Company: CPMV
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001683168-25-006318
Chunk: 23

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 insurance
of approximately $16,000, and other expenses of approximately $7,000. The decrease in general and administrative expenses of approximately
$123,000 for the six months ended June 30, 2025 as compared to the same prior year period was primarily due to (i) a decrease in payroll
and related expenses of approximately $125,000 due to a reduced time commitment by certain employees, (ii) a decrease in other expenses
of approximately $7,000 offset by an increase in accounting and filing fees of approximately $9,000 due to timing of services provided.

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. For the six months
ended June 30, 2025, we earned $14,000 for advisory and related services which is recorded in other income in the accompanying unaudited
condensed consolidated statements of operations.

Interest Expense and Accretion to Redemption Value
on Convertible Notes

Interest expense of approximately $41,000 and $38,000
for the six months ended June 30, 2025 and 2024, respectively, represents interest expense on convertible notes and loan payables.

Accretion to redemption value on convertible notes
of approximately $1,000 for the six months ended June 30, 2024 pertains to the accretion of the convertible notes to their redemption
value using the effective interest method. The Convertible Notes have been accreted to their full redemption value as of March 31, 2024.

Liquidity and Capital Resources

As of June 30, 2025, we had cash and cash equivalents
of approximately $54,000. 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 on hand will not satisfy our operational and capital requirements
through twelve months from the filing date of this Annual Report.

Our primary uses of capital to date are primarily
related to payroll, consulting and related costs, corporate formation and ongoing public company expenses, audit fees, fees associated
with license agreements, including patent-related expenses, and costs of the reverse merger. Pending our ability to identify new product
candidates and license or acquire those rights, then on a go forward basis, we will need significant