----

----

**FORM      10-QSB**

| x      | QUARTERLY                REPORT UNDER SECTION 13 OR 15(d) OF                THE SECURITIES EXCHANGE ACT OF 1934 For                the quarter ended **July                31, 2006**          |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                |
|  ̈ | TRANSITION                REPORT UNDER SECTION 13 OR 15 (d)OF                THE SECURITIES EXCHANGE ACT OF 1934 For                the transition period from                _______to_______ |

**333-57946**

**INHIBITON      THERAPEUTICS, INC.**

| **Nevada**                                     | **88-0448626**                     |
|------------------------------------------------|------------------------------------|
| (State                or other jurisdiction of | (IRS                Employer       |
| incorporation                or organization)  | Identification                No.) |

**7315      East Peakview Avenue**

**Englewood,      Colorado 80111**

**(303)      796-8940**

----

----

**INHIBITON      THERAPEUTICS, INC.**

**(A      Development Stage Company)**

**Index      to Financial Statements**

**(Unaudited)**

|                                                                                                    |                                                                                            | **Page** |
|---------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|----------|
|                                                                                                    |                                                                                            |     |
| Balance                Sheet at July 31, 2006                                                           | F-2                                                                                             |
|                                                                                                    |                                                                                            |     |
| Statement                of Operations for the three and six months ended July 31,                2006, |                                                                                            |
|                                                                                                    | three                and six months ended July 31, 2005, and from May 11, 2004 (Inception)      |     |
|                                                                                                    | through                July 31, 2006                                                            | F-3      |
|                                                                                                    |                                                                                            |     |
| Statement                of Changes in Shareholders' Deficit for the period from                        |                                                                                            |
|                                                                                                    | May                11, 2004 (Inception) through July 31, 2006                                   | F-4      |
|                                                                                                    |                                                                                            |     |
| Statement                of Cash Flows for the six months ended July 31, 2006,                          |                                                                                            |
|                                                                                                    | six                months ended July 31, 2005, and from May 11, 2004                (Inception) |     |
|                                                                                                    | through                July 31, 2006                                                            | F-5      |
|                                                                                                    |                                                                                            |     |
| Notes                to Financial Statements                                                            | F-6                                                                                             |

----

|                  **INHIBITON                  THERAPEUTICS, INC.****(A                  Development Stage Company)****Condensed                  Balance Sheet****(Unaudited)****July                  31, 2006** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                   |   |   |   |   |
| **Assets**                                                                                                                                                                                                             |   |   |   |   |
| Cash                                                                                                                                                                                                                   |   | $ | 15,569 |   |
|                                                                                                                                                                                                                   |   |   |   |   |
| Total                  assets                                                                                                                                                                                     |   | $ | 15,569 |   |
|                                                                                                                                                                                                                   |   |   |   |   |
| **Liabilities                  and Shareholders’ Deficit**                                                                                                                                                       |   |   |   |   |
| Current                  liabilities:                                                                                                                                                                                  |   |   |   |   |
| Accounts                  and notes payable:                                                                                                                                                                           |   |   |   |   |
| Accounts                  payable, related party (Note 2)                                                                                                                                                              |   | $ | 194,375 |   |
| Accounts                  payable, other                                                                                                                                                                               |   |   | 168,082 |   |
| Notes                  payable, related party (Note 2)                                                                                                                                                                 |   |   | 456,801 |   |
| Notes                  payable, other (Note 4)                                                                                                                                                                         |   |   | 30,000 |   |
| Convertible                  notes payable (Note 3)                                                                                                                                                                    |   |   | 225,000 |   |
| Accrued                  interest payable:                                                                                                                                                                             |   |   |   |   |
| Notes                  payable, related party (Note 2)                                                                                                                                                                 |   |   | 11,813 |   |
| Notes                  payable, other (Note 4)                                                                                                                                                                         |   |   | 2,117 |   |
| Convertible                  notes (Note 3)                                                                                                                                                                            |   |   | 39,536 |   |
|                                                                                                                                                                                                                   |   |   |   |   |
| Total                  current liabilities                                                                                                                                                                        |   |   | 1,127,724 |   |
|                                                                                                                                                                                                                   |   |   |   |   |
| Commitments                  and contingencies                                                                                                                                                                         |   |   | — |   |
|                                                                                                                                                                                                                   |   |   |   |   |
| Shareholders’                  deficit:                                                                                                                                                                          |   |   |   |   |
| Preferred                  stock, $.01 par value. 100,000 shares authorized,                                                                                                                                           |   |   |   |   |
| -0-                  shares issued and outstanding                                                                                                                                                                     |   |   | — |   |
| Common                  stock, $.001 par value. 50,000,000 shares authorized,                                                                                                                                          |   |   |   |   |
| 13,501,000                  shares issued and outstanding                                                                                                                                                              |   |   | 13,501 |   |
| Additional                  paid-in capital                                                                                                                                                                            |   |   | 338,743 |   |
| Deficit                  accumulated during the development stage                                                                                                                                                      |   |   | (1,464,399 | ) |
|                                                                                                                                                                                                                   |   |   |   |   |
| Total                  shareholders' deficit                                                                                                                                                                      |   |   | (1,112,155 | ) |
|                                                                                                                                                                                                                   |   |   |   |   |
| Total                  liabilities and shareholders' deficit                                                                                                                                                      |   | $ | 15,569 |   |
|                                                                                                                                                                                                                   |   |   |   |   |
|  See                  accompanying notes to financial                  statements                                                                                                                                 |
|                                                                                                                                                                                                                   |   |   |   |   |

----

| **INHIBITON                  THERAPEUTICS, INC.****(A                  Development Stage Company)****Condensed                  Statements of Operations****(Unaudited)**  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                            |   |  **Three                  months** |   | **Three                  months** |   | **Six                  months** |   | **Six                  months** |   | **May                    11, 2004**(Inception) |   |
|                                                                                                                                                                            |   |  **Ended** |   | **Ended** |   | **Ended** |   | **Ended** |   | **Through** |   |
|                                                                                                                                                                            |   |  **July                  31,** |   | **July                  31,** |   | **July                  31,** |   | **July                  31,** |   | **July                  31,** |   |
|                                                                                                                                                                            |   |  **2006** |   | **2005** |   | **2006** |   | **2005** |   | **2006** |   |
| Operating                  costs and expenses:                                                                                                                                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |   |   |
| Research                  and development                                                                                                                                       |   | $ | 75,000 |   | $ | 75,000 |   | $ | 150,000 |   | $ | 150,000 |   | $ | 600,000 |   |
| Selling,                  general and administrative expenses                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Related                  party (Note 2)                                                                                                                                         |   |   | 32,250 |   |   | 57,250 |   |   | 64,500 |   |   | 89,500 |   |   | 589,175 |   |
| Other                  (net of stock based compensation)                                                                                                                        |   |   | 19,408 |   |   | 93,791 |   |   | 23,815 |   |   | 115,407 |   |   | 204,557 |   |
| Stock                  based compensation                                                                                                                                       |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 1,000 |   |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  operating costs and expenses                                                                                                                        |   |   | (126,658 | ) |   | (226,041 | ) |   | (238,315 | ) |   | (354,907 | ) |   | (1,394,732 | ) |
|  -                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                  income (Note 3)                                                                                                                                       |   |   | — |   |   | 77,939 |   |   | — |   |   | 80,183 |   |   | 80,183 |   |
| Interest                  expense (Notes 2, 3)                                                                                                                                  |   |   | (11,635 | ) |   | (27,457 | ) |   | (27,275 | ) |   | (74,518 | ) |   | (149,850 | ) |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss                  before income taxes                                                                                                                                  |   |   | (138,293 | ) |   | (175,559 | ) |   | (265,590 | ) |   | (349,242 | ) |   | (1,464,399 | ) |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                  tax provision (Note 5)                                                                                                                                  |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                                                                                  |   | $ | (138,293 | ) |   | (175,559 | ) | $ | (265,590 | ) | $ | (349,242 | ) | $ | (1,464,399 | ) |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                  and diluted loss per share                                                                                                                               |   | $ | (0.01 | ) |   | (0.01 | ) | $ | (0.02 | ) | $ | (0.03 | ) |   |   |   |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                  average common shares outstanding                                                                                                                     |   |   | 13,451,276 |   |   | 13,451,000 |   |   | 13,451,000 |   |   | 11,718,343 |   |   |   |   |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  See                  accompanying notes to financial                  statements                                                                                          |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| **INHIBITON                  THERAPEUTICS, INC.****(A                  Development Stage Company)****Condensed                  Statement of Changes in Shareholders’ Deficit****(Unaudited)**  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |  **Deficit** |   |   |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   | **accumulated** |   |   |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   | **during** |   |   |   |
|                                                                                                                                                                                                       |   |   |   |   |   | **Additional** |   | **the** |   |   |   |
|                                                                                                                                                                                                       |   | **Common                  Stock** |   | **paid-in** |   | **development** |   |   |   |
|                                                                                                                                                                                                       |   | **Shares** |   | **Par                  value** |   | **capital** |   | ** stage** |   | **Total** |   |
| Balance                  at May 11, 2004                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Inception                  date                                                                                                                                                                            |   |   | — |   | $ | — |   | $ | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| October                  2004 and January 2005,                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| sale                  of common stock                                                                                                                                                                      |   |   | 9,555,100 |   |   | 9,555 |   |   | 269,945 |   |   | — |   |   | 279,500 |   |
| October                  2004, issuance of common stock                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| for                  debt issue costs                                                                                                                                                                      |   |   | 963,000 |   |   | 963 |   |   | (63 | ) |   | — |   |   | 900 |   |
| December                  2004, issuance of common stock                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| for                  services                                                                                                                                                                              |   |   | 107,000 |   |   | 107 |   |   | 893 |   |   | — |   |   | 1,000 |   |
| January                  2005, conversion of notes payable to                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| common                  stock                                                                                                                                                                              |   |   | 74,900 |   |   | 75 |   |   | 625 |   |   | — |   |   | 700 |   |
| Net                  loss                                                                                                                                                                                  |   |   | — |   |   | — |   |   | — |   |   | (534,619 | ) |   | (534,619 | ) |
| Balance                  at January 31, 2005                                                                                                                                                               |   |   | 10,700,000 |   |   | 10,700 |   |   | 271,400 |   |   | (534,619 | ) |   | (252,519 | ) |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| February                  2005 and March 2005,                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| sale                  of common stock                                                                                                                                                                      |   |   | 428,000 |   |   | 428 |   |   | 99,572 |   |   | — |   |   | 100,000 |   |
| May                  2005 Reverse acquisition of Organic                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Soils.com,                  Inc. (Note 1)                                                                                                                                                                  |   |   | 2,323,000 |   |   | 2,323 |   |   | (47,179 | ) |   |   |   |   | (44,856 | ) |
| Net                  loss                                                                                                                                                                                  |   |   | — |   |   | — |   |   | — |   |   | (664,190 | ) |   | (664,190 | ) |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                  at January 31, 2006                                                                                                                                                               |   |   | 13,451,000 |   |   | 13,451 |   |   | 323,793 |   |   | (1,198,809 | ) |   | (861,565 | ) |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| July                  2006, sale of common stock (Note 6)                                                                                                                                                  |   |   | 50,000 |   |   | 50 |   |   | 14,950 |   |   | —  |   |   | 15,000 |   |
| Net                  loss                                                                                                                                                                                  |   |   | — |   |   | — |   |   | — |   |   | (265,590 | ) |   | (265,590 | ) |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                  at July 31, 2006                                                                                                                                                                  |   |   | 13,501,000 |   | $ | 13,501 |   | $ | 338,743 |   | $ | (1,464,399 | ) | $ | (1,112,155 | ) |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See                  accompanying notes to financial                  statements                                                                                                                           |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|  **INHIBITON                  THERAPEUTICS, INC.****(A                  Development Stage Company)****Condensed                  Statements of Cash Flows****(Unaudited)** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                            |   |   |   |   |   |   |   |
|                                                                                                                                                                            |   |    |   |   |   | **May                  11, 2004** |   |
|                                                                                                                                                                            |   |  **Six                  months** |   | **Six                  Months** |   | **(Inception)** |   |
|                                                                                                                                                                            |   |  **Ended** |   | **Ended** |   | **Through** |   |
|                                                                                                                                                                            |   |  **July                  31,** |   | **July                  31,** |   | **July                  31,** |   |
|                                                                                                                                                                            |   |  **2006** |   | **2005** |   | **2006** |   |
|                                                                                                                                                                            |   |    |   |   |   |   |   |
| Cash                  flows from operating activities:                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                                                                                       |   | $ | (265,590 | ) | $ | (349,242 | ) | $ | (1,464,399 | ) |
| Adjustments                  to reconcile net loss to net cash                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| used                  by operating activities:                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| Gain                  (interest income) on derivative liability                                                                                                                 |   |   | — |   |   | (80,183 | ) |   | (80,183 | ) |
| Stock                  based compensation                                                                                                                                       |   |   | — |   |   | — |   |   | 1,000 |   |
| Amortization                  of discount on notes payable                                                                                                                      |   |   | — |   |   | 59,966 |   |   | 80,183 |   |
| Changes                  in operating assets and liabilities:                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| Prepaid                  expense                                                                                                                                                |   |   | — |   |   | (25,000 | ) |   | — |   |
| Accounts                  payable                                                                                                                                               |   |   | 109,137 |   |   | 26,308 |   |   | 168,082 |   |
| Related                  party payables (Note 2)                                                                                                                                |   |   | 64,500 |   |   | (155,200 | ) |   | 194,375 |   |
| Accrued                  expenses                                                                                                                                               |   |   | 16,533 |   |   | 14,084 |   |   | 53,466 |   |
| Net                  cash used in                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
|  operating                  activities                                                                                                                                     |   |   | (75,420 | ) |   | (509,267 | ) |   | (1,047,476 | ) |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| Cash                  flows from investing activities:                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Investment                  in Inhibitex Therapeutics, Inc.                                                                                                                     |   |   | — |   |   | (44,856 | ) |   | (44,856 | ) |
| Net                  cash used in                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
|  investing                  activities                                                                                                                                     |   |   | — |   |   | (44,856 | ) |   | (44,856 | ) |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| Cash                  flows from financing activities:                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Proceeds                  from related party notes payable, net                                                                                                                 |   |   | 75,242 |   |   | 211,968 |   |   | 458,401 |   |
| Proceeds                  from notes payable, other                                                                                                                             |   |   | — |   |   | 30,000 |   |   | 30,000 |   |
| Proceeds                  from convertible promissory note                                                                                                                      |   |   | — |   |   | — |   |   | 225,000 |   |
| Proceeds                  from issuance of common stock                                                                                                                         |   |   | 15,000 |   |   | 100,000 |   |   | 394,500 |   |
| Net                  cash provided by                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
|  financing                  activities                                                                                                                                     |   |   | 90,242 |   |   | 341,968 |   |   | 1,107,901 |   |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| Net                  change in cash and                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|  cash                  equivalents                                                                                                                                         |   |   | 14,822 |   |   | (212,155 | ) |   | 15,569 |   |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| Cash                  and cash equivalents:                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |
| Beginning                  of period                                                                                                                                            |   |   | 747 |   |   | 213,727 |   |   | — |   |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| End                  of period                                                                                                                                                  |   | $ | 15,569 |   | $ | 1,572 |   | $ | 15,569 |   |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| Supplemental                  disclosure of cash flow information:                                                                                                              |   |   |   |   |   |   |   |   |   |   |
| Cash                  paid during the period for:                                                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Income                  taxes                                                                                                                                                   |   | $ | — |   | $ | — |   | $ | — |   |
| Interest                                                                                                                                                                        |   | $ | 10,742 |   | $ | — |   | $ | 53,134 |   |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| Noncash                  financing transactions:                                                                                                                                |   |   |   |   |   |   |   |   |   |   |
| Notes                  payable converted to stock                                                                                                                               |   | $ | — |   | $ | — |   | $ | 700 |   |
| Stock                  issued in exchange for debt issue costs                                                                                                                  |   | $ | — |   | $ | — |   | $ | 900 |   |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| See                  accompanying notes to financial                  statements                                                                                                |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |

----

**INHIBITON          THERAPEUTICS, INC.**

**(A          Development Stage Company)**

**Notes          to Condensed Financial Statements**

**(Unaudited)**

**Note      1: **
**Basis      of presentation**

**Reorganization**

**Derivative      Instruments**

----

**INHIBITON          THERAPEUTICS, INC.**

**(A          Development Stage Company)**

**Notes          to Condensed Financial Statements**

**(Unaudited)**

**Note      2: **
**Related      Party**

----

**INHIBITON          THERAPEUTICS, INC.**

**(A          Development Stage Company)**

**Notes          to Condensed Financial Statements**

**(Unaudited)**

**Note      3: **
**Convertible      Notes Payable**

----

**INHIBITON          THERAPEUTICS, INC.**

**(A          Development Stage Company)**

**Notes          to Condensed Financial Statements**

**(Unaudited)**

**Note      4: **
**Notes      Payable**

**Note      5: **
**Income      Tax**

**Note      6: **
**Capital      Stock**

----

**Item      2. Plan of Operation**

----

**.**

**Item      3. Controls and Procedures**

**PART      II - OTHER INFORMATION**

**Item      1. Legal Proceedings**

**Item      2. Unregistered Sales of Equity Securities**

----

**Item      3. Defaults upon Senior Securities**

**Item      4. Submission of Matters to a Vote of Security Holders**

**Item      5. Other Information**

**Item      6. Exhibits**

| **Exhibits:** |                                                                                                      |
|---------------|-----------------------------------------------------------------------------------------------------------|
| 31.1          | CEO                Certification pursuant to Section 302 of the Sarbanes-Oxley Act of                2002 |
| 32.1          | CEO                Certification pursuant to Section 906 of the Sarbanes-Oxley Act of                2002 |

----

|   | **INHIBITON                THERAPEUTICS, INC.** |
|--------|-------------------------------------------------|
|   | (Registrant)                                    |

| Date:                September                19, 2006 | By:                /s/                Henry Fong                                         |
|--------------------------------------------------------|------------------------------------------------------------------------------------------|
|                                                   | Henry                Fong                                                                |
|                                                   | Principal                Executive Officer andPrincipal                Financial Officer |
|                                                   |                                                                                     |