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Mosaic ImmunoEngineering (CPMV+20.19%), Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Mosaic ImmunoEngineering is a development-stage biotechnology company focused on advancing immunotherapies for cancer treatment. The company is currently pursuing new product candidates and platforms.
During the quarter, the company reported a net loss of $186,730, with research and development expenses totaling $39,599 and general and administrative expenses amounting to $146,831.
Mosaic ImmunoEngineering has entered into a binding term sheet with Oncotelic Therapeutics, Inc. to acquire rights to certain technologies. The transaction involves the issuance of shares valued at $15 million upon execution of a definitive agreement.
The company has noted that it does not currently have sufficient working capital to fund its operations for the next twelve months and may need to secure additional funding to continue operations.
As of September 30, 2024, Mosaic ImmunoEngineering reported cash and cash equivalents of $5,736 and total liabilities of $6,675,080, resulting in a stockholders' deficit of $6,635,130.
On November 18, 2024, the company entered into a convertible note purchase agreement for up to $200,000 to be used for general corporate purposes.
Mosaic ImmunoEngineering continues to face risks related to its financial position, dependence on third parties, and the need for additional capital. The company is actively seeking to expand its development pipeline and secure necessary funding.
The filing also highlights that the company has identified material weaknesses in its internal controls over financial reporting and is working to address these issues.
Mosaic ImmunoEngineering's future success depends on its ability to attract and retain key personnel, secure additional funding, and successfully develop and commercialize its product candidates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mosaic ImmunoEngineering quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.