Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 916

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 916
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,660 for the year ended December 31, 2024 compared to $954,793 for the year
ended December 31, 2023.

R&D
expenses related to the federal grant were segregated in the chart of accounts from non-federal award costs. At this time, we are not
tracking R&D expenses per indication as all of the R&D expenses incurred to date related to JOTROL, which is the platform product
used in each indication defined in our product pipeline.

In
addition, the probability of success for JOTROL will depend on numerous factors, including manufacturing capability, satisfactory results
in follow on clinical trials, regulatory approvals and commercial viability. See “Risk Factors”.

General
and Administrative Expenses

General
and administrative expenses were $2,598,622 for the year ended December 31, 2024 compared to $2,915,978 for the year ended December 31,
2023. The decrease relates directly to the reduction of employee salaries that began in December 2023.

Interest
Expense

Interest
expenses were $248,366 for the year ended December 31, 2024, compared to $218,705 for the year ended December 31, 2023. Interest expense
is primarily attributable to interest expense associated with our previously outstanding notes payable, convertible notes payable, notes
payable to our Chief Executive Officer, Christer Rosén, and interest expense on our corporate credit card.

Loss
(Gain) on Change in Fair Value of Derivative Liability

As
of December 31, 2024 and 2023 and at each quarter end during these years, the variable conversion options embedded in our convertible
notes were marked to market, and the change in fair value of the derivative was recorded as a (loss)/gain of $(53,257) and $148,751,
in the years ended December 31, 2024 and 2023, respectively.

Gain
(Loss) on Extinguishment of Debt

During
the years ended 2024 and 2023, the Senior Secured Convertible Note was amended several times with materially different economics thus
requiring for the recording of debt as an extinguishment and re-recording the debt with the amended terms. This resulted in a gain/(loss)
on extinguishment of debt in the years ended December 31, 2024 and 2023 of $857,723 and $(887,946), respectively. 

84

Liquidity
and