Mosaic ImmunoEngineering (CPMV) is a pre-revenue development-stage biotech with a balance sheet that is deeply, and increasingly, insolvent under a liquidation lens. As of December 31, 2025, total assets were $19,882—consisting entirely of $3,622 in cash and $16,260 in prepaid/other current assets—against total liabilities of $7,495,902. Applying standard liquidation haircuts (cash at 100%, prepaid at 0%), realizable asset value is approximately $3,600. Total liabilities remain at face value of $7.5M, producing an estimated equity recovery of negative $7.5M, consistent with the MFFAIS-reported CLV/LLV/OLV of approximately negative $6.0M (the gap reflects the prepaid write-off and rounding). There are no PP&E, inventory, AR, or tangible intangibles on the balance sheet; the entire asset base is current and near-liquid. The liability stack is dominated by accrued compensation of $4,254,208 (57% of total liabilities), which grew $486,556 during 2025 and has been accruing for years with no cash settlement. The $1,465,847 in long-term convertible notes (accreting at 8% per annum on a $916,632 principal base, now at full redemption value of $1,145,790 with accumulated non-cash interest pushing the carrying value higher) would trigger a 1.5x principal acceleration clause upon any corporate transaction, further widening the deficit under a change-of-control liquidation scenario. The $200,000 loan payable (5% per annum, due upon a $10M+ financing) and $787,903 in accrued consulting (frozen, related-party deferred compensation) round out the obligation stack. Cash declined from $115,019 at December 31, 2024 to $3,622 at December 31, 2025—a 97% reduction—on operating cash outflow of $111,397 with zero financing inflows. At the current burn rate, cash is effectively exhausted. The auditors issued a going concern qualification for the year ended December 31, 2025. The Oncotelic Binding Term Sheet, the sole near-term strategic avenue, expired June 30, 2025 without execution. No subsequent events indicate new financing. The accumulated deficit stands at $9,526,166, up from $8,838,320 a year prior. Under any plausible liquidation scenario, equity recovery is zero; common holders are deeply out of the money. Series B Preferred (70,000 shares outstanding, stated value $6.50/share = $455,000 aggregate liquidation preference) sits senior to common but well behind the $7.5M liability stack, also yielding zero recovery. Filing discusses accrued CWRU patent fees of $406,973 and UC San Diego accrued expenses of $40,900 within the accrued liabilities balance but does not separately XBRL-tag these sub-components as distinct balance sheet line items.
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