Company: CRVO
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001437749-25-007829
Chunk: 134

Company: CervoMed Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 134
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 result of the U. S. government currently being funded on the basis of a continuing resolution. The timing of the Company’s receipt of the remaining 10% of the grant of current year funding is dependent upon and subject to U. S. congressional approval of a final appropriations bill. Funding of the remaining proceeds under the Company's NIA Grant is also subject to uncertainty as a result of ongoing administrative changes and political uncertainty at the NIH.

Note 7. Prepaid Expenses

Prepaid expenses consisted of the following:

                             December 31, 2024                     December 31, 2023                 
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
  Clinical expenses          $                      1,149,343      $                        711,362  
  Insurance                                           443,141                               436,859  
  Professional services                                95,218                                37,917  
  Dues and memberships                                 11,777                                     —  
  Other                                               205,881                                70,363  
  Total                      $                      1,905,360      $                      1,256,501  

Note 8. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

                                      December 31, 2024                     December 31, 2023                 
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Employee compensation costs         $                        803,193      $                      1,026,054  
  Clinical development costs                                 1,158,783                               389,045  
  Professional fees                                            249,527                               309,062  
  State franchise and excise tax                                40,456                               120,456  
  Other                                                        115,883                                88,659  
  Total                               $                      2,367,842      $                      1,933,276  

Note 9. Convertible Notes

In December 2020, EIP issued the 2020 Notes to predominantly related party investors for proceeds of $5.1million. In December 2021, EIP issued the 2021 Notes to predominantly related party investors for proceeds of $6.0million. Upon completion of the Merger in August 2023, all Convertible Notes outstanding were converted into common stock and, in certain cases, pre-funded warrants. As of December 31, 2024 and December 31, 2023, the