----

----

**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, 2007**                          |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                |
|  ̈ | 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, 2007                                                           | F-2                                                                                                       |
|                                                                                                    |                                                                                                      |     |
| Statement                of Operations for the three and six months ended July 31,                2007, |                                                                                                      |
|                                                                                                    | three                and six months ended July 31, 2006, and from May 11, 2004                (Inception) |     |
|                                                                                                    | through                July 31, 2007                                                                      | F-3      |
|                                                                                                    |                                                                                                      |     |
| Statement                of Changes in Shareholders' Deficit for the period from                        |                                                                                                      |
|                                                                                                    | May                11, 2004 (Inception) through July 31, 2007                                             | F-4      |
|                                                                                                    |                                                                                                      |     |
| Statement                of Cash Flows for the six months ended July 31, 2007,                          |                                                                                                      |
|                                                                                                    | six                months ended July 31, 2006, and from May 11, 2004                (Inception)           |     |
|                                                                                                    | through                July 31, 2007                                                                      | F-5      |
|                                                                                                    |                                                                                                      |     |
| Notes                to Financial Statements                                                            | F-6                                                                                                       |
|                                                                                                    |                                                                                                      |
| Item                2. Plan of Operation                                                                | 13                                                                                                        |
|                                                                                                    |                                                                                                      |
| Part                II – Other Information                                                        | 14                                                                                                        |
|                                                                                                    |                                                                                                      |
| Signatures                                                                                              | 16                                                                                                        |
|                                                                                                    |                                                                                                      |

----

**INHIBITON      THERAPEUTICS, INC.**

** (A      Development Stage Company)**

**Balance      Sheet**

**July      31, 2007**

**(Unaudited)**

| **Assets**                                                          |
|------------------------------------------------------------------------------------|
| Cash                                                                               |   | $ | 4,907 |   |
|                                                                               |   |   |   |   |
| Total                  assets                                                      |   | $ | 4,907 |   |
|                                                                               |   |   |   |   |
| **Liabilities                  and Shareholders’ Deficit**    |   |
| Current                  liabilities:                                              |   |   |   |   |
| Accounts                  and notes payable:                                       |   |   |   |   |
| Accounts                  payable, related party (Note 2)                          |   | $ | 313,375 |   |
| Accounts                  payable, other                                           |   |   | 283,808 |   |
| Notes                  payable, related party (Note 2)                             |   |   | 437,694 |   |
| Notes                  payable, other (Note 4)                                     |   |   | 30,000 |   |
| Accrued                  interest payable:                                         |   |   |   |   |
| Notes                  payable, related party (Note 2)                             |   |   | 34,988 |   |
| Notes                  payable, other (Note 4)                                     |   |   | 5,707 |   |
|                                                                               |   |   |   |   |
| Total                  current liabilities                                         |   |   | 1,105,572 |   |
|                                                                               |   |   |   |   |
| 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,      |   |   |   |   |
| 15,585,219                  shares issued and outstanding                          |   |   | 15,585 |   |
| Additional                  paid-in capital                                        |   |   | 1,312,557 |   |
| Deficit                  accumulated during the development stage                  |   |   | (2,428,807 | ) |
|                                                                               |   |   |   |   |
| Total                  shareholders' deficit                                       |   |   | (1,100,665 | ) |
|                                                                               |   |   |   |   |
| Total                  liabilities and shareholders' deficit                       |   | $ | 4,907 |   |

----

**INHIBITON      THERAPEUTICS, INC.**

** (A      Development Stage Company)**

**Condensed      Statements of Operations**

**(Unaudited)**

|                                                          |   |                              |       |   |                              |   |       |                            |   |    |                            |   |   | **May                  11, 2004** |       |
|---------------------------------------------------------------|--------|-----------------------------------|------------|--------|-----------------------------------|--------|------------|---------------------------------|--------|---------|---------------------------------|--------|--------|-----------------------------------|------------|
|                                                          |   | **Three                  months** |       |   | **Three                  months** |   |       | **Six                  months** |   |    | **Six                  months** |   |   | **(Inception)**                   |       |
|                                                          |   | **ended**                         |       |   | **ended**                         |   |       | **ended**                       |   |    | **ended**                       |   |   | **Through**                       |       |
|                                                          |   | **July                  31,**     |       |   | **July                  31,**     |   |       | **July                  31,**   |   |    | **July                  31,**   |   |   | **July                  31,**     |       |
|                                                          |   | **2007**                          |       |   | **2006**                          |   |       | **2007**                        |   |    | **2006**                        |   |   | **2007**                          |       |
|                                                          |   |                              |       |   |                              |   |       |                            |   |    |                            |   |   |                              |       |
| Operating                  costs and expenses:                |   |                              |       |   |                              |   |       |                            |   |    |                            |   |   |                              |       |
| Research                  and development                     |   | $                                 | 75,000     |   |                              | $      | 75,000     |                            |   | $       | 150,000                         |   |   | $                                 | 150,000    |   |   | $ | 900,000 |   |
| Selling,                  general and administrative expenses |   |                              |       |   |                              |   |       |                            |   |    |                            |   |   |                              |       |   |   |   |   |   |
| Related                  party (Note 2)                       |   |                              | 32,250     |   |                              |   | 32,250     |                            |   |    | 64,500                          |   |   |                              | 64,500     |   |   |   | 718,175 |   |
| Other                  (Note 5)                               |   |                              | 76,038     |   |                              |   | 19,408     |                            |   |    | 141,651                         |   |   |                              | 23,815     |   |   |   | 365,145 |   |
|                                                          |   |                              |       |   |                              |   |       |                            |   |    |                            |   |   |                              |       |   |   |   |   |   |
| Total                  operating costs and expenses           |   |                              | (183,288   | )      |                              |   | (126,658   | )                               |   |    | (356,151                        | )      |   |                              | (238,315   | ) |   |   | (1,983,320 | ) |
|                                                          |   |                              |       |   |                              |   |       |                            |   |    |                            |   |   |                              |       |   |   |   |   |   |
| Interest                  income (Note 3)                     |   |                              | -          |   |                              |   | -          |                            |   |    | -                               |   |   |                              | -          |   |   |   | 80,183 |   |
| Interest                  expense (Notes 2, 3 & 4)        |   |                              | (162,568   | )      |                              |   | (11,635    | )                               |   |    | (346,818                        | )      |   |                              | (27,275    | ) |   |   | (525,670 | ) |
|                                                          |   |                              |       |   |                              |   |       |                            |   |    |                            |   |   |                              |       |   |   |   |   |   |
| Loss                  before income taxes                     |   |                              | (345,856   | )      |                              |   | (138,293   | )                               |   |    | (702,969                        | )      |   |                              | (265,590   | ) |   |   | (2,428,807 | ) |
|                                                          |   |                              |       |   |                              |   |       |                            |   |    |                            |   |   |                              |       |   |   |   |   |   |
| Income                  tax provision (Note 6)                |   |                              | -          |   |                              |   | -          |                            |   |    | -                               |   |   |                              | -          |   |   |   | - |   |
|                                                          |   |                              |       |   |                              |   |       |                            |   |    |                            |   |   |                              |       |   |   |   |   |   |
| Net                  loss                                     |   | $                                 | (345,856   | )      |                              | $      | (138,293   | )                               |   |  $ | (702,969                        | )      |   | $                                 | (265,590   | ) |   | $ | (2,428,807 | ) |
|                                                          |   |                              |       |   |                              |   |       |                            |   |    |                            |   |   |                              |       |   |   |   |   |   |
| Basic                  and diluted loss per common share      |   | $                                 | (0.02      | )      |                              | $      | (0.01      | )                               |   |  $ | (0.05                           | )      |   | $                                 | (0.02      | ) |   |   |   |   |
|                                                          |   |                              |       |   |                              |   |       |                            |   |    |                            |   |   |                              |       |   |   |   |   |   |
| Weighted                  average common shares outstanding   |   |                              | 14,962,023 |   |                              |   | 13,451,276 |                            |   |    | 14,712,963                      |   |   |                              | 13,451,000 |   |   |   |   |   |

----

**INHIBITON      THERAPEUTICS, INC.**

** (A      Development Stage Company)**

**Condensed      Statement of Changes in Shareholders’ Deficit**

**(Unaudited)**

|                                                                |   |                              |       |   |                           |   |    |                            |   |   | **Deficit**                            |   |   |      |       |
|---------------------------------------------------------------------|--------|-----------------------------------|------------|--------|--------------------------------|--------|---------|---------------------------------|--------|--------|----------------------------------------|--------|--------|-----------|------------|
|                                                                |   |                              |       |   |                           |   |    | **Additional**                  |   |   | **accumulated**                        |   |   |      |       |
|                                                                |   | **Common                  Stock** |       |   | **paid-in**                    |   |    | **during                  the** |   |   |                                   |   |
|                                                                |   | **Shares**                        |       |   | **Par                  value** |   |    | **capital**                     |   |   | **development                  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.                                    |   |                              | 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 and August 2006,                         |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| sale                  of common stock, less                         |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| $7,500                  of offering costs                           |   |                              | 250,000    |   |                           |   | 250     |                            |   |   | 67,250                                 |   |   |      | —    |   |   |   | 67,500 |   |
| Net                  loss                                           |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      | (527,029   | ) |   |   | (527,029 | ) |
|                                                                |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| Balance                  at January 31, 2007                        |   |                              | 13,701,000 |   |                           |   | 13,701  |                            |   |   | 391,043                                |   |   |      | (1,725,838 | ) |   |   | (1,321,094 | ) |
|                                                                |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| March                  2007, conversion of                          |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| convertible                  promissory notes to                    |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| common                  stock (Note 3)                              |   |                              | 594,356    |   |                           |   | 594     |                            |   |   | 213,374                                |   |   |      | —    |   |   |   | 213,968 |   |
| Issuance                  of warrants upon conversion               |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| of                  convertible promissory notes (Note 3)           |   |                              | —    |   |                           |   | — |                            |   |   | 172,363                                |   |   |      | —    |   |   |   | 172,363 |   |
| March                  2007, sale of common stock                   |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| (Note                  7)                                           |   |                              | 500,000    |   |                           |   | 500     |                            |   |   | 124,500                                |   |   |      | —    |   |   |   | 125,000 |   |
| April                  2007, sale of common stock,                  |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| less                  $3,000 of offering costs (Note 7)             |   |                              | 100,000    |   |                           |   | 100     |                            |   |   | 26,900                                 |   |   |      | —    |   |   |   | 27,000 |   |
| July                  2007, conversion of                           |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| convertible                  promissory notes to                    |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| common                  stock (Note 3)                              |   |                              | 489,863    |   |                           |   | 490     |                            |   |   | 183,209                                |   |   |      | —    |   |   |   | 183,699 |   |
| Issuance                  of warrants upon conversion               |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| of                  convertible promissory notes (Note 3)           |   |                              | —    |   |                           |   | — |                            |   |   | 151,368                                |   |   |      | —    |   |   |   | 151,368 |   |
| July                  2007, sale of common stock (Note 7)           |   |                              | 200,000    |   |                           |   | 200     |                            |   |   | 49,800                                 |   |   |      | —    |   |   |   | 50,000 |   |
| Net                  loss                                           |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      | (702,969   | ) |   |   | (702,969 | ) |
|                                                                |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| Balance                  at July 31, 2007                           |   |                              | 15,585,219 |   |                           | $      | 15,585  |                            |   | $      | 1,312,557                              |   |   | $         | (2,428,807 | ) |   | $ | (1,100,665 | ) |

----

**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,**     |   |
|                                                                |   | **2007**                        |     |   | **2006**                        |   |     | **2007**                          |   |
|                                                                |   |                            |     |   |                            |   |     |                              |   |
| Cash                  flows from operating activities:              |   |                            |     |   |                            |   |     |                              |   |
| Net                  loss                                           |   | $                               | (702,969 | )      |                            | $      | (265,590 | )                                 |   | $ | (2,428,807 | ) |
| Adjustments                  to reconcile net loss to net cash      |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| used                  by operating activities:                      |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Stock                  based compensation                           |   |                            | —  |   |                            |   | —  |                              |   |   | 1,000 |   |
| Loss                  on debt extinguishment (Note 3)               |   |                            | 126,612  |   |                            |   | —  |                              |   |   | 126,612 |   |
| Expense                  incurred upon issuance or modification     |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| of                  stock and warrants (Note 3)                     |   |                            | 323,731  |   |                            |   | —  |                              |   |   | 323,731 |   |
| Changes                  in operating assets and liabilities:       |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Prepaid                  expense                                    |   |                            | —  |   |                            |   | —  |                              |   |   | — |   |
| Accounts                  payable                                   |   |                            | 51,867   |   |                            |   | 109,137  |                              |   |   | 283,808 |   |
| Related                  party payables (Note 2)                    |   |                            | 54,500   |   |                            |   | 64,500   |                              |   |   | 313,375 |   |
| Accrued                  expenses                                   |   |                            | 7,810    |   |                            |   | 16,533   |                              |   |   | 86,751 |   |
| Net                  cash used in                                   |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| operating                  activities                               |   |                            | (138,449 | )      |                            |   | (75,420  | )                                 |   |   | (1,293,530 | ) |
|                                                                |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Cash                  flows from investing activities:              |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Investment                  in Inhibitex Therapeutics, Inc.         |   |                            | —  |   |                            |   | —  |                              |   |   | (44,856 | ) |
| Net                  cash used in                                   |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| investing                  activities                               |   |                            | —  |   |                            |   | —  |                              |   |   | (44,856 | ) |
|                                                                |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Cash                  flows from financing activities:              |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| (Payments                  on) proceeds from related party notes    |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| payable,                  net (Note 2)                              |   |                            | (58,785  | )      |                            |   | 75,242   |                              |   |   | 426,293 |   |
| Proceeds                  from notes payable, other                 |   |                            | —  |   |                            |   | —  |                              |   |   | 43,000 |   |
| Proceeds                  from convertible promissory note (Note 3) |   |                            | —  |   |                            |   | —  |                              |   |   | 225,000 |   |
| Proceeds                  from issuance of common stock,            |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| net                  of offering costs (Note 7)                     |   |                            | 202,000  |   |                            |   | 15,000   |                              |   |   | 649,000 |   |
| Net                  cash provided by                               |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| financing                  activities                               |   |                            | 143,215  |   |                            |   | 90,242   |                              |   |   | 1,343,293 |   |
|                                                                |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Net                  change in cash and                             |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| cash                  equivalents                                   |   |                            | 4,766    |   |                            |   | 14,822   |                              |   |   | 4,907 |   |
|                                                                |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Cash                  and cash equivalents:                         |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Beginning                  of period                                |   |                            | 141      |   |                            |   | 747      |                              |   |   | — |   |
|                                                                |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| End                  of period                                      |   | $                               | 4,907    |   |                            | $      | 15,569   |                              |   | $ | 4,907 |   |
|                                                                |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Supplemental                  disclosure of cash flow information:  |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Cash                  paid during the period for:                   |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Income                  taxes                                       |   | $                               | —  |   |                            | $      | —  |                              |   | $ | — |   |
| Interest                                                            |   | $                               | 14,877   |   |                            | $      | 10,742   |                              |   | $ | 31,057 |   |
|                                                                |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Noncash                  financing transactions:                    |   |                            |     |   |                            |   |     |                              |   |   |   |   |
| Notes                  and interest payable converted to stock      |   | $                               | 271,055  |   |                            | $      | —  |                              |   | $ | 271,755 |   |
| Stock                  issued in exchange for debt issue costs      |   | $                               | —  |   |                            | $      | —  |                              |   | $ | 900 |   |

----

**INHIBITON            THERAPEUTICS,            INC.**

**(A            Development Stage            Company)**

**Notes            to Condensed Financial            Statements**

**(Unaudited)**

**Note      1:  Basis of presentation**

**Reorganization**

----

**INHIBITON              THERAPEUTICS,              INC.**

**(A              Development Stage              Company)**

**Notes              to Condensed Financial              Statements**

**(Unaudited)**

**Derivative      Instruments**

**Note      2:  Related Party**

| Management                fees payable to officers              |   | $      | 284,500 |   |
|-----------------------------------------------------------------|--------|--------|---------|--------|
|                                                            |   |   |    |   |
| Rent                payable to company affiliated with officers |   |   | 28,875  |   |
|                                                            |   |   |    |   |
| Total                accounts payable, related party            |   | $      | 313,375 |   |

----

**INHIBITON              THERAPEUTICS,              INC.**

**(A              Development Stage              Company)**

**Notes              to Condensed Financial              Statements**

**(Unaudited)**

| Notes                payable to officers; interest at 8% and due on demand                                                     |   | $      | 3,076   |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|
|                                                                                                                           |   |   |    |   |
| Notes                payable to affiliates of Company officers; interest at 8% and due                on                demand |   |   | 421,618 |   |
|                                                                                                                           |   |   |    |   |
| Note                payable to significant stockholder; interest at 8% and due on                demand                        |   |   | 13,000  |   |
|                                                                                                                           |   |   |    |   |
| Notes                payable, related party                                                                                    |   |   | 437,694 |   |
|                                                                                                                           |   |   |    |   |

----

**INHIBITON              THERAPEUTICS,              INC.**

**(A              Development Stage              Company)**

**Notes              to Condensed Financial              Statements**

**(Unaudited)**

| Interest                payable related party                      |   |   | 34,988  |   |
|--------------------------------------------------------------------|--------|--------|---------|--------|
|                                                               |   |   |    |   |
| Total                principal and interest payable, related party |   | $      | 466,318 |   |

**Note      3: Convertible Notes Payable**

----

**INHIBITON              THERAPEUTICS,              INC.**

**(A              Development Stage              Company)**

**Notes              to Condensed Financial              Statements**

**(Unaudited)**

| **Issuance                Date** | **Fair                Value** | **Term**               | **Exercise                Price** | **Market                Price on Grant Date** | **Volatility                Percentage** | **Interest                Rate** |
|----------------------------------|-------------------------------|------------------------|-----------------------------------|-----------------------------------------------|------------------------------------------|----------------------------------|
| April                2007        | $172,363                      | 3                years | $0.50                             | $0.36                                         | 156%                                     | 4.5%                             |
| July                2007         | $151,368                      | 3                years | $0.50                             | $0.375                                        | 161%                                     | 4.5%                             |

**Note      4: Notes Payable**

----

**INHIBITON              THERAPEUTICS,              INC.**

**(A              Development Stage              Company)**

**Notes              to Condensed Financial              Statements**

**(Unaudited)**

**Note      5:  Other Expense**

|                                       |   | **Three                months ended July 31, 2007** |   |   | **Three                months ended July 31, 2006** |   |   | **Six                months ended July 31, 2007** |   |   | **Six                months ended July 31, 2006** |   |   | **May                11, 2004 (Inception) through July 31, 2007** |   |
|--------------------------------------------|--------|-----------------------------------------------------|--------|--------|-----------------------------------------------------|--------|--------|---------------------------------------------------|--------|--------|---------------------------------------------------|--------|--------|-------------------------------------------------------------------|--------|
| General                and administrative  |   | $                                                   | 473    |   |                                                | $      | 432    |                                              |   | $      | 2,510                                             |   |   | $                                                                 | 883    |   |   | $ | 18,342 |   |
| Legal                and accounting        |   |                                                | 8,632  |   |                                                |   | 18,376 |                                              |   |   | 6,229                                             |   |   |                                                              | 21,732 |   |   |   | 73,182 |   |
| Loss                on debt extinguishment |   |                                                | 61,233 |   |                                                |   | -      |                                              |   |   | 126,612                                           |   |   |                                                              | -      |   |   |   | 126,612 |   |
| Professional                services       |   |                                                | 5,700  |   |                                                |   | 600    |                                              |   |   | 6,300                                             |   |   |                                                              | 1,200  |   |   |   | 146,009 |   |
| Stock                based compensation    |   |                                                | -      |   |                                                |   | -      |                                              |   |   | -                                                 |   |   |                                                              | -      |   |   |   | 1,000 |   |
|                                       |   | $                                                   | 76,038 |   |                                                | $      | 19,408 |                                              |   | $      | 141,651                                           |   |   | $                                                                 | 23,815 |   |   | $ | 365,145 |   |

**Note      6:  Income Tax**

**Note      7:  Capital Stock**

----

**INHIBITON            THERAPEUTICS,            INC.**

**(A            Development Stage            Company)**

**Notes            to Condensed Financial            Statements**

**(Unaudited)**

----

**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 14, 2007 | By:                /s/ Henry Fong                                                        |
|-----------------------------------------|------------------------------------------------------------------------------------------|
|                                    | Henry                Fong                                                                |
|                                    | Principal                Executive Officer andPrincipal                Financial Officer |
|                                    |                                                                                     |