Company: JUNS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010990
Chunk: 5

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 5
---
availability,
which has been documented in various scientific articles describing previously conducted human trials with resveratrol as well as preclinical
trial results in mice and rats.

The Company’s activities and operations
include a project funded by the U.S. National Institute on Aging, an institute of the U.S. National Institutes of Health (“NIH”):
Safety and Pharmacokinetics of JOTROL for Alzheimer’s Disease, Federal Award Identification Number R44AG067907-01A1 (the “Award”).
The project encompassed a Phase 1 dose finding pharmacokinetics (“PK”) study which was completed before December 31, 2021.
The award end date was May 31, 2022. This Phase 1 PK study will be homogeneous for all indications where JOTROL will be used in Phase
II and Phase III clinical trials.

Initial Public Offering

In December 2024, the Company’s sold 2,750,000
shares of common stock, par value $0.0001 per share (“common stock”) at a price of $4.00 per share for gross proceeds of
$11 million before underwriting discounts and other related expenses in a registered initial public offering (the “IPO”).
In connection with the Public Offering, the Company’s common stock was registered under Section 12(b) of the Exchange Act and began
trading on The Nasdaq Capital Market under the symbol “JUNS.”

    9

JUPITER NEUROSCIENCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

Note 2 – Significant Accounting Policies

Basis of presentation and Going Concern

The accompanying condensed consolidated
financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United
States of America (“U.S. GAAP”). U.S GAAP contemplates the continuation of the Company as a going concern. Since
inception, the Company had no
revenues from product sales and incurred a net loss of $1,528,867
and $634,100 for the three
months ended March 31, 2025 and 2024, respectively. Net cash used in operations for the three months ended March 31, 2025 and 2024
was $1,063,041
and $65,165,
respectively. As of March 31, 2025, the Company had a working capital surplus and accumulated deficit of