Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-39717

LIXTE BIOTECHNOLOGY HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware		20-2903526
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)

680 East Colorado Boulevard, Suite 180

Pasadena, California 91101

(Address of principal executive offices, including Zip Code)

(631) 830-7092

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	LIXT	The Nasdaq Stock Market LLC
Warrants to Purchase Common Stock, par value $0.0001 per share	LIXTW	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of August 2, 2024, the Company had 2,249,290 shares of common stock, $0.0001 par value, issued and outstanding.

LIXTE BIOTECHNOLOGY HOLDINGS, INC.

AND SUBSIDIARY

TABLE OF CONTENTS

	Page Number

PART I - FINANCIAL INFORMATION	3

Item 1. Condensed Consolidated Financial Statements	3

Condensed Consolidated Balance Sheets – June 30, 2024 (Unaudited) and December 31, 2023	3

Condensed Consolidated Statements of Operations (Unaudited) – Three Months and Six Months Ended June 30, 2024 and 2023	4

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) – Three Months and Six Months Ended June 30, 2024 and 2023	5

Condensed Consolidated Statements of Cash Flows (Unaudited) – Six Months Ended June 30, 2024 and 2023	7

Notes to Condensed Consolidated Financial Statements (Unaudited) – Three Months and Six Months Ended June 30, 2024 and 2023	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	35

Item 3. Quantitative and Qualitative Disclosures About Market Risk	54

Item 4. Controls and Procedures	54

PART II - OTHER INFORMATION	55

Item 1. Legal Proceedings	55

Item 1A. Risk Factors	55

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	55

Item 3. Defaults Upon Senior Securities	55

Item 4. Mine Safety Disclosures	55

Item 5. Other Information	55

Item 6. Exhibits	56

SIGNATURES	57

PART I - FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

LIXTE BIOTECHNOLOGY HOLDINGS, INC.

AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30, 2024			December 31, 2023
	(Unaudited)

ASSETS
Current assets:
Cash	$	2,595,222		$	4,203,488
Advances on research and development contract services		—			78,016
Prepaid insurance		22,558			17,116
Other prepaid expenses		49,824			10,000
Total current assets		2,667,604			4,308,620
Total assets	$	2,667,604		$	4,308,620

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses, including $0 and $36,250 to related parties at June 30, 2024 and December 31, 2023, respectively	$	131,404		$	156,758
Research and development contract liabilities, including $254,852 and $120,768 to related parties at June 30, 2024 and December 31, 2023, respectively		290,061			157,100
Total current liabilities		421,465			313,858

Commitments and contingencies		-			-

Stockholders’ equity:
Preferred Stock, $0.0001 par value; authorized – 10,000,000 shares; issued and outstanding – 350,000 shares of Series A Convertible Preferred Stock, $10.00 per share stated value, liquidation preference based on assumed conversion into common shares – 72,917 shares at June 30, 2024 and December 31, 2023		3,500,000			3,500,000
Common stock, $0.0001 par value; authorized – 100,000,000 shares; issued and outstanding – 2,249,290 shares at June 30, 2024 and December 31, 2023		225			225
Additional paid-in capital		49,209,883			48,976,265
Accumulated deficit		(50,463,969	)		(48,481,728	)
Total stockholders’ equity		2,246,139			3,994,762
Total liabilities and stockholders’ equity	$	2,667,604		$	4,308,620

See accompanying notes to condensed consolidated financial statements.

LIXTE BIOTECHNOLOGY HOLDINGS, INC.

AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	2024			2023			2024			2023
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023

Revenues	$	—		$	—		$	—		$	—

Costs and expenses:
General and administrative costs:
Compensation to related parties, including stock-based compensation expense of $130,691 and $280,060 for the three months ended June 30, 2024 and 2023, respectively, and $233,618 and $557,040 for the six months ended June 30, 2024 and 2023, respectively		306,354			522,561			624,016			1,042,041
Patent and licensing legal and filing fees and costs		63,612			340,010			146,823			657,350
Other costs and expenses		428,482			379,970			875,424			724,212
Research and development costs, including $67,119 and $53,178 for the three months ended June 30, 2024 and 2023, respectively, and $134,084 and $105,382 for the six months ended June 30, 2024 and 2023, respectively, to a related party		210,708			427,457			329,772			616,542
Total costs and expenses		1,009,156			1,669,998			1,976,035			3,040,145
Loss from operations		(1,009,156	)		(1,669,998	)		(1,976,035	)		(3,040,145	)
Interest income		2,233			2,714			5,092			7,729
Interest expense		(4,154	)		(1,948	)		(11,340	)		(5,809	)
Foreign currency gain		158			877			42			2,211
Net loss	$	(1,010,919	)	$	(1,668,355	)	$	(1,982,241	)	$	(3,036,014	)

Net loss per common share – basic and diluted	$	(0.45	)	$	(1.00	)	$	(0.88	)	$	(1.82	)

Weighted average common shares outstanding – basic and diluted		2,249,290			1,665,956			2,249,290			1,665,479

See accompanying notes to condensed consolidated financial statements.

LIXTE BIOTECHNOLOGY HOLDINGS, INC.

AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

Three Months and Six Months Ended June 30, 2024 and 2023

	Shares		Amount		Shares		Par Value		Capital		Deficit			Equity
	Convertible Series A Preferred Stock				Common Stock				Additional Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		Shares		Par Value		Capital		Deficit			Equity

Three months ended June 30, 2024:
Balance, March 31, 2024		350,000	$	3,500,000		2,249,290	$	225	$	49,079,192	$	(49,453,050	)	$	3,126,367
Stock-based compensation expense		—		—		—		—		130,691		—			130,691
Net loss		—		—		—		—		—		(1,010,919	)		(1,010,919	)
Balance, June 30, 2024		350,000	$	3,500,000		2,249,290	$	225	$	49,209,883	$	(50,463,969	)	$	2,246,139

Six months ended June 30, 2024:
Balance, December 31, 2023		350,000	$	3,500,000		2,249,290	$	225	$	48,976,265	$	(48,481,728	)	$	3,994,762
Balance		350,000	$	3,500,000		2,249,290	$	225	$	48,976,265	$	(48,481,728	)	$	3,994,762
Stock-based compensation expense		—		—		—		—		233,618		—			233,618
Net loss		—		—		—		—		—		(1,982,241	)		(1,982,241	)
Balance, June 30, 2024		350,000	$	3,500,000		2,249,290	$	225	$	49,209,883	$	(50,463,969	)	$	2,246,139
Balance		350,000	$	3,500,000		2,249,290	$	225	$	49,209,883	$	(50,463,969	)	$	2,246,139

(continued)

LIXTE BIOTECHNOLOGY HOLDINGS, INC.

AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(Continued)

Three Months and Six Months Ended June 30, 2024 and 2023

	Shares		Amount		Shares		Par Value		Capital		Deficit			Equity
	Convertible Series A Preferred Stock				Common Stock				Additional Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		Shares		Par Value		Capital		Deficit			Equity

Three months ended June 30, 2023:
Balance, March 31, 2023		350,000	$	3,500,000		1,665,956	$	166	$	45,343,021	$	(44,762,358	)	$	4,080,829
Stock-based compensation expense		—		—		—		—		280,060		—			280,060
Net loss		—		—		—		—		—		(1,668,355	)		(1,668,355	)
Balance, June 30, 2023		350,000	$	3,500,000		1,665,956	$	166	$	45,623,081	$	(46,430,713	)	$	2,692,534

Six months ended June 30, 2023:
Balance, December 31, 2022		350,000	$	3,500,000		1,664,706	$	166	$	45,059,760	$	(43,394,699	)	$	5,165,227
Balance		350,000	$	3,500,000		1,664,706	$	166	$	45,059,760	$	(43,394,699	)	$	5,165,227
Exercise of options		—		—		1,250		—		6,281		—			6,281
Stock-based compensation expense		—		—		—		—		557,040		—			557,040
Net loss		—		—		—		—		—		(3,036,014	)		(3,036,014	)
Balance, June 30, 2023		350,000	$	3,500,000		1,665,956	$	166	$	45,623,081	$	(46,430,713	)	$	2,692,534
Balance		350,000	$	3,500,000		1,665,956	$	166	$	45,623,081	$	(46,430,713	)	$	2,692,534

See accompanying notes to condensed consolidated financial statements.

LIXTE BIOTECHNOLOGY HOLDINGS, INC.

AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	2024			2023
	Six Months Ended June 30,
	2024			2023

Cash flows from operating activities:
Net loss	$	(1,982,241	)	$	(3,036,014	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense included in -
General and administrative costs		233,618			557,040
Research and development costs		—			—
Changes in operating assets and liabilities:
(Increase) decrease in -
Advances on research and development contract services		78,016			69,002
Prepaid insurance		(5,442	)		(5,426	)
Other prepaid expenses		(39,824	)		(39,183	)
Increase (decrease) in -
Accounts payable and accrued expenses		(25,354	)		136,764
Research and development contract liabilities		132,961			(128,936	)
Net cash used in operating activities		(1,608,266	)		(2,446,753	)

Cash flows from financing activities:
Exercise of common stock options		—			6,281
Net cash provided by financing activities		—			6,281

Cash:
Net decrease		(1,608,266	)		(2,440,472	)
Balance at beginning of period		4,203,488			5,353,392
Balance at end of period	$	2,595,222		$	2,912,920

Supplemental disclosures of cash flow information:
Cash paid for -
Interest	$	11,340		$	5,809
Income taxes	$	—		$	—

See accompanying notes to condensed consolidated financial statements.

LIXTE BIOTECHNOLOGY HOLDINGS, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three Months and Six Months Ended June 30, 2024 and 2023

1. Organization and Basis of Presentation

The condensed consolidated financial statements of Lixte Biotechnology Holdings, Inc., a Delaware corporation), including its wholly-owned Delaware subsidiary, Lixte Biotechnology, Inc. (collectively, the “Company”), at June 30, 2024, and for the three months and six months ended June 30, 2024 and 2023, are unaudited. In the opinion of management of the Company, all adjustments, including normal recurring accruals, have been made that are necessary to present fairly the financial position of the Company as of June 30, 2024, and the results of its operations for the three months and six months ended June 30, 2024 and 2023, and its cash flows for the six months ended June 30, 2024 and 2023. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for a full fiscal year. The condensed consolidated balance sheet at December 31, 2023 has been derived from the Company’s audited consolidated financial statements at such date.

The condensed consolidated financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the financial statements and other information included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC.

Business

The Company is a clinical-stage biopharmaceutical company focused on identifying new targets for cancer drug development and developing and commercializing cancer therapies. The Company’s corporate office is located in Pasadena, California.

The Company’s product pipeline is primarily focused on inhibitors of Protein Phosphatase 2A, which is used to enhance cytotoxic agents, radiation, immune checkpoint blockers and other cancer therapies. The Company believes that inhibitors of protein phosphatases have significant therapeutic potential for a broad range of cancers. The Company is focusing on the clinical development of a specific protein phosphatase inhibitor, referred to as LB-100, which has been shown to have clinical anti-cancer activity at doses that produce little or no toxicity.

The Company’s activities are subject to significant risks and uncertainties, including the need for additional capital. The Company has not yet commenced any revenue-generating operations, does not have positive cash flows from operations, relies on stock-based compensation for a substantial portion of employee and consultant compensation, and is dependent on periodic infusions of equity capital to fund its operating requirements.

Nasdaq Listing

The Company’s common stock and the warrants are traded on the Nasdaq Capital Market (“Nasdaq”) under the symbols “LIXT” and “LIXTW”, respectively. On June 2, 2023, the Company effected a 1-for-10 reverse split of its outstanding shares of common stock in order to remain in compliance with the $1.00 minimum closing bid price requirement of Nasdaq. However, there can be no assurances that the Company will be able to remain in compliance with the $1.00 minimum closing bid price requirement of Nasdaq over time. In addition, Nasdaq has other continued listing requirements, one of which is maintaining a minimum net stockholders’ equity of $2,500,000. At June 30, 2024, the Company’s net stockholders equity was $2,246,139.

Going Concern

For the six months ended June 30, 2024, the Company recorded a net loss of $1,982,241 and used cash in operations of $1,608,266. At June 30, 2024, the Company had cash of $2,595,222 available to fund its operations. Because the Company is currently engaged in various early-stage clinical trials, it is expected that it will take a significant amount of time and resources to develop any product or intellectual property capable of generating sustainable revenues. Accordingly, the Company’s business is unlikely to generate any sustainable operating revenues in the next several years and may never do so. Even if the Company is able to generate revenues through licensing its technology, product sales or other commercial activities, there can be no assurance that the Company will be able to achieve and maintain positive earnings and operating cash flows. At June 30, 2024, the Company’s remaining financial contractual commitments pursuant to clinical trial agreements and clinical trial monitoring agreements not yet incurred aggregated approximately $3,614,000 (see Note 8), which are currently scheduled to be incurred through approximately December 31, 2027.

The Company’s consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements also do not reflect any adjustments relating to the recoverability of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. The Company has no recurring source of revenues and has experienced negative operating cash flows since inception. The Company has financed its working capital requirements through the recurring sale of its equity securities.

Based on the foregoing, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are being issued. In addition, our independent registered public accounting firm has included an explanatory paragraph in their report with respect to this uncertainty that accompanies our audited consolidated financial statements as of and for the year ended December 31, 2023. The Company’s consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Company’s ability to continue as a going concern is dependent upon its ability to raise additional equity capital to fund its research and development activities and to ultimately achieve sustainable operating revenues and profitability. The amount and timing of future cash requirements depends on the pace, design, and results of the Company’s clinical trial program, which, in turn, depends on the availability of operating capital to fund such activities.

Based on current operating plans, the Company estimates that its existing cash resources at June 30, 2024 will provide sufficient working capital to fund the current clinical trial program with respect to the development of the Company’s lead anti-cancer clinical compound, LB-100, through approximately December 31, 2024. As existing cash resources will not be sufficient to complete the clinical development of, and obtain regulatory approval for, the Company’s product candidate, the Company will need to raise additional capital in one or more tranches to fund its operations in the near-term in order to be able to effectively manage its current business plan during the remainder of 2024, the full year 2025, and thereafter. In addition, the Company’s operating plans and capital requirements may change as a result of many factors that are currently unknown and/or outside of the control of the Company. The Company is considering various strategies and alternatives to obtain the required additional capital.

As market conditions present uncertainty as to the Company’s ability to secure additional funds, there can be no assurance that the Company will be able to secure additional financing on acceptable terms, as and when necessary, to continue to conduct operations.

If cash resources are insufficient to satisfy the Company’s ongoing cash requirements, the Company would be required to scale back or discontinue its clinical trial program, or obtain funds, if available, through strategic alliances or joint ventures that could require the Company to relinquish rights to and/or control of LB-100, or to discontinue operations entirely.

2. Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the financial statements of Lixte Biotechnology Holdings, Inc. and its wholly-owned subsidiary, Lixte Biotechnology, Inc. Intercompany balances and transactions have been eliminated in consolidation.

Segment Information

The Company operates and reports in one segment, which consists of the development of a drug class called Protein Phosphatase 2A inhibitors. The Company’s operating segment is reported in a manner consistent with the internal reporting provided to the Company’s Chief Operating Decision Maker, which is the Company’s President and Chief Executive Officer.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Some of those judgments can be subjective and complex, and therefore, actual results could differ materially from those estimates under different assumptions or conditions. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken, as a whole, under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience, and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Significant estimates include those related to assumptions used in the calculation of accruals for clinical trial costs and other potential liabilities, and valuing equity instruments issued for services.

Cash

Cash is held in a cash bank deposit program maintained by Morgan Stanley Wealth Management, a division of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley is a FINRA-regulated broker-dealer. The Company’s policy is to maintain its cash balances with financial institutions in the United States with high credit ratings and in accounts insured by the Federal Deposit Insurance Corporation (the “FDIC”) and/or by the Securities Investor Protection Corporation (the “SIPC”). The Company periodically has cash balances in financial institutions in excess of the FDIC and SIPC insurance limits of $250,000 and $500,000, respectively. Morgan Stanley Wealth Management also maintains supplemental insurance coverage for the cash balances of its customers. The Company has not experienced any losses to date resulting from this policy.

Research and Development

Research and development costs consist primarily of fees paid to consultants and contractors, and other expenses relating to the negotiation, design, development, conduct and management of clinical trials with respect to the Company’s clinical compound and product candidate. Research and development costs also include the costs to manufacture compounds used in research and clinical trials, which are charged to operations as incurred. The Company’s inventory of LB-100 for clinical use has been manufactured separately in the United States and in the European Union in accordance with the laws and regulations of such jurisdictions.

Research and development costs are generally charged to operations ratably over the life of the underlying contracts, unless the achievement of milestones, the completion of contracted work, the termination of an agreement, or other information indicates that a different expensing schedule is more appropriate. However, payments for research and development costs that are contractually defined as non-refundable are charged to operations as incurred.

Obligations incurred with respect to mandatory scheduled payments under agreements with milestone provisions are recognized as charges to research and development costs in the Company’s consolidated statement of operations based on the achievement of such milestones, as specified in the respective agreement. Obligations incurred with respect to mandatory scheduled payments under agreements without milestone provisions are accounted for when due, are recognized ratably over the appropriate period, as specified in the respective agreement, and are recorded as liabilities in the Company’s consolidated balance sheet, with a corresponding charge to research and development costs in the Company’s consolidated statement of operations.

Payments made pursuant to contracts are initially recorded as advances on research and development contract services in the Company’s consolidated balance sheet and are then charged to research and development costs in the Company’s consolidated statement of operations as those contract services are performed. Expenses incurred under contracts in excess of amounts advanced are recorded as research and development contract liabilities in the Company’s consolidated balance sheet, with a corresponding charge to research and development costs in the Company’s consolidated statement of operations. The Company reviews the status of its various clinical trial and research and development contracts on a quarterly basis.

Prepaid Insurance

Prepaid insurance represents the premiums paid for directors and officers insurance coverage and for general liability insurance coverage in excess of the amortization of the total policy premium charged to operations at each balance sheet date. Such amount is determined by amortizing the total policy premium charged on a straight-line basis over the respective policy period. As the policy premiums incurred are generally amortizable over the ensuing twelve-month period, they are recorded as a current asset in the Company’s consolidated balance sheet at each reporting date and appropriately amortized to the Company’s consolidated statement of operations for each reporting period.

Patent and Licensing Legal and Filing Fees and Costs

Due to the significant uncertainty associated with the successful development of commercially viable products based on the Company’s research efforts and related patent applications, all patent and licensing legal and filing fees and costs related to the development and protection of the Company’s intellectual property are charged to operations as incurred. Patent and licensing legal and filing fees and costs were $63,612 and $340,010 for the three months ended June 30, 2024 and 2023, respectively, and $146,823 and $657,350 for the six months ended June 30, 2024 and 2023, respectively. Patent and licensing legal and filing fees and costs are included in general and administrative costs in the Company’s consolidated statement of operations.

Concentration of Risk

The Company periodically contracts with vendors and consultants to provide services related to the Company’s operations. Charges incurred for these services can be for a specific period (typically one year) or for a specific project or task. Costs and expenses incurred that represented 10% or more of general and administrative costs or research and development costs for the three months ended June 30, 2024 and 2023 are described below.

General and administrative costs for the three months ended June 30, 2024 and 2023 include charges from legal firms and other vendors for general licensing and patent prosecution costs relating to the Company’s intellectual properties representing 8.0% and 27.3% of total general and administrative costs, respectively. General and administrative costs for the three months ended June 30, 2024 and 2023 also included charges for the fair value of stock options granted to directors and corporate officers representing 16.4% and 22.5%, respectively, of total general and administrative costs.

Research and development costs for the three months ended June 30, 2024 include charges from two vendors and consultants representing 32.6% and 37.9%, respectively, of total research and development costs. Research and development costs for the three months ended June 30, 2023 include charges from two vendors and consultants representing 12.4% and 62.9%, respectively, of total research and development costs.

Costs and expenses incurred that represented 10% or more of general and administrative costs or research and development costs for the six months ended June 30, 2024 and 2023 are described below.

General and administrative costs for the six months ended June 30, 2024 and 2023 include charges from legal firms and other vendors for general licensing and patent prosecution costs relating to the Company’s intellectual properties representing 8.9% and 27.1% of total general and administrative costs, respectively. General and administrative costs for the six months ended June 30, 2024 and 2023 also included charges for the fair value of stock options granted to directors and corporate officers representing 14.2% and 23.0%, respectively, of total general and administrative costs.

Research and development costs for the six months ended June 30, 2024 include charges from three vendors and consultants representing 11.0%, 24.0% and 41.3%, respectively, of total research and development costs. Research and development costs for the six months ended June 30, 2023 include charges from three vendors and consultants representing 11.2%, 17.1% and 43.6%, respectively, of total research and development costs.

Income Taxes

The Company accounts for income taxes under an asset and liability approach for financial accounting and reporting for income taxes. Accordingly, the Company recognizes deferred tax assets and liabilities for the expected impact of differences between the financial statements and the tax basis of assets and liabilities.

The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. Due to the uncertainty of the Company’s ability to realize the benefit of the deferred tax assets, the net deferred tax assets are fully offset by a valuation allowance at June 30, 2024. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of its recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Should the Company determine that it would not be able to realize all or part of its deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made.

The Company is subject to U.S. federal income taxes and income taxes of various state tax jurisdictions. As the Company’s net operating losses have yet to be utilized, all previous tax years remain open to examination by Federal authorities and other jurisdictions in which the Company currently operates or has operated in the past. The Company had no unrecognized tax benefits as of June 30, 2024 or December 31, 2023 and does not anticipate any material amount of unrecognized tax benefits through December 31, 2024.

The Company accounts for uncertainties in income tax law under a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns as prescribed by GAAP. The tax effects of a position are recognized only if it is “more-likely-than-not” to be sustained by the taxing authority as of the reporting date. If the tax position is not considered “more-likely-than-not” to be sustained, then no benefits of the position are recognized. The Company had not recorded any liability for uncertain tax positions as of June 30, 2024 or December 31, 2023. Subsequent to June 30, 2024, any interest and penalties related to uncertain tax positions will be recognized as a component of income tax expense.

Stock-Based Compensation

The Company periodically issues common stock and stock options to officers, directors, employees, Scientific Advisory Committee members, contractors and consultants for services rendered. Options vest and expire according to terms established at the issuance date of each grant. Stock grants, which are generally time vested, are measured at the grant date fair value and charged to operations ratably over the vesting period.

The Company accounts for stock-based payments to officers, directors, employees, Scientific Advisory Committee members, contractors, and consultants by measuring the cost of services received in exchange for equity awards utilizing the grant date fair value of the awards, with the cost recognized as compensation expense on the straight-line basis in the Company’s financial statements over the vesting period of the awards. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid cash for the services.

The fair value of stock options granted as stock-based compensation is determined utilizing the Black-Scholes option-pricing model, and is affected by several variables, the most significant of which are the expected life of the stock option, the exercise price of the stock option as compared to the fair market value of the common stock on the grant date, and the estimated volatility of the common stock. Unless sufficient historical exercise data is available, the expected life of the stock option is calculated as the mid-point between the vesting period and the contractual term (the “simplified method”). The estimated volatility is based on the historical volatility of the Company’s common stock, calculated utilizing a look-back period approximately equal to the contractual life of the stock option being granted. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair market value of the common stock is determined by reference to the quoted market price of the Company’s common stock on the grant date. The expected dividend yield is based on the Company’s expectation of dividend payouts and is assumed to be zero.

The Company recognizes the fair value of stock-based compensation awards in general and administrative costs and in research and development costs, as appropriate, in the Company’s consolidated statements of operations. The Company issues new shares of common stock to satisfy stock option exercises.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”), and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. The Company has determined that the warrants issued in the July 20, 2023 equity financing (see Note 4) meet the requirements for equity classification. This assessment, which requires the use of professional judgment, is conducted when the warrants are issued and at the end each subsequent quarterly period while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity classification, the warrants are required to be liability classified and recorded at their initial fair value on the date of issuance and remeasured at fair value at each balance sheet date thereafter. Changes in the estimated fair value of the warrants that are liability classified are recognized as a non-cash gain or loss in the statement of operations.

Earnings (Loss) Per Share

The Company’s computation of earnings (loss) per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) attributable to common stockholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., preferred shares, warrants and stock options) as if they had been converted at the beginning of the respective periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

Loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the respective periods. Basic and diluted loss per common share was the same for all periods presented because all preferred shares, warrants and stock options outstanding were anti-dilutive.

At June 30, 2024 and 2023, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

	2024		2023
	June 30,
	2024		2023

Series A Convertible Preferred Stock		72,917		72,917
Common stock warrants		808,365		190,031
Common stock options, including options issued in the form of warrants		605,348		428,229
Total		1,486,630		691,177

Foreign Currency Translation

The consolidated financial statements are presented in the United States dollar, which is the functional and reporting currency of the Company.

The Company periodically incurs a cost or expense in a foreign jurisdiction denominated in a local currency. The Company purchases the required foreign currency to pay such cost or expense on an as-needed basis. Such cost or expense is converted into United States dollars for financial statement purposes based on the foreign currency conversion rate in effect on the transaction date. The Company purchases the requisite foreign currency to pay such cost or expense on an as-needed basis. Any gain or loss resulting from the purchase of the foreign currency is included as foreign currency gain (loss) in the consolidated statement of operations.

During the three months ended June 30, 2024 and 2023, the Company incurred various costs and expenses denominated in Euros, which were converted into United States dollars at the average rate of 1.0780 and 1.0899, respectively. During the six months ended June 30, 2024 and 2023, the Company incurred various costs and expenses denominated in Euros, which were converted into United States dollars at the average rate of 1.0814 and 1.0816, respectively. As of June 30, 2024 and December 31, 2023, the Company did not hold any currencies other than the United States dollar in its bank accounts, and was not a party to any foreign currency forward or exchange contracts.

Fair Value of Financial Instruments

The authoritative guidance with respect to fair value established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below. Disclosure as to transfers in and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required.

Level 1. Observable inputs such as quoted prices in active markets for an identical asset or liability that the Company has the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active-exchange traded securities and exchange-based derivatives.

Level 2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange-based derivatives, mutual funds, and fair-value hedges.

Level 3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently traded non-exchange-based derivatives and commingled investment funds and are measured using present value pricing models.

The Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities at each reporting period end.

The carrying value of financial instruments, which consists of accounts payable and accrued expenses) is considered to be representative of their respective fair values due to the short-term nature of those instruments.

Recent Accounting Pronouncements

In July 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-03, Presentation of Financial Statements (Topic 205), Income Statement — Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation — Stock Compensation (Topic 718) Presentation of Financial Statements (“ASU 2023-03”). ASU 2023-03 amends the FASB Accounting Standards Codification to include Amendments to SEC Paragraphs pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and SEC Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 — General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. As ASU 2023-03 did not provide any new guidance, there was no transition or effective date associated with its adoption. Accordingly, the Company adopted ASU 2023-03 immediately upon its issuance. The adoption of ASU 2023-03 did not have any impact on the Company’s consolidated financial statements, including their presentation and related disclosures.

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statements, including their presentation and related disclosures.

3. Research and Development Costs

A summary of research and development costs for the three months and six months ended June 30, 2024 and 2023, including costs associated with clinical trials involving the Company’s lead clinical compound LB-100, are summarized below based on the respective geographical regions where such costs have been incurred.

	2024		2023		2024		2023
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

United States	$	114,345	$	87,625	$	148,928	$	223,531
Spain		29,244		272,564		44,478		273,539
China		—		14,090		2,282		14,090
Netherlands		67,119		53,178		134,084		105,382
Total	$	210,708	$	427,457	$	329,772	$	616,542
Research and development costs	$	210,708	$	427,457	$	329,772	$	616,542

4. Stockholders’ Equity

Preferred Stock

The Company is authorized to issue a total of 10,000,000 shares of preferred stock, par value $0.0001 per share. On March 17, 2015, the Company filed a Certificate of Designations, Preferences, Rights and Limitations of its Series A Convertible Preferred Stock with the Delaware Secretary of State to amend the Company’s certificate of incorporation. The Company has designated a total of 350,000 shares as Series A Convertible Preferred Stock, which are non-voting and are not subject to increase without the written consent of a majority of the holders of the Series A Convertible Preferred Stock or as otherwise set forth in the Preferences, Rights and Limitations. The holders of each tranche of 175,000 shares of the Series A Convertible Preferred Stock are entitled to receive a per share dividend equal to 1% of the annual net revenue of the Company divided by 175,000, until converted or redeemed. As of June 30, 2024 and December 31, 2023, the Company had 9,650,000 shares of undesignated preferred stock, which may be issued with such rights and powers as the Board of Directors may designate.

Each share of Series A Convertible Preferred Stock may be converted, at the option of the holder, into 0.20833 shares of common stock (subject to customary anti-dilution provisions) and the Series A Convertible Preferred Stock is subject to mandatory conversion at the conversion rate in the event of a merger or sale transaction resulting in gross proceeds to the Company of at least $21,875,000. The Series A Convertible Preferred Stock has a liquidation preference based on its assumed conversion into shares of common stock. The Series A Convertible Preferred Stock does not have any cash liquidation preference rights or any registration rights. The 350,000 outstanding shares of Series A Convertible Preferred Stock were convertible into a total of 72,917 shares of common stock at June 30, 2024 and December 31, 2023.

Based on the attributes of the Series A Convertible Preferred Stock as previously described, the Company has accounted for the Series A Convertible Preferred Stock as a permanent component of stockholders’ equity.

Common Stock

The Company is authorized to issue a total of 100,000,000 shares of common stock, par value $0.0001 per share. As of June 30, 2024 and December 31, 2023, the Company had 2,249,290 shares of common stock issued and outstanding.

On June 2, 2023, the Company effected a 1-for-10 reverse split of its outstanding shares of common stock.

The authorized number of shares of common stock and the par value per share were not affected by the reverse stock split. No fractional shares were issued in connection with the reverse stock split, with all fractional shares being rounded up to the next whole share.

All share and per share amounts and information presented herein have been retroactively adjusted to reflect the reverse stock split for all periods presented.

Effective March 10, 2023, the Company issued 1,250 shares of common stock upon the exercise of a stock option in the form of a warrant held by a consultant to the Company for 1,250 shares exercisable at $5.025 per share for total cash proceeds of $6,281.

Effective July 20, 2023, the Company sold 180,000 shares of common stock at a price of $6.00 per share and pre-funded warrants to purchase 403,334 shares of common stock at a price of $5.9999 per pre-funded warrant to an institutional investor in a registered direct offering. The pre-funded warrants had an exercise price of $0.0001 per share, were immediately exercisable upon issuance, and were valid and exercisable until all pre-funded warrants were exercised in full.

During the period from July 24, 2023 through August 7, 2023, the 403,334 pre-funded warrants, exercisable at $0.0001 per common share, were exercised for total cash proceeds of $41, resulting in the issuance of 403,334 shares of common stock. The pre-funded warrants were determined to be common stock equivalents.

In a concurrent private placement to the institutional investor, the Company also sold warrants to purchase 583,334 shares of common stock. Each common warrant had an initial exercise price of $6.00 per share, was immediately exercisable upon issuance, and expires five years thereafter on July 20, 2028. The common warrants and the shares of common stock issuable upon exercise of the common warrants were not registered under the Securities Act of 1933, as amended (the “Securities Act”) and were offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act and Rule 506(b) promulgated thereunder. The shares of common stock issuable upon exercise of the warrants were registered for resale on a registration statement on Form S-3 declared effective by the SEC on May 2, 2024.

The registered direct offering and the concurrent private placement generated gross proceeds of $3,499,964. The total cash costs of the registered direct offering and the private placement were $362,925, resulting in net proceeds of $3,137,039. Pursuant to the placement agent agreement, the Company granted the placement agent warrants to purchase 35,000 shares of common stock at an exercise price of $6.60 per share and expiring on July 20, 2028.

The exercise prices of the warrants issued to the institutional investor (exercisable at $6.00 per share) and to the placement agent (exercisable at $6.60 per share) are subject to customary adjustments for stock splits, stock dividends, stock combinations, reclassifications, reorganizations, or similar events affecting the Company’s common stock. In addition, the warrants issued to the institutional investor contain a “fundamental transaction” provision which provides that if any defined transactions are within the Company’s control and are consummated, the holder of the unexercised common stock warrants would be entitled to receive, at its option, in exchange for extinguishment of such warrants, cash consideration equal to a Black-Scholes valuation amount, as defined in the warrant agreement. The fundamental transaction provision includes (i) a sale, lease, assignment, transfer, conveyance or other disposition of all or substantially all of the assets of the Company in one or a series of related transactions, or (ii) a change in control of the Company by which it, directly or indirectly, in one or more related transactions, consummates a stock or share purchase agreement or other business combination with another person or group, whereby such other person or group acquires more than 50% of the voting power of the common equity of the Company.

If such fundamental transaction is not within the Company’s control, including not being approved by the Company’s Board of Directors, the warrant holder would only be entitled to receive the same type or form of consideration (and in the same proportion) equal to the Black-Scholes valuation amount of the remaining unexercised portion of the warrant on the date of consummation of such fundamental transaction as the holders of the Company’s common stock receive. Accordingly, these warrants are classified as a component of permanent stockholders’ equity. The Company will account for any cash payment for a warrant redemption as a distribution from stockholders’ equity, as and when a fundamental transaction is consummated and such cash payment is required to be made.

Common Stock Warrants

A summary of common stock warrant activity, including warrants to purchase common stock that were issued in conjunction with the Company’s public offering, during the six months ended June 30, 2024 is presented below.

Schedule of Warrants Outstanding

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)

Warrants outstanding at December 31, 2023		808,365	$	16.407
Issued		—		—
Exercised		—		—
Expired		—		—
Warrants outstanding at June 30, 2024		808,365	$	16.407		3.49

Warrants exercisable at December 31, 2023		808,365	$	16.407
Warrants exercisable at June 30, 2024		808,365	$	16.407		3.49

At June 30, 2024, the outstanding warrants are exercisable at the following prices per common share:

Exercise Prices		Warrants Outstanding (Shares)

$	6.000		583,334
$	6.600		35,000
$	20.000		29,000
$	37.000		11,331
$	57.000		149,700
			808,365

The warrants exercisable at $57.00 per share at June 30, 2024 consist of 1,497,000 publicly-traded warrants, described herein on a pre-split 1-for-10 basis, that were issued as part of the Company’s November 2020 public offering of units, and are exercisable for a period of five years thereafter. As a result of the 1-for-10 reverse split of the Company’s common stock effective June 2, 2023, each such publicly-traded warrant currently now represents the right to purchase 1/10th of a share of common stock at the original exercise price of $5.70 per share. Accordingly, the exercise of 10 warrants, each exercisable at $5.70, are required to acquire one share of post-split common stock, which is equivalent to a purchase price of $57.00 per share.

Based on the closing fair market value of $2.37 per share on June 30, 2024, there was no intrinsic value attributed to exercisable but unexercised common stock warrants at June 30, 2024.

Information with respect to the issuance of common stock in connection with various stock-based compensation arrangements is provided at Note 6.

5. Related Party Transactions

Related party transactions include transactions with the Company’s officers, directors and affiliates.

Employment Agreements with Officers

During July and August 2020, the Company entered into one-year employment agreements with each of its executive officers at that time, consisting of Dr. John S. Kovach, Eric J. Forman, Dr. James S. Miser, and Robert N. Weingarten, payable monthly, as described below. These employment agreements were automatically renewable for additional one-year periods unless terminated by either party upon 60 days written notice prior to the end of the applicable one-year period, or by death, or by termination for cause. Except as noted below, these employment agreements were automatically renewed for additional one-year periods in July and August 2021, 2022, 2023 and 2024.

The Company entered into an employment agreement with Dr. Kovach dated July 15, 2020, effective October 1, 2020, to provide for Dr. Kovach to continue to act as the Company’s President, Chief Executive Officer and Chief Scientific Officer, with an annual salary of $250,000. The employment agreement with Dr. Kovach terminated upon his death on October 5, 2023. During the three months and six months ended June 30, 2023, the Company paid $62,500 and $125,000, respectively, to Dr. Kovach under this employment agreement, which costs are included in general and administrative costs in the Company’s consolidated statement of operations for such period.

The Company entered into an employment agreement with Dr. James S. Miser, M.D., effective August 1, 2020 to act as the Company’s Chief Medical Officer, with an annual salary of $150,000. Effective May 1, 2021, Dr. Miser’s annual salary was increased to $175,000. Dr. Miser is required to devote at least 50% of his business time to the Company’s activities. During the three months ended June 30, 2024 and 2023, the Company paid $43,750 and $43,750, respectively, to Dr. Miser under this employment agreement, which costs are included in general and administrative costs in the Company’s consolidated statements of operations for such periods. During the six months ended June 30, 2024 and 2023, the Company paid $87,500 and $87,500, respectively, to Dr. Miser under this employment agreement, which costs are included in general and administrative costs in the Company’s consolidated statement of operations for such periods. On May 29, 2024, the Company elected not to renew its employment agreement with Dr. Miser, as a result of which such employment agreement expired on July 31, 2024.

The Company entered into an employment agreement with Eric J. Forman effective July 15, 2020, as amended on August 12, 2020, to act as the Company’s Chief Administrative Officer, with an annual salary of $120,000. Mr. Forman is the son-in-law of Gil Schwartzberg (deceased), a former member of the Company’s Board of Directors who died on October 30, 2022 and was a significant stockholder of and consultant to the Company, and is the son of Dr. Stephen Forman, a member of the Company’s Board of Directors. Julie Forman, the wife of Mr. Forman and the daughter of Gil Schwartzberg, is Vice President of Morgan Stanley Wealth Management, at which firm the Company’s cash is on deposit and with which the Company maintains a continuing banking relationship. Effective May 1, 2021, Mr. Forman’s annual salary was increased to $175,000. Additionally, effective November 6, 2022, Mr. Forman was promoted to Vice President and Chief Operating Officer with an annual salary of $200,000. Effective October 1, 2022, Mr. Forman has been provided a monthly office rent allowance, pursuant to which for the three months ended June 30, 2024 and 2023, the Company paid $4,230 and $1,530 respectively, on Mr. Forman’s behalf. For the six months ended June 30, 2024 and 2023, Mr. Forman has been provided a monthly office rent allowance, pursuant to which the Company paid $9,881 and $4,113 respectively, on Mr. Forman’s behalf. During the three months ended June 30, 2024 and 2023, the Company paid $50,000 and $50,000, respectively, to Mr. Forman under this employment agreement, which costs are included in general and administrative costs in the Company’s consolidated statements of operations for such periods. During the six months ended June 30, 2024 and 2023, the Company paid $100,000 and $100,000, respectively, to Mr. Forman under this employment agreement, which costs are included in general and administrative costs in the Company’s consolidated statement of operations for such periods.

The Company entered into an employment agreement with Robert N. Weingarten effective August 12, 2020 to act as the Company’s Vice President and Chief Financial Officer, with an annual salary of $120,000. Effective May 1, 2021, Mr. Weingarten’s annual salary was increased to $175,000. During the three months ended June 30, 2024 and 2023, the Company paid $43,750 and $43,750, respectively, to Mr. Weingarten under this employment agreement, which costs are included in general and administrative costs in the Company’s consolidated statements of operations for such periods. During the six months ended June 30, 2024 and 2023, the Company paid $87,500 and $87,500, respectively, to Mr. Weingarten under this employment agreement, which costs are included in general and administrative costs in the Company’s consolidated statement of operations for such periods.

The Company entered into an employment agreement with Bastiaan van der Baan effective September 26, 2023 to act as the Company’s President and Chief Executive Officer and as Vice Chairman of the Board of Directors, with an annual salary of $150,000. Effective October 6, 2023, Mr. van der Baan was appointed as Chairman of the Board of Directors upon the death of Dr. Kovach on October 5, 2023. Mr. van der Baan’s annual salary may be increased from time to time at the sole discretion of the Board of Directors. In addition, Mr. van der Baan is eligible to receive an annual bonus as determined at the sole discretion of the Board of Directors. The term of the employment agreement is for three years and is automatically renewable for additional one-year periods unless terminated by either party, subject to early termination provisions as described in the employment agreement. During the three months and six months ended June 30, 2024, the Company paid $38,163 and $76,579, respectively, to Mr. van der Baan under this employment agreement, which costs are included in general and administrative costs in the Company’s consolidated statement of operations for such period.

On May 31, 2024, the Company entered into a consulting agreement with Dr. Jan H.M. Schellens, M.D., Ph.D., Pursuant to the agreement, effective July 1, 2024, the Company engaged Dr. Schellens as a consultant, and, effective August 1, 2024, as the Company’s Chief Medical Officer. The term of the agreement will be in effect from July 1, 2024 until the earliest of (i) termination by either party upon sixty days’ notice, (ii) Dr. Schellens’ death or disability, or (iii) termination by the Company for breach as provided in the agreement. Under the agreement, Dr. Schellens will provide his services for two days per week with the specific days in each week to be based on arrangements agreed to from time to time between Dr. Schellens and the Company’s Chief Executive Officer. The Company will pay Dr. Schellens annual compensation of 104,000 Euros ($111,338 as of June 30, 2024) on a monthly basis.

Appointment of Dr. René Bernards to the Board of Directors

Effective as of June 15, 2022, Dr. René Bernards was appointed to the Company’s Board of Directors as an independent director. Dr. Bernards is a leader in the field of molecular carcinogenesis and is employed by the Netherlands Cancer Institute in Amsterdam. Upon his appointment, it was agreed that Dr. Bernards would receive compensation for his services on the Board only in the form of cash, in lieu of stock options as provided to the Company’s other non-officer directors. In conjunction with the Company’s efforts to preserve cash, Dr. Bernards has agreed to receive equity-based compensation for his services on the Board, effective for the quarter ended June 30, 2024. In order to reconcile his Board compensation with that of the other non-officer directors, Dr. Bernards has agreed to receive the same Board compensation, both in form and amount, as the other non-officer directors. During the three months ended June 30, 2024 and 2023, the Company recorded charges to general and administrative costs in the consolidated statement of operations of $0 and $15,625, respectively, with respect to his cash board compensation. During the six months ended June 30, 2024 and 2023, the Company recorded charges to general and administrative costs in the consolidated statement of operations of $18,194 and $31,250, respectively, with respect to his cash board compensation.

Previously, on October 8, 2021, the Company had entered into a Development Collaboration Agreement (subsequently amended and extended) with the Netherlands Cancer Institute, Amsterdam, one of the world’s leading comprehensive cancer centers, and Oncode Institute, Utrecht, a major independent cancer research center, to identify the most promising drugs to be combined with LB-100, and potentially LB-100 analogues, to be used to treat a range of cancers, as well as to identify the specific molecular mechanisms underlying the identified combinations (see Note 8).

Compensatory Arrangements for Members of the Board of Directors

Effective April 9, 2021, the Board of Directors approved a comprehensive cash and equity compensation program for the non-officer directors for their services on the Board of Directors (the “Board Plan”), which was subsequently amended effective May 25, 2022 and July 9, 2024. Officers who also serve on the Board of Directors are not compensated separately for their service on the Board of Directors.

Cash compensation for directors, payable quarterly, is as follows:

Base director compensation - $20,000 per year (except for Dr. Bernards, who was paid an additional annual cash fee of $40,000 and no annual equity compensation as described below, through March 31, 2024)

Chairman of audit committee – additional $10,000 per year

Chairman of any other committees – additional $5,000 per year

Member of audit committee – additional $5,000 per year

Member of any other committees – additional $2,500 per year

In conjunction with the Company’s efforts to preserve cash, the Board approved an amendment to the Board Plan, such that for the quarter ended June 30, 2024, and for the subsequent quarters ending September 30, 2024 and December 31, 2024, the non-officer directors (including Dr. Bernards) will receive, in lieu of cash compensation, stock options exercisable for a period of five years, vesting immediately, to purchase common stock at an exercise price based on the closing market price at the end of each of the applicable quarters, with the amount of such stock options equal to the cash payment such director would otherwise have been entitled to receive for such quarter, divided by their quarter-end value as determined pursuant to the Black-Scholes option-pricing model. The Board may extend this amendment to the Board Plan for additional quarterly periods subsequent to December 31, 2024.

Equity compensation for directors is as follows:

Appointment of new directors – The Company grants options to purchase 25,000 shares of common stock, exercisable for a period of five years, at the closing market price on the date of grant, vesting 50% on the grant date and the remaining 50% vesting 12.5% on the last day of each calendar quarter beginning in the quarter immediately subsequent to the date of the grant until fully vested, subject to continued service. At the discretion of the Board of Directors, for a nominee to the Board of Directors who is restricted by their respective institution or employer from receiving equity-based compensation, in lieu of the grant of such stock options, the Company may elect to pay a one-time cash fee of $100,000 to such director, payable upfront.

Annual grant of options to directors – Effective on the last business day of the month of June, the Company grants options to purchase 10,000 shares of common stock, exercisable for a period of five years, at the closing market price on the date of grant, vesting 12.5% on the last day of each calendar quarter beginning in the quarter immediately subsequent to the date of grant until fully vested, subject to continued service. If any director has served for less than 12 full calendar months on the grant date, the amount of such stock option grant is prorated based on the length of service of such director. At the discretion of the Board of Directors, for a nominee to the Board of Directors who is restricted by their respective institution or employer from receiving equity-based compensation, in lieu of the grant of such stock options, the Company may elect to pay an annual cash fee of $40,000 to such director, payable quarterly.

Total cash compensation paid to non-officer directors was $0 and $42,501, respectively, for the three months ended June 30, 2024 and 2023. Total cash compensation paid to non-officer directors was $38,819 and $85,001, respectively, for the six months ended June 30, 2024 and 2023.

Stock-based compensation granted to members of the Company’s Board of Directors, officers and affiliates is described at Note 6.

A summary of related party costs, including compensation under employment and consulting agreements and fees paid to non-officer directors for their services on the Board of Directors, for the three months and six months ended June 30, 2024 and 2023, is presented below.

Summary of Related Party Costs

	2024		2023		2024		2023
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Related party costs:
Cash-based	$	175,663	$	242,501	$	390,398	$	485,001
Stock-based		130,691		280,060		233,618		557,040
Total	$	306,354	$	522,561	$	624,016	$	1,042,041

6. Stock-Based Compensation

The Company periodically issues common stock and stock options as incentive compensation to directors and as compensation for the services of employees, contractors, and consultants of the Company.

On July 14, 2020, the Board of Directors of the Company adopted the 2020 Stock Incentive Plan (the “2020 Plan”), which was subsequently approved by the stockholders of the Company. The 2020 Plan provides for the granting of equity-based awards, consisting of stock options, restricted stock, restricted stock units, stock appreciation rights, and other stock-based awards to employees, officers, directors and consultants of the Company and its affiliates, initially for a total of 233,333 shares of the Company’s common stock, under terms and conditions as determined by the Company’s Board of Directors. On October 7, 2022, the stockholders of the Company approved an amendment to the 2020 Plan to increase the number of common shares issuable thereunder by 180,000 shares, to a total of 413,333 shares. On November 27, 2023, the stockholders of the Company approved an amendment to the 2020 Plan to increase the number of common shares issuable thereunder by 336,667 shares, to a total of 750,000 shares.

As of June 30, 2024, unexpired stock options for 551,598 shares were issued and outstanding under the 2020 Plan and 198,402 shares were available for issuance under the 2020 Plan. On July 1, 2024, in connection with the consulting agreement with Dr. Jan H.M. Schellens, M.D., Ph.D., Dr. Schellens was granted stock options to purchase 15,000 shares of the Company’s common stock as described below.

The fair value of a stock option award is calculated on the grant date using the Black-Scholes option-pricing model. The risk-free interest rate is based on the U.S. Treasury yield curve in effect as of the grant date. The expected dividend yield assumption is based on the Company’s expectation of dividend payouts and is assumed to be zero. The estimated volatility is based on the historical volatility of the Company’s common stock, calculated utilizing a look-back period approximately equal to the contractual life of the stock option being granted. Unless sufficient historical exercise data is available, the expected life of the stock option is calculated as the mid-point between the vesting period and the contractual term (the “simplified method”). The fair market value of the common stock is determined by reference to the quoted market price of the common stock on the grant date.

For stock options requiring an assessment of value during the six months ended June 30, 2024, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

Risk-free interest rate	4.290	%
Expected dividend yield	0	%
Expected volatility	126.45	%
Expected life	2.5 to 3.5 years

For stock options requiring an assessment of value during the six months ended June 30, 2023, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

Risk-free interest rate	4.565	%
Expected dividend yield	0	%
Expected volatility	138.05	%
Expected life	3.5 years

On July 15, 2020, as amended on August 12, 2020, in connection with the employment agreement with Eric J. Forman, Mr. Forman was granted stock options to purchase 5,833 shares of the Company’s common stock. The options can be exercised on a cashless basis. The options are exercisable for a period of five years at an exercise price of $71.40 per share, which was equal to the closing market price of the Company’s common stock on the grant date. The options vested 25% on August 12, 2020, 2021 and 2022, respectively, with the final 25% vesting on August 12, 2023. The fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $400,855 ($68.718 per share), of which $100,214 was attributable to the portion of the stock options fully vested on August 12, 2020 and was therefore charged to operations on that date. The remaining unvested portion of the fair value of the stock options was charged to operations ratably from August 12, 2020 through August 12, 2023. The Company recorded a charge to general and administrative costs in the consolidated statement of operations for the three months and six months ended June 30, 2023 of $24,985 and $49,695, respectively, with respect to these stock options.

On August 1, 2020, in connection with an employment agreement with Dr. James S. Miser, M.D., Dr. Miser was granted stock options to purchase 8,333 shares of the Company’s common stock. The options can be exercised on a cashless basis. The options are exercisable for a period of five years at an exercise price of $71.40 per share, which was equal to the closing market price of the Company’s common stock on the effective date of the employment agreement. The options vested 25% on August 1, 2020, 2021 and 2022, respectively, with the final 25% vesting on August 1, 2023. The fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $572,650 ($68.718 per share), of which $143,163 was attributable to the portion of the stock options fully vested on August 1, 2020 and was therefore charged to operations on that date. The remaining unvested portion of the fair value of the stock options was charged to operations ratably from August 1, 2020 through August 1, 2023. The Company recorded a charge to general and administrative costs in the consolidated statement of operations for the three months and six months ended June 30, 2023 of $35,693 and $70,993, respectively, with respect to these stock options.

On August 12, 2020, in connection with the employment agreement with Robert N. Weingarten, Mr. Weingarten was granted stock options to purchase 5,833 shares of the Company’s common stock. The options can be exercised on a cashless basis. The options are exercisable for a period of five years at an exercise price of $71.40 per share, which was equal to the closing market price of the Company’s common stock on the grant date. The options vested 25% on August 12, 2020, 2021 and 2022, respectively, with the final 25% vesting on August 12, 2023. The fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $400,855 ($68.718 per share), of which $100,214 was attributable to the portion of the stock options fully vested on August 12, 2020 and was therefore charged to operations on that date. The remaining unvested portion of the fair value of the stock options was charged to operations ratably from August 12, 2020 through August 12, 2023. The Company recorded a charge to general and administrative costs in the consolidated statement of operations for the three months and six months ended June 30, 2023 of $24,985 and $49,695, respectively, with respect to these stock options.

On May 11, 2021, the Board of Directors appointed Regina Brown to the Board of Directors. In connection with her appointment to the Board of Directors, and in accordance with the Company’s cash and equity compensation package for members of the Board of Directors, Ms. Brown was granted stock options to purchase 25,000 shares of the Company’s common stock, exercisable for a period of five years at an exercise price of $28.00 per share (the closing market price on the grant date), vesting 50% on the grant date and the remainder vesting 12.5% on the last day of each subsequent calendar quarter-end until fully vested. The fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $658,363 ($26.335 per share), of which $329,188 was attributable to the portion of the stock options fully vested on May 11, 2021 and was therefore charged to operations on that date. The remaining unvested portion of the fair value of the stock options was charged to operations ratably from May 11, 2021 through June 30, 2023. The Company recorded a charge to general and administrative costs in the consolidated statement of operations for the three months and six months ended June 30, 2023 of $38,405 and $76,388, respectively, with respect to these stock options.

On June 30, 2021, the Board of Directors, in accordance with the Company’s cash and equity compensation package for members of the Board of Directors, granted to each of the five non-officer directors of the Company stock options to purchase 10,000 shares (a total of 50,000 shares) of the Company’s common stock, exercisable for a period of five years at an exercise price of $30.30 per share (the closing market price on the grant date), vesting 12.5% on the last day of each subsequent calendar quarter-end until fully vested. The fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $1,421,095 ($28.423 per share), which was charged to operations ratably from July 1, 2021 through June 30, 2023. The Company recorded a charge to general and administrative costs in the consolidated statement of operations for the three months and six months ended June 30, 2023 of $106,290 and $211,413, respectively, with respect to these stock options.

On June 17, 2022, the Board of Directors appointed Bas van der Baan to the Board of Directors. In connection with his appointment to the Board of Directors, and in accordance with the Company’s cash and equity compensation package for members of the Board of Directors, Mr. Baan was granted stock options to purchase 25,000 shares of the Company’s common stock, exercisable for a period of five years at an exercise price of $7.40 per share (the closing market price on the grant date), vesting 50% on the grant date and the remainder vesting 12.5% on the last day of each subsequent calendar quarter-end until fully vested, subject to continued service. The fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $158,525 ($6.341 per share), of which $79,263 was attributable to the portion of the stock options fully vested on June 17, 2022 and was therefore charged to operations on that date. The remaining unvested portion of the fair value of the stock options is being charged to operations ratably from June 17, 2022 through June 30, 2024. During the three months ended June 30, 2024 and 2023, the Company recorded charges to general and administrative costs in the consolidated statement of operations of $9,695 and $9,695, respectively, with respect to these stock options. During the six months ended June 30, 2024 and 2023, the Company recorded charges to general and administrative costs in the consolidated statement of operations of $19,390 and $19,283, respectively, with respect to these stock options.

On June 30, 2022, the Board of Directors, in accordance with the Company’s cash and equity compensation package for members of the Board of Directors, granted to each of the five non-officer directors of the Company stock options to purchase 10,000 shares (a total of 50,000 shares) of the Company’s common stock, exercisable for a period of five years at an exercise price of $7.40 per share (the closing market price on the grant date), vesting 12.5% on the last day of each subsequent calendar quarter-end until fully vested, subject to continued service. The fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $316,700 ($6.334 per share), which is being charged to operations ratably from July 1, 2022 through June 30, 2024. During the three months ended June 30, 2024 and 2023, the Company recorded charges to general and administrative costs in the consolidated statement of operations of $23,655 and $23,655, respectively, with respect to these stock options. During the six months ended June 30, 2024 and 2023, the Company recorded charges to general and administrative costs in the consolidated statement of operations of $47,310 and $47,049, respectively, with respect to these stock options.

On November 6, 2022, the Board of Directors granted to each of the four officers of the Company stock options to purchase 20,000 shares (a total of 80,000 shares) of the Company’s common stock, exercisable for a period of five years at an exercise price of $20.00 per share, vesting 25% on issuance and 25% on each anniversary date thereafter until fully vested, subject to continued service. The total fair value of the 80,000 stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $262,560 ($3.282 per share), which is being charged to operations ratably from November 6, 2022 through November 6, 2025. During the three months ended June 30, 2024 and 2023, the Company recorded charges to general and administrative costs in the consolidated statement of operations of $12,396 and $16,352, respectively, with respect to these stock options. During the six months ended June 30, 2024 and 2023, the Company recorded charges to general and administrative costs in the consolidated statement of operations of $24,660 and $32,524, respectively, with respect to these stock options.

On June 30, 2023, the Board of Directors, in accordance with the Company’s cash and equity compensation package for members of the Board of Directors, granted to each of the four non-officer directors of the Company stock options to purchase 10,000 shares (a total of 40,000 shares) of the Company’s common stock, exercisable for a period of five years at an exercise price of $5.88 per share (the closing market price on the grant date), vesting 12.5% on the last day of each subsequent calendar quarter-end until fully vested, subject to continued service. The fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $192,593 ($4.8131 per share), which is being charged to operations ratably from July 1, 2023 through June 30, 2025. The Company recorded a total charge to general and administrative costs in the consolidated statement of operations of $24,100 and $48,068 for the three months and six months ended June 30, 2024, respectively, with respect to these stock options.

On September 26, 2023, in connection with the employment agreement entered into with Bas van der Baan, Mr. van der Baan was granted stock options to purchase 250,000 shares of the Company’s common stock. The options can be exercised on a cashless basis. The options are exercisable for a period of five years at an exercise price of $1.95 per share, which was equal to the closing market price of the Company’s common stock on the grant date. The options vest in equal increments quarterly over a three-year period commencing on the last day of each calendar quarter commencing October 1, 2023, subject to continued service. The fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $403,066 ($1.612 per share), which is being charged to operations ratably from September 26, 2023 through September 30, 2026. The Company recorded a charge to general and administrative costs in the consolidated statement of operations of $33,345 and $66,690 for the three months and six months ended June 30, 2024, respectively, with respect to these stock options.

On June 30, 2024, the Board of Directors, in accordance with the Company’s cash and equity compensation package for members of the Board of Directors, granted to each of the four non-officer directors of the Company stock options to purchase 10,000 shares (a total of 40,000 shares) of the Company’s common stock, exercisable for a period of five years at an exercise price of $2.37 per share (the closing market price on the grant date), vesting 12.5% on the last day of each subsequent calendar quarter-end until fully vested, subject to continued service. The fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $73,976 ($1.8494 per share), which is being charged to operations ratably from July 1, 2024 through June 30, 2026. During the three months and six months ended June 30, 2024, the Company did not record a charge to operations with respect to these stock options.

On June 30, 2024, the Board of Directors, in conjunction with the Company’s efforts to preserve cash, granted to the four non-officer directors of the Company a total of 16,598 stock options to purchase shares of the Company’s common stock, exercisable for a period of five years at an exercise price of $2.37 per share (the closing market price on the grant date) The stock options were granted in lieu of cash compensation, are exercisable for a period of five years and vest immediately. The number of stock options granted to each of the four non-officer directors of the Company was determined to be equal to the cash payment such director would otherwise have been entitled to receive for such quarter, divided by their quarter-end value as determined pursuant to the Black-Scholes option-pricing model and was determined to be $27,500 ($1.6570 per share), which was charged to operations on June 30, 2024, the date on which they became fully vested.

On July 1, 2024, in connection with the consulting agreement with Dr. Jan H.M. Schellens, M.D., Ph.D., Dr. Schellens was granted stock options to purchase 15,000 shares of the Company’s common stock. The options can be exercised on a cashless basis. The options are exercisable for a period of five years at an exercise e price of $2.39 per share, which was equal to the closing market price of the Company’s common stock on the grant date. The options vest quarterly over a three-year period commencing on the last day of each calendar quarter commencing September 30, 2024. The fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $29,074 ($1.9382 per share), which will be charged to operations ratably from July 1, 2024 through June 30, 2027.

Dr. Philip Palmedo, a director of the Company since 2006, did not stand for re-election to the Company’s Board of Directors at the Company’s annual meeting of stockholders held on October 7, 2022. Gil Schwartzberg, a former director of the Company, died on October 30, 2022. Dr. John S. Kovach, the Chairman of the Board of Directors and the Company’s President and Chief Executive Officer, and Chief Scientific Officer, died on October 5, 2023. Accordingly, the unvested stock options for each such person ceased vesting effective as of the respective dates that their services to the Company terminated. Furthermore, the expiration date of all vested stock options owned by each such person contractually expired one year from the respective dates that their services to the Company terminated.

A summary of stock-based compensation costs for the three months and six months ended June 30, 2024 and 2023 is as follows:

	2024		2023		2024		2023
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

Related parties	$	130,691	$	280,060	$	233,618	$	557,040
Non-related parties		—		—		—		—
Total stock-based compensation costs	$	130,691	$	280,060	$	233,618	$	557,040

A summary of stock option activity, including options issued in the form of warrants, during the six months ended June 30, 2024 is as follows:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)

Stock options outstanding at December 31, 2023		552,083		$	15.330
Granted		56,598			2.370
Exercised		—			—
Expired		(3,333	)		66.000
Stock options outstanding at June 30, 2024		605,348		$	13.840		3.51

Stock options exercisable at December 31, 2023		252,292		$	28.387
Stock options exercisable at June 30, 2024		327,849		$	21.961		2.85

Total deferred compensation expense for the outstanding value of unvested stock options was approximately $538,000 at June 30, 2024, which will be recognized subsequent to June 30, 2024 over a weighted-average period of approximately 23 months.

At June 30, 2024, the outstanding common stock options, including options issued in the form of warrants, are exercisable at the following prices per common share:

Exercise Prices		Options Outstanding (Shares)		Options Exercisable (Shares)

$	1.950		250,000		62,499
$	2.370		56,598		16,598
$	5.025		8,750		8,750
$	5.880		40,000		20,000
$	7.400		55,000		55,002
$	20.000		65,000		35,000
$	20.600		20,000		20,000
$	28.000		25,000		25,000
$	30.300		30,000		30,000
$	32.100		10,000		10,000
$	60.000		16,667		16,667
$	71.400		20,000		20,000
$	120.000		8,333		8,333
			605,348		327,849

Based on the closing fair market value of $2.37 per share on June 30, 2024, the intrinsic value attributed to exercisable but unexercised common stock options was approximately $26,000 at June 30, 2024.

Outstanding stock options to acquire 277,500 shares of the Company’s common stock had not vested at June 30, 2024.

The Company expects to satisfy such stock obligations through the issuance of authorized but unissued shares of common stock.

7. Income Taxes

During the three months and six months ended June 30, 2024 and 2023, the Company did not record any provision for income taxes, as the Company incurred losses during such periods. Deferred tax assets and liabilities reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company has recorded a full valuation allowance against its deferred tax assets for all periods presented as the Company currently believes it is more likely than not that the deferred tax assets will not be realized.

8. Commitments and Contingencies

Legal Claims

The Company may be subject to legal claims and actions from time to time as part of its business activities. As of June 30, 2024 and December 31, 2023, the Company was not subject to any threatened or pending lawsuits, legal claims or legal proceedings.

Principal Commitments

Clinical Trial Agreements

At June 30, 2024, the Company’s remaining financial contractual commitments pursuant to clinical trial agreements and clinical trial monitoring agreements not yet incurred, as described below, aggregated $3,614,000, including clinical trial agreements of $3,467,000 and clinical trial monitoring agreements of $147,000, which, based on current estimates, are currently scheduled to be incurred through approximately December 31, 2027. The Company’s ability to conduct and fund these contractual commitments is subject to the timely availability of sufficient capital to fund such expenditures, as well as any changes in the allocation or reallocation of such funds to the Company’s current or future clinical trial programs. The Company expects that the full amount of these expenditures will be incurred only if such clinical trial programs are conducted as originally designed and their respective enrollments and duration are not modified or reduced. Clinical trial programs, such as the types that the Company is engaged in, can be highly variable and can frequently involve a series of changes and modifications over time as clinical data is obtained and analyzed, and is frequently modified, suspended or terminated, in part based on receipt or lack of receipt of an indication of clinical benefit or activity, before the clinical trial endpoint is reached. Accordingly, such contractual commitments as discussed herein should be considered as estimates only based on current clinical assumptions and conditions and are typically subject to significant modifications and revisions over time.

The following is a summary of the Company’s ongoing contractual clinical trials described below as of June 30, 2024:

Description of

Clinical Trial

Institution

Start Date

Projected End Date

Number of Patients

in Trial

Study Objective

Clinical Update

Expected

Date of Preliminary Efficacy

Signal

NCT No.

Remaining

Financial

Contractual

Commitment

LB-100 combined with atezolizumab in microsatellite stable metastatic colon cancer (Phase 1b)

Netherlands Cancer Institute (NKI)

September 2024

December 2026

Determine RP2D with atezolizumab

Trial planned to open to accrual in 3rd quarter 2024

June 2026

NCT06012734

⁽¹⁾

LB-100 combined with doxorubicin in advanced soft tissue sarcoma (Phase 1b)

GEIS

June 2023

Recruitment completed June 2024

9 to 18

Determine MTD and RP2D

Twelve patients entered

December 2024

NCT05809830

267,000

Doxorubicin with or without LB-100 in advanced soft tissue sarcoma (Randomized Phase 2)

GEIS

TBD

150

Determine efficacy: PFS

Clinical trial not yet begun (subject to completion of Phase 1b GEIS clinical trial)

December 2026

NCT05809830

3,200,000

LB-100 combined with dostarlimab in ovarian clear cell carcinoma (Phase 1b/2)

MD Anderson

January 2024

December 2027

Determine the OS of patients with ovarian clear cell carcinoma

Three patients entered

December 2026

NCT06065462

⁽¹⁾

Total

3,467,000

(1)	The Company has no financial contractual commitment associated with this clinical trial at June 30, 2024.

Netherlands Cancer Institute. Effective June 10, 2024, the Company entered into a Clinical Trial Agreement with the Netherlands Cancer Institute (“NKI”) (see Note 5) to conduct a Phase 1b clinical trial of the Company’s protein phosphatase inhibitor, LB-100, combined with atezolizumab, a PD-L1 inhibitor, the proprietary molecule of F. Hoffman-La Roche Ltd. (“Roche”), for patients with microsatellite stable metastatic colon cancer. Under the agreement, the Company will provide its lead compound, LB-100, and under a separate agreement between NKI and Roche, Roche will provide atezolizumab and financial support for the clinical trial. The Company has no obligation to and will not provide any reimbursement of clinical trial costs. Pursuant to the agreement and the protocol set forth in the agreement, the clinical trial will be conducted by NKI at NKI’s site in Amsterdam by principal investigator Neeltje Steeghs, MD, PhD, and NKI will be responsible for the recruitment of patients. The agreement provides for the protection of the respective intellectual property rights of each of the Company, NKI and Roche.

This Phase 1b clinical trial will evaluate safety, optimal dose and preliminary efficacy of LB-100 combined with atezolizumab for the treatment of patients with metastatic microsatellite stable colorectal cancer. Immunotherapy using monoclonal antibodies like atezolizumab can enhance the body’s immune response against cancer and hinder tumor growth and spread. LB-100 has been found to improve the effectiveness of anticancer drugs in killing cancer cells by inhibiting a protein called PP2A on cell surfaces. Blocking PP2A increases stress signals in tumor cells expressing the PP2A protein. Accordingly, combining atezolizumab with LB-100 may enhance treatment efficacy for metastatic colorectal cancer, as cancer cells with heightened stress signals are more vulnerable to immunotherapy.

This study comprises a dose escalation phase and a dose expansion phase. The objective of the dose escalation phase is to determine the recommended Phase 2 dose (RP2D) of LB-100 when combined with the standard dosage of atezolizumab. The dose expansion phase will further investigate the preliminary efficacy, safety, tolerability, and pharmacokinetics/dynamics of the LB-100 and atezolizumab combination. The clinical trial is scheduled to open by September 30, 2024. Patient accrual is expected to take up to 24 months, with a maximum of 37 patients with advanced colorectal cancer to be enrolled in this study.

As of June 30, 2024, no costs have been incurred pursuant to this agreement.

City of Hope. Effective January 18, 2021, the Company executed a Clinical Research Support Agreement (the “Agreement”) with the City of Hope National Medical Center, an NCI-designated comprehensive cancer center, and City of Hope Medical Foundation (collectively, “City of Hope”), to carry out a Phase 1b clinical trial of LB-100, the Company’s first-in-class protein phosphatase inhibitor, combined with an FDA-approved standard regimen for treatment of untreated extensive-stage disease small cell lung cancer (“ED-SCLC”). LB-100 was given in combination with carboplatin, etoposide and atezolizumab, an FDA-approved standard of care regimen, to previously untreated ED-SCLC patients. The LB-100 dose was to be escalated with the standard fixed doses of the 3-drug regimen to reach a recommended Phase 2 dose (“RP2D”). Patient entry was to be expanded so that a total of 12 patients would be evaluable at the RP2D to confirm the safety of the LB-100 combination and to look for potential therapeutic activity as assessed by objective response rate, duration of overall response, progression-free survival, and overall survival.

The clinical trial was initiated on March 9, 2021, with patient accrual expected to take approximately two years to complete. Because patient accrual was slower than expected, effective March 6, 2023, the Company and City of Hope added the Sarah Cannon Research Institute (“SCRI”), Nashville, Tennessee, to the ongoing Phase 1b clinical trial. The Company and City of Hope continued efforts to increase patient accrual by adding additional sites and by modifying the protocol to increase the number of patients eligible for the clinical trial. The impact of these efforts to increase patient accrual and to decrease time to completion was evaluated in subsequent quarters.

After evaluating patient accrual through June 30, 2024, the Company and City of Hope agreed to close the clinical trial. Pursuant to the terms of the Agreement, the Company provided notice to City of Hope of the Company’s intent to terminate the Agreement effective as of July 8, 2024. The Company is exploring alternative sites, including international locations, for the conduct of a small cell lung cancer clinical trial.

During the three months ended June 30, 2024 and 2023, the Company incurred costs of $78,015 and $0, respectively, pursuant to this Agreement. During the six months ended June 30, 2024 and 2023, the Company incurred costs of $78,015 and $69,001, respectively, pursuant to this Agreement. As of June 30, 2024, total costs of $525,528 had been incurred pursuant to this Agreement.

GEIS. Effective July 31, 2019, the Company entered into a Collaboration Agreement for an Investigator-Initiated Clinical Trial with the Spanish Sarcoma Group (Grupo Español de Investigación en Sarcomas or “GEIS”), Madrid, Spain, to carry out a study entitled “Randomized phase I/II trial of LB-100 plus doxorubicin vs. doxorubicin alone in first line of advanced soft tissue sarcoma”. The purpose of this clinical trial is to obtain information with respect to the efficacy and safety of LB-100 combined with doxorubicin in soft tissue sarcomas. Doxorubicin is the global standard for initial treatment of advanced soft tissue sarcomas (“ASTS”). Doxorubicin alone has been the mainstay of first line treatment of ASTS for over 40 years, with little improvement in survival from adding cytotoxic compounds to or substituting other cytotoxic compounds for doxorubicin. In animal models, LB-100 consistently enhances the anti-tumor activity of doxorubicin without apparent increases in toxicity.

GEIS has a network of referral centers in Spain and across Europe that have an impressive track record of efficiently conducting innovative studies in ASTS. The Company agreed to provide GEIS with a supply of LB-100 to be utilized in the conduct of this clinical trial, as well as to provide funding for the clinical trial. The goal is to enter approximately 150 to 170 patients in this clinical trial over a period of two to four years. The Phase 1 portion of the study began in the quarter ended June 30, 2023 to determine the recommended Phase 2 dose of the combination of doxorubicin and LB-100. As advanced sarcoma is a very aggressive disease, the design of the Phase 2 portion of the study assumes a median progression-free survival (“PFS”), no evidence of disease progression or death from any cause, of 4.5 months in the doxorubicin arm and an alternative median PFS of 7.5 months in the doxorubicin plus LB-100 arm to demonstrate a statistically significant decrease in relative risk of progression or death by adding LB-100. There is a planned interim analysis of the primary endpoint when approximately 50% of the 102 events required for final analysis is reached.

The Company had previously expected that this clinical trial would commence during the quarter ended June 30, 2020. However, during July 2020, the Spanish regulatory authority advised the Company that although it had approved the scientific and ethical basis of the protocol, it required that the Company manufacture new inventory of LB-100 under current Spanish pharmaceutical manufacturing standards. These standards were adopted subsequent to the production of the Company’s existing LB-100 inventory.

In order to manufacture a new inventory supply of LB-100 for the GEIS clinical trial, the Company engaged a number of vendors to carry out the multiple tasks needed to make and gain approval of a new clinical product for investigational study in Spain. These tasks included the synthesis under good manufacturing practice (GMP) of the active pharmaceutical ingredient (API), with documentation of each of the steps involved by an independent auditor. The API was then transferred to a vendor that prepares the clinical drug product, also under GMP conditions documented by an independent auditor. The clinical drug product was then sent to a vendor to test for purity and sterility, provide appropriate labels, store the drug, and distribute the drug to the clinical centers for use in the clinical trials. A formal application documenting all steps taken to prepare the clinical drug product for clinical use was submitted to the appropriate regulatory authorities for review and approval before being used in a clinical trial.

As of December 31, 2023, this program to provide new inventory of the clinical drug product for the Spanish Sarcoma Group study, and potentially for subsequent multiple trials within the European Union, had cost approximately $1,144,000.

On October 13, 2022, the Company announced that the Spanish Agency for Medicines and Health Products (Agencia Española de Medicamentos y Productos Sanitarios or “AEMPS”) had authorized a Phase 1b/randomized Phase 2 study of LB-100, the Company’s lead clinical compound, plus doxorubicin, versus doxorubicin alone, the global standard for initial treatment of ASTS. Consequently, this clinical trial commenced during the quarter ended June 30, 2023 and is expected to be completed and a report prepared by December 31, 2026. In April 2023, GEIS completed its first site initiation visit in preparation for the clinical trial at Fundación Jiménez Díaz University Hospital (Madrid). Up to 170 patents will be entered into the clinical trial. The recruitment for the Phase 1b portion of the protocol was completed during the quarter ended June 30, 2024. The Company expects to have data on toxicity and preliminary efficacy from this portion of the clinical trial in the quarter ending December 31, 2024, and subject to clinical results and the availability of working capital resources, anticipates that it will then be in a position to decide whether to proceed to the related Phase 2 portion of the study.

The interim analysis of the Phase 2 portion of this clinical trial will be done before full accrual of patients is completed to determine whether the study has the possibility of showing superiority of the combination of LB-100 plus doxorubicin compared to doxorubicin alone. A positive study would have the potential to change the standard therapy for this disease after four decades of failure to improve the marginal benefit of doxorubicin alone.

The Company’s agreement with GEIS provides for various payments based on achieving specific milestones over the term of the agreement. During the three months ended June 30, 2024 and 2023, the Company incurred costs of $0 and $268,829, respectively, pursuant to this agreement. During the six months ended June 30, 2024 and 2023, the Company incurred costs of $0 and $268,829, respectively, pursuant to this agreement. Through June 30, 2024, the Company has incurred charges of $684,652 for work done under this agreement through the fourth milestone.

The Company’s aggregate commitment pursuant to this agreement, less amounts previously paid to date, totaled approximately $3,467,000 (consisting of $267,000 for the Phase 1b portion and $3,200,000 for the Phase 2 portion) as of June 30, 2024, which is scheduled to be incurred through December 31, 2027. As the work is being conducted in Europe and is paid for in Euros, final costs are subject to foreign currency fluctuations between the United States Dollar and the Euro. Such fluctuations are recorded in the consolidated statements of operations as foreign currency gain or loss, as appropriate, and have not been significant.

MD Anderson Cancer Center Clinical Trial. On September 20, 2023, the Company announced an investigator-initiated Phase 1b/2 collaborative clinical trial to assess whether adding LB-100 to a human programmed death receptor-1 (“PD-1”) blocking antibody of GSK plc (“GSK”), dostarlimab-gxly, may enhance the effectiveness of immunotherapy in the treatment of ovarian clear cell carcinoma (“OCCC”). The study objective is to determine the overall survival (“OS”) of patients with OCCC. The clinical trial is being sponsored by The University of Texas MD Anderson Cancer Center (“MD Anderson”) and is being conducted at The University of Texas - MD Anderson Cancer Center. The Company is providing LB-100 and GSK is providing dostarlimab-gxly and financial support for the clinical trial. On January 29, 2024, the Company announced the entry of the first patient into this clinical trial. The Company currently expects that this clinical trial will be completed by December 31, 2027.

Moffitt. Effective August 20, 2018, the Company entered into a Clinical Trial Research Agreement with the Moffitt Cancer Center and Research Institute Hospital Inc., Tampa, Florida (“Moffitt”), effective for a term of five years. Pursuant to the Clinical Trial Research Agreement, Moffitt agreed to conduct and manage a Phase 1b/2 clinical trial to evaluate the toxicity and therapeutic benefit of the Company’s lead anti-cancer clinical compound LB-100 to be administered intravenously in patients with low or intermediate-1 risk myelodysplastic syndrome (“MDS”).

In November 2018, the Company received approval from the U.S. Food and Drug Administration for its Investigational New Drug (“IND”) Application to conduct a Phase 1b/2 clinical trial to evaluate the toxicity and therapeutic benefit of LB-100 in patients with low and intermediate-1 risk MDS who had failed or were intolerant of standard treatment. This Phase 1b/2 clinical trial utilized LB-100 as a single agent in the treatment of patients with low and intermediate-1 risk MDS.

The clinical trial began at a single site in April 2019 and the first patient was entered into the clinical trial in July 2019. During the year ended December 31, 2023, the clinical trial was closed. Although the maximum tolerated dose (“MTD”) was not achieved, there was no dose-limiting toxicity noted.

During the three months ended June 30, 2024 and 2023, the Company incurred costs of $0 and $6,000, respectively, pursuant to this agreement. During the six months ended June 30, 2024 and 2023, the Company incurred costs of $0 and $12,000, respectively, pursuant to this agreement. As of June 30, 2024, total costs of $147,239 had been incurred pursuant to this agreement.

During September 2023, the Company decided not to pursue further studies in MDS, as other, more promising, opportunities had become available (see “Patent and License Agreements - Moffitt” below).

National Cancer Institute Pharmacologic Clinical Trial. In May 2019, the National Cancer Institute (“NCI”) initiated a glioblastoma (“GBM”) pharmacologic clinical trial. This study was being conducted and funded by the NCI under a Cooperative Research and Development Agreement, with the Company responsible for providing the LB-100 clinical compound. The NCI study was designed to determine the extent to which LB-100 enters recurrent malignant gliomas. Patients having surgery to remove one or more tumors received one dose of LB-100 prior to surgery and had blood and tumor tissue analyzed to determine the amount of LB-100 present and to determine whether the cells in the tumors showed the biochemical changes expected to be present if LB-100 reached its molecular target. As a result of the innovative design of the NCI study, it was believed that data from a few patients would be sufficient to provide a sound rationale for conducting a larger clinical trial to determine the effectiveness of adding LB-100 to the standard treatment regimen for GBMs. Blood and brain tumor tissue were analyzed from seven patients after intravenous infusion of a single dose of LB-100. Results of the investigation demonstrated that there was virtually no entry of LB-100 into the brain tumor tissue. Accordingly, alternative methods of drug delivery will be required to determine if LB-100 has meaningful clinical anti-cancer activity against glioblastoma multiforme and other aggressive brain tumors. The Company is considering an additional clinical study to address the delivery of LB-100 to the brain.

Clinical Trial Monitoring Agreements

MD Anderson Cancer Center Clinical Trial. On May 15, 2024, the Company signed a letter of intent with Theradex to monitor the MD Andersen investigator-initiated Phase 1b/2 collaborative clinical trial to assess whether adding LB-100 to a human programmed death receptor-1 (“PD-1”) blocking antibody of GSK plc (“GSK”), dostarlimab-gxly, may enhance the effectiveness of immunotherapy in the treatment of ovarian clear cell carcinoma (“OCCC”). During the three months and six months ended June 30, 2024, the Company incurred costs of $8,228 pursuant to this letter of intent. As of June 30, 2024, total costs of $8,228 have been incurred pursuant to this letter of intent.

The Company’s aggregate commitment pursuant to this letter of intent, less amounts previously paid to date, totaled approximately $18,000 as of June 30, 2024, which is expected to be incurred through December 31, 2027.

This letter of intent is designed to serve as a statement of the intent to retain the oversight services of Theradex with respect to the MD Andersen clinical trial at an additional cost of approximately $72,000.

City of Hope. On February 5, 2021, the Company signed a new work order agreement with Theradex to monitor the City of Hope investigator-initiated clinical trial in small cell lung cancer in accordance with FDA requirements for oversight by the sponsoring party. Costs under this work order agreement were estimated to be approximately $335,000. During the three months ended June 30, 2024 and 2023, the Company incurred costs of $4,500 and $5,687, respectively, pursuant to this work order. During the six months ended June 30, 2024 and 2023, the Company incurred costs of $9,000 and $11,240, respectively, pursuant to this work order. As of June 30, 2024, total costs of $87,681 had been incurred pursuant to this work order agreement.

As a result of the closure of the Agreement with City of Hope effective July 8, 2024 (see “Clinical Trial Agreements – City of Hope” above), the work order agreement with Theradex to monitor this clinical trial was concurrently terminated, although nominal oversight trailing costs subsequent to June 30, 2024 are expected to be incurred relating to the closure of this study.

GEIS. On June 22, 2023, the Company finalized a work order agreement with Theradex, to monitor the GEIS investigator-initiated clinical Phase I/II randomized trial of LB-100 plus doxorubicin vs. doxorubicin alone in first line of advanced soft tissue sarcoma. The study is expected to be completed by December 31, 2026.

Costs under this work order agreement are estimated to be approximately $153,000, with such payments expected to be allocated approximately 72% to Theradex for services and approximately 28% for payments for pass-through software costs. During the three months ended June 30, 2024 and 2023, the Company incurred costs of $7,203 and $6,250, respectively, pursuant to this work order. During the six months ended June 30, 2024 and 2023, the Company incurred costs of $12,733 and $6,250, respectively, pursuant to this work order. As of June 30, 2024, total costs of $27,595 have been incurred pursuant to this work order agreement.

The Company’s aggregate commitment pursuant to this clinical trial monitoring agreement, less amounts previously paid to date, totaled approximately $129,000 as of June 30, 2024, which is expected to be incurred through December 31, 2026.

Netherlands Cancer Institute. The Company is in the process of finalizing a new work order agreement with Theradex to monitor the NKI Phase 1b clinical trial of LB-100 combined with atezolizumab, a PD-L1 inhibitor, for patients with microsatellite stable metastatic colon cancer.

Patent and License Agreements

National Institute of Health. Effective February 23, 2024, the Company entered into a Patent License Agreement (the “License Agreement”) with the National Institute of Neurological Disorders and Stroke (“NINDS”) and the National Cancer Institute (“NCI”), each an institute or center of the National Institute of Health (“NIH”). Pursuant to the License Agreement, the Company has licensed on an exclusive basis the NIH’s intellectual property rights claimed for a Cooperative Research and Development Agreement (“CRADA”) subject invention co-developed with the Company, and the licensed field of use, which focuses on promoting anti-cancer activity alone, or in combination with standard anti-cancer drugs. The scope of this clinical research extends to checkpoint inhibitors, immunotherapy, and radiation for the treatment of cancer. The License Agreement is effective, and shall extend, on a licensed product, licensed process, and country basis, until the expiration of the last-to-expire valid claim of the jointly owned licensed patent rights in each such country in the licensed territory, estimated at twenty years, unless sooner terminated.

The License Agreement contemplates that the Company will seek to work with pharmaceutical companies and clinical trial sites (including comprehensive cancer centers) to initiate clinical trials within timeframes that will meet certain benchmarks. Data from the clinical trials will be the subject of various regulatory filings for marketing approval in applicable countries in the licensed territories. Subject to the receipt of marketing approval, the Company would be expected to commercialize the licensed products in markets where regulatory approval has been obtained.

The Company is obligated to pay the NIH a non-creditable, non-refundable license issue royalty of $50,000 and a first minimum annual royalty within sixty days from the effective date of the Agreement. The first minimum annual royalty of $25,643 was prorated from the effective date of the License Agreement to the next subsequent January 1. Thereafter, the minimum annual royalty of $30,000 is due each January 1 and may be credited against any earned royalties due for sales made in that year. The license issue royalty of $50,000 and the first minimum annual royalty of $25,643, were paid in April 2024.

The Company is obligated to pay the NIH, on a country-by-country basis, earned royalties of 2% on net sales of each royalty-bearing product and process, subject to reduction by 50% under certain circumstances relating to royalties paid by the Company to third parties, but not less than 1%. The Company’s obligation to pay earned royalties under the License Agreement commences on the date of the first commercial sale of a royalty-bearing product or process and expires on the date on which the last valid claim of the licensed product or licensed process expires in such country.

The Company is obligated to pay the NIH benchmark royalties, on a one-time basis, within sixty days from the first achievement of each such benchmark. The License Agreement defines four such benchmarks, with deadlines of October 1, 2024, 2027, 2029 and 2031, respectively, each with a different specified benchmark payment amount payable within thirty days of achieving such benchmark. The October 1, 2024 benchmark of $100,000 is defined as the dosing of the first patient with a licensed product in a Phase 2 clinical study of such licensed product in the licensed fields of use. The total of all such benchmark payments is $1,225,000.

The Company is obligated to pay the NIH sublicensing royalties of 5% on sublicensing revenue received for granting each sublicense within sixty days of receipt of such sublicensing revenue.

During the three months ended June 30, 2024, the Company incurred costs of $7,455 in connection with its obligations under the License Agreement. During the six months ended June 30, 2024, the Company incurred costs of $60,569 in connection with its obligations under the License Agreement. Such costs when incurred have been included in general and administrative costs in the Company’s consolidated statement of operations. As of June 30, 2024, total costs of $60,569 have been incurred pursuant to this agreement. The Company’s aggregate commitment pursuant to this agreement, less amounts previously paid to date, totaled approximately $1,795,000 as of June 30, 2024, which is expected to be incurred over approximately the next twenty years.

Moffitt. Effective August 20, 2018, the Company entered into an Exclusive License Agreement with Moffitt. Pursuant to the License Agreement, Moffitt granted the Company an exclusive license under certain patents owned by Moffitt (the “Licensed Patents”) relating to the treatment of MDS and a non-exclusive license under inventions, concepts, processes, information, data, know-how, research results, clinical data, and the like (other than the Licensed Patents) necessary or useful for the practice of any claim under the Licensed Patents or the use, development, manufacture or sale of any product for the treatment of MDS which would otherwise infringe a valid claim under the Licensed Patents.

On October 4, 2023, the Company received a counter-signed termination letter dated September 29, 2023 with respect to the Exclusive License Agreement dated August 20, 2018 between the Company and Moffitt, effective September 30, 2023. The Company and Moffitt agreed that no termination fee was due or payable by the Company, and Moffitt acknowledged that no payments are owed by the Company under the Agreement.

During the three months and six months ended June 30, 2023, the Company recorded charges to operations of $6,233 and $12,398, respectively, in connection with its obligations under the License Agreement.

Other Significant Agreements and Contracts

NDA Consulting Corp. On December 24, 2013, the Company entered into an agreement with NDA Consulting Corp. for consultation and advice in the field of oncology research and drug development. As part of the agreement, NDA also agreed to cause its president, Dr. Daniel D. Von Hoff, M.D., to become a member of the Company’s Scientific Advisory Committee. The term of the agreement was for one year and provided for a quarterly cash fee of $4,000. The agreement has been automatically renewed for additional one-year terms on its anniversary date since 2014. Consulting and advisory fees charged to operations pursuant to this agreement were $4,000 and $4,000 for the three months ended June 30, 2024 and 2023, respectively, which were included in research and development costs in the consolidated statements of operations. Consulting and advisory fees charged to operations pursuant to this agreement were $8,000 and $8,000 for the six months ended June 30, 2024 and 2023, respectively. This agreement was terminated effective July 3, 2024.

BioPharmaWorks. Effective September 14, 2015, the Company entered into a Collaboration Agreement with BioPharmaWorks, pursuant to which the Company engaged BioPharmaWorks to perform certain services for the Company. Those services included, among other things, assisting the Company to commercialize its products and strengthen its patent portfolio; identifying large pharmaceutical companies with a potential interest in the Company’s product pipeline; assisting in preparing technical presentations concerning the Company’s products; consultation in drug discovery and development; and identifying providers and overseeing tasks relating to clinical development of new compounds.

BioPharmaWorks was founded in 2015 by former Pfizer scientists with extensive multi-disciplinary research and development and drug development experience. The Collaboration Agreement was for an initial term of two years and automatically renews for subsequent annual periods unless terminated by a party not less than 60 days prior to the expiration of the applicable period. In connection with the Collaboration Agreement, the Company agreed to pay BioPharmaWorks a monthly fee of $10,000, subject to the right of the Company to pay a negotiated hourly rate in lieu of the monthly fee. Effective March 1, 2024, the compensation payable under the Collaboration Agreement was converted to an hourly rate structure.

The Company recorded charges to operations pursuant to this Collaboration Agreement of $7,200 and $30,000 during the three months ended June 30, 2024 and 2023, respectively, which were included in research and development costs in the consolidated statements of operations. The Company recorded charges to operations pursuant to this Collaboration Agreement of $27,200 and $60,000 during the six months ended June 30, 2024 and 2023, respectively, which were included in research and development costs in the consolidated statements of operations.

Netherlands Cancer Institute. On October 8, 2021, the Company entered into a Development Collaboration Agreement with the Netherlands Cancer Institute, Amsterdam (“NKI”) (see Note 5), one of the world’s leading comprehensive cancer centers, and Oncode Institute, Utrecht, a major independent cancer research center, for a term of three years. The Development Collaboration Agreement was subsequently modified by Amendment No. 1 thereto. The Development Collaboration Agreement is intended to identify the most promising drugs to be combined with LB-100, and potentially LB-100 analogues, to be used to treat a range of cancers, as well as to identify the specific molecular mechanisms underlying the identified combinations. The Company agreed to fund the study, at an approximate cost of 391,000 Euros and provide a sufficient supply of LB-100 to conduct the study.

On October 3, 2023, the Company entered into Amendment No. 2 to the Development Collaboration Agreement with NKI, which provides for additional research activities, extends the termination date of the Development Collaboration Agreement by two years to October 8, 2026, and added 500,000 Euros to the operating budget being funded by the Company.

During the three months ended June 30, 2024 and 2023, the Company incurred charges in the amount of $67,119 and $53,178, respectively, with respect to this agreement, which amounts are included in research and development costs in the Company’s consolidated statements of operations. During the six months ended June 30, 2024 and 2023, the Company incurred charges in the amount of $134,084 and $105,382, respectively, with respect to this agreement, which amounts are included in research and development costs in the Company’s consolidated statements of operations. As of June 30, 2024, total costs of $619,640 have been incurred pursuant to this agreement. The Company’s aggregate commitment pursuant to this agreement, less amounts previously paid to date, totaled approximately $588,000 as of June 30, 2024, which is expected to be incurred through October 8, 2026. As the work is being conducted in Europe and is paid for in Euros, final costs are subject to foreign currency fluctuations between the United States Dollar and the Euro.

MRI Global. The Company has contracted with MRI Global for stability analysis, storage and distribution of LB-100 for clinical trials in the United States. During the three months ended June 30, 2024 and 2023, the Company incurred costs of $5,976 and $5,210, respectively, pursuant to this contract. During the six months ended June 30, 2024 and 2023, the Company incurred costs of $9,870 and $9,583, respectively, pursuant to this contract. As of June 30, 2024, total costs of $325,085 have been incurred pursuant to this contract.

The Company’s aggregate commitment pursuant to this contract, less amounts previously paid to date, totaled approximately $73,000 as of June 30, 2024.

External Risks Associated with the Company’s Business Activities

Covid-19 Virus. The global outbreak of the novel coronavirus (Covid-19) in early 2020 led to disruptions in general economic activities throughout the world as businesses and governments implemented broad actions to mitigate this public health crisis. Although the Covid-19 outbreak has subsided, the extent to which the coronavirus pandemic may reappear and impact the Company’s clinical trial programs and capital raising efforts in the future is uncertain and cannot be predicted.

Inflation and Interest Rate Risk. The Company does not believe that inflation or increasing interest rates has had a material effect on its operations to date, other than its impact on the general economy. However, there is a risk that the Company’s operating costs could become subject to inflationary and interest rate pressures in the future, which would have the effect of increasing the Company’s operating costs (including, specifically, clinical trial costs), and which would put additional stress on the Company’s working capital resources.

Supply Chain Issues. The Company does not currently expect that supply chain issues will have a significant impact on its business activities, including its ongoing clinical trials.

Potential Recession. There are some indications that the United States economy may be at risk of entering a recessionary period. Although unclear at this time, an economic recession would likely impact the general business environment and the capital markets, which could, in turn, affect the Company.

Geopolitical Risk. The geopolitical landscape poses inherent risks that could significantly impact the operations and financial performance of the Company. In the event of a military conflict, supply chain disruptions, geopolitical uncertainties, and economic repercussions may adversely affect the Company’s ability to conduct research, develop, test and manufacture products, and distribute them globally. This could lead to delays in product development, interruptions in the supply of critical materials, and delays in clinical trials, thereby impeding the Company’s clinical development and commercialization plans. Furthermore, the impact of a conflict on global financial markets may result in increased volatility and uncertainty in the capital markets, thereby affecting the valuation of the Company’s publicly-traded shares. Investor confidence, market sentiment, and access to capital may all be negatively influenced. Such geopolitical risks are outside the control of the Company, and the actual effects on the Company’s business, financial condition and results of operations may differ from current estimates.

Cybersecurity Risks. The Company has established policies and processes for assessing, identifying and managing material risk from cybersecurity threats, and has integrated these processes into its overall risk management systems and processes. The Company routinely assesses material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through its information and email systems that may result in adverse effects on the confidentiality, integrity, or availability of the Company’s information and email systems or any information residing therein. The Company conducts periodic risk assessments to identify cybersecurity threats, as well as assessments in the event of a material change in the Company’s business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems and safeguards in place to manage such risks. The Company has not encountered any cybersecurity challenges that have materially impaired its operations or financial condition. Additional information regarding risks from cybersecurity threats is provided in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

The Company is continuing to monitor these matters and will adjust its current business and financing plans as more information and guidance become available.

9. Subsequent Events

The Company performed an evaluation of subsequent events through the date of filing of these consolidated financial statements with the SEC. Other than as disclosed above, there were no material subsequent events which affected, or could affect, the amounts or disclosures in the consolidated financial statements.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Quarterly Report on Form 10-Q of Lixte Biotechnology Holdings, Inc. (the “Company”) contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These might include statements regarding the Company’s financial position, business strategy and other plans and objectives for future operations, and assumptions and predictions about future clinical trials and their timing and costs, product demand, supply, manufacturing costs, marketing and pricing factors are all forward-looking statements. These statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “potential(ly)”, “continue”, “forecast”, “predict”, “plan”, “may”, “will”, “could”, “would”, “should”, “expect” or the negative of such terms or other comparable terminology. The Company believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, based on information available to it on the date hereof, but the Company cannot provide assurances that these assumptions and expectations will prove to have been correct or that the Company will take any action that the Company may presently be planning. These forward-looking statements are inherently subject to known and unknown risks and uncertainties. Actual results or experience may differ materially from those expected, anticipated or implied in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory policies or changes thereto, available cash, research and development results, competition from other similar businesses, and market and general economic factors. This discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included in Item 1 of this Quarterly Report on Form 10-Q and the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, including the section entitled “Item 1A. Risk Factors”. The Company does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

Overview

Recent Developments

On May 24, 2024, the Company provided notice to Dr. James Miser that it had elected not to renew the employment agreement between the Company and Dr. Miser pursuant to which Dr. Miser has served as the Company’s Chief Medical Officer since August 1, 2020. Accordingly, such employment expired on July 31, 2024.

On May 31, 2024, the Company entered into a Consulting Agreement (the “Schellens Agreement”) with Dr. Jan H.M. Schellens, M.D., Ph.D. Pursuant to the Schellens Agreement, effective July 1, 2024, the Company engaged Dr. Schellens as a consultant, and, effective August 1, 2024, as the Company’s Chief Medical Officer. The term of the Schellens Agreement will be in effect from July 1, 2024 until the earliest of (i) termination by either party upon sixty days’ notice, (ii) Dr. Schellens’ death or disability, or (iii) termination by the Company for breach as provided in the Schellens Agreement. Under the Schellens Agreement, Dr. Schellens will provide his services for two days per week with the specific days in each week to be based on arrangements agreed to from time to time between Dr. Schellens and the Company’s Chief Executive Officer. The Company will pay Dr. Schellens 104,000 Euros on an annual basis.

Dr. Schellens will play a leadership role in the planning, implementation and oversight of clinical trials and be responsible for assisting in the development of strategic clinical goals and the implementation and safety monitoring of investigational studies. Dr. Schellens will be the primary medical monitor for all clinical investigational studies, and for the oversight of third party CRO monitors. He will be responsible for the regulatory strategy and implementation of the strategy and the primary contact for regulators. Dr. Schellens will work closely with the Company’s Chief Executive Officer on the development of strategic goals needed to insure the timely implementation of appropriate clinical studies needed for the successful registration of therapeutics products. Dr. Schellens services will be principally rendered in the Netherlands.

Dr. Schellens, age 67, has more than 25 years of clinical experience as a medical oncologist, pharmacologist and clinical pharmacologist, including more than two decades developing and bringing new drugs to market. Co-author of more than 900 publications in peer-reviewed scientific journals, Dr. Schellens has held leadership positions at the Netherlands Cancer Institute in Amsterdam and the Dr. Daniel den Hoed Clinic-Erasmus University in Rotterdam. He was professor of clinical pharmacology at Utrecht University in the Netherlands, where he earned his M.D. degree, and he served as a board member and Chief Medical Officer of Byondis B.V. from January 2019 through September 2023. He also earned a Ph.D. degree in Pharmaceutical Sciences from Leiden University in Leiden, Netherlands. Dr. Schellens served for 17 years as a board member of the Dutch Medicines Evaluation Board and for 12 years as a member and chairperson of the Scientific Advisory Board Oncology of the EMA. From 2016 to the present, he has served as a part-time Chief Medical Officer of Modra Pharmaceuticals B.V., an Amsterdam-based company that successfully completed a Phase 2b clinical study of ModraDoc006/r, a boosted oral taxane therapeutic, in contrast to the standard-of-care IV chemotherapy docetaxel, in patients with prostate cancer.

Going Concern

For the six months ended June 30, 2024, the Company recorded a net loss of $1,982,241 and used cash in operations of $1,608,266. At June 30, 2024, the Company had cash of $2,595,222 available to fund its operations. Because the Company is currently engaged in various early-stage clinical trials, it is expected that it will take a significant amount of time and resources to develop any product or intellectual property capable of generating sustainable revenues. Accordingly, the Company’s business is unlikely to generate any sustainable operating revenues in the next several years and may never do so. Even if the Company is able to generate revenues through licensing its technology, product sales or other commercial activities, there can be no assurance that the Company will be able to achieve and maintain positive earnings and operating cash flows. At June 30, 2024, the Company’s remaining financial contractual commitments pursuant to clinical trial agreements and clinical trial monitoring agreements not yet incurred aggregated approximately $3,614,000, which are currently scheduled to be incurred through approximately December 31, 2027.

Nasdaq Listing

Recent Accounting Pronouncements

Information with respect to recent accounting pronouncements is provided at Note 2 to the condensed consolidated financial statements for the three months and six months ended June 30, 2024 and 2023 included elsewhere in this document.

Concentration of Risk

Information with respect to concentration of risk is provided at Note 2 to the condensed consolidated financial statements for the three months and six months ended June 30, 2024 and 2023 included elsewhere in this document.

Critical Accounting Policies and Estimates

The following critical accounting policies affect the more significant judgements and estimates used in the preparation of the Company’s consolidated financial statements.

Cash

Segment Information

The Company operates and reports in one segment, which consisted of the development of a drug class called Protein Phosphatase 2A inhibitors. The Company’s operating segment is reported in a manner consistent with the internal reporting provided to the Company’s Chief Operating Decision Maker, which is the Company’s President and Chief Executive Officer.

Research and Development

Patent and Licensing Legal and Filing Fees and Costs

Due to the significant uncertainty associated with the successful development of one or more commercially viable products based on the Company’s research efforts and related patent applications, all patent and licensing legal and filing fees and costs are charged to operations as incurred. Patent and licensing legal and filing fees and costs are included in general and administrative costs in the Company’s consolidated statements of operations.

During the three months ended June 30, 2024 and 2023, patent and licensing legal and filing fees and costs related to the development and protection of its intellectual property were $63,612 and $340,010, respectively, a decrease of $276,398, or 81.3%, in 2024 as compared to 2023.

During the six months ended June 30, 2024 and 2023, patent and licensing legal and filing fees and costs related to the development and protection of its intellectual property were $146,823 and $657,350, respectively, a decrease of $510,527, or 77.7%, in 2024 as compared to 2023.

In September 2023, the Company appointed a new President and Chief Executive Officer, who, with the assistance of the Company’s management, Board of Directors and patent legal counsel, conducted a comprehensive analysis of the Company’s extensive patent portfolio in order to implement a program to balance patent prosecution costs with intellectual property protection benefits. As a result, the Company identified certain patent filings that it does not intend to continue to support in 2024 and thereafter. In addition, effective July 1, 2024, the Company changed its intellectual property law firm. The Company expects that patent and licensing legal and filing fees and costs will continue to be a significant continuing cost in 2024 and thereafter as the Company continues to develop and expand its patent portfolio related to the clinical development of LB-100.

A descriptive summary of the patent portfolio for the Company’s most important clinical programs involving the development of LB-100, as well as a detailed listing of each domestic and international patent that has been issued, is presented at “ITEM 1. BUSINESS – Intellectual Property” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Stock-Based Compensation

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”), and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. The Company has determined that the warrants issued in the July 20, 2023 equity financing meet the requirements for equity classification. This assessment, which requires the use of professional judgment, is conducted when the warrants are issued and at the end each subsequent quarterly period while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity classification, the warrants are required to be liability classified and recorded at their initial fair value on the date of issuance and remeasured at fair value at each balance sheet date thereafter. Changes in the estimated fair value of the warrants that are liability classified are recognized as a non-cash gain or loss in the statement of operations.

Summary of Business Activities and Plans

Company Overview

The Company is focusing its development activities on its LB-100 series of drugs. The Company believes that the mechanism by which compounds of the LB-100 series affect cancer cell growth is different from cancer agents currently approved for clinical use. Lead compounds of the LB-100 series have activity against a broad spectrum of common and rarer human cancers in cell culture systems. In addition, lead compounds of the LB-100 series have anti-cancer activity in animal models of glioblastoma multiforme, neuroblastoma, and medulloblastoma, all cancers of neural tissue. Lead compounds of the LB-100 series also have activity against melanoma, breast cancer and sarcoma in animal models and enhance the effectiveness of commonly used anti-cancer drugs in these animal models. The enhancement of anti-cancer activity of these anti-cancer drugs occurs at doses of LB-100 that do not significantly increase toxicity in animals. It is therefore hoped that, when combined with standard anti-cancer regimens against many tumor types, the Company’s compounds will improve therapeutic benefit without unacceptable toxicity in humans. The Company is not currently planning to allocate resources to further develop its LB-200 series of drugs,

As a compound moves through the FDA-approval process, it becomes an increasingly valuable property, but at a cost of additional investment at each stage. As the potential effectiveness of LB-100 has been documented at the clinical trial level, the Company has allocated resources to expand the breadth and depth of its patent portfolio. The Company’s approach has been to operate with a minimum of overhead, moving compounds forward as efficiently and inexpensively as possible, and to raise funds to support each of these stages as certain milestones are reached. The Company’s longer-term objective is to secure one or more strategic partnerships or licensing agreements with pharmaceutical companies with major programs in cancer.

External Risks Associated with the Company’s Business Activities

Covid-19 Virus. The global outbreak of the novel coronavirus (Covid-19) in early 2020 led to disruptions in general economic activities throughout the world as businesses and governments implemented broad actions to mitigate this public health crisis. Although Covid-19 outbreak has subsided, the extent to which the coronavirus pandemic may reappear and impact the Company’s clinical trial programs and capital raising efforts in the future is uncertain and cannot be predicted.

Supply Chain Issues. The Company does not currently expect that supply chain issues will have a significant impact on its business activities, including its ongoing clinical trials.

The Company is continuing to monitor these matters and will adjust its current business and financing plans as more information and guidance become available.

Results of Operations

At June 30, 2024, the Company had not yet commenced any revenue-generating operations, does not have any positive cash flows from operations, and is dependent on its ability to raise equity capital to fund its operating requirements.

The Company’s condensed consolidated statements of operations as discussed herein are presented below.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023

Revenues	$	—		$	—		$	—		$	—

Costs and expenses:
General and administrative costs:
Compensation to related parties		306,354			522,561			624,016			1,042,041
Patent and licensing legal and filing fees and costs		63,612			340,010			146,823			657,350
Other costs and expenses		428,482			379,970			875,424			724,212
Research and development costs		210,708			427,457			329,772			616,542
Total costs and expenses		1,009,156			1,669,998			1,976,035			3,040,145
Loss from operations		(1,009,156	)		(1,669,998	)		(1,976,035	)		(3,040,145	)
Interest income		2,233			2,714			5,092			7,729
Interest expense		(4,154	)		(1,948	)		(11,340	)		(5,809	)
Foreign currency gain		158			877			42			2,211
Net loss	$	(1,010,919	)	$	(1,668,355	)	$	(1,982,241	)	$	(3,036,014	)

Net loss per common share – basic and diluted	$	(0.45	)	$	(1.00	)	$	(0.88	)	$	(1.82	)

Weighted average common shares outstanding – basic and diluted		2,249,290			1,665,956			2,249,290			1,665,479

Three Months Ended June 30, 2024 and 2023

Revenues. The Company did not have any revenues for the three months ended June 30, 2024 and 2023.

General and Administrative Costs. For the three months ended June 30, 2024, general and administrative costs were $798,448, which consisted of the fair value of vested stock options issued to directors and officers of $130,691 (including quarterly director and board committee fees of $27,500), patent and licensing legal and filing fees and costs of $63,612, other consulting and professional fees of $191,529, insurance expense of $126,873, officer salaries and related costs of $191,971, cash-based director and board committee fees of $0, licensing and royalties of $7,455, shareholder reporting costs of $3,811, listing fees of $12,375, filing fees of $11,319, taxes and licenses of $15,406, investor relations of $17,397, rent of $4,230, conference fees of $14,475 and other operating costs of $7,304.

For the three months ended June 30, 2023, general and administrative costs were $1,242,541, which consisted of the fair value of vested stock options issued to directors and officers of $280,060, patent and licensing legal and filing fees and costs of $340,010, other consulting and professional fees of $159,361, insurance expense of $104,151, officer salaries and related costs of $216,248, cash-based director and board committee fees of $42,501, licensing and royalties of $6,233, shareholder reporting costs of $57,350, listing fees of $15,500, filing fees of $3,470, taxes and licenses of $3,769, investor relations of $9,372, rent of $1,530, conference fees of $0 and other operating costs of $2,986.

General and administrative costs decreased by $444,093, or 35.7%, in 2024 as compared to 2023, primarily as a result of a decrease in the fair value of vested stock options issued to directors and officers of $149,369, a decrease in patent and licensing legal and filing fees and costs of $276,398, a decrease in shareholder reporting of $53,539, a decrease in officer salaries and related costs of $24,277, and a decrease in cash-based director and board committee fees of $42,501, offset by increases in other consulting and professional fees of $32,168, and an increase in insurance expense of $22,722.

Research and Development Costs. For the three months ended June 30, 2024, research and development costs were $210,708, which consisted of clinical and related oversight costs of $97,947, regulatory service costs of $1,956, and preclinical research focused on development of additional novel anti-cancer compounds to add to the Company’s clinical pipeline of $110,805.

For the three months ended June 30, 2023, research and development costs were $427,457, which consisted of clinical and related oversight costs of $297,763, regulatory service costs of $1,740, and preclinical research focused on development of additional novel anti-cancer compounds to add to the Company’s clinical pipeline of $127,954.

Effective June 10, 2024, the Company entered into a Clinical Trial Agreement with the Netherlands Cancer Institute (“NKI”) to conduct a Phase 1b/2 clinical trial of the Company’s protein phosphatase inhibitor, LB-100, combined with atezolizumab, a PD-L1 inhibitor, the proprietary molecule of F. Hoffman-La Roche Ltd. (“Roche”), for patients with metastatic colon cancer. NKI employs Dr. René Bernards, a director of the Company since June 15, 2022. As of June 30, 2024, no costs have been incurred pursuant to this clinical trial agreement.

Included in preclinical research costs for the three months ended June 30, 2024 and 2023 were $67,119 and $53,178, respectively, of costs paid to the Netherlands Cancer Institute, On October 8, 2021, the Company entered into a Development Collaboration Agreement with the Netherlands Cancer Institute, Amsterdam, one of the world’s leading comprehensive cancer centers, and Oncode Institute, Utrecht, a major independent cancer research center, to identify the most promising drugs to be combined with LB-100, and potential LB-100 analogues, to be used to treat a range of cancers, as well as to identify the specific molecular mechanisms underlying the identified combinations.

On October 3, 2023, the Company entered into Amendment No. 2 to the Development Collaboration Agreement with the Netherlands Cancer Institute, which provides for additional research activities, extends the termination date of the Development Collaboration Agreement by two years to October 8, 2026, and added 500,000 Euros to the operating budget being funded by the Company (see “Principal Commitments – Other Significant Agreements and Contracts – Netherlands Cancer Institute” below).

Research and development costs decreased by $216,749, or 50.7%, in 2024 as compared to 2023, as a result of a decrease in clinical and related oversight costs of $199,816, and a decrease in preclinical research focused on development of additional novel anti-cancer compounds to add to the Company’s clinical pipeline of $17,149.

Interest Income. For the three months ended June 30, 2024, the Company had interest income of $2,233, as compared to interest income of $2,714 for the three months ended June 30, 2023, related to the investment of the Company’s cash resources.

Interest Expense. For the three months ended June 30, 2024, the Company had interest expense of $4,154, as compared to interest expense of $1,948 for the three months ended June 30, 2023, related to the financing of the premium for the Company’s directors and officers liability insurance policy.

Foreign Currency Gain. For the three months ended June 30, 2024, the Company had a foreign currency gain of $158, as compared to a foreign currency gain of $877 for the three months ended June 30, 2023, from foreign currency transactions.

Net Loss. For the three months ended June 30, 2024, the Company incurred a net loss of $1,010,919, as compared to a net loss of $1,668,355 for the three months ended June 30, 2023.

Six Months Ended June 30, 2024 and 2023

Revenues. The Company did not have any revenues for the six months ended June 30, 2024 and 2023.

General and Administrative Costs. For the six months ended June 30, 2024, general and administrative costs were $1,646,263, which consisted of the fair value of vested stock options issued to directors and officers of $233,618 (including quarterly director and board committee fees of $27,500), patent and licensing legal and filing fees and costs of $146,823, other consulting and professional fees of $363,972, insurance expense of $253,727, officer salaries and related costs of $387,589, cash-based director and board committee fees of $38,819, licensing and royalties of $60,569, shareholder reporting costs of $12,749, listing fees of $24,750, filing fees of $19,053, taxes and licenses of $30,813, investor relations of $34,794, rent of $9,881, conference fees of $14,475 and other operating costs of $14,631.

For the six months ended June 30, 2023, general and administrative costs were $2,423,603, which consisted of the fair value of vested stock options issued to directors and officers of $557,040, patent and licensing legal and filing fees and costs of $657,350, other consulting and professional fees of $329,946, insurance expense of $208,305, officer salaries and related costs of $432,603, cash-based director and board committee fees of $85,001, licensing and royalties of $12,398, shareholder reporting costs of $60,896, listing fees of $31,000, filing fees of $10,195, taxes and licenses of $7,538, investor relations of $22,344, rent of $4,113, conference fees of $0 and other operating costs of $4,874.

General and administrative costs decreased by $777,340, or 32.1%, in 2024 as compared to 2023, primarily as a result of a decrease in the fair value of vested stock options issued to directors and officers of $323,422, a decrease in patent and licensing legal and filing fees and costs of $510,527, a decrease in shareholder reporting costs of $48,147, a decrease in officer salaries and related costs of $45,014, and a decrease in cash-based director and board committee fees of $46,182, offset by increases in other consulting and professional fees of $34,026, licensing and royalties of $48,171, taxes and licenses of $23,275, investor relations of $12,450, conference fees of $14,475, and an increase in insurance expense of $45,422.

Research and Development Costs. For the six months ended June 30, 2024, research and development costs were $329,772, which consisted of clinical and related oversight costs of $107,976, regulatory service costs of $2,616, and preclinical research focused on development of additional novel anti-cancer compounds to add to the Company’s clinical pipeline of $219,180.

For the six months ended June 30, 2023, research and development costs were $616,542, which consisted of clinical and related oversight costs of $393,892, regulatory service costs of $7,819, and preclinical research focused on development of additional novel anti-cancer compounds to add to the Company’s clinical pipeline of $214,831.

Included in preclinical research costs for the six months ended June 30, 2024 and 2023 were $134,084 and $105,382, respectively, of costs paid to the Netherlands Cancer Institute, On October 8, 2021, the Company entered into a Development Collaboration Agreement with the Netherlands Cancer Institute, Amsterdam, one of the world’s leading comprehensive cancer centers, and Oncode Institute, Utrecht, a major independent cancer research center, to identify the most promising drugs to be combined with LB-100, and potential LB-100 analogues, to be used to treat a range of cancers, as well as to identify the specific molecular mechanisms underlying the identified combinations.

Research and development costs decreased by $286,770, or 46.5%, in 2024 as compared to 2023, primarily as a result of a decrease in clinical and related oversight costs of $285,916.

Interest Income. For the six months ended June 30, 2024, the Company had interest income of $5,092, as compared to interest income of $7,729 for the six months ended June 30, 2023, related to the investment of the Company’s cash resources.

Interest Expense. For the six months ended June 30, 2024, the Company had interest expense of $11,340, as compared to interest expense of $5,809 for the six months ended June 30, 2023, related to the financing of the premium for the Company’s directors and officers liability insurance policy.

Foreign Currency Gain. For the six months ended June 30, 2024, the Company had a foreign currency gain of $42, as compared to a foreign currency gain of $2,211 for the six months ended June 30, 2023, from foreign currency transactions.

Net Loss. For the six months ended June 30, 2024, the Company incurred a net loss of $1,982,241, as compared to a net loss of $3,036,014 for the six months ended June 30, 2023.

Liquidity and Capital Resources – June 30, 2024

The Company’s consolidated statements of cash flows as discussed herein are as follows:

	Six Months Ended June 30,
	2024			2023

Net cash used in operating activities	$	(1,608,266	)	$	(2,446,753	)
Net cash provided by (used in) investing activities		—			—
Net cash provided by financing activities		—			6,281
Net decrease in cash	$	(1,608,266	)	$	(2,440,472	)

At June 30, 2024, the Company had working capital of $2,246,139, as compared to working capital of $3,994,762 at December 31, 2023, reflecting a decrease in working capital of $1,748,623 for the six months ended June 30, 2024. The decrease in working capital during the six months ended June 30, 2024 was primarily the result of the funding of the Company’s ongoing research and development activities and other ongoing operating expenses, including maintaining and developing the Company’s patent portfolio. At June 30, 2024, the Company had cash of $2,595,222 available to fund its operations.

At June 30, 2024, the Company’s remaining financial contractual commitments pursuant to clinical trial agreements and clinical trial monitoring agreements not yet incurred aggregated $3,614,000, which are currently scheduled to be incurred through approximately December 31, 2027.

At June 30, 2024, the Company did not have any transactions, obligations or relationships that could be considered off-balance sheet arrangements.

Operating Activities. For the six months ended June 30, 2024, operating activities utilized cash of $1,608,266, as compared to utilizing cash of $2,446,753 for the six months ended June 30, 2023, to fund the Company’s ongoing research and development activities and to fund its other ongoing operating expenses, including maintaining and developing its patent portfolio.

Investing Activities. For the six months ended June 30, 2024 and 2023, the Company had no investing activities.

Financing Activities. For the six months ended June 30, 2024, the Company had no financing activities. For the six months ended June 30, 2023, financing activities consisted of $6,281 from the exercise of common stock options.

Principal Commitments

Clinical Trial Agreements

The following is a summary of the Company’s ongoing contractual clinical trials described below as of June 30, 2024:

Description of

Clinical Trial

Institution

Start

Date

Projected

End Date

Number of Patients

in Trial

Study Objective

Clinical Update

Expected

Date of Preliminary Efficacy

Signal

NCT No.

Remaining

Financial

Contractual

Commitment

LB-100 combined with atezolizumab in microsatellite stable metastatic colon cancer (Phase 1b)

Netherlands Cancer Institute (NKI)

September 2024

December 2026

Determine RP2D with atezolizumab

Trial planned to open to accrual in 3rd quarter 2024

June 2026

NCT06012734

(1)

LB-100 combined with doxorubicin in advanced soft tissue sarcoma (Phase 1b)

GEIS

June 2023

Recruitment completed June 2024

9 to 18

Determine MTD and RP2D

Twelve patients entered

December 2024

NCT05809830

267,000

Doxorubicin with or without LB-100 in advanced soft tissue sarcoma (Randomized Phase 2)

GEIS

TBD

150

Determine efficacy: PFS

Clinical trial not yet begun (subject to completion of Phase 1b GEIS clinical trial)

December 2026

NCT05809830

3,200,000

LB-100 combined with dostarlimab in ovarian clear cell carcinoma (Phase 1b/2)

MD Anderson

January 2024

December 2027

Determine the OS of patients with ovarian clear cell carcinoma

Three patients entered

December 2026

NCT06065462

(1)

Total

3,467,000

(1)

The Company has no financial contractual commitment associated with this clinical trial at June 30, 2024.

Netherlands Cancer Institute. Effective June 10, 2024, the Company entered into a Clinical Trial Agreement with the Netherlands Cancer Institute (“NKI”) to conduct a Phase 1b clinical trial of the Company’s protein phosphatase inhibitor, LB-100, combined with atezolizumab, a PD-L1 inhibitor, the proprietary molecule of F. Hoffman-La Roche Ltd. (“Roche”), for patients with microsatellite stable metastatic colon cancer. Under the agreement, the Company will provide its lead compound, LB-100, and under a separate agreement between NKI and Roche, Roche will provide atezolizumab and financial support for the clinical trial. The Company has no obligation to and will not provide any reimbursement of clinical trial costs. Pursuant to the agreement and the protocol set forth in the agreement, the clinical trial will be conducted by NKI at NKI’s site in Amsterdam by principal investigator Neeltje Steeghs, MD, PhD, and NKI will be responsible for the recruitment of patients. The agreement provides for the protection of the respective intellectual property rights of each of the Company, NKI and Roche.

As of June 30, 2024, no costs have been incurred pursuant to this agreement.

Clinical Trial Monitoring Agreements

MD Anderson Cancer Center Clinical Trial. On May 15, 2024, the Company signed a letter of intent with Theradex to monitor the MD Andersen investigator-initiated Phase 1b/2 collaborative clinical trial to assess whether adding LB-100 to a human programmed death receptor-1 (“PD-1”) blocking antibody of GSK plc (“GSK”), dostarlimab-gxly, may enhance the effectiveness of immunotherapy in the treatment of ovarian clear cell carcinoma (“OCCC”). Costs under this letter of intent are estimated to be approximately $23,000. During the three months and six months ended June 30, 2024, the Company incurred costs of $8,228 pursuant to this letter of intent. As of June 30, 2024, total costs of $8,228 have been incurred pursuant to this letter of intent.

Patent and License Agreements

The Company is obligated to pay the NIH sublicensing royalties of 5% on sublicensing revenue received for granting each sublicense within sixty days of receipt of such sublicensing revenue.

Other Significant Agreements and Contracts

Netherlands Cancer Institute. On October 8, 2021, the Company entered into a Development Collaboration Agreement with the Netherlands Cancer Institute, Amsterdam (“NKI”), one of the world’s leading comprehensive cancer centers, and Oncode Institute, Utrecht, a major independent cancer research center, for a term of three years. The Development Collaboration Agreement was subsequently modified by Amendment No. 1 thereto. The Development Collaboration Agreement is intended to identify the most promising drugs to be combined with LB-100, and potentially LB-100 analogues, to be used to treat a range of cancers, as well as to identify the specific molecular mechanisms underlying the identified combinations. The Company agreed to fund the study, at an approximate cost of 391,000 Euros and provide a sufficient supply of LB-100 to conduct the study.

The Company’s aggregate commitment pursuant to this contract, less amounts previously paid to date, totaled approximately $73,000 as of June 30, 2024.

Trends, Events and Uncertainties

Research and development of new pharmaceutical compounds is, by its nature, unpredictable. Although the Company undertakes research and development efforts with commercially reasonable diligence, there can be no assurance that the Company’s cash position will be sufficient to enable it to develop pharmaceutical compounds to the extent needed to create future revenues sufficient to sustain operations.

There can be no assurances that the Company’s pharmaceutical compounds will obtain the regulatory approvals and market acceptance to achieve sustainable revenues sufficient to support operations. Even if the Company is able to generate revenues, there can be no assurances that it will be able to achieve operating profitability or positive operating cash flows. There can be no assurances that the Company will be able to secure additional financing, to the extent required, on acceptable terms or at all. If cash resources are insufficient to satisfy the Company’s ongoing cash requirements, the Company would be required to reduce or discontinue its research and development programs, or attempt to obtain funds, if available (although there can be no assurances), through strategic alliances that may require the Company to relinquish rights to certain of its pharmaceutical compounds, or to curtail or discontinue its operations entirely.

Other than as discussed above, the Company is not currently aware of any trends, events or uncertainties that are likely to have a material effect on its financial condition in the near term, although it is possible that new trends or events may develop in the future that could have a material effect on the Company’s financial condition.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company’s management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), that is designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer and principal financial officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

In accordance with Exchange Act Rules 13a-15 and 15d-15, an evaluation was completed under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of June 30, 2024, the end of the most recent fiscal period covered by this report. Based on that evaluation, the Company’s management has concluded that the Company’s disclosure controls and procedures were effective in providing reasonable assurance that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act was recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

Limitations on Effectiveness of Disclosure Controls and Procedures

In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. In addition, the design of disclosure controls and procedures must reflect that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Control Over Financial Reporting

The Company’s management, including its Chief Executive Officer and Chief Financial Officer, has determined that no change in the Company’s internal control over financial reporting (as that term is defined in Rules 13(a)-15(f) and 15(d)-15(f) of the Securities Exchange Act of 1934) occurred during the period ended June 30, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is not currently subject to any pending or threatened legal actions or claims.

ITEM 1A. RISK FACTORS

The Company’s business, financial condition, results of operations and cash flows may be impacted by a number of factors, many of which are beyond the Company’s control, including those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission on March 19, 2024 (the “2023 Form 10-K”).

The Risk Factors set forth in the 2023 Form 10-K should be read carefully in connection with evaluating the Company’s business and in connection with the forward-looking statements contained in this Quarterly Report on Form 10-Q. Any of the risks described in the 2023 Form 10-K could materially adversely affect the Company’s business, financial condition or future results, and the actual outcome of matters as to which forward-looking statements are made. These are not the only risks that the Company faces. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company’s business, financial condition and/or operating results.

As of the date of the filing of this document, except as disclosed herein, there have been no material changes to the Risk Factors previously disclosed in the Company’s 2023 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the three months ended June 30, 2024, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement”, as such term is defined in Item 408(a) of Regulation S-K.

ITEM 6. EXHIBITS

The following documents are filed as part of this report:

Exhibit Number		Description of Document

10.1		Consulting Agreement dated as of May 31, 2024 between the Company and Dr. Jan Schellens, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on June 5, 2024.

10.2		Clinical Trial Agreement dated as of June 10, 2024 between the Company and the Netherlands Cancer Institute, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on June 14, 2024.

31.1*		Officer’s Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Officer’s Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1*		Officer’s Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2*		Officer’s Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Inline XBRL Instance Document (does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL document and included in Exhibit 101.INS)

* Filed herewith.

SIGNATURES

In accordance with the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	LIXTE BIOTECHNOLOGY HOLDINGS, INC.
	(Registrant)

Date: August 8, 2024	By:	/s/ BASTIAAN VAN DER BAAN
		Bastiaan van der Baan
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: August 8, 2024	By:	/s/ ROBERT N. WEINGARTEN
		Robert N. Weingarten
		Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bastiaan van der Baan, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Lixte Biotechnology Holdings, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s Board of Directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2024	By:	/s/ BASTIAAN VAN DER BAAN
		Bastiaan van der Baan
		President and Chief Executive Officer
		(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert N. Weingarten, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Lixte Biotechnology Holdings, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s Board of Directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2024	By:	/s/ ROBERT N. WEINGARTEN
		Robert N. Weingarten
		Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

Exhibit 32.1

CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER

UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Bastiaan van der Baan, the Chief Executive Officer of Lixte Biotechnology Holdings, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(i) The Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Date: August 8, 2024	By:	/s/ BASTIAAN VAN DER BAAN
		Bastiaan van der Baan
		President and Chief Executive Officer
		(Principal Executive Officer)

Exhibit 32.2

CERTIFICATIONS OF CHIEF FINANCIAL OFFICER

UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert N. Weingarten, the Chief Financial Officer of Lixte Biotechnology Holdings, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 8, 2024	By:	/s/ ROBERT N. WEINGARTEN
		Robert N. Weingarten
		Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

Cover - $ / shares	6 Months Ended
Cover - $ / shares	Jun. 30, 2024	Aug. 02, 2024
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-39717
Entity Registrant Name	LIXTE BIOTECHNOLOGY HOLDINGS, INC.
Entity Central Index Key	0001335105
Entity Tax Identification Number	20-2903526
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	680 East Colorado Boulevard
Entity Address, Address Line Two	Suite 180
Entity Address, City or Town	Pasadena
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91101
City Area Code	(631)
Local Phone Number	830-7092
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,249,290
Entity Listing, Par Value Per Share	$ 0.0001
Common Stock, par value $0.0001 per share
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	LIXT
Security Exchange Name	NASDAQ
Warrants to Purchase Common Stock, par value $0.0001 per share
Title of 12(b) Security	Warrants to Purchase Common Stock, par value $0.0001 per share
Trading Symbol	LIXTW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 2,595,222	$ 4,203,488
Advances on research and development contract services		78,016
Prepaid insurance	22,558	17,116
Other prepaid expenses	49,824	10,000
Total current assets	2,667,604	4,308,620
Total assets	2,667,604	4,308,620
Current liabilities:
Accounts payable and accrued expenses, including $0 and $36,250 to related parties at June 30, 2024 and December 31, 2023, respectively	131,404	156,758
Research and development contract liabilities, including $254,852 and $120,768 to related parties at June 30, 2024 and December 31, 2023, respectively	290,061	157,100
Total current liabilities	421,465	313,858
Commitments and contingencies
Stockholders’ equity:
Preferred Stock, $0.0001 par value; authorized – 10,000,000 shares; issued and outstanding – 350,000 shares of Series A Convertible Preferred Stock, $10.00 per share stated value, liquidation preference based on assumed conversion into common shares – 72,917 shares at June 30, 2024 and December 31, 2023	3,500,000	3,500,000
Common stock, $0.0001 par value; authorized – 100,000,000 shares; issued and outstanding – 2,249,290 shares at June 30, 2024 and December 31, 2023	225	225
Additional paid-in capital	49,209,883	48,976,265
Accumulated deficit	(50,463,969)	(48,481,728)
Total stockholders’ equity	2,246,139	3,994,762
Total liabilities and stockholders’ equity	$ 2,667,604	$ 4,308,620

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	2,249,290	2,249,290
Common stock, shares outstanding	2,249,290	2,249,290
Series A Convertible Preferred Stock [Member]
Preferred stock, shares issued	350,000	350,000
Preferred stock, shares outstanding	350,000	350,000
Preferred stock liquidation preference per share	$ 10.00	$ 10.00
Preferred stock, issuable upon conversion	72,917	72,917
Related Party [Member]
Related parties accounts payable and accrued expenses	$ 0	$ 36,250
Related parties research and development contract liabilities	$ 254,852	$ 120,768

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues
General and administrative costs:
Compensation to related parties, including stock-based compensation expense of $130,691 and $280,060 for the three months ended June 30, 2024 and 2023, respectively, and $233,618 and $557,040 for the six months ended June 30, 2024 and 2023, respectively	306,354	522,561	624,016	1,042,041
Patent and licensing legal and filing fees and costs	63,612	340,010	146,823	657,350
Other costs and expenses	428,482	379,970	875,424	724,212
Research and development costs, including $67,119 and $53,178 for the three months ended June 30, 2024 and 2023, respectively, and $134,084 and $105,382 for the six months ended June 30, 2024 and 2023, respectively, to a related party	210,708	427,457	329,772	616,542
Total costs and expenses	1,009,156	1,669,998	1,976,035	3,040,145
Loss from operations	(1,009,156)	(1,669,998)	(1,976,035)	(3,040,145)
Interest income	2,233	2,714	5,092	7,729
Interest expense	(4,154)	(1,948)	(11,340)	(5,809)
Foreign currency gain	158	877	42	2,211
Net loss	$ (1,010,919)	$ (1,668,355)	$ (1,982,241)	$ (3,036,014)
Net loss per common share basic	$ (0.45)	$ (1.00)	$ (0.88)	$ (1.82)
Net loss per common share diluted	$ (0.45)	$ (1.00)	$ (0.88)	$ (1.82)
Weighted average common shares outstanding basic	2,249,290	1,665,956	2,249,290	1,665,479
Weighted average common shares outstanding diluted	2,249,290	1,665,956	2,249,290	1,665,479

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Allocated share based compensation expense	$ 130,691	$ 280,060	$ 233,618	$ 557,040
Research and development costs	210,708	427,457	329,772	616,542
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Allocated share based compensation expense	130,691	280,060	233,618	557,040
Research and development costs	$ 67,119	$ 53,178	$ 134,084	$ 105,382

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member] Series A Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022	$ 3,500,000	$ 166	$ 45,059,760	$ (43,394,699)	$ 5,165,227
Balance, shares at Dec. 31, 2022	350,000	1,664,706
Stock-based compensation expense			557,040		557,040
Net loss				(3,036,014)	(3,036,014)
Exercise of options			6,281		6,281
Exercise of options, shares		1,250
Balance at Jun. 30, 2023	$ 3,500,000	$ 166	45,623,081	(46,430,713)	2,692,534
Balance, shares at Jun. 30, 2023	350,000	1,665,956
Balance at Mar. 31, 2023	$ 3,500,000	$ 166	45,343,021	(44,762,358)	4,080,829
Balance, shares at Mar. 31, 2023	350,000	1,665,956
Stock-based compensation expense			280,060		280,060
Net loss				(1,668,355)	(1,668,355)
Balance at Jun. 30, 2023	$ 3,500,000	$ 166	45,623,081	(46,430,713)	2,692,534
Balance, shares at Jun. 30, 2023	350,000	1,665,956
Balance at Dec. 31, 2023	$ 3,500,000	$ 225	48,976,265	(48,481,728)	3,994,762
Balance, shares at Dec. 31, 2023	350,000	2,249,290
Stock-based compensation expense			233,618		233,618
Net loss				(1,982,241)	$ (1,982,241)
Exercise of options, shares
Balance at Jun. 30, 2024	$ 3,500,000	$ 225	49,209,883	(50,463,969)	$ 2,246,139
Balance, shares at Jun. 30, 2024	350,000	2,249,290
Balance at Mar. 31, 2024	$ 3,500,000	$ 225	49,079,192	(49,453,050)	3,126,367
Balance, shares at Mar. 31, 2024	350,000	2,249,290
Stock-based compensation expense			130,691		130,691
Net loss				(1,010,919)	(1,010,919)
Balance at Jun. 30, 2024	$ 3,500,000	$ 225	$ 49,209,883	$ (50,463,969)	$ 2,246,139
Balance, shares at Jun. 30, 2024	350,000	2,249,290

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (1,982,241)	$ (3,036,014)
Stock-based compensation expense included in -
General and administrative costs	233,618	557,040
Research and development costs
Increase (decrease) in -
Advances on research and development contract services	78,016	69,002
Prepaid insurance	(5,442)	(5,426)
Other prepaid expenses	(39,824)	(39,183)
Accounts payable and accrued expenses	(25,354)	136,764
Research and development contract liabilities	132,961	(128,936)
Net cash used in operating activities	(1,608,266)	(2,446,753)
Cash flows from financing activities:
Exercise of common stock options		6,281
Net cash provided by financing activities		6,281
Cash:
Net decrease	(1,608,266)	(2,440,472)
Balance at beginning of period	4,203,488	5,353,392
Balance at end of period	2,595,222	2,912,920
Supplemental disclosures of cash flow information:
Interest	11,340	5,809
Income taxes

Pay vs Performance Disclosure - USD ($)	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (1,010,919)	$ (1,668,355)	$ (1,982,241)	$ (3,036,014)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Business

Nasdaq Listing

Going Concern

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

Segment Information

Use of Estimates

Cash

Research and Development

Prepaid Insurance

Patent and Licensing Legal and Filing Fees and Costs

Concentration of Risk

Costs and expenses incurred that represented 10% or more of general and administrative costs or research and development costs for the six months ended June 30, 2024 and 2023 are described below.

Income Taxes

Stock-Based Compensation

Warrants

Earnings (Loss) Per Share

	2024		2023
	June 30,
	2024		2023

Series A Convertible Preferred Stock		72,917		72,917
Common stock warrants		808,365		190,031
Common stock options, including options issued in the form of warrants		605,348		428,229
Total		1,486,630		691,177

Foreign Currency Translation

The consolidated financial statements are presented in the United States dollar, which is the functional and reporting currency of the Company.

Fair Value of Financial Instruments

Recent Accounting Pronouncements

Research and Development Costs

6 Months Ended

Jun. 30, 2024

Research and Development [Abstract]

Research and Development Costs

3. Research and Development Costs

	2024		2023		2024		2023
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

United States	$	114,345	$	87,625	$	148,928	$	223,531
Spain		29,244		272,564		44,478		273,539
China		—		14,090		2,282		14,090
Netherlands		67,119		53,178		134,084		105,382
Total	$	210,708	$	427,457	$	329,772	$	616,542
Research and development costs	$	210,708	$	427,457	$	329,772	$	616,542

Stockholders’ Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders’ Equity

4. Stockholders’ Equity

Preferred Stock

Common Stock

On June 2, 2023, the Company effected a 1-for-10 reverse split of its outstanding shares of common stock.

All share and per share amounts and information presented herein have been retroactively adjusted to reflect the reverse stock split for all periods presented.

Common Stock Warrants

Schedule of Warrants Outstanding

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)

Warrants outstanding at December 31, 2023		808,365	$	16.407
Issued		—		—
Exercised		—		—
Expired		—		—
Warrants outstanding at June 30, 2024		808,365	$	16.407		3.49

Warrants exercisable at December 31, 2023		808,365	$	16.407
Warrants exercisable at June 30, 2024		808,365	$	16.407		3.49

At June 30, 2024, the outstanding warrants are exercisable at the following prices per common share:

Exercise Prices		Warrants Outstanding (Shares)

$	6.000		583,334
$	6.600		35,000
$	20.000		29,000
$	37.000		11,331
$	57.000		149,700
			808,365

Based on the closing fair market value of $2.37 per share on June 30, 2024, there was no intrinsic value attributed to exercisable but unexercised common stock warrants at June 30, 2024.

Information with respect to the issuance of common stock in connection with various stock-based compensation arrangements is provided at Note 6.

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

5. Related Party Transactions

Related party transactions include transactions with the Company’s officers, directors and affiliates.

Employment Agreements with Officers

Appointment of Dr. René Bernards to the Board of Directors

Compensatory Arrangements for Members of the Board of Directors

Cash compensation for directors, payable quarterly, is as follows:

Chairman of audit committee – additional $10,000 per year

Chairman of any other committees – additional $5,000 per year

Member of audit committee – additional $5,000 per year

Member of any other committees – additional $2,500 per year

Equity compensation for directors is as follows:

Stock-based compensation granted to members of the Company’s Board of Directors, officers and affiliates is described at Note 6.

Summary of Related Party Costs

	2024		2023		2024		2023
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Related party costs:
Cash-based	$	175,663	$	242,501	$	390,398	$	485,001
Stock-based		130,691		280,060		233,618		557,040
Total	$	306,354	$	522,561	$	624,016	$	1,042,041

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

The Company periodically issues common stock and stock options as incentive compensation to directors and as compensation for the services of employees, contractors, and consultants of the Company.

Risk-free interest rate	4.290	%
Expected dividend yield	0	%
Expected volatility	126.45	%
Expected life	2.5 to 3.5 years

Risk-free interest rate	4.565	%
Expected dividend yield	0	%
Expected volatility	138.05	%
Expected life	3.5 years

A summary of stock-based compensation costs for the three months and six months ended June 30, 2024 and 2023 is as follows:

	2024		2023		2024		2023
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

Related parties	$	130,691	$	280,060	$	233,618	$	557,040
Non-related parties		—		—		—		—
Total stock-based compensation costs	$	130,691	$	280,060	$	233,618	$	557,040

A summary of stock option activity, including options issued in the form of warrants, during the six months ended June 30, 2024 is as follows:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)

Stock options outstanding at December 31, 2023		552,083		$	15.330
Granted		56,598			2.370
Exercised		—			—
Expired		(3,333	)		66.000
Stock options outstanding at June 30, 2024		605,348		$	13.840		3.51

Stock options exercisable at December 31, 2023		252,292		$	28.387
Stock options exercisable at June 30, 2024		327,849		$	21.961		2.85

At June 30, 2024, the outstanding common stock options, including options issued in the form of warrants, are exercisable at the following prices per common share:

Exercise Prices		Options Outstanding (Shares)		Options Exercisable (Shares)

$	1.950		250,000		62,499
$	2.370		56,598		16,598
$	5.025		8,750		8,750
$	5.880		40,000		20,000
$	7.400		55,000		55,002
$	20.000		65,000		35,000
$	20.600		20,000		20,000
$	28.000		25,000		25,000
$	30.300		30,000		30,000
$	32.100		10,000		10,000
$	60.000		16,667		16,667
$	71.400		20,000		20,000
$	120.000		8,333		8,333
			605,348		327,849

Outstanding stock options to acquire 277,500 shares of the Company’s common stock had not vested at June 30, 2024.

The Company expects to satisfy such stock obligations through the issuance of authorized but unissued shares of common stock.

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Legal Claims

Principal Commitments

Clinical Trial Agreements

The following is a summary of the Company’s ongoing contractual clinical trials described below as of June 30, 2024:

Description of

Clinical Trial

Institution

Start Date

Projected End Date

Number of Patients

in Trial

Study Objective

Clinical Update

Expected

Date of Preliminary Efficacy

Signal

NCT No.

Remaining

Financial

Contractual

Commitment

LB-100 combined with atezolizumab in microsatellite stable metastatic colon cancer (Phase 1b)

Netherlands Cancer Institute (NKI)

September 2024

December 2026

Determine RP2D with atezolizumab

Trial planned to open to accrual in 3rd quarter 2024

June 2026

NCT06012734

⁽¹⁾

LB-100 combined with doxorubicin in advanced soft tissue sarcoma (Phase 1b)

GEIS

June 2023

Recruitment completed June 2024

9 to 18

Determine MTD and RP2D

Twelve patients entered

December 2024

NCT05809830

267,000

Doxorubicin with or without LB-100 in advanced soft tissue sarcoma (Randomized Phase 2)

GEIS

TBD

150

Determine efficacy: PFS

Clinical trial not yet begun (subject to completion of Phase 1b GEIS clinical trial)

December 2026

NCT05809830

3,200,000

LB-100 combined with dostarlimab in ovarian clear cell carcinoma (Phase 1b/2)

MD Anderson

January 2024

December 2027

Determine the OS of patients with ovarian clear cell carcinoma

Three patients entered

December 2026

NCT06065462

⁽¹⁾

Total

3,467,000

(1)	The Company has no financial contractual commitment associated with this clinical trial at June 30, 2024.

As of June 30, 2024, no costs have been incurred pursuant to this agreement.

Clinical Trial Monitoring Agreements

Patent and License Agreements

The Company is obligated to pay the NIH sublicensing royalties of 5% on sublicensing revenue received for granting each sublicense within sixty days of receipt of such sublicensing revenue.

Other Significant Agreements and Contracts

The Company’s aggregate commitment pursuant to this contract, less amounts previously paid to date, totaled approximately $73,000 as of June 30, 2024.

External Risks Associated with the Company’s Business Activities

Supply Chain Issues. The Company does not currently expect that supply chain issues will have a significant impact on its business activities, including its ongoing clinical trials.

The Company is continuing to monitor these matters and will adjust its current business and financing plans as more information and guidance become available.

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

9. Subsequent Events

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

Segment Information

Segment Information

Use of Estimates

Use of Estimates

Cash

Cash

Research and Development

Research and Development

Prepaid Insurance

Prepaid Insurance

Patent and Licensing Legal and Filing Fees and Costs

Patent and Licensing Legal and Filing Fees and Costs

Concentration of Risk

Concentration of Risk

Costs and expenses incurred that represented 10% or more of general and administrative costs or research and development costs for the six months ended June 30, 2024 and 2023 are described below.

Income Taxes

Income Taxes

Stock-Based Compensation

Stock-Based Compensation

Warrants

Warrants

Earnings (Loss) Per Share

Earnings (Loss) Per Share

	2024		2023
	June 30,
	2024		2023

Series A Convertible Preferred Stock		72,917		72,917
Common stock warrants		808,365		190,031
Common stock options, including options issued in the form of warrants		605,348		428,229
Total		1,486,630		691,177

Foreign Currency Translation

Foreign Currency Translation

The consolidated financial statements are presented in the United States dollar, which is the functional and reporting currency of the Company.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share

	2024		2023
	June 30,
	2024		2023

Series A Convertible Preferred Stock		72,917		72,917
Common stock warrants		808,365		190,031
Common stock options, including options issued in the form of warrants		605,348		428,229
Total		1,486,630		691,177

Research and Development Costs (Tables)

6 Months Ended

Jun. 30, 2024

Research and Development [Abstract]

Schedule of Research and Development Costs

	2024		2023		2024		2023
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

United States	$	114,345	$	87,625	$	148,928	$	223,531
Spain		29,244		272,564		44,478		273,539
China		—		14,090		2,282		14,090
Netherlands		67,119		53,178		134,084		105,382
Total	$	210,708	$	427,457	$	329,772	$	616,542
Research and development costs	$	210,708	$	427,457	$	329,772	$	616,542

Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Warrants Outstanding

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)

Warrants outstanding at December 31, 2023		808,365	$	16.407
Issued		—		—
Exercised		—		—
Expired		—		—
Warrants outstanding at June 30, 2024		808,365	$	16.407		3.49

Warrants exercisable at December 31, 2023		808,365	$	16.407
Warrants exercisable at June 30, 2024		808,365	$	16.407		3.49

Schedule of Warrants Outstanding and Exercisable

At June 30, 2024, the outstanding warrants are exercisable at the following prices per common share:

Exercise Prices		Warrants Outstanding (Shares)

$	6.000		583,334
$	6.600		35,000
$	20.000		29,000
$	37.000		11,331
$	57.000		149,700
			808,365

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Related Party Costs

	2024		2023		2024		2023
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Related party costs:
Cash-based	$	175,663	$	242,501	$	390,398	$	485,001
Stock-based		130,691		280,060		233,618		557,040
Total	$	306,354	$	522,561	$	624,016	$	1,042,041

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Fair Value of Each Option Award Estimated Assumption

Risk-free interest rate	4.290	%
Expected dividend yield	0	%
Expected volatility	126.45	%
Expected life	2.5 to 3.5 years

Risk-free interest rate	4.565	%
Expected dividend yield	0	%
Expected volatility	138.05	%
Expected life	3.5 years

Summary of Stock-based Compensation Costs

A summary of stock-based compensation costs for the three months and six months ended June 30, 2024 and 2023 is as follows:

	2024		2023		2024		2023
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

Related parties	$	130,691	$	280,060	$	233,618	$	557,040
Non-related parties		—		—		—		—
Total stock-based compensation costs	$	130,691	$	280,060	$	233,618	$	557,040

Summary of Stock Option Activity Including Options Form of Warrants

A summary of stock option activity, including options issued in the form of warrants, during the six months ended June 30, 2024 is as follows:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)

Stock options outstanding at December 31, 2023		552,083		$	15.330
Granted		56,598			2.370
Exercised		—			—
Expired		(3,333	)		66.000
Stock options outstanding at June 30, 2024		605,348		$	13.840		3.51

Stock options exercisable at December 31, 2023		252,292		$	28.387
Stock options exercisable at June 30, 2024		327,849		$	21.961		2.85

Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants

At June 30, 2024, the outstanding common stock options, including options issued in the form of warrants, are exercisable at the following prices per common share:

Exercise Prices		Options Outstanding (Shares)		Options Exercisable (Shares)

$	1.950		250,000		62,499
$	2.370		56,598		16,598
$	5.025		8,750		8,750
$	5.880		40,000		20,000
$	7.400		55,000		55,002
$	20.000		65,000		35,000
$	20.600		20,000		20,000
$	28.000		25,000		25,000
$	30.300		30,000		30,000
$	32.100		10,000		10,000
$	60.000		16,667		16,667
$	71.400		20,000		20,000
$	120.000		8,333		8,333
			605,348		327,849

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Clinical Trials

The following is a summary of the Company’s ongoing contractual clinical trials described below as of June 30, 2024:

Description of

Clinical Trial

Institution

Start Date

Projected End Date

Number of Patients

in Trial

Study Objective

Clinical Update

Expected

Date of Preliminary Efficacy

Signal

NCT No.

Remaining

Financial

Contractual

Commitment

LB-100 combined with atezolizumab in microsatellite stable metastatic colon cancer (Phase 1b)

Netherlands Cancer Institute (NKI)

September 2024

December 2026

Determine RP2D with atezolizumab

Trial planned to open to accrual in 3rd quarter 2024

June 2026

NCT06012734

⁽¹⁾

LB-100 combined with doxorubicin in advanced soft tissue sarcoma (Phase 1b)

GEIS

June 2023

Recruitment completed June 2024

9 to 18

Determine MTD and RP2D

Twelve patients entered

December 2024

NCT05809830

267,000

Doxorubicin with or without LB-100 in advanced soft tissue sarcoma (Randomized Phase 2)

GEIS

TBD

150

Determine efficacy: PFS

Clinical trial not yet begun (subject to completion of Phase 1b GEIS clinical trial)

December 2026

NCT05809830

3,200,000

LB-100 combined with dostarlimab in ovarian clear cell carcinoma (Phase 1b/2)

MD Anderson

January 2024

December 2027

Determine the OS of patients with ovarian clear cell carcinoma

Three patients entered

December 2026

NCT06065462

⁽¹⁾

Total

3,467,000

(1)	The Company has no financial contractual commitment associated with this clinical trial at June 30, 2024.

Organization and Basis of Presentation (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
	Jun. 02, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Apr. 09, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Minimum net stockholders equity maintaining in nasdaq	$ 2,500,000
Stockholders equity		$ 2,246,139	$ 2,692,534	$ 2,246,139	$ 2,692,534	$ 3,126,367	$ 3,994,762	$ 4,080,829	$ 5,165,227
Net Income (Loss) Attributable to Parent		1,010,919	1,668,355	1,982,241	3,036,014
Net Cash Provided by (Used in) Operating Activities				1,608,266	2,446,753
Cash		2,595,222		2,595,222			4,203,488			$ 40,000
Clinical Trial Agreements And Clinical Trial Monitoring Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual Obligation		3,614,000		3,614,000
Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reverse stock split	1-for-10
Stockholders equity		225	166	225	166	$ 225	$ 225	$ 166	$ 166
Net Income (Loss) Attributable to Parent
Common Stock [Member] \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Bid price	$ 1.00

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,486,630	691,177
Series A Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	72,917	72,917
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	808,365	190,031
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	605,348	428,229

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Product Information [Line Items]
Cash FDIC insurance	$ 250,000		$ 250,000
Cash SIPC insurance	500,000		500,000
Legal Fees	63,612	$ 340,010	146,823	$ 657,350
Unrecognized tax benefits	$ 0		$ 0		$ 0
Foreign currency average rate	1.0780	1.0899	1.0814	1.0816
Cost of Sales [Member] \| Revenue Benchmark [Member] \| Product Concentration Risk [Member]
Product Information [Line Items]
Concentration of risk, percentage	10.00%	10.00%	10.00%	10.00%
General and Administrative Expense [Member] \| Revenue Benchmark [Member] \| Product Concentration Risk [Member]
Product Information [Line Items]
Concentration of risk, percentage	8.00%	27.30%	8.90%	27.10%
General and Administrative Expense [Member] \| Revenue Benchmark [Member] \| Product Concentration Risk [Member] \| Stock Options Granted to Directors and Corporate Officers [Member]
Product Information [Line Items]
Concentration of risk, percentage	16.40%	22.50%	14.20%	23.00%
Research and Development Expense [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Vendor And Consultant One [Member]
Product Information [Line Items]
Concentration of risk, percentage	32.60%	12.40%	11.00%	11.20%
Research and Development Expense [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Vendor And Consultant Two [Member]
Product Information [Line Items]
Concentration of risk, percentage	37.90%	62.90%	24.00%	17.10%
Research and Development Expense [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Vendor and Consultant Three [Member]
Product Information [Line Items]
Concentration of risk, percentage			41.30%	43.60%

Schedule of Research and Development Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Research and development costs	$ 210,708	$ 427,457	$ 329,772	$ 616,542
UNITED STATES
Research and development costs	114,345	87,625	148,928	223,531
SPAIN
Research and development costs	29,244	272,564	44,478	273,539
CHINA
Research and development costs		14,090	2,282	14,090
NETHERLANDS
Research and development costs	$ 67,119	$ 53,178	$ 134,084	$ 105,382

Schedule of Warrants Outstanding (Details) - Common Stock Warrants [Member] - $ / shares	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Shares, Warrants Outstanding, Beginning Balance	808,365
Weighted Average Exercise Price, Warrants Outstanding, Beginning	$ 16.407
Number of Shares, Issued
Weighted Average Exercise Price, Issued
Number of Shares, Exercised
Weighted Average Exercise Price, Exercised
Number of Shares, Expired
Weighted Average Exercise Price, Expired
Number of Shares, Warrants Outstanding, Ending Balance	808,365
Weighted Average Exercise Price, Warrants Outstanding, Ending	$ 16.407
Weighted Average Remaining Contractual Life (in Years), Outstanding	3 years 5 months 26 days
Number of Shares, Warrants exercisable, Ending Balance	808,365	808,365
Weighted Average Exercise Price, Warrants exercisable, Beginning Balance	$ 16.407	$ 16.407
Weighted Average Remaining Contractual Life (in Years), Exercisable	3 years 5 months 26 days

Schedule of Warrants Outstanding and Exercisable (Details)	Jun. 30, 2024 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Warrants Outstanding Shares	808,365
Exercise Price One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 6.000
Warrants Outstanding Shares	583,334
Exercise Price Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 6.600
Warrants Outstanding Shares	35,000
Exercise Price Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 20.000
Warrants Outstanding Shares	29,000
Exercise Price Four [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 37.000
Warrants Outstanding Shares	11,331
Exercise Price Five [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 57.000
Warrants Outstanding Shares	149,700

Stockholders’ Equity (Details Narrative) - USD ($)						6 Months Ended		12 Months Ended
Stockholders’ Equity (Details Narrative) - USD ($)	Aug. 07, 2023	Jul. 20, 2023	Jun. 02, 2023	Mar. 10, 2023	Mar. 17, 2015	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized						10,000,000		10,000,000
Preferred stock, par value						$ 0.0001		$ 0.0001
Common stock, shares authorized						100,000,000		100,000,000
Common Stock, Par or Stated Value Per Share						$ 0.0001		$ 0.0001
Common stock, shares issued						2,249,290		2,249,290
Common stock, shares outstanding						2,249,290		2,249,290
Exercise of common stock options							$ 6,281
Warrants outstanding						808,365
Investor [Member]
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share	$ 6.00
Private Placement [Member]
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share	6.60
Exercise price		$ 6.00
Warrant expires date		Jul. 20, 2028
Proceeds from issuance initial public offering		$ 3,499,964
Costs of public offering		362,925
Net proceeds from issuance of stock		$ 3,137,039
Private Placement [Member] \| Investor [Member]
Class of Stock [Line Items]
Warrants to purchase shares		583,334
Warrants term		5 years
Placement Agents [Member]
Class of Stock [Line Items]
Exercise price		$ 6.60
Warrants to purchase shares		35,000
Warrant expires date		Jul. 20, 2028
Common Stock [Member]
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 5.9999
Reverse stock split			1-for-10
Issuance of common stock	403,334			1,250
Exercise price		$ 0.0001	$ 5.70
Number of common stock shares issued during period		180,000
Sale of stock price per share		$ 6.00
Warrants to purchase shares	403,334	403,334
Exercise of common stock options	$ 41
Fair market value of stock						$ 57.00
Warrants outstanding						1,497,000
Warrant [Member]
Class of Stock [Line Items]
Issuance of common stock				1,250
Exercise price				$ 5.025
Proceeds from warrant exercises				$ 6,281
Fair market value of stock			$ 5.70
Warrants and rights outstanding			$ 57.00
Common Stock Warrant [Member]
Class of Stock [Line Items]
Fair market value of stock						$ 2.37
Series A Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized					350,000
Principal cash obligations and commitments					175,000
Preferred stock dividend, percentage					1.00%
Annual net revenue					175,000
Preferred stock convertible into common stock						72,917		72,917
Gross proceeds from sale of transaction						$ 21,875,000
Preferred stock, shares outstanding						350,000		350,000
Series A Convertible Preferred Stock [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Preferred stock, conversion description						Each share of Series A Convertible Preferred Stock may be converted, at the option of the holder, into 0.20833 shares of common stock (subject to customary anti-dilution provisions) and the Series A Convertible Preferred Stock is subject to mandatory conversion at the conversion rate in the event of a merger or sale transaction resulting in gross proceeds to the Company of at least $21,875,000
Preferred stock convertible into common stock						0.20833
Undesignated Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized						9,650,000		9,650,000

Summary of Related Party Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
Summary of Related Party Costs (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Stock-based	$ 130,691	$ 280,060	$ 233,618	$ 557,040
Total	306,354	522,561	624,016	1,042,041
Director [Member]
Related Party Transaction [Line Items]
Cash-based	175,663	242,501	390,398	485,001
Stock-based	130,691	280,060	233,618	557,040
Total	$ 306,354	$ 522,561	$ 624,016	$ 1,042,041

Related Party Transactions (Details Narrative)												3 Months Ended		6 Months Ended
Related Party Transactions (Details Narrative)	Jun. 30, 2024 USD ($) shares	Sep. 26, 2023 USD ($)	Jun. 30, 2023 shares	Nov. 06, 2022 USD ($)	Jun. 30, 2022 shares	Jun. 30, 2021 shares	May 01, 2021 USD ($)	Apr. 09, 2021 USD ($)	Oct. 01, 2020 USD ($)	Aug. 12, 2020 USD ($)	Aug. 01, 2020 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 EUR (€) shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
General administrative expense												$ 306,354	$ 522,561	$ 624,016		$ 1,042,041
Cash	$ 2,595,222							$ 40,000				2,595,222		$ 2,595,222			$ 4,203,488
Share-based payment award, award vesting period														12.50%	12.50%
New Independent Director [Member]
Related Party Transaction [Line Items]
Options, grants in period, gross \| shares														25,000	25,000
Share-based payment award, award vesting period														50.00%	50.00%
Annual Grant of Options [Member]
Related Party Transaction [Line Items]
Options, grants in period, gross \| shares														10,000	10,000
Share-based payment award, award vesting period														12.50%	12.50%
Schellens [Member]
Related Party Transaction [Line Items]
Stock based compensation														$ 111,338	€ 104,000
Related Party [Member] \| Annual Grant of Options [Member]
Related Party Transaction [Line Items]
Annual cash fee														40,000
Independent Director [Member]
Related Party Transaction [Line Items]
Stock based compensation												0	42,501	38,819		85,001
Forman [Member]
Related Party Transaction [Line Items]
Paid office rent												4,230	1,530	9,881		4,113
Director [Member]
Related Party Transaction [Line Items]
Compensation								20,000
General administrative expense												0	15,625	$ 18,194		31,250
Options, grants in period, gross \| shares	10,000		10,000		10,000	10,000
Director [Member] \| Appointment Grants of Options [Member]
Related Party Transaction [Line Items]
Options exercisable period														5 years	5 years
Cash fee payable	$ 100,000											100,000		$ 100,000
Chairman of Audit Committee [Member]
Related Party Transaction [Line Items]
Compensation								10,000
Chairman of Other Committees [Member]
Related Party Transaction [Line Items]
Compensation								5,000
Member of Audit Committee [Member]
Related Party Transaction [Line Items]
Compensation								5,000
Member of Other Committees [Member]
Related Party Transaction [Line Items]
Compensation								$ 2,500
Employment Agreement [Member] \| Dr. Kovach [Member]
Related Party Transaction [Line Items]
Annual salary									$ 250,000
Compensation													62,500			125,000
Employment Agreement [Member] \| Dr. James S. Miser, M.D [Member]
Related Party Transaction [Line Items]
Annual salary											$ 150,000
Compensation												43,750	43,750	87,500		87,500
Increase in annual salary							$ 175,000
Employment Agreement [Member] \| Eric J. Forman [Member]
Related Party Transaction [Line Items]
Annual salary		$ 150,000								$ 120,000
Compensation												50,000	50,000	100,000		100,000
Increase in annual salary							175,000
Employment Agreement [Member] \| Chief Operating Officer [Member]
Related Party Transaction [Line Items]
Compensation				$ 200,000
Employment Agreement [Member] \| Robert N. Weingarten [Member]
Related Party Transaction [Line Items]
Annual salary										$ 120,000
Compensation												43,750	$ 43,750	87,500		$ 87,500
Increase in annual salary							$ 175,000
Employment Agreement [Member] \| Mrvander Baan [Member]
Related Party Transaction [Line Items]
Compensation												$ 38,163		$ 76,579

Schedule of Fair Value of Each Option Award Estimated Assumption (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.29%	4.565%
Expected dividend yield	0.00%	0.00%
Expected volatility	126.45%	138.05%
Expected life		3 years 6 months
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life	2 years 6 months
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life	3 years 6 months

Summary of Stock-based Compensation Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Total stock-based compensation costs	$ 130,691	$ 280,060	$ 233,618	$ 557,040
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Total stock-based compensation costs	130,691	280,060	233,618	557,040
Nonrelated Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Total stock-based compensation costs

Summary of Stock Option Activity Including Options Form of Warrants (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of shares, stock options outstanding, at the beginning \| shares	552,083
Weighted average exercise price, stock options outstanding, at the beginning \| $ / shares	$ 15.330
Number of shares, granted \| shares	56,598
Weighted average exercise price, granted \| $ / shares	$ 2.370
Number of shares, exercised \| shares
Weighted average exercise price, exercised \| $ / shares
Number of shares, expired \| shares	(3,333)
Weighted average exercise price, expired \| $ / shares	$ 66.000
Number of shares, stock options outstanding, at the end \| shares	605,348
Weighted average exercise price, stock options outstanding, at the end \| $ / shares	$ 13.840
Weighted average remaining contractual life (in years), stock options outstanding	3 years 6 months 3 days
Number of shares, stock options exercisable \| shares	327,849	252,292
Weighted average exercise price, stock options exercisable \| $ / shares	$ 21.961	$ 28.387
Weighted average remaining contractual life (in years), stock options exercisable	2 years 10 months 6 days

Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding (Shares)	605,348
Options Exercisable (Shares)	327,849
Exercise Price One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 1.950
Options Outstanding (Shares)	250,000
Options Exercisable (Shares)	62,499
Exercise Price Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 2.370
Options Outstanding (Shares)	56,598
Options Exercisable (Shares)	16,598
Exercise Price Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 5.025
Options Outstanding (Shares)	8,750
Options Exercisable (Shares)	8,750
Exercise Price Four [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 5.880
Options Outstanding (Shares)	40,000
Options Exercisable (Shares)	20,000
Exercise Price Five [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 7.400
Options Outstanding (Shares)	55,000
Options Exercisable (Shares)	55,002
Exercise Price Six [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 20.000
Options Outstanding (Shares)	65,000
Options Exercisable (Shares)	35,000
Exercise Price Seven [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 20.600
Options Outstanding (Shares)	20,000
Options Exercisable (Shares)	20,000
Exercise Price Eight [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 28.000
Options Outstanding (Shares)	25,000
Options Exercisable (Shares)	25,000
Exercise Price Nine [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 30.300
Options Outstanding (Shares)	30,000
Options Exercisable (Shares)	30,000
Exercise Price Ten [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 32.100
Options Outstanding (Shares)	10,000
Options Exercisable (Shares)	10,000
Exercise Price Eleven [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 60.000
Options Outstanding (Shares)	16,667
Options Exercisable (Shares)	16,667
Exercise Price Twelve [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 71.400
Options Outstanding (Shares)	20,000
Options Exercisable (Shares)	20,000
Exercise PriceThirteen [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices \| $ / shares	$ 120.000
Options Outstanding (Shares)	8,333
Options Exercisable (Shares)	8,333

Stock-Based Compensation (Details Narrative) - USD ($)																3 Months Ended		6 Months Ended		12 Months Ended
Stock-Based Compensation (Details Narrative) - USD ($)	Jul. 01, 2024	Jun. 30, 2024	Nov. 27, 2023	Sep. 26, 2023	Jun. 30, 2023	Nov. 06, 2022	Oct. 07, 2022	Jun. 30, 2022	Jun. 17, 2022	Jun. 30, 2021	May 11, 2021	Aug. 12, 2020	Aug. 01, 2020	Jul. 15, 2020	Jul. 14, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares outstanding		605,348														605,348		605,348		552,083
Number of fully vested option exercisable		327,849														327,849		327,849		252,292
Number of fully vested option exercisable																		56,598
Deferred compensation expense for unvested stock options																		$ 538,000
Fair market value, per share																		$ 2.37
Intrinsic value		$ 26,000														$ 26,000		$ 26,000
Outstanding stock options to acquire shares of common stock not vested		277,500														277,500		277,500
Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options		10,000			10,000			10,000		10,000
Stock option vested exercisable term		5 years							5 years
Exercise price		$ 2.37														$ 2.37		$ 2.37
Share based compensation vesting rights, percentage		vesting 12.5% on the last day of each subsequent calendar quarter-end until fully vested, subject to continued service.
Fair value of stock options		$ 73,976
Stock price per share		$ 1.8494				$ 20.00										$ 1.8494		$ 1.8494
Number of fully vested option exercisable		40,000
Five Non Officer Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options										50,000
Stock option vested exercisable term										5 years
Share based compensation vesting rights, percentage										vesting 12.5% on the last day of each subsequent calendar quarter-end until fully vested.
Fair value of stock options										$ 1,421,095
Stock price per share										$ 28.423
Stock based compensation																	$ 106,290		$ 211,413
BasvanderBaan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options									25,000
Exercise price									$ 7.40
Share based compensation vesting rights, percentage									vesting 50% on the grant date and the remainder vesting 12.5% on the last day of each subsequent calendar quarter-end until fully vested, subject to continued service.
Fair value of stock options									$ 158,525
Stock price per share									$ 6.341
Stock based compensation																$ 9,695	9,695	$ 19,390	19,283
Stock options granted to purchase common stock, issued									$ 79,263
Five Non-Officer Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options								50,000
Stock option vested exercisable term								5 years
Exercise price								$ 7.40
Share based compensation vesting rights, percentage								vesting 12.5% on the last day of each subsequent calendar quarter-end until fully vested, subject to continued service.
Fair value of stock options								$ 316,700
Stock price per share								$ 6.334
Stock based compensation																23,655	23,655	47,310	47,049	$ 23,655
Four Officers [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options						20,000
Stock option vested exercisable term						5 years
Share based compensation vesting rights, percentage						vesting 25% on issuance and 25% on each anniversary date thereafter until fully vested, subject to continued service.
Fair value of stock options						$ 262,560
Stock price per share						$ 3.282
Stock based compensation																$ 12,396	$ 16,352	$ 24,660	$ 32,524
Number of fully vested option exercisable						80,000
Stock options granted to purchase common stock, issued						80,000
Four Non-officer Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options					40,000
Stock option vested exercisable term		5 years			5 years
Exercise price		$ 2.37			$ 5.88											$ 2.37	$ 5.88	$ 2.37	$ 5.88
Share based compensation vesting rights, percentage					vesting 12.5% on the last day of each subsequent calendar quarter-end until fully vested, subject to continued service.
Fair value of stock options		$ 27,500			$ 192,593
Stock price per share		$ 1.6570			$ 4.8131											$ 1.6570	$ 4.8131	$ 1.6570	$ 4.8131
Stock based compensation																$ 24,100		$ 48,068
Four Non Officer Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options		16,598
Robert N. Weingarten [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options												5,833
Ms.Regina Brown [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options											25,000
Stock option vested exercisable term											5 years
Exercise price											$ 28.00
Share based compensation vesting rights, percentage											vesting 50% on the grant date and the remainder vesting 12.5% on the last day of each subsequent calendar quarter-end until fully vested.
Fair value of stock options											$ 658,363
Stock price per share											$ 26.335
Stock options fully vested amount, fair value											$ 329,188
Stock based compensation																	$ 38,405		$ 76,388
Schellens [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Purchase of granted stock options	15,000
Schellens [Member] \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options	15,000
Stock option vested exercisable term	5 years
Exercise price	$ 2.39
Share based compensation vesting rights, percentage	The options vest quarterly over a three-year period commencing on the last day of each calendar quarter commencing September 30, 2024.
Fair value of stock options	$ 29,074
Stock price per share	$ 1.9382
Employment Agreement [Member] \| Eric J. Forman [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options														5,833
Stock option vested exercisable term														5 years
Exercise price														$ 71.40
Share based compensation vesting rights, percentage														The options vested 25% on August 12, 2020, 2021 and 2022, respectively, with the final 25% vesting on August 12, 2023.
Fair value of stock options														$ 400,855
Stock price per share														$ 68.718
Stock options fully vested amount, fair value												$ 100,214
Stock based compensation																	24,985		49,695
Employment Agreement [Member] \| Dr.James S. Miser [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options													8,333
Stock option vested exercisable term													5 years
Exercise price													$ 71.40
Share based compensation vesting rights, percentage													The options vested 25% on August 1, 2020, 2021 and 2022, respectively, with the final 25% vesting on August 1, 2023.
Fair value of stock options													$ 572,650
Stock price per share													$ 68.718
Stock options fully vested amount, fair value													$ 143,163
Stock based compensation																	35,693		70,993
Employment Agreement [Member] \| Robert N. Weingarten [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option vested exercisable term												5 years
Exercise price												$ 71.40
Share based compensation vesting rights, percentage																				The options vested 25% on August 12, 2020, 2021 and 2022, respectively, with the final 25% vesting on August 12, 2023.
Fair value of stock options												$ 400,855
Stock price per share												$ 68.718
Stock options fully vested amount, fair value												$ 100,214
Stock based compensation																	$ 24,985		$ 49,695
Employment Agreement [Member] \| BasvanderBaan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of stock options				250,000
Stock option vested exercisable term				5 years
Exercise price				$ 1.95
Fair value of stock options				$ 403,066
Stock price per share				$ 1.612
Stock based compensation																$ 33,345		$ 66,690
Employment Agreement [Member] \| Mrvander Baan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation vesting rights, percentage				The options vest in equal increments quarterly over a three-year period commencing on the last day of each calendar quarter commencing October 1, 2023, subject to continued service.
2020 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Purchase of granted stock options			336,667				180,000
Fair value of stock options			750,000				413,333
Shares outstanding		551,598														551,598		551,598
Shares were available for issuance		198,402														198,402		198,402
2020 Stock Incentive Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock issued															233,333

Schedule of Contractual Clinical Trials (Details)

6 Months Ended

Jun. 30, 2024

USD ($)

Integer

Other Commitments [Line Items]

Remaining financial contractual commitment | $

$ 3,467,000

Phase 1b [Member]

Other Commitments [Line Items]

Clinical trial, description

LB-100 combined with atezolizumab in microsatellite stable metastatic colon cancer

Estimated Start Date

September 2024

Estimated End Date

December 2026

Number of Patients in Trial | Integer

Expected Date

June 2026

Remaining financial contractual commitment | $

^[1]

Phase 1b Two [Member]

Other Commitments [Line Items]

Clinical trial, description

LB-100 combined with doxorubicin in advanced soft tissue sarcoma

Estimated Start Date

June 2023

Estimated End Date

Recruitment completed June 2024

Expected Date

December 2024

Remaining financial contractual commitment | $

$ 267,000

Phase 1b Two [Member] | Minimum [Member]

Other Commitments [Line Items]

Number of Patients in Trial | Integer

Phase 1b Two [Member] | Maximum [Member]

Other Commitments [Line Items]

Number of Patients in Trial | Integer

Randomized Phase 2 [Member]

Other Commitments [Line Items]

Clinical trial, description

Doxorubicin with or without LB-100 in advanced soft tissue sarcoma (Randomized

Number of Patients in Trial | Integer

150

Expected Date

December 2026

Remaining financial contractual commitment | $

$ 3,200,000

Clinical Trial Phase MD 1b 2 [Member]

Other Commitments [Line Items]

Clinical trial, description

LB-100 combined with dostarlimab in ovarian clear cell carcinoma

Estimated Start Date

January 2024

Estimated End Date

December 2027

Number of Patients in Trial | Integer

Expected Date

December 2026

Remaining financial contractual commitment | $

^[1]

[1]	The Company has no financial contractual commitment associated with this clinical trial at June 30, 2024.

Commitments and Contingencies (Details Narrative)						1 Months Ended	3 Months Ended		6 Months Ended
Commitments and Contingencies (Details Narrative)	Feb. 23, 2024 USD ($)	Jun. 22, 2023 USD ($)	Feb. 05, 2021 USD ($)	Sep. 14, 2015 USD ($)	Dec. 24, 2013 USD ($)	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jan. 31, 2030 USD ($)	Dec. 31, 2023 USD ($)	Oct. 03, 2023 EUR (€)	Oct. 08, 2021 EUR (€)
Other Commitments [Line Items]
Research and development costs							$ 210,708	$ 427,457	$ 329,772	$ 616,542
Aggregate commitments expected							3,467,000		3,467,000
GEIS [Member]
Other Commitments [Line Items]
Amount related to milestone payment									684,652
NDA Consulting Corp [Member]
Other Commitments [Line Items]
Consulting and advisory fee					$ 4,000		4,000	4,000	8,000	8,000
Clinical Trial Agreements And Clinical Trial Monitoring Agreements [Member]
Other Commitments [Line Items]
Contractual commitment							3,614,000		3,614,000
Clinical Trial Agreements [Member]
Other Commitments [Line Items]
Contractual commitment							3,467,000		3,467,000
Clinical Trial Monitoring Agreements [Member]
Other Commitments [Line Items]
Contractual commitment							147,000		147,000
Total costs							8,228		8,228
Research and development costs							8,228
Aggregate commitments expected							18,000		18,000
Additional cost							72,000		72,000
Clinical Research Support Agreement [Member] \| City of Hope [Member]
Other Commitments [Line Items]
Litigation settlement expense							78,015	0	78,015	69,001
Total costs							525,528		525,528
Collaboration Agreement [Member] \| GEIS [Member]
Other Commitments [Line Items]
Inventory costs												$ 1,144,000
Research and development costs							0	268,829	0	268,829
Aggregate commitments expected							3,467,000		3,467,000
Collaboration Agreement [Member] \| GEIS [Member] \| Phase 1b [Member]
Other Commitments [Line Items]
Aggregate commitments expected							267,000		267,000
Collaboration Agreement [Member] \| GEIS [Member] \| Phase 2 [Member]
Other Commitments [Line Items]
Aggregate commitments expected							3,200,000		3,200,000
Collaboration Agreement [Member] \| Bio Pharma Works LLC [Member]
Other Commitments [Line Items]
Consulting and advisory fee				$ 10,000
Reimbursed expense							7,200	30,000	27,200	60,000
Clinical Trial Research Agreement [Member]
Other Commitments [Line Items]
Research and development costs							0	6,000	0	12,000
Aggregate commitments expected							147,239		147,239
Work Order Agreement [Member]
Other Commitments [Line Items]
Total costs							27,595		27,595
Aggregate commitments expected							129,000		129,000
Work Order Agreement [Member] \| City of Hope [Member]
Other Commitments [Line Items]
Total costs							87,681		87,681
Research and development costs			$ 335,000				4,500	5,687	9,000	11,240
Work Order Agreement [Member] \| Theradex Systems, Inc. [Member]
Other Commitments [Line Items]
Research and development costs							7,203	6,250	12,733	6,250
Work cost		$ 153,000
Percentage of payment through services		72.00%
Percentage of payment through software		28.00%
License Agreement [Member]
Other Commitments [Line Items]
Non refundable license issue royalty	$ 50,000
Dosing of product	100,000
Payment for royalties	$ 1,225,000
Royalty percentage	5.00%
License Agreement [Member] \| Minimum [Member]
Other Commitments [Line Items]
Non refundable license issue royalty						$ 50,000
License Agreement [Member] \| Due Each January 1 [Member]
Other Commitments [Line Items]
Minimum annual royalty payable	$ 25,643					$ 25,643					$ 30,000
Licensing Agreements [Member]
Other Commitments [Line Items]
Research and development costs									60,569
Aggregate commitments expected							1,795,000		1,795,000
Research and development process costs							7,455		60,569
Stock based compensation								6,233		12,398
Development Collaboration Agreement [Member] \| Netherlands Cancer Institute [Member]
Other Commitments [Line Items]
Research and development costs									619,640
Aggregate commitments expected							588,000		588,000				€ 500,000	€ 391,000
Advance amount related to milestone payment							67,119	53,178	134,084	105,382
MRI Global [Member]
Other Commitments [Line Items]
Research and development costs									325,085
Aggregate commitments expected							73,000		73,000
Advance amount related to milestone payment							$ 5,976	$ 5,210	$ 9,870	$ 9,583

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