Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 154

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 154
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3

Research and Development Expenses

Research and development expenses of approximately
$184,000 for the year ended December 31, 2024 are primarily related to salaries and related costs for personnel in research and development
functions totaling $176,000. The decrease in research and development expenses of approximately $252,000 for the year ended December 31,
2024 as compared to the same prior year period was primarily due to a (i) decrease in payroll and related costs of approximately $193,000
due to a reduced time commitment by certain employees, (ii) a decrease in share-based compensation expense of approximately $17,000 as
the majority of share-based awards have been fully expensed in prior periods, (iii) a decrease in consulting fees of approximately $39,000
due to a lower time commitment by our independent contractors, and (iv) a decrease in technology license maintenance fees of $3,000.

 32 

General and Administrative Expenses

General and administrative expenses of
approximately $696,000 for the year ended December 31, 2024 consist principally of salaries and related costs for personnel and
consultants in executive and administrative functions of approximately $581,000, accounting and filing fees of approximately
$63,000, director and officer insurance of approximately $35,000, investor and public relation fees of approximately $5,000, and
other expenses of approximately $11,000. The decrease in general and administrative expenses of approximately $269,000 for the year
ended December 31, 2024 as compared to the same prior year period was primarily due to (i) decrease in payroll and related costs of
approximately $208,000 due to a reduced time commitment by certain employees, (ii) a decrease in legal fees of approximately
$49,000, (iii) a decrease in director and officer insurance of approximately $8,000, and (vi) a decrease of $4,000 in other
miscellaneous corporate expenses.

Other Income (Expense)

Master Services Agreement with Oncotelic 

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. During the year ended
December 31, 2024, we earned $42,000 for advisory and related services which is recorded in other income in the accompanying consolidated
statements of operations.

Gain on Sale of Holocom Preferred Stock

On July 6, 2022,