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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">1.</td> <td>Organization and Business</td></tr> </table> Organization Mosaic ImmunoEngineering, Inc. (the “Company,” “Mosaic,” “we,” “us,” or “our”) is a corporation organized under Delaware law on March 24, 1992. We are a development-stage biotechnology company focused on advancing and eventually commercializing immunotherapies for the treatment of cancer. We have historically advanced early-stage product candidate and we are pursuing new product candidates and platforms to expand our pipeline based on our understanding of immunotherapies and our license agreements with University of California San Diego. The Company has two inactive wholly owned subsidiaries: Mosaic ImmunoEngineering Development Company, a corporation organized under Delaware law on March 30, 2020 and Patriot Data Solutions Group, Inc. Going Concern and Management’s Plans The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. At June 30, 2026, the Company had cash and cash equivalents of $26 and has not yet generated any revenues. Therefore, our ability to continue our operations is highly dependent on our ability to raise capital to fund future operations. We anticipate, based on currently proposed plans and assumptions, that our cash and cash equivalents on hand will not satisfy our operational and capital requirements through twelve months from the filing date of this Quarterly Report on Form 10-Q. There are a number of uncertainties associated with our ability to raise additional capital and we have no current arrangements with respect to any additional financing. Consequently, there can be no assurance that any additional financing on commercially reasonable terms, or at all, will be available when needed. The inability to obtain additional capital will delay our ability to conduct our business operations. Any additional equity financing may involve substantial dilution to our then existing stockholders. The above matters raise substantial doubt regarding our ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. Management is actively engaged in discussions with potential investors and strategic partners and is pursuing a range of financing and business development opportunities that may include debt financings, equity offerings, and potential partnering arrangements. These efforts are intended to secure the capital necessary to support the Company’s ongoing operations and advance its development programs. No assurances can be given as to the Company’s ability to execute its plan to raise additional capital to fund ongoing operations or that available debt or equity financing will be available on favorable terms, if at all. If adequate funds are not available on acceptable terms, or at all, the Company will need to curtail operations, or cease operations completely.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">2.</td> <td>Basis of Presentation and Significant Accounting Policies</td></tr> </table> Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America. The accompanying unaudited condensed consolidated financial statements should therefore be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. In the opinion of management, the interim condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair presentation of the results for the interim period presented. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the three and six months ended June 30, 2026, as compared to the significant accounting policies disclosed in Note 2 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Recently Adopted Accounting Standards There have been no additional accounting pronouncements adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) during the three and six months ended June 30, 2026, as compared to the recent accounting pronouncements described in Note 2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, that the Company believes are of significance or potential significance to the Company.

Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America. The accompanying unaudited condensed consolidated financial statements should therefore be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. In the opinion of management, the interim condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair presentation of the results for the interim period presented.

Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the three and six months ended June 30, 2026, as compared to the significant accounting policies disclosed in Note 2 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Recently Adopted Accounting Standards There have been no additional accounting pronouncements adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) during the three and six months ended June 30, 2026, as compared to the recent accounting pronouncements described in Note 2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, that the Company believes are of significance or potential significance to the Company.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">3.</td> <td>Fair Value of Financial Instruments</td></tr> </table> Under this authoritative guidance, we are required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We determine fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment or valuations by third-party professionals. The three levels of inputs that we may use to measure fair value are: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">·</td> <td style="text-align: justify">Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>·</td> <td style="text-align: justify">Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and</td></tr> <tr style="vertical-align: top"> <td> </td> <td>·</td> <td style="text-align: justify">Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).</td></tr> </table> The carrying amount of certain of the Company’s financial instruments, including cash and cash equivalents, accounts payable and accrued liabilities, approximate their estimated fair values primarily due to the short-term nature of the instruments or based on information obtained from market sources and management estimates. Convertible notes were initially recorded at their amortized cost and were accreted to their redemption value over the estimated conversion period using the effective interest method (Note 6).

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">4.</td> <td>Accrued Expenses and Other Current Liabilities</td></tr> </table> Accrued expenses and other current liabilities consisted of the following: <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zg0Bl1mZQAt7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accrued Expenses and Other Current Liabilities (Details)"> <tr style="vertical-align: bottom"> <td>Schedule of accrued expenses and other current liabilities</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: justify">Crossflo acquisition liability</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--AccruedLiabilitiesCurrent_iI_pp0p0_c20260630__us-gaap--TransactionTypeAxis__custom--CrossfloAcquisitionLiabilityMember_zZhTHXFrK4O8" style="width: 13%; text-align: right" title="Total accrued expenses and other current liabilities">177,244</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AccruedLiabilitiesCurrent_pp0p0_c20251231__us-gaap--TransactionTypeAxis__custom--CrossfloAcquisitionLiabilityMember_zdcsKoaGHW96" style="width: 13%; text-align: right" title="Total accrued expenses and other current liabilities">177,244</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accrued patent expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--AccruedLiabilitiesCurrent_iI_pp0p0_c20260630__us-gaap--TransactionTypeAxis__custom--AccruedPatentExpensesMember_zyyCxGDNU7V9" style="text-align: right" title="Total accrued expenses and other current liabilities">430,873</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--AccruedLiabilitiesCurrent_pp0p0_c20251231__us-gaap--TransactionTypeAxis__custom--AccruedPatentExpensesMember_zv7fMA4Bmsye" style="text-align: right" title="Total accrued expenses and other current liabilities">430,873</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Other accrued expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--AccruedLiabilitiesCurrent_iI_pp0p0_c20260630__us-gaap--TransactionTypeAxis__custom--OtherAccruedExpensesMember_zEShw9mw3008" style="border-bottom: Black 1pt solid; text-align: right" title="Total accrued expenses and other current liabilities">62,482</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--AccruedLiabilitiesCurrent_pp0p0_c20251231__us-gaap--TransactionTypeAxis__custom--OtherAccruedExpensesMember_zNMXAJgThCY7" style="border-bottom: Black 1pt solid; text-align: right" title="Total accrued expenses and other current liabilities">47,043</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--AccruedLiabilitiesCurrent_pp0p0_c20260630_zFZ505WUeU4b" style="border-bottom: Black 2.5pt double; text-align: right" title="Total accrued expenses and other current liabilities">670,599</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--AccruedLiabilitiesCurrent_pp0p0_c20251231_z6k9tixqbaai" style="border-bottom: Black 2.5pt double; text-align: right" title="Total accrued expenses and other current liabilities">655,160</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> In September 2008, we acquired Patriot Data Solutions Group, Inc. formerly known as Crossflo Systems, Inc. (“PDSG”). In connection with the acquisition of Crossflo, we have accrued $177,244 that could be payable to Crossflo investors.

<table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zg0Bl1mZQAt7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accrued Expenses and Other Current Liabilities (Details)"> <tr style="vertical-align: bottom"> <td>Schedule of accrued expenses and other current liabilities</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: justify">Crossflo acquisition liability</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--AccruedLiabilitiesCurrent_iI_pp0p0_c20260630__us-gaap--TransactionTypeAxis__custom--CrossfloAcquisitionLiabilityMember_zZhTHXFrK4O8" style="width: 13%; text-align: right" title="Total accrued expenses and other current liabilities">177,244</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AccruedLiabilitiesCurrent_pp0p0_c20251231__us-gaap--TransactionTypeAxis__custom--CrossfloAcquisitionLiabilityMember_zdcsKoaGHW96" style="width: 13%; text-align: right" title="Total accrued expenses and other current liabilities">177,244</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accrued patent expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--AccruedLiabilitiesCurrent_iI_pp0p0_c20260630__us-gaap--TransactionTypeAxis__custom--AccruedPatentExpensesMember_zyyCxGDNU7V9" style="text-align: right" title="Total accrued expenses and other current liabilities">430,873</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--AccruedLiabilitiesCurrent_pp0p0_c20251231__us-gaap--TransactionTypeAxis__custom--AccruedPatentExpensesMember_zv7fMA4Bmsye" style="text-align: right" title="Total accrued expenses and other current liabilities">430,873</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Other accrued expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--AccruedLiabilitiesCurrent_iI_pp0p0_c20260630__us-gaap--TransactionTypeAxis__custom--OtherAccruedExpensesMember_zEShw9mw3008" style="border-bottom: Black 1pt solid; text-align: right" title="Total accrued expenses and other current liabilities">62,482</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--AccruedLiabilitiesCurrent_pp0p0_c20251231__us-gaap--TransactionTypeAxis__custom--OtherAccruedExpensesMember_zNMXAJgThCY7" style="border-bottom: Black 1pt solid; text-align: right" title="Total accrued expenses and other current liabilities">47,043</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--AccruedLiabilitiesCurrent_pp0p0_c20260630_zFZ505WUeU4b" style="border-bottom: Black 2.5pt double; text-align: right" title="Total accrued expenses and other current liabilities">670,599</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--AccruedLiabilitiesCurrent_pp0p0_c20251231_z6k9tixqbaai" style="border-bottom: Black 2.5pt double; text-align: right" title="Total accrued expenses and other current liabilities">655,160</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

177244

430873

62482

47043

670599

655160

177244

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">5.</td> <td>License Agreements</td></tr> </table> License Option Agreement and License Agreement with CWRU On July 1, 2020, we signed a License Option Agreement with CWRU, granting the Company the exclusive right to license certain technology covering an immunotherapy platform technology to treat and prevent cancer in humans and for veterinary use, including MIE-101, our lead clinical candidate. Under the License Option Agreement, CWRU granted us the exclusive option for a period of two (2) years to negotiate and enter into a license agreement with CWRU, provided that we meet certain diligence milestones. Under the License Option Agreement, we issued CWRU 70,000 shares of Class B Common Stock at the fair market value of $7 on the date of issuance. On August 21, 2020, the Class B Common Stock was exchanged for shares of Series B Preferred. On May 4, 2022, we exercised our rights under the License Option Agreement and entered into a license agreement with CWRU (“License Agreement”). Pursuant to the terms of the License Agreement, we agreed to pay CWRU for each licensed product used in human applications (i) development milestones of up to $1.8 million in aggregate dependent upon the progress of clinical trials, regulatory approvals, and initiation of product launch, (ii) tiered royalty on net sales beginning in the mid-single digits, (iii) annual minimum royalty of $10,000 beginning on the second anniversary date of the Agreement with the minimum amount rising based on net sales of the licensed product, and (iv) a declining percentage of all non-royalty sublicensing income based on the escalating stage of development upon a sublicensing event, if applicable. In addition, we agreed to pay CWRU for each licensed product used in veterinarian applications (i) a tiered royalty on net sales beginning in the low single digits and (ii) a declining percentage of all non-royalty sublicensing income based on the escalating stage of development upon a sublicensing event, if applicable. In addition, we are responsible for the reimbursement of all past, current and future patent fees incurred by CWRU under the License Agreement. During the three and six months ended June 30, 2026 and 2025, we did <span id="xdx_903_eus-gaap--LegalFees_pp0p0_do_c20260401__20260630__us-gaap--NatureOfExpenseAxis__custom--GAndAExpenseMember__us-gaap--TransactionTypeAxis__custom--CWRULicenseOptionAgreementMember_zWIYODYobE81" title="Legal fees"><span id="xdx_90A_eus-gaap--LegalFees_pp0p0_do_c20260101__20260630__us-gaap--NatureOfExpenseAxis__custom--GAndAExpenseMember__us-gaap--TransactionTypeAxis__custom--CWRULicenseOptionAgreementMember_zwL3zghR02X4" title="Legal fees"><span id="xdx_906_eus-gaap--LegalFees_pp0p0_do_c20250401__20250630__us-gaap--NatureOfExpenseAxis__custom--GAndAExpenseMember__us-gaap--TransactionTypeAxis__custom--CWRULicenseOptionAgreementMember_zaxwd8vPqj7d" title="Legal fees"><span id="xdx_907_eus-gaap--LegalFees_pp0p0_do_c20250101__20250630__us-gaap--NatureOfExpenseAxis__custom--GAndAExpenseMember__us-gaap--TransactionTypeAxis__custom--CWRULicenseOptionAgreementMember_z2QvftyHrZm1" title="Legal fees">not incur any patent legal fees associated with the License Agreement. Due to our limited cash position, we did not pay amounts owed to CWRU and on March 22, 2024, we received a notice of termination from CWRU to terminate the License Agreement effective on the notice date. As of June 30, 2026 and December 31, 2025, we have accrued $<span id="xdx_909_ecustom--AccruedPatentFees_iI_pp0p0_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CWRUMember__us-gaap--TransactionTypeAxis__custom--LicenseOptionAgreementMember_zXZPGd9liCq2" title="Accrued patent fees"><span id="xdx_904_ecustom--AccruedPatentFees_iI_pp0p0_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CWRUMember__us-gaap--TransactionTypeAxis__custom--LicenseOptionAgreementMember_zY4jmd0zQTMf" title="Accrued patent fees">406,973 in accrued patent fees under the License Agreement. License Agreements with University of California San Diego (“UC San Diego”) During July 2021, we licensed the exclusive rights from UC San Diego to develop and commercialize technology that involves the loading of immuno-stimulatory molecules into plant virus protein nanoparticles. These plant virus protein nanoparticles can be loaded with other TLR agonists to further tailor specific immune response parameters. Under the licensing agreement, we are obligated to pay (i) a nominal upfront license access fee, (ii) all patent costs incurred prior to the effective date of the license agreement, (iii) annual license maintenance fees beginning on the second anniversary date of the agreement, (iv) aggregate future milestone payments based on potential clinical development and regulatory milestones of up to $165,000 through Phase III development plus additional milestones upon regulatory approval in the U.S. and other countries, (v) potential sales milestones upon achieving certain sales levels, and (vi) a low single digit royalty on net sales and/or a percentage of sublicense income. During September 2021, we licensed the exclusive rights to develop and commercialize several novel vaccine candidates, including SARS-CoV-2 and other infectious disease applications from UC San Diego. Under the licensing agreement, we are obligated to pay (i) a nominal upfront license access fee, (ii) all patent costs incurred prior to the effective date of the license agreement, (iii) annual license maintenance fees beginning on the second anniversary date of the agreement, (iv) aggregate future milestone payments based on potential clinical development and regulatory milestones of up to $1,250,000 through Phase III development plus additional milestones upon regulatory approval in the U.S. and other countries, and (v) a low single digit royalty on net sales and/or a percentage of sublicense income. On July 12, 2023, we provided notice to UC San Diego to terminate the September 2021 license agreement based on our evaluation of our licensed technology portfolio and our focus on advancing our lead oncology candidate, MIE-101. During the three and six months ended June 30, 2026 and 2025, we did not incur any intellectual property costs associated with the license agreements with UC San Diego. As of June 30, 2026 and December 31, 2025, we have accrued $40,900 in accrued expenses under the license agreements with UC San Diego.

406973 406973

40900

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">6.</td> <td>Convertible Notes</td></tr> </table> On May 7, 2021, we entered into a convertible note purchase agreement (“May Note Agreement”) with five (5) accredited investors, including three (3) former members of our Board of Directors (“Board”) that participated on the same terms as other accredited investors. Pursuant to the Note Agreement, we received $525,003 in proceeds in addition to $<span id="xdx_90E_eus-gaap--AccountsPayableCurrentAndNoncurrent_iI_pp0p0_c20210507__us-gaap--LongtermDebtTypeAxis__custom--MayConvertibleNotesMember__srt--CounterpartyNameAxis__custom--FounderMember_z1qLNeIrlVj4" title="Accrued payable">49,997 in accrued payable to founder that was invested in convertible notes and the Company issued unsecured convertible promissory notes (“May Convertible Notes”) in the aggregate principal amount of $575,000. Of such amount, three (3) former members of our Board invested $225,000 in aggregate. On February 18, 2022, we entered into additional convertible note purchase agreements (“February Note Agreement”) with sixteen (16) accredited investors, including one (1) member of our Board and four (4) former members of our Board that participated on the same terms as other accredited investors. Pursuant to the February Note Agreement, we received $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfUnsecuredDebt_pp0p0_c20220217__20220218__us-gaap--LongtermDebtTypeAxis__custom--FebruaryConvertibleNotesMember_zwG7Php79Qvg" title="Proceeds from issuance of unsecured debt">341,632 in proceeds and issued unsecured convertible promissory notes (“February Convertible Notes”) in the aggregate principal amount of $341,632. Of such amount, one (1) member of our Board and four (4) former members of our Board invested $155,000 in aggregate. The February Convertible Notes were issued as part of a convertible note offering authorized by the Company’s Board (the “Convertible Notes Offering”) for raising up to $5 million from the issuance of convertible notes through June 30, 2022. The May and February Convertible Notes (collectively, the “Convertible Notes”) have no stated maturity date; bear interest at a simple rate equal to eight percent (8.0%) per annum until converted; and automatically convert into the same equity securities issued for cash in the Qualified Financing (as described below), or at the option of the holder, into the same equity securities issued for cash in a Smaller Financing (as described below). Interest on the Convertible Notes is accreted and added to the unpaid principal balance prior to conversion of the Convertible Notes. During the three and six months ended June 30, 2026, the Company recorded non-cash interest expense on the Convertible Notes in the amount of $18,283 and $36,365, respectively. During the three and six months ended June 30, 2025, the Company recorded non-cash interest expense on the Convertible Notes in the amount of $18,282 and $36,365, respectively. The Convertible Notes will convert into the same equity securities offered in the Qualified Financing or Smaller Financing (“Conversion Shares”), as described below, at a conversion price equal to the lower of (i) the product equal to 80% times the lowest per unit purchase price of the equity securities issued for cash in the Qualified Financing or Smaller Financing, or (ii) $2.377 for the May Convertible Notes (“May Conversion Price”) or $1.00 for the February Convertible Notes (“February Conversion Price”). Pursuant to the February Note Agreement, for each holder of the May Convertible Notes that purchased a February Convertible Note in the amount of (a) $50,000 or (b) an amount equivalent to the principal amount of their May Convertible Note, the conversion price of the May Convertible Notes was adjusted to the February Conversion Price. As of June 30, 2026, the principal amount of the Convertible Notes that may be converted at the February Conversion Price was $866,632. In addition, the conversion price may be reduced or increased proportionately as a result of stock splits, stock dividends, recapitalizations, reorganizations, and similar transactions. Upon any conversion of the Convertible Notes in connection with a Qualified Financing or a Smaller Financing, as applicable, the Convertible Notes shall convert immediately prior to the closing thereof, such that the investors paying cash in such Qualified Financing or Smaller Financing, as applicable, are not diluted by the conversion of the Convertible Notes. Pursuant to the Convertible Notes, a Qualified Financing represents a single transaction or series of transactions whereby the Company receives aggregate gross proceeds of at least $5 million from the sale of equity securities following the issuance date (excluding proceeds from the issuance of any future convertible notes). A Smaller Financing represents any sale of equity securities whereby the aggregate gross proceeds are less than $5 million (excluding proceeds from the issuance of any future convertible notes). In addition, in the event of a corporate transaction covering the sale of all or substantially all of the Company’s assets, or merger or consolidation with or into another entity, or change in ownership of at least 50% in voting securities of the Company, the holder of the Convertible Note may elect that either: (a) the Company pay the holder of such Convertible Note an amount equal to the sum of (i) all accrued and unpaid interest due on such Convertible Note and (ii) one and one-half (1.5) times the outstanding principal balance of such Convertible Note; or (b) such Convertible Note will convert into that number of conversion shares equal to the quotient obtained by dividing (i) the outstanding principal balance and unpaid accrued interest of such Convertible Note on the date of conversion by (ii) the May or February Conversion Price, as applicable. In connection with the potential transaction with Oncotelic Therapeutics, Inc. (see Note 11), we received a one-time waiver from the convertible noteholders representing approximately 96% of the principal balance of the Convertible Notes, that no payments of principal and interest would be due under the proposed transaction with Oncotelic Therapeutics, Inc. Pursuant to ASC Topic 835-30, “Imputation of Interest”, the Convertible Notes were initially recorded at their amortized cost of $916,632 and are being accreted to their redemption value of $1,145,790 (“Redemption Value”) over the estimated conversion period using the effective interest method. The Convertible Notes have been accreted to their full Redemption Value as of March 31, 2024.

525003

49997

575000

225000

341632

155000

5000000

0.080

18283

36365

18282

36365

1145790

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">7.</td> <td>Note Payable</td></tr> </table> On November 18, 2024, we entered into an unsecured convertible promissory note (“Note Purchase Agreement”) with an accredited investor (“Investor”) for proceeds of up to $<span id="xdx_903_eus-gaap--ProceedsFromNotesPayable_c20241117__20241118__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--NotePurchaseAgreementMember_zXfgX99YGFRf" title="Proceeds from note payable">200,000 to be used for general corporate purposes. On December 4, 2024, the Company received $<span id="xdx_90B_eus-gaap--PaymentsToAcquireMortgageNotesReceivable_c20241203__20241204__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--NotePurchaseAgreementMember_zv08tsMzrIyd" title="Received purchase agreement and issued an unsecured convertible note">200,000 under the note purchase agreement and issued an unsecured convertible note bearing interest at a rate of <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20241203__20241204__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--NotePurchaseAgreementMember_zId5IVCDmfQ2" title="Debt stated interest rate">5% per annum that is due and payable upon closing a financing of at least $<span id="xdx_90D_eus-gaap--ConvertibleNotesPayable_iI_pn6n6_c20241204__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--NotePurchaseAgreementMember_zlvebzOJAAKb" title="Aggregate principal amount">10.0 million or convertible into shares of common stock of the Company, at the sole discretion of the accredited investor. The number of shares of common stock to be issued, if converted, would be equal to the unpaid principal amount and accrued and unpaid interest thereon divided by the closing price of our common stock on the date that is one day prior to such election. During the three and six months ended June 30, 2026, the Company recorded interest expense on the note payable of $2,492 and $4,959, respectively. During the three and six months ended June 30, 2025, the Company recorded interest expense on the note payable of $2,493 and $4,959, respectively. As of June 30, 2026 and December 31, 2025, the Company has accrued $15,700 and $10,741, respectively, in interest that is included in other accrued expenses within the accompanying unaudited condensed consolidated balance sheet.

200000

0.05

10000000

2492

4959

2493

4959

15700

10741

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">8.</td> <td>Stockholders’ Equity and Share-Based Compensation</td></tr> </table> Stockholders’ Equity (Deficit) The Company’s authorized capital consists of 100,000,000 shares of common stock, par value $0.00001 per share, and 5,000,000 shares of preferred stock, par value $0.00001 per share (“Preferred Stock”). We designated 630,000 shares of Series A Convertible Voting Preferred Stock (“Series A Preferred”) and designated and issued 70,000 shares of Series B Convertible Voting Preferred Stock (“Series B Preferred”). As of June 30, 2026 and December 31, 2025, there are <span id="xdx_908_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zFOpeTmxnscj" title="Preferred stock, shares outstanding"><span id="xdx_904_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zJASmRNCoPoh" title="Preferred stock, shares outstanding">no shares of Series A Preferred outstanding and 70,000 shares of Series B Preferred outstanding. Series B Preferred On August 21, 2020, the Company issued 70,000 shares of Series B Preferred (classified as permanent equity), in exchange for 70,000 shares of Class B Common Stock in connection with the reverse merger in August 2020. Each share of Series B Preferred has a par value of $0.00001 per share, no dividend rate, a stated value of $6.50 per share, and each share of Series B Preferred initially converts into 11.46837 shares of common stock of the Company (“Series B Conversion Number”). In addition, the Series B Preferred possesses full voting rights, on an as-converted basis, as the common stock of the Company, as defined in the Series B Certificate of Designation. Furthermore, the Series B Preferred does not have any mandatory conversion rights and only converts upon written notice from the holder. The Series B Preferred also includes certain anti-dilution rights (“anti-dilution issuance rights”), whereby the holder of Series B Preferred will continue to maintain ownership equal to 10% of the fully diluted shares of common stock outstanding, including for such purposes all other convertible securities outstanding and reserved for issuance except equity awards issued and outstanding and reserved for issuance under a board approved equity compensation plan reserving for issuance no more than ten percent (10%) of the outstanding common stock of the Company then outstanding, until the Capital Threshold is met. The anti-dilution issuance rights meet the definition of a derivative instrument under FASB’s ASC Topic 815. As of December 31, 2023, the $1 million dollar Capital Threshold was achieved and therefore, there is no remaining derivative liability. In the event of any Liquidation Event, the Holders of Series B Preferred shall be entitled to receive, prior and in preference to any distribution of any of the assets or surplus funds of the Company to the holders of common stock, an amount per share in cash equal to the greater of (x) the stated value of $6.50 for each share of Series B Preferred then held by the holder or (y) the amount payable per share of common stock which such holder of Series B Preferred would have received if such Holder had converted to common stock immediately prior to the Liquidation Event. Share-Based Compensation 2020 Omnibus Incentive Plan On October 21, 2020, we adopted our 2020 Omnibus Incentive Plan (the “2020 Plan”) and on October 22, 2020, the 2020 Plan was approved by our stockholders. The 2020 Plan was adopted to promote our long-term success and the creation of stockholder value by motivating participants, through equity incentive awards, to achieve long-term success in our business. The 2020 Plan permits the discretionary award of stock options, restricted stock, RSUs, and other equity awards to selected participants. On October 21, 2021, the first anniversary date from the adoption date of the 2020 Plan, the number of shares of common stock reserved for issuance under the 2020 Plan increased to 20% of the fully diluted shares of common stock outstanding, including shares of common stock reserved for issuance under convertible securities. As of June 30, 2026, we have reserved <span id="xdx_909_eus-gaap--DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance_iI_c20260630__us-gaap--PlanNameAxis__custom--Plan2020Member_zyEMl93KeD3h" title="Common stock reserved for issuance">1,661,966 shares of common stock for issuance under the 2020 Plan, of which <span id="xdx_900_eus-gaap--DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance_iI_c20260630__us-gaap--PlanNameAxis__custom--Plan2020Member__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zSYfg5Ik5Gah" title="Common stock reserved for issuance">326,678 were subject to outstanding RSUs and <span id="xdx_909_eus-gaap--DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance_iI_c20260630__us-gaap--PlanNameAxis__custom--Plan2020Member__us-gaap--AwardTypeAxis__custom--ShareBasedAwardsMember_zlia02VfL2Ga" title="Common stock reserved for issuance">1,335,288 shares were available for future grants of share-based awards. The cost of all share-based awards will be recognized in the consolidated financial statements based on the fair value of the awards. The fair value of stock option awards will be determined using the Black-Scholes valuation model on the date of grant. The fair value of restricted stock awards and RSUs will be equal to the closing market price of our common stock on the date of grant. The Company will generally recognize share-based compensation expense over the period of vesting or period that services will be provided for all time-based awards. Share-based compensation expense for the three and six months ended June 30, 2026 and 2025 was $0. The following summarizes our transaction activity related to RSUs for the six months ended June 30, 2026: <table cellpadding="0" cellspacing="0" id="xdx_89B_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_zr3VXeZmKGwa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholders' Equity and Share-Based Compensation (Details - RSU activity)"> <tr style="vertical-align: bottom"> <td>Schedule of RSU activity</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Grant Date Fair Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Nonvested and outstanding at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zYJKsennozi6" style="width: 13%; text-align: right" title="Shares nonvested and outstanding beginning balance">326,678</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z7tm0bbF2oqd" style="width: 13%; text-align: right" title="Weighted average grant date fair value nonvested and outstanding beginning balance">3.08</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_d0_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIwDBbwAHYi2" style="text-align: right" title="Shares granted">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_d0_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zlfbGmcITpAe" style="text-align: right" title="Weighted average grant date fair value granted">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_d0_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z5p0CFwVacy4" style="text-align: right" title="Shares vested">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_d0_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z3Uu7cvwXChe" style="text-align: right" title="Weighted average grant date fair value vested">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_di0_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zcLy3W6XRSEg" style="border-bottom: Black 1pt solid; text-align: right" title="Shares forfeited">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_iN_di0_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zTYr9kdmtIrb" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average grant date fair value forfeited">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Nonvested and outstanding at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zCRjAp3WfJxg" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares nonvested and outstanding ending balance">326,678</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z3xgy4c8Pyl3" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted average grant date fair value nonvested and outstanding ending balance">3.08</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of June 30, 2026, there was <span id="xdx_909_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_do_c20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z8m3NCDlgyPa" title="Unrecognized compensation cost">no unrecognized compensation cost related to RSUs. As of June 30, 2026, <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--PlanNameAxis__custom--Plan2020Member_zDYJDNshSfDc" title="RSUs vested">14,044 RSUs have vested under the 2020 Plan since its adoption.

100000000

0.00001

5000000

0.00001

630000

70000

1661966

326678

1335288

<table cellpadding="0" cellspacing="0" id="xdx_89B_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_zr3VXeZmKGwa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholders' Equity and Share-Based Compensation (Details - RSU activity)"> <tr style="vertical-align: bottom"> <td>Schedule of RSU activity</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Grant Date Fair Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Nonvested and outstanding at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zYJKsennozi6" style="width: 13%; text-align: right" title="Shares nonvested and outstanding beginning balance">326,678</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z7tm0bbF2oqd" style="width: 13%; text-align: right" title="Weighted average grant date fair value nonvested and outstanding beginning balance">3.08</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_d0_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIwDBbwAHYi2" style="text-align: right" title="Shares granted">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_d0_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zlfbGmcITpAe" style="text-align: right" title="Weighted average grant date fair value granted">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_d0_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z5p0CFwVacy4" style="text-align: right" title="Shares vested">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_d0_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z3Uu7cvwXChe" style="text-align: right" title="Weighted average grant date fair value vested">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_di0_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zcLy3W6XRSEg" style="border-bottom: Black 1pt solid; text-align: right" title="Shares forfeited">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_iN_di0_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zTYr9kdmtIrb" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average grant date fair value forfeited">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Nonvested and outstanding at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zCRjAp3WfJxg" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares nonvested and outstanding ending balance">326,678</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z3xgy4c8Pyl3" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted average grant date fair value nonvested and outstanding ending balance">3.08</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

326678

3.08

-0

326678

3.08

14044

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">9.</td> <td>Commitments and Contingencies</td></tr> </table> Legal Matters While the Company is not involved in any litigation as of June 30, 2026, the Company may be involved in various lawsuits and claims arising in the ordinary course of business, including actions with respect to intellectual property, employment, and contractual matters. Any litigation could have a material adverse effect on the Company’s business, financial condition, results of operations, and/or cash flows in the period in which the unfavorable outcome occurs or becomes probable, and potentially in future periods. Indemnification We have made certain guarantees and indemnities, under which we may be required to make payments to a guaranteed or indemnified party. We indemnify our directors, officers, employees, and agents to the maximum extent permitted under the laws of the State of Delaware. The duration of the guarantees and indemnities varies, and in many cases is indefinite. These guarantees and indemnities do not provide for any limitation of the maximum potential future payments we could be obligated to make. Historically, we have not been obligated to make any payments for these obligations and no liabilities have been recorded for these guarantees and indemnities in the accompanying unaudited condensed consolidated balance sheets. Escrow Shares On August 31, 2009, we gave notice to the former shareholders of Crossflo and Union Bank of California (the “Escrow Agent”) under Section 2.5 of the Agreement and Plan of Merger between us and Crossflo (the “Agreement”), outlining damages incurred by us in conjunction with the acquisition of Crossflo, and seeking the return of 5,690 shares of our common stock held by the Escrow Agent. Subsequently, former shareholders of Crossflo, representing a majority of the escrowed shares responded in protest to our claim, delaying the release of the escrowed shares until a formal resolution is reached. In the event we fail to prevail in our claim against the escrowed shares, we may be obligated to deposit into escrow approximately $256,000 of cash consideration due to the decline in our average stock price over the one-year escrow period calculated in accordance with the agreement. We have evaluated the potential for loss regarding our claim and believe that it is probable that the resolution of this issue will not result in a material obligation to the Company, although there is no assurance of this. Accordingly, we have not recorded any liability for this matter. Operating Lease We have no lease obligations as of June 30, 2026 and there was no rent expense for the three and six months ended June 30, 2026 and 2025. Employees are working from home offices at no cost to the Company.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">10.</td> <td>Related Parties</td></tr> </table> During April 2021, we entered into consulting agreements (retroactive to September 1, 2020) with Nicole Steinmetz, Ph.D., former acting Chief Scientific Officer and former member of the Board of Directors, Jonathan Pokorski, Ph.D. (Dr. Steinmetz’s spouse), and Steve Fiering, Ph.D., each a co-founder of the company acquired in the reverse merger and greater than 5% shareholder of the Company (“Related Parties”), for their scientific contributions towards advancing the technology platforms. On May 2, 2023, Dr. Steinmetz resigned from the Board of Directors and her role as acting Chief Scientific Officer under her consulting agreement. During the three and six months ended June 30, 2026 and 2025, we did not incur any related party consulting expenses. Pursuant to the consulting agreements, Dr. Steinmetz, Dr. Pokorski, and Dr. Fiering are initially paid 15% of their monthly amounts up and until the Company is able to raise at least $4 million in new funding. In exchange for the deferral of consulting payments, the Company agreed to grant each of the Related Parties RSU’s with a fair market value equal to 20% of their deferred cash compensation as of the closing date of the financing (the “20% Deferral”). The number of RSU’s to be granted will be calculated based on the closing price of the Company’s common stock on the closing date of the financing and will vest one-year from the date of grant. There was no share-based compensation expense recorded for the three and six months ended June 30, 2026 and 2025 pertaining to the 20% Deferral as the terms are unknown and are based on a future performance trigger. As of June 30, 2026 and December 31, 2025, we have accrued $<span id="xdx_903_eus-gaap--AccruedProfessionalFeesCurrentAndNoncurrent_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedPartiesMember_zBQqzV0fDtti" title="Accrued consulting fees"><span id="xdx_903_eus-gaap--AccruedProfessionalFeesCurrentAndNoncurrent_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedPartiesMember_z5rCy0vNrYMj" title="Accrued consulting fees">264,375 in accrued consulting fees provided by the Related Parties, which amounts are included in accrued consulting in the accompanying unaudited condensed consolidated balance sheets. In addition, on May 7, 2021, we entered into convertible note purchase agreements with five (5) accredited investors, including three (3) former members of our Board of Directors that participated on the same terms as other accredited investors, in the aggregate principal amount of $575,000. Of such amount, three (3) former members of our Board invested $225,000 in aggregate (see Note 6). Moreover, on February 18, 2022, we entered into convertible note purchase agreements with sixteen (16) accredited investors, including one (1) member of our Board and four (4) former members of our Board that participated on the same terms as other accredited investors, in the aggregate principal amount of $341,632. Of such amount, one (1) member of our Board and four (4) former members of our Board invested $155,000 in aggregate (see Note 6). On April 26, 2024, we entered into a binding term sheet (“Binding Term Sheet”) with Oncotelic Therapeutics, Inc. (“Oncotelic”), which was unanimously approved by our Board of Directors. Under the terms of the Binding Term Sheet, we plan to achieve certain goals of acquiring new technologies and short-term funding so that we can establish our pipeline, pending the completion of due diligence and other criteria pursuant to the terms of the Binding Term Sheet. Mr. Steven King, our president and CEO is a shareholder and member of the board of directors of Oncotelic with less than 1% ownership of total shares outstanding of Oncotelic, and a paid advisor of Oncotelic (see Note 11). The Binding Term Sheet expired on June 30, 2025.

264375

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">11.</td> <td>Oncotelic Therapeutics, Inc. (“Oncotelic”)</td></tr> </table> In an effort to establish a new product pipeline, on April 26, 2024, we entered into a Binding Term Sheet with Oncotelic pursuant to which we intend to acquire (i) certain rights to Oncotelic’s clinical stage necroptosis cancer therapies associated with its vascular disruptive agents (“VDAs”) and related regulatory and clinical packages, and (ii) non-exclusive access to its proprietary Artificial Intelligence (“AI”) technologies for identifying immunotherapy combinations, in exchange for the issuance of shares of our common stock valued at $15.0 million upon execution of the definitive agreement (representing 47,923,322 shares of our common stock), or a combination of common stock and preferred stock to be determined by the parties, along with additional milestones allowing Oncotelic to earn up to an additional $15.0 million in shares of common stock that would be valued at the time of issuance, if earned. Pursuant to the Binding Term Sheet, we and Oncotelic agreed to negotiate in good faith towards the execution of a definitive agreement and the closing of the transaction by June 30, 2025, as amended, which is subject to customary due diligence and other conditions, including us obtaining shareholder approval for the transaction and receiving waivers from our holders of Convertible Notes representing at least 90% of the principal amount outstanding from any payment that would become due and payable upon a corporate transaction as contemplated under the Binding Term Sheet. The Binding Term Sheet expired on June 30, 2025. On July 1, 2024, we entered into a Master Services Agreement with Oncotelic whereby we perform advisory and related services in connection with studies and projects. For the three and six months ended June 30, 2025, we earned $14,000 and $14,000, respectively, for advisory and related services which is recorded in other income in the accompanying unaudited condensed consolidated statement of operations. The Master Services Agreement expired effective February 28, 2025.

15000000

47923322

14000

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">12.</td> <td>Segment Information</td></tr> </table> The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s primary focus is on research and development of immunotherapies with broad potential to treat cancer. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Company’s CODM is its President and Chief Executive Officer, who reviews and evaluates consolidated net loss for purposes of making operating decisions.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px">13.</td> <td>Subsequent Events</td></tr> </table> We have evaluated subsequent events after the consolidated balance sheet date and through the filing date of this Quarterly Report, and based on our evaluation, management has determined that no other subsequent events have occurred that would require recognition in the accompanying unaudited condensed consolidated financial statements or disclosure in the notes thereto other than as disclosed in the accompanying notes.

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