Mosaic ImmunoEngineering Inc.
For the period ended Sep 30, 2025. Filed Nov 19, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 19, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-19.
0001683168-25-006318
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-19.
0001683168-25-008543
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 49 previous paragraphs and 49 current paragraphs.
31 unchanged; 17 reworded; 1 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
Nine Months Ended September 30, 2025 and 2024:
Removed paragraphs (1)
Previous report
Six Months Ended June 30, 2025 and 2024:
Reworded paragraphs (17)
Previous wording
We are a development-stage biotechnology company focused on advancing and eventually commercializing immunotherapies for the treatment of cancer. We have historically advanced early-stage product candidates and we are pursuing new product candidates and platforms to build a new pipeline based on our understanding of immunotherapies.
Current wording
We are a development-stage biotechnology company focused on advancing and eventually commercializing cancer therapies. We have historically advanced early-stage product candidate and we are pursuing new product candidates and platforms to expand.
Previous wording
Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require us to make estimates and judgments that significantly affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods. During the six months ended June 30, 2025, there have been no material changes to the Company’s significant accounting policies as compared to the significant accounting policies disclosed in Note 2 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require us to make estimates and judgments that significantly affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods. During the nine months ended September 30, 2025, there have been no material changes to the Company’s significant accounting policies as compared to the significant accounting policies disclosed in Note 2 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
Research and development expenses of approximately $16,000 for the three months ended June 30, 2025 are primarily related to salaries and related costs for personnel in research and development functions. The decrease in research and development expenses of approximately $45,000 for the three months ended June 30, 2025 as compared to the same prior year period was primarily due to a decrease in payroll and related costs due to a reduced time commitment by certain employees.
Current wording
Research and development expenses of approximately $16,000 for the three months ended September 30, 2025 are primarily related to salaries and related costs for personnel in research and development functions. The decrease in research and development expenses of approximately $24,000 for the three months ended September 30, 2025 as compared to the same prior year period was primarily due to a decrease in payroll and related costs due to a reduced time commitment by certain employees.
Previous wording
General and administrative expenses of approximately $133,000 for the three months ended June 30, 2025 consist principally of salaries and related costs for personnel and consultants in executive and administrative functions of approximately $112,000, accounting and filing fees of approximately $11,000, director and officer insurance of approximately $8,000, and other expenses of approximately $2,000. The decrease in general and administrative expenses of approximately $81,000 for the three months ended June 30, 2025 as compared to the same prior year period was primarily due to (i) a decrease in payroll and related expenses of approximately $58,000 due to a reduced time commitment by certain employees, (ii) a decrease in accounting and filing fees of approximately $17,000 due to timing of services provided and (iii) a decrease in other expenses of approximately $6,000.
Current wording
General and administrative expenses of approximately $128,000 for the three months ended September 30, 2025 consist principally of salaries and related costs for personnel and consultants in executive and administrative functions of approximately $109,000, accounting and filing fees of approximately $10,000, director and officer insurance of approximately $7,000, and other expenses of approximately $2,000. The decrease in general and administrative expenses of approximately $19,000 for the three months ended September 30, 2025 as compared to the same prior year period was primarily due to (i) a decrease in payroll and related expenses of approximately $15,000 due to a reduced time commitment by certain employees, (ii) a decrease in director and officer insurance of approximately $2,000 due to reduced payroll and (iii) a decrease in other expenses of approximately $2,000.
Previous wording
Interest expense of approximately $21,000 and $19,000 for the three months ended June 30, 2025 and 2024, respectively, represents interest expense on convertible notes and loan payables.
Current wording
Interest expense of approximately $21,000 and $21,000 for the three months ended September 30, 2025 and 2024, respectively, represents interest expense on convertible notes and loan payables.
Previous wording
Research and development expenses of approximately $32,000 for the six months ended June 30, 2025 are primarily related to salaries and related costs for personnel in research and development functions. The decrease in research and development expenses of approximately $96,000 for the six months ended June 30, 2025 as compared to the same prior year period was primarily due to a decrease in payroll and related costs due to a reduced time commitment by certain employees.
Current wording
Research and development expenses of approximately $48,000 for the nine months ended September 30, 2025 are primarily related to salaries and related costs for personnel in research and development functions. The decrease in research and development expenses of approximately $120,000 for the nine months ended September 30, 2025 as compared to the same prior year period was primarily due to a decrease in payroll and related costs due to a reduced time commitment by certain employees.
Previous wording
General and administrative expenses of approximately $292,000 for the six months ended June 30, 2025 consist principally of salaries and related costs for personnel and consultants in executive and administrative functions of approximately $221,000, accounting and filing fees of approximately $48,000, director and officer insurance of approximately $16,000, and other expenses of approximately $7,000. The decrease in general and administrative expenses of approximately $123,000 for the six months ended June 30, 2025 as compared to the same prior year period was primarily due to (i) a decrease in payroll and related expenses of approximately $125,000 due to a reduced time commitment by certain employees, (ii) a decrease in other expenses of approximately $7,000 offset by an increase in accounting and filing fees of approximately $9,000 due to timing of services provided.
Current wording
General and administrative expenses of approximately $420,000 for the nine months ended September 30, 2025 consist principally of salaries and related costs for personnel and consultants in executive and administrative functions of approximately $330,000, accounting and filing fees of approximately $58,000, director and officer insurance of approximately $23,000, and other expenses of approximately $9,000. The decrease in general and administrative expenses of approximately $142,000 for the nine months ended September 30, 2025 as compared to the same prior year period was primarily due to (i) a decrease in payroll and related expenses of approximately $140,000 due to a reduced time commitment by certain employees, (ii) a decrease in director and officer insurance of approximately $4,000 due to reduced payroll, and (iii) a decrease in other expenses of approximately $7,000 offset by an increase in accounting and filing fees of approximately $9,000 due to timing of services provided.
Previous wording
On July 1, 2024, we entered into a Master Services Agreement with Oncotelic whereby we perform advisory and related services in connection with studies and projects. For the six months ended June 30, 2025, we earned $14,000 for advisory and related services which is recorded in other income in the accompanying unaudited condensed consolidated statements of operations.
Current wording
On July 1, 2024, we entered into a Master Services Agreement with Oncotelic whereby we perform advisory and related services in connection with studies and projects. For the nine months ended September 30, 2025, we earned $14,000 for advisory and related services which is recorded in other income in the accompanying unaudited condensed consolidated statements of operations.
Previous wording
Interest expense of approximately $41,000 and $38,000 for the six months ended June 30, 2025 and 2024, respectively, represents interest expense on convertible notes and loan payables.
Current wording
Interest expense of approximately $62,000 and $59,000 for the nine months ended September 30, 2025 and 2024, respectively, represents interest expense on convertible notes and loan payables.
Previous wording
Accretion to redemption value on convertible notes of approximately $1,000 for the six months ended June 30, 2024 pertains to the accretion of the convertible notes to their redemption value using the effective interest method. The Convertible Notes have been accreted to their full redemption value as of March 31, 2024.
Current wording
Accretion to redemption value on convertible notes of approximately $1,000 for the nine months ended September 30, 2024 pertains to the accretion of the convertible notes to their redemption value using the effective interest method. The Convertible Notes have been accreted to their full redemption value as of March 31, 2024.
Previous wording
As of June 30, 2025, we had cash and cash equivalents of approximately $54,000. Our ability to continue our operations is highly dependent on our ability to raise capital to fund future operations. We anticipate, based on currently proposed plans and assumptions, that our cash on hand will not satisfy our operational and capital requirements through twelve months from the filing date of this Annual Report.
Current wording
As of September 30, 2025, we had cash and cash equivalents of approximately $32,000. Our ability to continue our operations is highly dependent on our ability to raise capital to fund future operations. We anticipate, based on currently proposed plans and assumptions, that our cash on hand will not satisfy our operational and capital requirements through twelve months from the filing date of this Annual Report.
Previous wording
On July 1, 2024, we entered into a Master Services Agreement with Oncotelic whereby we perform advisory and related services in connection with studies and projects. During the six months ended June 30, 2025, we earned $14,000 for advisory and related services which is recorded in other income in the accompanying unaudited condensed consolidated statements of operations.
Current wording
On July 1, 2024, we entered into a Master Services Agreement with Oncotelic whereby we perform advisory and related services in connection with studies and projects. During the nine months ended September 30, 2025, we earned $14,000 for advisory and related services which is recorded in other income in the accompanying unaudited condensed consolidated statements of operations.
Previous wording
The following table provides a summary of our net cash flow activity for the six months ended June 30, 2025 and 2024:
Current wording
The following table provides a summary of our net cash flow activity for the nine months ended September 30, 2025 and 2024:
Previous wording
Net cash used in operating activities for the six months ended June 30, 2025 consisted of our net loss of $353,348, which amount was offset by (i) non-cash interest expense of $36,365 and (ii) a net change in operating assets and liabilities of $255,247, primarily due to an increase in accrued compensation of $244,346.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2025 consisted of our net loss of $518,709, which amount was offset by (i) non-cash interest expense of $54,848 and (ii) a net change in operating assets and liabilities of $380,603, primarily due to an increase in accrued compensation of $367,457.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2024 consisted of our net loss of $582,209, which amount was offset by (i) non-cash share-based compensation expense of $4,867, (ii) non-cash interest expense of $37,698, (iii) the accretion to redemption value on convertible notes of $1,446, and (iv) a net change in operating assets and liabilities of $330,758 primarily due to an increase in accrued compensation of $327,566.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2024 consisted of our net loss of $768,939, which amount was offset by (i) non-cash share-based compensation expense of $4,867, (ii) non-cash interest expense of $58,999, (iii) the accretion to redemption value on convertible notes of $1,446, and (iv) a net change in operating assets and liabilities of $483,185 primarily due to an increase in accrued compensation of $456,939.
Previous wording
Net cash provided by financing activities for the six months ended June 30, 2024 consisted of proceeds received from loan payable from Oncotelic totaling $55,000.
Current wording
Net cash provided by financing activities for the nine months ended September 30, 2024 consisted of proceeds received from loan payable from Oncotelic totaling $70,000.
Previous wording
There have been no new accounting pronouncements adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board during the three and six months ended June 30, 2025, as compared to the recent accounting pronouncements described in Note 2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, that the Company believes are of significance or potential significance to the Company.
Current wording
There have been no new accounting pronouncements adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board during the three and nine months ended September 30, 2025, as compared to the recent accounting pronouncements described in Note 2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, that the Company believes are of significance or potential significance to the Company.