Company: CPMV
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001683168-25-006318
Chunk: 30

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 30
---
 respect to all of our forward-looking statements, we claim the protection of the safe harbor
for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

About Mosaic

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
candidates and we are pursuing new product candidates and platforms to build a new pipeline based on our understanding of immunotherapies.

As part of our strategy, on April 26, 2024, we entered
into a binding term sheet (“Binding Term Sheet”) with Oncotelic Therapeutics, Inc.(“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 shares of our common
stock valued at $15.0 million upon execution of the definitive agreement, 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, which is subject to customary due diligence
and other conditions, including 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.

 17 

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 $200,000 to be used for general corporate purposes. On December 4, 2024, the Company received $200,000 under the note purchase
agreement and issued an unsecured convertible note bearing interest at a rate of 5% per annum that is due and payable upon closing a financing
of at