Company: CPMV
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001683168-25-006318
Chunk: 9

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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UC San Diego”)

During July 2021, we licensed the exclusive rights
from UC San Diego to develop and commercialize technology that involves the loading of immuno-stimulatory molecules into plant virus protein
nanoparticles. These plant virus protein nanoparticles can be loaded with other TLR agonists to further tailor specific immune response
parameters. Under the licensing agreement, we are obligated to pay (i) a nominal upfront license access fee, (ii) all patent costs incurred
prior to the effective date of the license agreement, (iii) annual license maintenance fees beginning on the second anniversary date of
the agreement, (iv) aggregate future milestone payments based on potential clinical development and regulatory milestones of up to $165,000
through Phase III development plus additional milestones upon regulatory approval in the U.S. and other countries, (v) potential sales
milestones upon achieving certain sales levels, and (vi) a low single digit royalty on net sales and/or a percentage of sublicense income.

During September 2021, we licensed the exclusive rights to develop
and commercialize several novel vaccine candidates, including SARS-CoV-2 and other infectious disease applications from UC San Diego.
Under the licensing agreement, we are obligated to pay (i) a nominal upfront license access fee, (ii) all patent costs incurred prior
to the effective date of the license agreement, (iii) annual license maintenance fees beginning on the second anniversary date of the
agreement, (iv) aggregate future milestone payments based on potential clinical development and regulatory milestones of up to $1,250,000
through Phase III development plus additional milestones upon regulatory approval in the U.S. and other countries, and (v) a low single
digit royalty on net sales and/or a percentage of sublicense income. On July 12, 2023, we provided notice to UC San Diego to terminate
the September 2021 license agreement based on our evaluation of our licensed technology portfolio and our focus on advancing our lead
oncology candidate, MIE-101.

During the three and six months ended June 30, 2025
and 2024, we did not incur any intellectual property costs associated with the license agreements with UC San Diego.

As of June 30, 2025 and December 31, 2024, we have
accrued $40,900 in accrued expenses under the license agreements with UC San Diego.

    6.
    Convertible Notes

On May 7, 2021,