Mosaic ImmunoEngineering's Cash Dwindles Amidst Continued Losses

TL;DR

**CPMV is burning cash fast with no revenue, making it a highly speculative bet on future financing.**

AI Summary

Mosaic ImmunoEngineering Inc. (CPMV) reported a net loss of $165,361 for the three months ended September 30, 2025, a 11.4% improvement from the $186,730 net loss in the same period of 2024. For the nine months ended September 30, 2025, the net loss was $518,709, a 32.6% reduction from the $768,939 net loss in the prior year. Total operating expenses decreased by 22.6% to $144,358 for the three months ended September 30, 2025, and by 35.9% to $467,986 for the nine months, primarily due to reduced research and development and general and administrative costs. Cash and cash equivalents significantly declined to $31,761 as of September 30, 2025, from $115,019 at December 31, 2024, raising substantial doubt about the company's ability to continue as a going concern. The company has not generated any revenues and is highly dependent on raising additional capital, with no current financing arrangements. Accrued compensation increased to $4,135,109 from $3,767,652, while convertible notes, net, rose to $1,447,363 from $1,392,515.

Why It Matters

This 10-Q filing reveals Mosaic ImmunoEngineering's precarious financial position, with critically low cash reserves of $31,761 and a going concern warning. For investors, this signals extreme risk, as the company's ability to fund its development-stage biotechnology operations is severely compromised without immediate capital infusion. Employees face job insecurity, and potential customers or partners may be wary of engaging with a company on the brink. In the competitive biotech landscape, a lack of funding can quickly lead to obsolescence, making it challenging for CPMV to advance its cancer therapies and compete with better-capitalized firms.

Risk Assessment

Risk Level: high — The company explicitly states, "our cash and cash equivalents on hand will not satisfy our operational and capital requirements through twelve months from the filing date of this Quarterly Report on Form 10-Q." With cash and cash equivalents at a mere $31,761 as of September 30, 2025, and an accumulated deficit of $9,357,029, the financial instability is severe. The absence of any revenue generation further exacerbates this high-risk profile.

Analyst Insight

Investors should exercise extreme caution and consider this a highly speculative investment. Given the explicit going concern warning and minimal cash reserves, potential investors should wait for concrete evidence of successful capital raises and a clear path to revenue generation before considering any position.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$55,298

total Debt

$7,362,181

net Income

$-165,361

eps

$-0.02

gross Margin

N/A

cash Position

$31,761

revenue Growth

N/A

Key Numbers

• $31,761 — Cash and cash equivalents (Decreased from $115,019 at December 31, 2024, indicating severe liquidity issues.)
• $165,361 — Net loss (Q3 2025) (Represents a continued loss, though an improvement from $186,730 in Q3 2024.)
• $518,709 — Net loss (YTD Q3 2025) (A significant loss for the nine months, albeit lower than $768,939 in the prior year.)
• $9,357,029 — Accumulated deficit (Increased from $8,838,320 at December 31, 2024, highlighting ongoing losses.)
• $4,135,109 — Accrued compensation (Increased from $3,767,652 at December 31, 2024, a significant liability.)
• $1,447,363 — Convertible notes, net (Increased from $1,392,515 at December 31, 2024, adding to debt burden.)
• $467,986 — Total operating expenses (YTD Q3 2025) (Decreased from $729,498 in the prior year, showing cost-cutting efforts.)
• 7,242,137 — Common shares outstanding (Consistent number of shares, indicating no recent dilution from new equity issuance.)
• $0.02 — Basic and diluted loss per common share (Q3 2025) (Slight improvement from $0.03 in Q3 2024, but still a loss.)
• $0.07 — Basic and diluted loss per common share (YTD Q3 2025) (Improvement from $0.11 in YTD Q3 2024, but still a loss.)

Key Players & Entities

• Mosaic ImmunoEngineering Inc. (company) — registrant
• CPMV (company) — ticker symbol
• Securities and Exchange Commission (regulator) — filing authority
• CWRU (company) — former license agreement partner
• University of California San Diego (company) — license agreement partner
• Patriot Data Solutions Group, Inc. (company) — wholly owned subsidiary
• Crossflo Systems, Inc. (company) — acquired company
• MIE-101 (company) — lead oncology candidate
• FASB (regulator) — accounting standards board
• Delaware (regulator) — state of incorporation

FAQ

Risk Factors

• Severe Liquidity Constraints [high — financial]: The company's cash and cash equivalents have significantly decreased to $31,761 as of September 30, 2025, from $115,019 at December 31, 2024. This drastic reduction, coupled with no current revenue generation and no existing financing arrangements, raises substantial doubt about Mosaic ImmunoEngineering's ability to continue as a going concern.
• Increasing Liabilities [medium — financial]: Total liabilities have increased to $7,362,181 as of September 30, 2025, from $6,929,785 at December 31, 2024. This rise is partly driven by an increase in accrued compensation to $4,135,109 and convertible notes to $1,447,363, adding to the company's financial burden.
• Dependence on Future Financing [high — operational]: Mosaic ImmunoEngineering has not generated any revenue and is entirely dependent on its ability to raise additional capital to fund its operations. The lack of current financing arrangements creates significant uncertainty regarding its future operational capacity and ability to meet its obligations.
• Accumulated Deficit [high — financial]: The company continues to accumulate losses, with the accumulated deficit reaching $9,357,029 as of September 30, 2025, an increase from $8,838,320 at December 31, 2024. This ongoing trend of net losses indicates a persistent inability to achieve profitability.

Industry Context

Mosaic ImmunoEngineering operates in the biotechnology sector, a highly competitive and capital-intensive industry. Companies in this space often rely on significant research and development investment and face long product development cycles. Success is typically driven by innovation, intellectual property, and the ability to secure substantial funding for clinical trials and commercialization.

Regulatory Implications

As a biotechnology company, Mosaic ImmunoEngineering is subject to stringent regulatory oversight from bodies like the FDA. Delays in clinical trials, failure to meet regulatory standards, or changes in regulatory policy can significantly impact development timelines and market access, posing a substantial risk to the company's future.

What Investors Should Do

1. Monitor future financing activities closely.
2. Evaluate the burn rate and cost-saving measures.
3. Assess the long-term viability of the business model.

Key Dates

• 2025-09-30: End of Q3 2025 — Reported a net loss of $165,361 and cash and cash equivalents of $31,761, highlighting severe liquidity issues and raising going concern doubts.
• 2024-12-31: End of Fiscal Year 2024 — Cash and cash equivalents stood at $115,019, and accumulated deficit was $8,838,320.

Glossary

Accumulated deficit

The cumulative net losses of a company that have not been offset by net income. It represents the total losses incurred since the company's inception. (Indicates the company's history of unprofitability, with the deficit increasing to $9,357,029 as of September 30, 2025.)

Convertible notes, net

Debt instruments that can be converted into a predetermined amount of equity (stock) of the issuing company. 'Net' typically refers to the carrying value on the balance sheet. (Represents a form of debt that has increased to $1,447,363, adding to the company's liabilities and potential future dilution.)

Going concern

An accounting assumption that a company will continue to operate for the foreseeable future. If substantial doubt exists about a company's ability to continue as a going concern, it must be disclosed. (The company's extremely low cash balance and lack of revenue raise substantial doubt about its ability to continue as a going concern.)

Accrued compensation

Compensation earned by employees but not yet paid. This includes salaries, wages, bonuses, and other benefits. (This liability has increased to $4,135,109, representing a significant obligation to employees that requires future cash outflow.)

Year-Over-Year Comparison

Compared to the prior year, Mosaic ImmunoEngineering has reduced its net loss for both the three months ended September 30, 2025 ($165,361 vs. $186,730) and the nine months ended September 30, 2025 ($518,709 vs. $768,939), primarily due to a significant decrease in total operating expenses (down 22.6% and 35.9% respectively). However, this improvement is overshadowed by a severe decline in cash and cash equivalents, from $115,019 at December 31, 2024, to $31,761 as of September 30, 2025, indicating a critical liquidity situation.

Key Financial Figures

• $0.00001 — 2,137 shares of common stock, par value $0.00001 per share, were outstanding. INDEX P
• $5 million — ible Notes Offering") for raising up to $5 million from the issuance of convertible notes
• $2.377 — Financing or Smaller Financing, or (ii) $2.377 for the May Convertible Notes ("May Con
• $1.00 — tible Notes ("May Conversion Price") or $1.00 for the February Convertible Notes ("Fe
• $50,000 — y Convertible Note in the amount of (a) $50,000 or (b) an amount equivalent to the prin
• $866,632 — ed at the February Conversion Price was $866,632. In addition, the conversion price may
• $916,632 — lly recorded at their amortized cost of $916,632 and are being accreted to their redempt

Filing Documents

• mosaic_i10q-093025.htm (10-Q) — 484KB
• mosaic_ex3101.htm (EX-31.1) — 8KB
• mosaic_ex3201.htm (EX-32.1) — 5KB
• 0001683168-25-008543.txt ( ) — 2713KB
• cpmv-20250930.xsd (EX-101.SCH) — 24KB
• cpmv-20250930_cal.xml (EX-101.CAL) — 32KB
• cpmv-20250930_def.xml (EX-101.DEF) — 105KB
• cpmv-20250930_lab.xml (EX-101.LAB) — 221KB
• cpmv-20250930_pre.xml (EX-101.PRE) — 188KB
• mosaic_i10q-093025_htm.xml (XML) — 238KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 4

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 21

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 22

Risk Factors

Item 1A. Risk Factors 22

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22

Other Information

Item 5. Other Information 22

Exhibits

Item 6. Exhibits 22

SIGNATURES

SIGNATURES 23 2 Unless the context otherwise requires, references to the "Company," the "combined company," "Mosaic," "we," "our," or "us" in this Quarterly Report on Form 10-Q refer to Mosaic ImmunoEngineering, Inc. and its subsidiaries. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q ("Report" or Quarterly Report"), including all documents incorporated by reference herein, includes certain statements constituting "forward-looking" Litigation Reform Act of 1995, including statements concerning our beliefs, plans, objectives, goals, expectations, anticipations, estimates, intentions, operations, future results and prospects, and we rely on the "safe harbor" provisions in those laws. We are including this statement for the express purpose of availing ourselves of the protections of such safe harbors with respect to all such forward-looking "future," "estimates," "may," "could," "should," "would," "will," "shall," "propose," "continue," "predict," "plan" or the negative versions of these terms and other similar expressions are generally intended to identify certain of these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties, and actual results may differ materially from those in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed in "Risk Factors," in Part II, Item 1A of this Report as well as information provided elsewhere in this Report and our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission (the SEC) on April 15, 2025. You should carefully consider that information before you make an investment decision. You sh

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Mosaic ImmunoEngineering, Inc. Condensed Consolidated Balance Sheets September 30, 2025 December 31, 2024 unaudited ASSETS Current assets: Cash and cash equivalents $ 31,761 $ 115,019 Prepaid expenses and other current assets 23,537 26,592 Total current assets 55,298 141,611 Total assets $ 55,298 $ 141,611 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 133,759 $ 134,865 Accrued compensation 4,135,109 3,767,652 Accrued consulting 787,903 787,903 Accrued expenses and other 658,047 646,850 Loan payable 200,000 200,000 Total current liabilities 5,914,818 5,537,270 Convertible notes, net 1,447,363 1,392,515 Total liabilities 7,362,181 6,929,785 Commitments and contingencies – – Stockholders' deficit: Preferred stock, $ 0.00001 par value; 5,000,000 shares authorized: – – Series A Convertible Voting Preferred Stock; 630,000 shares designated; no shares issued and outstanding – – Series B Convertible Voting Preferred Stock; 70,000 shares designated; 70,000 shares issued and outstanding 1 1 Common stock, $ 0.00001 par value: 100,000,000 shares authorized: 7,242,137 shares issued and outstanding 72 72 Additional paid-in capital 2,050,073 2,050,073 Accumulated deficit ( 9,357,029 ) ( 8,838,320 ) Total stockholders' deficit ( 7,306,883 ) ( 6,788,174 ) Total liabilities and stockholders' deficit $ 55,298 $ 141,611 See accompanying notes to unaudited condensed consolidated financial statements. 4 Mosaic ImmunoEngineering, Inc. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Operating expenses: Research and development $ 16,039 $ 39,599 $ 47,848 $ 167,617 General and administrative 128,319 146,831 420,138 561,881 Total operating expenses 144,358 186,430 467,986 729,49

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