, 2026 (December 31, 2025 — $500,000), of which $280,000 was incurred during the six months ended June 30, 2026 in connection with the note financings described in Note 6, and accrued interest of $1,240,350 as of June 30, 2026 (December 31, 2025 — $27,952).