As filed with the Securities and Exchange Commission on May 24, 2021

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As filed with the Securities and Exchange Commission on November 21, 2025

Registration No. 333-

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-1

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Oncotelic Therapeutics, Inc.

(Formerly Mateon Therapeutics, Inc.)

(Exact name of Registrant as specified in its charter)

Delaware	5417	13-3679168
(Incorporation or organization)	(Primary Standard Industrial	(I.R.S. Employer
(Incorporation	(Primary Standard Industrial	(I.R.S. Employer
	Classification Code Number)	Identification Number)
or organization)	Classification Code Number)	Identification Number)

29397 Agoura Road, Suite 107 Agoura Hills, CA 91301 (650) 635-7000 (Name, address, telephone number of agent for service) Vuong Trieu Chief Executive Officer Oncotelic Therapeutics, Inc. 29397 Agoura Road, Suite 107 Agoura Hills, CA 91301 (650) 635-7000 (Address and Telephone Number of Registrant’s Principal Executive Offices and Principal Place of Business) Communication Copies to Jay K. Yamamoto, Esq. Sichenzia Ross Ference LLP 1185 Avenue of the Americas New York, NY 10036 jyamamoto@srf.law (212) 930 9700

~~Approximate~~Agoura ~~date~~Hills, ~~of proposed sale to the public: As soon as practicable and from time to time after the effective date of this Registration~~CA ~~Statement.~~91301

If(650) ~~any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. [X]~~635-7000

(Name, address, telephone number of agent for service)

Vuong Trieu

Chief Executive Officer

Oncotelic Therapeutics, Inc.

29397 Agoura Road, Suite 107

Agoura Hills, CA 91301

(650) 635-7000

(Address and Telephone Number of Registrant’s Principal Executive Offices and Principal Place of Business)

Communication Copies to

James A Mercer III

Sheppard Mullin Richter & Hampton LLP

12275 El Camino Real, Suite 100

San Diego, CA 92130

Telephone: (858) 720-7469

Email: jmercer@sheppardmullin.com

Approximate date of proposed sale to the public: As soon as practicable and from time to time after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.

If this Form is a post-effective amendment filed pursuant to rule 462(c) under the Securities Act, check the following box and list ~~the~~ the Securities Act registration statement number of the earlier effective registration statement for the same offering. ~~[ ]~~ ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list ~~the~~ the Securities Act registration statement number of the earlier effective registration statement for the same offering. ~~[ ]~~ ☐

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

Large accelerated filer [☐ ] Accelerated filer [☐ ] Non-accelerated filer [☐ ] Smaller reporting company ~~[X]~~☒ (Do not check if a 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~~ complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ~~[ ]~~ ☐

CALCULATION OF REGISTRATION FEE

Title of each class of securities to be Registered		Amount to be Registered				Proposed Maximum Offering Price Per Share				Proposed Maximum Aggregate Offering Price				Amount of Registration Fee
Common Stock, $.01 par value			33,863,445	(1)(2)		$	0.2975	(3)		$	10,074,375	(3)		$	1,099.12

(1)Represents shares offered by the Selling Stockholder. Includes an indeterminable number of additional shares of Common Stock, pursuant to Rule 416 under the Securities Act that may be issued to prevent dilution from stock splits, stock dividends or similar transaction that could affect the shares to be offered by Selling Stockholder.

(2)Consists of 33,613,445 shares of Common Stock that we may issue to the Peak One Opportunity Fund, LP (“Peak One”) pursuant to put notices under the May 3, 2021 Equity Purchase Agreement with Peak One and consists of 250,000 shares of Common Stock issuable pursuant to a Commitment Fee of 250,000 Common Stock Shares, 125,000 of which were issued to each of Peak One and Peak One Investments, LLC (“Peak One Investments”) on May 3, 2021.

(3)Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended, and is based upon the closing price of $0.2975 per share of the Registrant’s Common Stock on the OTCQB on May 20, 2021.

The Registrant hereby may amend this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Commission, acting pursuant to such Section 8(a), may determine.

The information in this prospectus is not complete and may be changed without notice. The Selling Security Holders may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and neither the Registrant nor the Selling Security Holders are soliciting offers to buy these securities, in any state where the offer or sale of these securities is not permitted.

PRELIMINARY PROSPECTUS SUBJECT TO COMPLETION DATED ~~MAY~~NOVEMBER 2421, ~~2021~~2025

ONCOTELIC THERAPEUTICS, INC.

33309,~~863~~717,~~445~~ 647 SHARES OF COMMON STOCK

This prospectus relates to the resale of 309,717,647 shares of our ~~Common~~common stock, par value $0.01 per share, which may be offered by Mast Hill Fund, LP (“Mast Hill” or the “~~Common~~Selling ~~Stock~~Stockholder”), offrom antime ~~aggregate of~~to ~~33,863,445~~time. ~~Common~~The ~~Stock~~shares ~~Shares~~offered ~~pursuant~~in tothis prospectus ~~our~~were ~~May~~transferred 3,to ~~2021~~Mast ~~Equity~~Hill ~~Purchase~~in ~~Agreement~~connection ~~which~~with ~~may~~the beNote ~~offered~~Purchase byAgreement ~~Peak~~dated ~~One~~as ~~Opportunity Fund~~of July 31, LP2025 (the “~~Peak~~Note ~~One~~Purchase Agreement”) and ~~Peak~~the ~~One~~Equity ~~Investments~~Purchase ~~(“Peak~~Agreement ~~One~~dated ~~Investments)~~as of August 1, 2025 (the “~~EPA~~Equity Purchase Agreement”), as follows: (a) up to 33294,~~613~~117,~~445~~647 ~~Common~~shares ~~Stock~~of ~~Shares~~common stock to be issued to ~~Peak~~Mast ~~One~~Hill pursuant to put notices under the ~~May 3, 2021~~ Equity Purchase Agreement ~~with Peak One~~; (b) ~~125~~3,350,000 ~~Commitment~~shares ~~Fee~~underlying ~~Shares~~warrants issued to ~~Peak~~Mast ~~One~~Hill ~~and~~pursuant ~~Peak~~to ~~One~~the ~~Investments~~Equity Purchase ~~for~~Agreement; an(c) ~~aggregate~~8,000,000 shares issuable to Mast Hill on conversion of ~~250~~the indebtedness issued under the Note Purchase Agreement; (c) 2,000,000 ~~Commitment~~shares ~~Fee Shares~~underlying ~~(Peak~~warrants ~~One~~issued ~~Investments~~to isMast Hill pursuant to the ~~General~~Note ~~Partner~~Purchase ofAgreement; ~~Peak~~(d) ~~One~~2,250,000 Commitment ~~both~~Fee ofShares ~~which~~issued ~~are~~to ~~Delaware~~Mast ~~corporations);~~Hill under the Note Purchase Agreement and (ce) pursuant to Rule 416 under the Securities Act of 1933, as amended (the “Securities Act”), an indeterminate number of shares of common stock that are issuable upon stock splits, stock dividends, recapitalizations or other similar transactions affecting the shares of the selling stockholder.

The ~~amount of~~ shares of ~~Common~~common ~~Stock~~stock which may be sold pursuant to this ~~Prospectus~~prospectus would constitute 839.41% of the Company’s issued and outstanding ~~Common~~common ~~Stock~~stock as of ~~May~~November 2017, ~~2021~~2025 (33294,~~863~~117,~~445~~647 divided by current outstanding of ~~369~~442,~~446~~596,~~959~~ 586 plus 33294,~~863~~117,~~445~~ 647 for a total of ~~403~~736,~~310~~714,~~404~~233), ~~which~~assuming ~~includes~~that ~~the~~we ~~250~~sell all 294,~~000~~117,647 ~~Commitment~~to ~~Fee~~Mast ~~Shares~~Hill under the Equity Purchase Agreement, ~~and~~the ~~assuming~~indebtedness ~~that~~under wethe ~~sell~~NPA ~~all~~is 33converted into 8,~~613~~000,~~445~~ 000 shares toof common stock, and the ~~selling~~warrants ~~security~~are ~~holders~~exercised for ~~(the~~an ~~“Selling~~additional ~~Stockholders”)~~5,350,000 shares of Common stock.

~~Peak~~Mast ~~One~~Hill ~~and~~is ~~Peak One Investments are~~ the Selling ~~Stockholders~~Stockholder and ~~are~~is deemed to be ~~each~~ an “underwriter” within the meaning of the Securities Act ~~of 1933, as amended (the “Act”)~~ and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or equivalent expenses and expenses of legal counsel applicable to the sale of the shares.

~~Our~~The ~~Common~~Selling ~~Stock~~Stockholder ismay ~~subject~~offer toall ~~quotation~~or ~~the~~part ~~OTCQB~~of ~~Market under~~ the ~~symbol~~shares ~~“OTLC”. On May 20, 2021, the last reported sales price~~ for ~~our~~resale ~~Common~~from ~~Stock~~time ~~was~~to ~~$0.2975~~time ~~per~~through ~~share.~~public Weor ~~urge~~private ~~prospective~~transactions, ~~purchasers~~at ~~of our Common Stock to obtain current information~~either ~~about~~prevailing ~~the~~ market prices ofor ~~our~~at ~~Common~~privately ~~Stock~~negotiated prices. We will not receive proceeds from ~~the~~Mast Hill’s sale of shares of our common ~~Common~~stock ~~Stock~~ in the open market or ~~negotiated prices by the Selling Stockholders~~otherwise. However, we will receive cash proceeds from ~~Peak~~Mast ~~One~~Hill pursuant to ~~Purchase~~the “Put Notices” ~~they issue~~that towe ~~us.~~issue ~~The Selling Stockholders may offer all or part of the shares for resale from time~~ to ~~time~~them ~~through~~under ~~public or private transactions, at either prevailing market prices or at privately negotiated prices. We provide more information about how~~ the ~~Selling~~Equity ~~Stockholders may~~Purchase ~~sell its shares of common stock in the section titled “Plan of Distribution” on page 31~~Agreement. We will pay for all expenses of this Offering, except that the Selling ~~Stockholders~~Stockholder will pay fifty percent (50%) of any broker discounts or commissions or equivalent expenses and all expenses of legal counsel applicable to the sale of the shares.

~~The~~Our ~~prices~~common atstock ~~which~~is subject to quotation the ~~Selling~~OTCQB ~~Stockholders~~Market ~~may~~under ~~sell~~the symbol “OTLC”. On November 17, 2025, the ~~shares~~last reported ofsales ~~Common~~price ~~Stock~~for inour ~~this~~common ~~Offering~~stock ~~will~~was be$0.0850 ~~determined~~per byshare. ~~the~~We ~~prevailing~~urge prospective purchasers of our common stock to obtain current information about the market prices ~~for~~of ~~the~~our ~~shares~~common stock. While our common stock is quoted on OTC Markets, there has been limited trading volume of ~~Common~~our ~~Stock~~stock. orThere is no guarantee that an active trading market will develop in ~~negotiated~~our ~~transactions~~securities.

~~Our~~An investment in our common stock involves a high degree of risk. Our independent registered public accounting firm has expressed substantial doubt as to our ability to continue as going concern. You should purchase our common stock only if you can afford a complete loss of your purchase. We urge you to read carefully the “Risk Factors” section beginning on page 7 where we describe specific risks associated with an investment in these securities before you make your investment decision.

An investment in our common stock involves a high degree of risk. You should purchase our common stock only if you can afford a complete loss of your purchase.

We urge you to read carefully the “Risk Factors” section beginning on page 7 where we describe specific risks associated with an investment in these securities before you make your investment decision.

Prior to this Offering, there has been a limited market for our securities. While our common stock is quoted on OTC Markets, there has been limited trading volume of our stock. There is no guarantee that an active trading market will develop in our securities.

This Offering is highly speculative, and these securities involve a high degree of risk and should be considered only by persons who can afford the loss of their entire investment. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this ~~Prospectus~~prospectus is [●], ~~2021~~2025.

Table of Contents

The following table of contents has been designed to help you find information contained in this prospectus. We encourage you to read the entire prospectus.

Prospectus Summary	1
Summary of Financial Information	45
Special Note Regarding Forward-Looking Statements	76
Risk Factors	7
Use of Proceeds	2124
Determination of Offering Price	2124
Dilution	2124
Selling Security Holders	2125
The Offering	2327
Plan of Distribution	31
Description of Securities to be Registered	33
Interests of Named Experts and Counsel	34
Legal Matters	35
Named Experts	35
Where You Can Find More Information	35
Description of Business	3536
Description of Property	5855
Legal Proceedings	5856
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	58
Management’s Discussion and Analysis of Financial Condition and Results of Operation	56
Management’s Discussion and Analysis of Financial Condition and Results of Operation	59
Directors, Executive Officers and Corporate Governance	70
Directors, Executive Officers and Corporate Governance	77
Executive Compensation	72
Executive Compensation	82
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	78
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	94
Certain Relationships and Related Transactions, and Director Independence	80
Certain Relationships and Related Transactions, and Director Independence	97
Shares Eligible for Future Sales	81
Shares Eligible for Future Sales	99
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	F-1
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	99
Financial Statements	F-1

Please read this ~~Prospectus~~prospectus carefully and in its entirety. This ~~Prospectus~~prospectus contains disclosure regarding our business, our financial condition and results of operations and risk factors related to our business and our ~~Common~~common ~~Stock~~stock, among other material disclosure items. We have prepared this ~~Prospectus~~ prospectus so that you will have the information necessary to make an informed investment decision.

You should rely only on information contained in this ~~Prospectus~~prospectus. We have not authorized any other person to provide you with different information. This ~~Prospectus~~prospectus is not an offer to sell, nor is it seeking an offer to buy, these securities in any state where the offer or sale is not permitted. The Selling Stockholder may not sell the securities listed in this ~~Prospectus~~prospectus until the ~~Registration Statement~~registration statement filed with the Securities and Exchange Commission is effective. The information in this ~~Prospectus~~prospectus is complete and accurate as of the date on the front cover, but the information may have changed since that date.

The ~~Registration~~ ~~Statement~~registration statement containing this ~~Prospectus~~ prospectus, including the exhibits to the ~~Registration~~registration ~~Statement~~statement, provides additional information about us and our ~~Common~~common stock ~~Stock~~ offered under this ~~Prospectus~~prospectus. The ~~Registration~~registration ~~Statement~~statement, including the exhibits and the documents incorporated herein by reference, can be read on the Securities and Exchange Commission website or at the Securities and Exchange Commission offices mentioned under the heading “Where You Can Find More Information.”

PROSPECTUS SUMMARY

You should carefully read all information in the prospectus, including the financial statements and their explanatory notes under the Financial Statements prior to making an investment decision.

This summary highlights selected information appearing elsewhere in this prospectus. While this summary highlights what we consider to be important information about us, you should carefully read this entire prospectus before investing in our ~~Common~~common ~~Stock~~stock, especially the risks and other information we discuss under the headings “Risk Factors”, our “Management’s Discussion ~~and~~ and Analysis of Financial Condition and Results of Operation” and our consolidated financial statements and related notes ~~beginning~~ beginning on page F-1. Our fiscal year end is December 31 and our audited financial statements for fiscal years ended December 31, ~~2020~~2024 and ~~2019~~ 2023 as well as our unaudited financial statements for the 3 9-month periods ending ~~March~~September 3130, ~~2021~~2025 and ~~2020~~ 2024 are included in this prospectus. Some of the statements made in this prospectus discuss future events and developments, including our future strategy and our ability to generate revenue. These forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those contemplated in these forward-looking statements. See “Special Note Regarding Forward-Looking Statements” at page 76 of this ~~Prospectus~~prospectus.

Except as otherwise required by the context, references in this prospectus to the “weOncotelic,” “Company,” “we,” “our,” “us” refer to Oncotelic Therapeutics, Inc. ~~Peak~~and ~~One~~its ~~Opportunity~~subsidiary entities. Mast Hill Fund, LP is referred to herein as “~~Peak~~Mast ~~One~~Hill” or ~~“Investor” and~~the ~~Peak One Investments is referred to herein a~~ “~~Peak~~Selling ~~One Investments~~Stockholder”.

This summary contains basic information about us and the offering. Because it is a summary, it does not contain all the information that you should consider before investing. You should read the entire prospectus carefully, including the risk factors and our financial statements and the related notes to those statements included in this prospectus.

We have not authorized anyone to provide you with different information and you must not rely on any unauthorized information or representation. We are not making an offer to sell these securities in any jurisdiction where an offer or sale is not permitted. This document may only be used where it is legal to sell these securities. You should assume that the information appearing in this prospectus is accurate only as of the date on the front of this prospectus, regardless of the time of delivery of this prospectus, or any sale of our common stock. Our business, financial condition and results of operations may have changed since the date on the front of this prospectus. We urge you to carefully read this prospectus before deciding whether to invest in any of the common stock being offered.

Overview

We are a clinical-stage biopharmaceutical company developing drugs for the treatment of orphan oncology indications, developing antisense and small molecule injectable drugs for the treatment of cancer. ~~with~~After the acquisition of Mateon Therapeutics, Inc through a reverse merger in 2019, we realigned the company pipeline to focus on various cancers, including but not limited to rare pediatric cancers,. The United States Food and ~~addressing~~Drug Administration (“FDA”) has granted us Rare Pediatric Designations (“RPD”) for pediatric Diffuse Intrinsic Pontine Glioma (“DIPG”) for OT-101, which was transferred to our joint venture as part of the ~~current~~joint venture agreement (see “JV” below), pediatric melanoma for CAP4 and acute myeloid leukemia (“AML”) ~~global~~for ~~pandemic~~Oxi4503. AsIn aaddition, ~~result~~the Company, through it’s JV, is developing 5 additional products for treatments of various cancers. Each of the ~~merger~~products being developed by the JV has the potential of ~~Oncotelic~~becoming ~~and~~very ~~Oncotelic~~successful ~~Inc~~drugs. The JV is contemplating developing and ~~the~~obtaining ~~acquisition~~regulatory approval for each of ~~PointR~~the in5 ~~April~~additional products via different regulatory pathways and ~~November~~in various countries and ~~2019,~~regions. ~~respectively~~Further, wethe ~~believe~~Company weaims ~~are~~to ~~well~~capitalize ~~positioned~~on as a ~~biotech~~voucher ~~company~~program ~~with~~in the United States (“US”). By focusing on capitalizing on the RPD we anticipate: 1) ~~PointR~~reducing ~~AI/blockchain~~the ~~for~~cost ~~superfast~~of ~~back~~clinical ~~office support~~development by way of a smaller and faster clinical trial, 2) acceleration ~~Edgepoint~~of ~~for~~the ~~developing~~approval ~~technologies~~process ~~for~~and ~~supporting~~final ~~our COVID-19 programs~~approval, 3) ~~Oncotelic~~obtaining ~~Inc.’s~~regulatory/ ~~antisense~~marketing ~~platform~~exclusivity for up to 12 years as a biologic, ~~with~~and ~~OT-101-~~4) ~~the~~obtaining ~~flagship~~vouchers ~~drug~~worth ~~candidate~~a -significantly ~~targeting~~large ~~high~~monetary value ~~TGF-β2~~upon ~~target~~regulatory ~~for~~approval, ~~various~~which ~~cancers~~can ~~and~~be ~~COVID-19,~~upwards 4)of ~~Artemisinin~~several million dollars. Approval in the US could allow for ~~COVID-19~~approval ~~and~~in 5the rest of the world (“ROW”) using the ~~Company’s~~US ~~vascular~~dossier. ~~disruptor~~Phase 3 ~~proven~~clinical ~~safe~~trials for approval in ~~more~~adult ~~than~~indications ~~500~~could ~~patients~~be ~~capable~~conducted following the positive interim read of ~~causing~~the ~~massive~~pediatric ~~antigen~~trials. This ~~release~~approach ~~which~~maximizes ~~would~~return ~~stimulate~~on ~~immune~~investment ~~response~~for ~~against~~ the ~~tumor~~shareholders.

-1-

~~The~~Concurrently ~~Company~~we isalso aexplore ~~developer~~opportunities ofto ancreate ~~antisense~~value ~~RNA therapeutic (“OT-101”) against TGF-β as immunotherapy~~ for ~~a broad~~shareholders ~~range~~by offorming ~~cancers.~~strategic ~~Cancers~~alliances ~~overexpress TGF-β, which suppresses host innate immune response to the cancers. Treatment with OT-101 lifts the TGF-β cloaking effect~~ and ~~allows innate~~ /or ~~therapeutic~~licensing ~~immunity~~our toproduct ~~attack and eliminate the cancers~~portfolio. WeIn ~~have~~this ~~completed~~connection, ~~phase 2 for pancreatic cancer and melanoma and phase 2~~ in ~~glioblastoma~~March ~~with robust efficacy and safety. Last year~~2022, the ~~Food~~Company ~~and~~entered ~~Drug Administration (“FDA”) granted us Rare Pediatric Designation (“RPD”) for pediatric Diffuse Intrinsic Pontine Glioma (“DIPG”). We are pushing forward~~ into ~~phase 3 either independently or through~~ a ~~proposed~~ joint venture ~~with a Chinese entity with clinical trials in China for pancreatic cancer. Other indications are to follow subsequently. In the United States of America~~ (“~~United States~~JV”~~, “USA” or “US”~~) we ~~will be focusing pediatric DIPG~~ with ~~the~~Dragon, ~~clinical~~affiliates ~~trials~~of ~~for which we are in discussions with various parties on how to proceed~~Golden ~~with~~Mountain ~~the program. This strategy of doing phase 3 trials in adults~~Partners, ~~including possibly in China~~LLC, ~~and doing rare pediatric pivotal trials in the US will allow us~~ to ~~capitalize~~form onGMP the voucher program in the US and subsequently leverage on the Chinese data for indication expansion into adult. By focusing on RPD we anticipate: 1) reducing the cost of clinical development by way of a smaller and faster clinical trialBiotechnology, 2)Limited ~~acceleration~~(“GMP ~~of approval, 3~~Bio”). ~~obtaining~~GMP ~~regulatory/~~Bio ~~marketing exclusivity for 12 years for small molecules~~ and ~~17 years for biologics, and 4) obtaining a voucher worth upward of $100 million on approval. In~~ the ~~case~~Company ~~of DIPG for OT-101 we~~ are ~~anticipating~~also ~~the~~looking ~~trial would last no more than 2 years with 30 patients costing approximately $5-7 million with~~to atake ~~substantial return on investment. This is~~ the ~~same~~JV ~~strategy that we are adopting for our other pipeline drugs- CA4P and Oxi4503. These are vascular disruptor agents with extensive phase 1 and phase 2 testing, and which we feel are ready to enter~~ into ~~meaningful pivotal clinical trials. We are also developing OT-101,~~ an ~~antisense~~initial ~~against~~public ~~TGF-β2~~offering ~~– for the treatment of various viruses, including the Severe Acute Respiratory Syndrome~~ (“~~SARS~~IPO”) ~~and~~of the ~~current~~JV ~~coronavirus (“COVID-19”), on its own~~ and inwhich ~~conjunction with other compounds. In addition, the Company~~ is ~~developing~~anticipated ~~Artemisinin,~~to ~~through~~be ~~its product ArtiShieldTM. Artemisinin, purified from~~ a ~~plant~~liquidity ~~Artemisia~~event ~~annua~~for Company, isespecially ~~able~~if tothe ~~inhibit~~IPO ~~TGF-β activity and~~ is ~~able to neutralize COVID-19~~successful. ~~The~~ ~~Company’s~~While ~~test~~we ~~results~~believe ~~during~~that anthe inIPO ~~vitro study at Utah State University showed Artemisinin having an EC50 of 0.45 ug/ml, and a Safety Index of 140. Artemisinin~~ can ~~target~~be ~~multiple~~completed ~~viral threats including COVID-19 by suppressing both viral replication~~ and ~~clinical~~would ~~symptoms~~be ~~that~~successful, ~~arise~~we ~~from viral infection. Viral replication~~ cannot ~~occur without TGF-β. Artemisinin also has~~provide ~~been~~assurance ~~reported~~for toeither ~~have~~of ~~antiviral activities against hepatitis B and C viruses, human herpes viruses, HIV-1, influenza virus A, and bovine viral diarrhea virus in~~ the ~~low~~events ~~micromolar~~to ~~range. TGF-β surge and cytokine storm cannot~~ occur; ~~without~~or ~~TGF-β. In~~if athey ~~clinical study undertaken in India~~occur, ~~clinical consequences related to the TGF-β surge, including ARDS~~ and ~~cytokine~~then ~~storm, were~~whether ~~suppressed by targeting TGF-β with Artemisinin. The clinical study showing these results was a global study with India to contribute at least 120 patients to~~ the ~~total~~IPO ~~aggregate~~would ofbe ~~3000 patients~~successful. The ARTI-19 trials were conducted in India by Windlas Biotech Private Limited, the Company’s business partner in India, as part of the Company’s global effort at deploying ArtiShieldTM across India, Africa, and Latin America.

~~The~~We ~~Company~~believe ~~has~~we ~~also~~are ~~developed~~well apositioned ~~cough~~as ~~app~~a tobiotech ~~help~~company ~~patients~~with ~~use~~our todrug ~~assess~~candidate ~~their~~OT-101 ~~respiratory~~through ~~condition~~our atJV- ~~the~~targeting ~~onset~~high ofvalue ~~taking~~TGF-β2, and the ~~drug and~~new ~~over~~product ~~the~~portfolio ~~period~~being ofdeveloped ~~their~~by ~~treatment~~the JV, ~~which~~for isvarious ~~key~~cancers inand COVID-19, ~~patients.~~PointR ~~Patients~~artificial ~~would~~intelligence ~~use~~(“AI”) for ~~the~~clinical ~~app~~trials, toresearch ~~measure their coughs~~ and ~~get~~development, aEdgepoint ~~real-time~~for ~~assessment~~developing oftechnologies ~~the~~for ~~cough~~manufacturing toand ~~show~~for ~~how~~developing ~~the~~technologies for ~~patient~~supporting isour ~~progressing~~COVID-19 inprograms, ~~terms~~our ofvascular ~~their~~disruptor ~~treatment.~~proven ~~The~~safe ~~Company~~in ~~has also~~more ~~developed~~than a500 ~~post marketing survey (“PMS”) tool for~~ patients tocapable ~~use~~of ~~and~~causing ~~provide~~massive ~~data~~antigen release ~~that~~which would bestimulate ~~useful to~~immune ~~determine~~response ~~the~~against ~~efficacy of~~ the ~~drug.~~cancerous ~~The~~tumor ~~cough app~~ and ~~PMS~~apomorphine, ~~both~~which ~~use~~we AIin-licensed ~~technologies. All~~ in ~~all~~2021, ~~the~~for ~~drug~~developing against ~~plus~~Parkinson’s ~~the~~Disease ~~app~~(“PD”), ~~and~~erectile ~~the PMS~~disfunction ~~are~~(“ED”) aand ~~full~~female ~~360~~sexual ~~degree of treatment~~disfunction (“FSD”).

AsWe wemay ~~move~~also ~~into~~plan ~~clinical~~to ~~and~~continue ~~commercial~~to ~~development~~develop ofOT-101, through our ~~various~~JV, ~~products~~an ~~enumerated~~antisense ~~below~~against TGF-β2 – for the treatment of various viruses, which wewould ~~are~~include ~~planning~~the severe acute respiratory syndrome (“SARS”) and the coronavirus (“COVID-19”), on ~~implementing~~its AIown and in conjunction with other compounds. Viral replication cannot occur without TGF-β; and TGF-β surge and a cytokine &storm ~~vision~~cannot ~~powered~~occur ~~Blockchain~~without ~~technology~~TGF-β. A Phase 2 trial was completed for OT-101 in South America. This was a randomized, double-blind, placebo-controlled Phase 2 study to evaluate the safety and efficacy of OT- 101 in adult patients hospitalized with positive COVID-19 and pneumonia. Based on the final results of the trial, the trial was planned to be expanded into ~~our~~a ~~drug~~Phase ~~development~~3 ~~process~~trial; sohowever ~~that~~with ~~clinical~~the impact of COVID-19 reducing in the past year, the Company will be re-evaluating this treatment for further development upon the occurrence or recurrence of the COVID-19 or any similar virus. We were conducting an observational study in conjunction with the Biomedical Advanced Research and Development Authority (“BARDA”. For more information on BARDA, ~~clinical~~refer ~~trials~~to our 2023 Annual Report on Form 10-K filed with the SEC on April 12, 2024. At this time, since the impact of COVID-19 has significantly reduced, the development of OT-101 for COVID-19 is not a top priority. In addition, during 2020 and 2021, the Company was developing Artemisinin as a potential therapy ~~drug~~for ~~manufacturing~~the ~~can~~virus becausing ~~done~~COVID-19. ~~real~~Again, ~~time~~with the impact of COVID-19 reducing over the past year or so, we have put on hold any further development of Artemisinin, till we have another severe virus situation. We will focus on any future development on Artemisinin against other respiratory viruses with ~~full~~unmet ~~data~~needs ~~integrity~~when ~~using~~the ~~AI/Vision~~circumstances ~~powered~~arise. ~~blockchain~~For ~~technology~~more information on Artemisinin, refer to our 2022 Annual Report on Form 10-K filed with the SEC on April 14, 2023.

WeIn ~~have~~September ~~seven~~2021, ~~primary~~Oncotelic ~~drug~~entered into an exclusive License Agreement (the “Agreement”) with Autotelic, Inc. (“Autotelic”), pursuant to which Autotelic granted Oncotelic the exclusive right and AIlicense ~~technology~~to ~~programs~~certain weAutotelic ~~are~~Patents ~~seeking~~for AL-101 - an intranasal apomorphine asset with clear 505(b)2 pathway to ~~advance:~~approval for PD as well unique mechanism of action for treatment of ED and FSD. For more information on AL-101, refer to our 2022 Annual Report on Form 10-K filed with the SEC on April 14, 2023.

●We currently ~~OT-101~~have -three anprimary ~~antisense~~drugs ~~against TGF-β2 – for the treatment~~ of ~~solid~~our ~~tumors~~own, ~~with~~6 ~~focus~~drugs onthrough ~~brain~~our ~~cancer~~JV, ~~in adult~~ and ~~DIPG~~AI intechnology ~~children.~~programs ~~RPD~~we ~~for~~are ~~pediatric~~seeking ~~DIPG~~to ~~granted~~advance, bypresently or USin ~~FDA.~~the future:

● OTAL-101 - anIntranasal ~~antisense~~drug ~~against~~and ~~TGF~~delivery system for intra-β2nasal –Apomorphine for the treatment of ~~various viruses~~PD, ~~including~~ED ~~the SARS~~ and ~~the current COVID-19, on its own and in conjunction with other compounds~~FSD.

~~● Artemisinin – a natural derivative from an Asian herb Artemisia Annua~~ - ~~Artemisinin has shown to be highly potent at inhibiting the ability of the COVID~~2-~~19 causing virus to multiply while also having an excellent safety index.~~

● CA4P- a vascular disrupting agent (“VDA”) - in combination with Ipilimumab for the treatment of solid tumors with focus on melanoma in adult and pediatric melanoma. OnA ~~May~~RPD ~~4th,~~has ~~2020,~~been granted to the Company by the FDA for pediatric melanoma. ● Oxi4503- a second generation VDA - for the treatment of liquid tumors with focus on childhood leukemia. A RPD has been granted ~~Rare~~to ~~Pediatric~~the ~~Disease~~Company ~~Designation~~by the FDA for ~~CA4P/~~AML. ~~Fosbretabulin~~● OT-101 - an antisense against TGF-β2 –for the treatment of ~~stage~~various ~~IIB~~cancers and for the treatment of various viruses, including COVID-19, on its own and in conjunction with other compounds.. This is being advanced through our JV. ● Five additional nanoparticle products - for the treatment of various cancers, using various regulatory pathways and for various regions/countries. This is being advanced through our JV. ● Artemisinin –IV ~~melanoma~~a ~~due~~natural derivative from an Asian herb Artemisia Annua - Artemisinin has shown to ~~genetic~~be ~~mutations~~highly ~~that~~potent ~~disproportionately~~at ~~affect~~inhibiting ~~pediatric~~the ~~patients~~ability asof various viruses to multiply. This will be advanced through our JV at an appropriate time. ● Developing newer AI based technologies to enhance the development and commercialization of support technologies. The JV has acquired a ~~drug~~non-exclusive license for athe ~~“rare~~AI ~~pediatric~~platform ~~disease”~~developed by PointR/EdgePoint for implementation in a planned CDMO.

●In November ~~Oxi4503-~~2022, the Company formed a ~~second~~Decentralized ~~generation~~autonomous ~~VDA-~~organization ~~for~~(“DAO”) entity, Pet2DAO, Inc. (“Pet2DAO”), as a wholly owned subsidiary. A DAO is an emerging form of legal structure, that has no central governing body, and whose members share a common goal to act in the ~~treatment~~best interest of ~~liquid~~the ~~tumors~~entity. Pet2DAO is a DAO technology company, integrating the strong governance of traditional corporations with ~~focus~~the oninnovative ~~childhood~~DAO ~~leukemia~~architecture. ~~RPD~~The ~~application~~Company will look to engage stakeholders, to build value through the DAO, while maintaining the rigor of traditional corporations, including governance, compliance, and accountability through a team of veterans in public companies with innovators in AI, blockchain and Web3. Pet2DAO will be looking to develop products for ~~pediatric~~the ~~AML~~animal ~~submitted~~health space. The Company will initially issue utility tokens and non-fungible tokens (“NFT” and cumulatively “Tokens”) of Pet2DAO, called PDAO, to USits ~~FDA~~employees, shareholders and ~~favorable~~key ~~initial~~opinion ~~response~~leaders ~~obtained~~(“KOLs’) and use the Tokens to propose and vote on various human and animal health related programs. In the future, the Company will evaluate and plans to register these tokens with the SEC to make such Tokens freely tradable.

● Backoffice support using PointR fabric cluster computing grids for blockchain/AI for pharmaceutical manufacturing and clinical monitoring and PointR AI Navigator for drug development.

● Developing AI based technologies to enhance and support the development and commercialization of our Artemisinin based products.

Corporate History

~~Oncotelic Therapeutics,~~The ~~Inc.~~Company ~~(also d/b/a Mateon Therapeutics, Inc.) (“Oncotelic”),~~ was formed in the State of New York in 1988 as OXiGENE, Inc., was reincorporated in the State of Delaware in 1992, and changed its name to Mateon Therapeutics, Inc. in 2016, and Oncotelic Therapeutics, Inc. in November 2020. Oncotelic conducts business activities through Oncotelic and its wholly-owned subsidiaries, Oncotelic, Inc., a Delaware corporation, PointR Data, Inc. (“PointR”), a Delaware corporation, and EdgePoint AI, Inc. (“Edgepoint”), a Delaware Corporation for which there are non-controlling interests, (Oncotelic, Oncotelic Inc., PointR and Edgepoint are collectively called the “Company”). The Company is evaluating the further development of its product candidates OXi4503 as a treatment for acute myeloid leukemia and myelodysplastic syndromes and CA4P in combination with a checkpoint inhibitor for the treatment of advanced metastatic melanoma. Our principal corporate office is in the United States at 29397 Agoura Road, Suite 107, Agoura Hills, CA 91301 (telephone: 650-635-7000). Our Internet address is www.mateon.com.

~~Amendments~~The toCompany ~~Certificate~~completed ofa ~~Incorporation~~reverse merger with Oncotelic Inc., a Delaware corporation, in April 2019, a merger with PointR Data, Inc. (“PointR”), a Delaware corporation, in November 2019 and formed a subsidiary EdgePoint AI, Inc. (“Edgepoint”), a Delaware Corporation, for which there are non-controlling interests in February 2020. The Company conducts business activities through Oncotelic, its wholly-owned Oncotelic, Inc., PointR, and Pet2DAO Inc., a Delaware corporation as well as EdgePoint.

In November 2020 the Company filed an amendment to its Certificate of Incorporation with the Secretary of State for the State of Delaware changing its name from “Mateon Therapeutics, Inc.” to “Oncotelic Therapeutics, Inc.” A notice of corporate action had been filed with the Financial Industry Regulatory Authority (“FINRA”), requesting confirmation to change its name and approval for a new ticker symbol. On March 29, 2021, the Company received approval from FINRA on its notice of corporate action, and effective March 30, 2021, the Company’s ticker symbol has changed from “MATN” to “OTLC”.-3-

In January 2021, the Company filed an additional amendment to its Certificate of Incorporation, as amended (the “Charter Amendment”), with the Secretary of State for the State of Delaware, which Charter Amendment went effective immediately upon acceptance by the Secretary of State for the State of Delaware. As approved by the Company’s stockholders by written consent on August 10, 2020, the Charter Amendment increased the number of authorized shares of Common Stock from 150,000,000 shares to 750,000,000 shares.

Conversion of Series A Preferred Stock to Common Stock

Subsequent to obtaining the approval from FINRA on March 29, 2021 related to the various corporate actions, the Company converted 278,188 Series A Preferred Stock into 278,187,847 shares of common stock of the Company. After such conversion and as of May 20, 2021, the total number of shares of common stock outstanding is 369,696,959.

Summary of Risk Factors

This Offering, which provides for the registration of Shares by ~~Peak~~Mast ~~One~~Hill ~~and Peak One Investments~~ as the Selling Stockholders and the subsequent public resale of such shares, involves substantial risk. Our ability to execute our business strategy is also subject to certain risks. The risks described under the heading “Risk Factors” included elsewhere in this ~~Prospectus~~prospectus may cause us not to realize the full benefits of our business plan and strategy or may cause us to be unable to successfully execute all or part of our strategy. Some of the most significant challenges and risks are:

● Our principal asset is our minority interest in GMP Bio in connection with JV, which may render it more difficult for investors to assess the underlying financial performance and value of our company. ● We may encounter difficulties in expanding our operations successfully, if and when we evolve from a company that is primarily involved in clinical development to a company that is also involved in commercialization. ● We will need substantial additional funding to continue our operations, which could result in dilution to our stockholders. ● If physicians and patients do not accept our future products or if the market for indications for which any product candidate is approved is smaller than expected, we may be unable to generate significant revenue, if any. ● The Equity Purchase Agreement with Mast Hill may cause material dilution to our existing stockholders ● Our stock price may decline because Mast Hill will pay less than the then-prevailing market price of our common stock. ● An investment in our shares is highly speculative. ● We may not have access to the full $25,000,000 amount of the Equity Purchase Agreement.

●Before you Weinvest ~~will~~in ~~need~~our ~~substantial~~common ~~additional~~stock, ~~funding~~you toshould ~~continue~~carefully ~~our~~consider ~~operations~~all the information in this prospectus, ~~which~~including ~~could~~matters ~~result~~set inforth under ~~dilution~~the toheading ~~our~~“Risk ~~stockholders~~Factors.”

● If physicians and patients do not accept our future products or if the market for indications for which any product candidate is approved is smaller than expected, we may be unable to generate significant revenue, if any.

● The Equity Purchase Agreement with Peak One may cause material dilution to our existing stockholders

● Our stock price may decline because Peak One will pay less than the then-prevailing market price of our common stock.

● An investment in our shares is highly speculative.

● We may not have access to the full $10,000,000 amount of the Equity Purchase Agreement.

Before you invest in our Common Stock, you should carefully consider all the information in this Prospectus, including matters set forth under the heading “Risk Factors.”

Where You Can Find Us

Our principal executive office and mailing address and phone number are 29397 Agoura Road, Suite 107, Agoura Hills, CA 91301, (650) 635-7000.

Our Filing Status as a “Smaller Reporting Company”

We are a “smaller reporting company,” as defined by SEC rules, meaning that we are not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent company that is not a smaller reporting company and have a public float of less than $75250 million, ~~and~~or annual revenues of less than $50100 million ~~during~~and ~~the~~no ~~most~~public ~~recently completed fiscal year~~float. As a “smaller reporting company,~~” the~~ ~~disclosure~~ we ~~will~~are bepermitted ~~required~~ to provide scaled disclosures in our ~~Securities and Exchange Commission (“~~SEC”) filings ~~are less than it would be if we were not considered a “smaller reporting company.” Specifically~~, ~~“smaller~~including ~~reporting companies” are able to provide~~ simplified executive compensation disclosures, inexemption ~~their filings; are exempt~~ from the ~~provisions~~auditor attestation requirement of Section 404(b) of the Sarbanes-Oxley Act of 2002 requiring that independent registered public accounting firms provide an attestation report on the effectiveness of internal control over financial reporting; are not required to conduct say-on-pay and frequency votes until annual meetings occurring on or after January 21, ~~2013;~~ and ~~have~~inclusion ~~certain~~of ~~other~~only ~~decreased disclosure obligations in their SEC filings, including, among other things, being permitted to provide~~ two years of audited financial statements in our annual reports rather than three years. ~~Decreased~~These decreased disclosures ~~in our SEC filings due to our status as a “smaller reporting company”~~ may make it harder for investors to analyze our results of operations and financial prospects..

For more details regarding this exemption, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Significant Judgments and Estimates.”

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SUMMARY OF FINANCIAL INFORMATION

The following summary consolidated balance sheet for the nine month period as of September 30, 2025 has been derived from our unaudited consolidated financial statements and notes included elsewhere in this prospectus, and the following summary consolidated balance sheet as of December 31, 2024 and December 31, 2023 have been derived from our audited consolidated financial statements and notes included elsewhere in this prospectus. The following summary consolidated statements of operations data for the fiscal year ended December 31, ~~2020~~2024 and December 31, ~~2019~~ 2023 have been derived from our audited consolidated financial statements and notes included elsewhere in this prospectus. The summary consolidated statements of operations data for the nine ~~three~~ months ended ~~March~~September 3130, ~~2021~~2025 and ~~2020~~2024 have been derived from our unaudited interim consolidated financial statements and notes that are included elsewhere in this prospectus. The historical financial data presented below is not necessarily indicative of our financial results in future periods, and the results for the full fiscal year ended December 31, ~~2020~~2024 and ~~three~~nine months ended September ~~March 31~~30, ~~2021~~2025 is not necessarily indicative of our operating results to be expected for the full fiscal year ending December 31, ~~2021~~2025 or any other period. You should read the summary consolidated financial data in conjunction with those financial statements and the accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Our consolidated financial statements are prepared and presented in accordance with United States generally accepted accounting principles, or U.S. GAAP. Our consolidated financial statements have been prepared on a basis consistent with our audited financial statements as of and for the year ended December 31, ~~2020~~2024 and December 31, ~~2019~~2023 and unaudited financial statements as of or for ~~three~~the nine months ended ~~March~~September 3130, ~~2021~~2025 and ~~2020~~2024, and include all adjustments, consisting of normal and recurring adjustments that we consider necessary for a fair presentation of the financial position and results of operations as of and for such periods.

ONCOTELIC THERAPEUTICS, INC. AND SUBSIDIARIES

(Formerly Mateon Therapeutics, Inc.)

CONSOLIDATED BALANCE SHEETS

	March 31,			March 31,			December 31,			December 31,
	September 30,			December 31,			December 31,
	2021			2020			2020			2019
	2025			2024			2023
ASSETS
Current assets:
Cash	$	~~830~~409,~~719~~000		$	~~183~~86,~~437~~128		$	~~474~~170,~~019~~405		$	~~81,964~~
Restricted cash		20,000			-20,000			20,000			-
Accounts receivable		193,~~748~~976			1918,~~748~~976			1918,~~748~~976			~~149,748~~
Prepaid & other current assets		841,~~707~~179,972			709,~~967~~107			~~101~~62,~~869~~356			~~41,288~~
Total current assets		~~955~~1,~~174~~612,948			~~274~~134,~~152~~211			~~615~~271,~~636~~737			~~273,000~~
Development equipment, net of depreciation		7,610			38,135			10,148			47,554
In process R&D		1,101,760			1,101,760			1,101,760
Intangibles, net of accumulated amortization		860,365			911,731			873,206			924,572
Goodwill, net		2,788,230			2,788,230			5,988,230
In process R&D, net of accumulated amortization		1,101,760			1,308,340			1,101,760			1,377,200
Investment in GMP Bio at fair value		22,653,225			22,653,225			22,653,225
Goodwill		21,062,455			21,062,455			21,062,455			21,062,455
Total assets	$	28,156,163		$	26,677,426		$	30,014,952
Other long term assets		-			1,800			-			-
LIABILITIES AND STOCKHOLDERS’ EQUITY
Total assets	$	23,987,362		$	23.596.613		$	23,663,205		$	23,684,781
Current liabilities:
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	2,565,877		$	2,437,167		$	2,437,321
Current liabilities:
Accounts payable - related party		347,598			346,057			344,099
Accounts payable and accrued liabilities	$	3,594,260		$	2,202,571		$	2,735,805		$	2,054,983
Contingent Consideration		2,625,000			2,625,000			2,625,000
Accounts payable to related party		365,323			763,026			391,631			601,682
Derivative liability on notes		670,844			703,616			423,214
Contingent Consideration		2,625,000			2,625,000			2,625,000			2,625,000
Convertible and short-term debt, net of costs		10,328,100			9,790,866			8,066,957
Derivative liability on Notes		1,168,784			1,778,272			777,024			540,517
Convertible debt and short-term debt - related party, net of costs		3,542,244			3,297,208			2,608,356
Convertible debt for clinical trial		2,030,356			-			2,000,000			-
Total current liabilities		20,079,663			19,199,914			16,504,947
Convertible debt, net of costs		958,882			1,099,289			1,091,612			944,450
Convertible long-term debt, net of costs		-			-			1,898,468
Convertible debt, related party, net of costs		425,181			16,019			297,989			16,474
Total Liabilities		20,079,663			19,199,914			18,403,415
Private placement convertible debt, net of costs		1,520,720			-			943,586			-
Commitments and contingencies
Private placement convertible debt, related party, net of costs		85,664			-			67,992			-
Stockholders’ equity:
Payroll Protection Plan loan		252,349			-			251,733			-
Common stock, $.01 par value; 750,000,000 shares authorized; 439,446,318 September 30, 2025; Common stock, $.01 par value; 750,000,000 shares authorized; 407,289,618 and 399,184,128 issued and outstanding as of December 31, 2024 and 2023, respectively.		4,394,463			4,072,899			3,991,839
Total current liabilities		13,026,519						11,182,372			6,783,106
Additional paid-in capital		43,765,008			42,219,400			41,655,026
Commitments and contingencies
Accumulated deficit		(39,108,893	)		(38,040,668	)		(33,516,736	)
Stockholders’ equity:
Total Oncotelic Therapeutics, Inc. stockholders’ equity		9,050,578			8,251,631			12,130,129
Convertible Preferred stock, $0.01 par value, 15,000,000 shares authorized; 0 and 278,188 shares issued and outstanding at March 31, 2021 and 2020, respectively: 278,188 and 278,188 shares issued and outstanding at December 31, 2020 and 2019, respectively		-			2,782			2,782			2,782
Non-controlling interests		(974,078	)		(774,119	)		(518,592	)
Common stock, $.01 par value; 750,000,000 shares authorized as of March 31, 2021; and 150,000,000 shares authorized, as of March 31, 2020, December 31, 2020 and 2019 respectively; 369,446,959 and 88,032,112 shares issued and outstanding at March 31, 2021 and 2020, respectively; 90,601,912 and 84,069,967 shares issued and outstanding at December 31, 2020 and 2019, respectively		3,694,469			880,321			906,019			840,700
Total stockholders’ equity		8,076,500			7,477,512			11,611,537
Additional paid-in capital		30,690,013			31,014,633			32,493,086			28,185,599
Total liabilities and stockholders’ equity	$	28,156,163		$	26,677,426		$	30,014,952
Accumulated deficit		(24,433,088	)		(16,785,300	)		(21,630,008	)		(12,127,406	)
Total Oncotelic Therapeutics, Inc. stockholders’ equity		9,951,394			15,112,436			11,771,879			16,901,675
Non-controlling interests		1,009,449			-			708,954			-
Total stockholders’ equity		10,960,843			15,112,436			12,480,833			16,901,675
Total liabilities and stockholders’ equity	$	23,987,362		$	23,596,613		$	23,663,205		$	23,684,781

-5-

ONCOTELIC THERAPEUTICS, INC. AND SUBSIDIARIES

(Formerly Mateon Therapeutics, Inc.)

CONSOLIDATED STATEMENTS OF OPERATIONS

	For the Three Months Ended March 31,						For the Twelve Months Ended December 31,
	For the Nine Months Ended						For the Twelve Months Ended
	2021			2020			2020			2019
	September 30,						December 31,
Service Revenue	$	-		$	340,855		$	1,740,855		$	-
	2025			2024			2024			2023
Service Revenue	$	-		$	-		$	-		$	70,000
Total Revenue		-			0			-			70,000
Operating expenses:
Research and development		1,~~556,673~~020			~~311~~1,~~999~~212			~~4,302,447~~-			161,~~372,151~~143
General and administrative		~~481~~657,~~209~~019			2343,~~677,503~~347			5376,~~023,142~~013			2573,~~938,~~726
Total operating expenses		(2,037,882	)		(2,989,502	)		9,325,589			4,310,877
Goodwill impairment (Note 2 and 3)		-			3,200,000			3,200,000			6,083,146
Loss from operations		(2,037,882	)		(2,648,647	)		(7,584,734	)		(4,310,877	)
Total operating expenses		658,039			3,544,559			3,576,013-			6,718,015
Other expense:
Loss from operations		(658,039	)		(3,544,559	)		(3,576,013	)		(6,648,015	)
Interest expense, net		(520,906	)		(1,148,351	)		(1,998,321	)		(749,479	)
Other income (expense):
Change in fair value of derivative on debt		(536,345	)		(736,298	)		(45,051	)		191,643
Interest expense, net		(642,917	)		(655,946	)		(857,723	)		(1,044,786	)
Long term investment written off		-			-			-			(1,769,300	)
Reimbursement for expenses - related party		-			22,937			22,937			72,246
Loss on debt conversion		(27,504	)		(124,598	)		(343,700	)		-
Change in fair value of investment in GMP Bio								-			12,706
Total other expense		(1,084,755	)		(2,009,247	)		(2,387,072	)		(2,327,136	)
Change in fair value of derivative on debt		32,772			140,828			(280,402	)		(225,074	)
Net Loss		(3,122,637	)		(4,657,894	)		(9,971,806	)		(6,638,013	)
Loss on debt conversion		-			(88,258	)		(88,258	)		(373,142	)
Net loss attributable to non-controlling interests		(319,557	)		-			469,204			-
Total other expense		(610,145	)		(580,439	)		(1,203,446	)		(1,558,050	)
Net loss attributable to Oncotelic Therapeutics, Inc	$	(2,803,080	)	$	(4,657,894	)	$	(9,502,602	)	$	(6,638,013	)
Net loss before non-controlling interests		(1,268,184	)		(4,124,998	)		(4,779,459	)		(8,206,065	)
Basic & diluted net loss per share attributable to common stock	$	(0.03	)	$	(0.03	)	$	(0.11	)	$	(0.11	)
Net loss attributable to non-controlling interests		(199,959	)		(202,000	)		(255,527	)		(302,972	)
Basic & diluted weighted average common stock outstanding		94,193,348			84,917,073			88,099,787			59,958,406
Net loss attributable to Oncotelic Therapeutics, Inc.	$	(1,068,225	)	$	(3,922,998	)		(4,523,932	)		(7,903,093	)
Basic net loss per share attributable to common stock	$	(0.00	)	$	(0.01	)		(0.01	)		(0.02	)
Basic weighted average common stock outstanding		414,315,703			403,428,494			404,396,473			384,075,369

Special Note Regarding Forward-Looking Statements

~~The~~This ~~information~~prospectus ~~contained~~contains incertain ~~this Prospectus, including in the documents incorporated by reference into this Prospectus, includes some~~ statements that are, ~~not~~or ~~purely~~may ~~historical~~be ~~and~~deemed ~~that~~to ~~are~~be, “forward-looking statements.” ~~Such~~within ~~forward-looking~~the ~~statements~~meaning ~~include,~~of ~~but~~Section ~~are~~27A ~~not~~of ~~limited to, statements regarding our management’s expectations, hopes, beliefs, intentions and/or strategies regarding~~ the ~~future,~~Securities ~~including~~Act ~~our financial condition~~ and ~~results~~Section of21E ~~operations. In addition, any statements that refer to projections, forecasts or other characterizations~~ of ~~future~~the ~~events~~Securities ~~or circumstances, including any underlying assumptions, are forward-looking~~Exchange ~~statements.~~Act The words “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “seeks,” “should,” “would” and similar expressions, or the negatives of ~~such terms~~1934, ~~may~~as ~~identify~~amended ~~forward-looking statements, but~~ (the ~~absence~~“Exchange ~~of these words does not mean that a statement is not forward-looking~~Act”).

~~The~~Any ~~forward-looking~~ statements contained in ~~this~~or ~~Prospectus~~incorporated ~~are~~by ~~based~~reference oninto ~~current~~this ~~expectations~~prospectus, ~~and beliefs concerning future developments and the potential effects on the parties and the transaction. There can be no assurance~~ that ~~future~~are ~~developments~~not ~~actually~~statements ~~affecting us~~of ~~will~~historical befact ~~those~~are ~~anticipated~~forward-looking statements. ~~These~~In ~~that~~some ~~may~~cases, ~~cause~~you ~~actual~~can ~~results~~identify ~~or performance to be materially different from those expressed or implied by these~~ forward-looking statements, ~~including~~by ~~the~~terminology ~~following~~such ~~forward-looking~~as ~~statements~~“may,” ~~involve~~“will,” “should,” a“expect,” ~~number~~“intend,” of“plan,” ~~risks~~“anticipate,” “believe,” ~~uncertainties~~“estimate,” ~~(some~~“predict,” of“potential,” ~~which~~“continue,” ~~are~~“assumption” ~~beyond~~or the ~~parties’~~negative of ~~control)~~these terms or other ~~assumptions~~comparable terminology.

Forward-looking statements reflect current views about future events and are based on our currently available financial, economic and competitive data and on current business plans. Forward-looking statements are not guarantees of future performance and our actual results may differ significantly from the results discussed or implied in the forward-looking statements. Factors that might cause such differences include, but are not limited to, the factors included in “Risk Factors,” in this prospectus and our annual report on Form 10-K for the fiscal year ended December 31, 2024 and the other registration statements and reports that we file with the SEC.

The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us. We undertake no obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

You should consider the inherent limitations on, and risks associated with, forward-looking statements and not unduly rely on the accuracy of predictions contained in such forward-looking statements.

-6-

RISK FACTORS

The shares of our ~~Common~~common ~~Stock~~stock being offered for resale by the Selling Shareholders are highly speculative in nature, involve a high degree of risk and should be purchased only by persons who can afford to lose their entire amount invested in the ~~Common~~common ~~Stock~~stock. Accordingly, prospective investors should carefully consider, along with other matters referred to herein, the following risk ~~factors~~ factors in evaluating our business before purchasing any shares of ~~Common~~common ~~Stocks~~stocks. If any of the following risks actually occurs, our business, financial condition or operating results could be materially adversely affected. In such case, you may lose all or part of your investment. In addition to the risk factors described below, and some of which are part of our ~~2020~~2024 Annual Report on Form 10-K filed with the SEC on April 15, ~~2021~~2025, you should carefully consider the risks and the other information in this ~~Prospectus~~ prospectus before investing in our common ~~Common Stock~~stock.

Risks Related to Our Business

Our principal asset is our minority investment in a JV, which makes an evaluation of our financial condition more difficult for investors.

Our principal asset is our minority interest in GMP Bio in connection with the JV. We account for our interest on the fair value method and our financial statements reflect only the fair value of that investment. Our financial statements do not include a balance sheet or statement of operations for the JV. We will adjust the value of our holdings in the JV from time to time when sufficient indications of a change in value exist, but the timing of those changes may depend on circumstances that are outside of our control. Accordingly, investors may find it more difficult to assess the underlying value of our company.

If we are unable to obtain additional funding, we may be forced to cease operations.

We have experienced net losses every year since inception. In April 2019, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Oncotelic Inc., a clinical-stage biopharmaceutical company developing investigational drugs for the treatment of orphan oncology indications and the Company’s wholly-owned subsidiary Oncotelic Acquisition Corporation (the “Merger Sub”). Upon the terms of and subject to the satisfaction of the conditions described in the Merger Agreement, the Merger Sub would be merged with and into Oncotelic Inc. (the “Merger”), with Oncotelic Inc. surviving the Merger as a wholly-owned subsidiary of the Company. In April 2019, the Company completed the Merger and Oncotelic Inc. became a wholly-owned subsidiary of the Company. The ~~Merger~~ ~~was treated as a recapitalization and reverse acquisition for financial accounting purposes. Oncotelic is considered the acquirer for accounting purposes, and the~~ Company’s historical financial statements before the Merger have been replaced with the historical financial statements of Oncotelic Inc. prior to the Merger in the financial statements and filings with the Securities and Exchange Commission. The Company completed an acquisition of PointR Data, ~~Inc. (“PointR”) in November 2019 and has a non-controlling interest entity, EdgePoint AI, Inc. since February 2020. Even though Oncotelic Inc. is considered~~ as ~~the acquirer for accounting purposes, the Company, as~~ of ~~March~~December 31, ~~2021~~2024, had an accumulated deficit of approximately $~~24.4~~38 million, including a net loss, ~~before allocation to non-controlling interests,~~ of approximately $34.18 million in ~~the~~2024, ~~first~~which ~~quarter~~included a non-cash goodwill impairment loss of ~~2021~~$3.2 million. We have no source of product revenue and do not expect to receive any product revenue in the near future, except if we generate product revenues from Artemisinin in countries around the globe other than India and which at the current time is not anticipated. We may generate revenues from services rendered in the future, but we cannot expect that to be a regular and of recurring nature. If we remain in business, we expect to incur additional operating losses over the next several years, ~~principally~~ principally as a result of our plans to continue clinical trials for our investigational drugs. AsAt ofDecember ~~March~~ 31, ~~2021~~2024, we had approximately ~~$831,000~~ $0.1 million in cash and current liabilities of approximately $1319.~~0 million, of which $~~2.6 million ~~of contingent liabilities that would be issuable in shares of common stock of the Company to the PointR shareholders upon satisfaction of certain conditions~~. Based on our planned operations, we expect our cash to only support our operations for a short period of time. Therefore, we will need to secure near-term funding, or we would be forced to curtail or terminate operations. Because we do not currently have a guaranteed source of capital that will sustain operations for at least the next twelve months, Management has determined that there is substantial doubt about our ability to continue as a going concern.

The principal source of our working capital to date has been the proceeds from the sale of equity and debt, a substantial portion of which has been provided by officers and certain insiders. If we are unable to access additional funds in the near term, whether through the sale of additional equity, debt or another means, we may not be able to continue in business. We also may not be able to continue the development of our investigational drugs. Any additional equity or debt financing, if available to us, may not be available on favorable terms and would most likely be dilutive to stockholders. Any debt financing, if available, may involve restrictive covenants and also be dilutive to current stockholders. If we obtain funds through collaborative or licensing arrangements, we may be required to relinquish rights to some of our technologies or product candidates on terms that are not favorable to us. Our ability to access capital when needed is not assured.

In their audit report with regard to our financial statements as of December 31, ~~2020~~2024, we as well as our independent registered public ~~accountants~~ accountants have expressed an opinion that substantial doubt exists as to whether we can continue as a going concern. Because we have limited cash resources, we believe that it will be necessary for us to either raise additional capital in the near term or to enter into a license or other agreement with a larger pharmaceutical company. If we do not succeed in doing so, we may be required to suspend or cease our business, which would likely materially harm the value of our common stock.

-7-

Due in part to our limited financial resources, we may fail to select or capitalize on the most scientifically, clinically or commercially promising or profitable indications or therapeutic areas for our product candidates, and we may be unable to pursue and complete the clinical trials that we would like to pursue and complete.

We have limited financial and technical resources to determine the indications on which we should focus the development efforts for our product candidates. Due to our limited available financial resources, we have curtailed clinical development programs and activities that might otherwise have led to more rapid progress of our product candidates through the regulatory and development processes. We currently have insufficient financial resources to complete any additional drug development work.

If we are able to raise funds and continue developing investigational drugs for cancer, we may make incorrect determinations with regard to the indications and clinical trials on which to focus the available resources that we do have. Furthermore, we cannot assure you that we will be able to retain adequate staffing levels to run our operations and/or to accomplish all of the objectives that we otherwise would seek to accomplish. The decisions to allocate our research, management and financial resources toward particular indications or therapeutic areas for our product candidates may not lead to the development of viable commercial products and may divert resources from better opportunities. Similarly, our decisions to delay or terminate drug development programs may also cause us to miss valuable opportunities. In addition, from time to time, we may in-license or otherwise acquire product candidates to supplement our internal development activities. Those activities may use resources that otherwise would have been devoted to our internal programs, and with research and development programs there is no way to assure that the outcome of any trials or other activities will be positive, whether the program was internally generated or in-licensed.

We may encounter difficulties in expanding our operations successfully if and when we evolve from a company that is primarily involved in clinical development to a company that is also involved in commercialization.

As we advance our product candidates through later stages of clinical trials, we will need to expand our development, regulatory, manufacturing, marketing and sales capabilities or contract with third parties to provide these capabilities for us. As our operations expand, we expect that we will need to manage additional relationships with such third parties, as well as additional collaborators, distributors, marketers and suppliers.

Maintaining third party relationships for these purposes will impose significant added responsibilities on members of our management and other personnel. We must be able to manage our development efforts effectively, manage our participation in the clinical trials in which our product candidates are involved effectively, and improve our managerial, development, operational and finance systems, all of which may impose a strain on our administrative and operational infrastructure.

If, following any approval of our product candidates, we enter into arrangements with third parties to perform sales, marketing or distribution services, any product revenues that we receive, or the profitability of these product revenues to us, are likely to be lower than if we were to market and sell any products that we develop ourselves. In addition, we may not be successful in entering into arrangements with third parties to sell and market our products or in doing so on terms that are favorable to us. We likely will have little control over such third parties, and any of them may fail to devote the necessary resources and attention to sell and market our products effectively. If we do not establish sales and marketing capabilities successfully, either on our own or in collaboration with third parties, we will not be successful in commercializing our products.

If we were to submit an NDA for our drug candidates in the United States or a marketing application in the EU, we would need to undertake commercial scale manufacturing activities at significant expense to us in order to proceed with the application for approval for commercialization. We or our external vendors may encounter technical difficulties that preclude us from successfully manufacturing the required registration and validation batches of active pharmaceutical ingredient, or API, and/or drug product and we may be unable to recover any financial losses associated with the manufacturing activities. Further, our research or product development efforts may not be successfully completed, any compounds currently under development by us may not be successfully developed into drugs, any potential products may not receive regulatory approval on a timely basis, if at all, and competitors may develop and bring to market products or technologies that render our potential products obsolete. If any of these problems occur, our business would be materially and adversely affected.

-8-

We may not be able to partner with other pharmaceutical companies or even form any types of alliances with third parties.

As we plan to advance our product candidates through later stages of clinical trials but with lack of adequate capital resources, we will need to form alliances or enter into partnerships with other pharmaceutical companies or even other third parties. We cannot assure you that we would be able to do so at terms beneficial to the Company or at all.

We may not be able to successfully set up an IPO with third parties.

The JV is planning to secure additional financing for its operations through an initial public offering in Hong Kong. While the JV has engaged an investment banker and its taking active steps to progress to an initial public offering, there are no firm commitments to underwrite any public offering at this time. We cannot assure you that any public offering will occur at all, will occur within a specific timeframe, will raise sufficient funds to meet the JVs needs, or will be on terms that will be beneficial to the Company.

We may not be able to successfully develop the product portfolio through our JV.

As we plan to advance the product candidates being established through our JV, through later stages of development, manufacturing of the products for clinical trials and ultimately commercial manufacturing, we may need to form alliances or enter into partnerships with other pharmaceutical companies or even other third parties to work with us in the JVs endeavors to achieve success for the Product. That would ensure success for the JV and create shareholder value for our Company. We cannot assure you that the JV would be able to do so and the Company get’s the benefits of that at all.

We have no manufacturing capacity and have relied on, and expect to continue to rely on, third-party manufacturers to produce our product candidates.

WeOur JV leases a manufacturing facility in San Diego which it plans to use for development of clinical quantities of our product candidates. However, we do not own or operate manufacturing facilities for the production of clinical or commercial quantities of our product candidates or any of the compounds that we are testing in our preclinical programs, and we lack the resources and the capabilities to do so. As a result, we currently rely, and we expect to rely for the foreseeable future, on third-party manufacturers to supply our product candidates. Reliance on third-party manufacturers entails risks to which we would not be subject if we manufactured our product candidates or products ourselves, including:

● reliance on third-parties for manufacturing process development, regulatory compliance and quality assurance; ● limitations on supply availability resulting from capacity and scheduling constraints of third-parties; ● the possible breach of manufacturing agreements by third-parties because of factors beyond our control; and ● the possible termination or non-renewal of the manufacturing agreements by the third-party, at a time that is costly or inconvenient to us.

● limitations on supply availability resulting from capacity and scheduling constraints of third-parties;

● the possible breach of manufacturing agreements by third-parties because of factors beyond our control; and

● the possible termination or non-renewal of the manufacturing agreements by the third-party, at a time that is costly or inconvenient to us.

If we do not maintain our developed important manufacturing relationships, we may fail to find replacement manufacturers or develop our own manufacturing capabilities, which could delay or impair our ability to obtain regulatory approval for our products and substantially increase our costs or deplete profit margins, if any. If we do find replacement manufacturers, we may not be able to enter into agreements with them on terms and conditions favorable to us, and there could be a substantial delay before new facilities could be qualified and registered with the FDA, EMA and other foreign regulatory authorities.

-9-

The FDA, EMA and other foreign regulatory authorities require manufacturers to register manufacturing facilities. The FDA and corresponding foreign regulators also inspect these facilities to confirm compliance with current good manufacturing practices, or cGMPs. Contract manufacturers may face manufacturing or quality control problems causing drug substance production and shipment delays or a situation where the contractor may not be able to maintain compliance with the applicable cGMP requirements. Any failure to comply with cGMP requirements or other FDA, EMA and comparable foreign regulatory requirements could adversely affect our clinical research activities and our ability to develop our product candidates and market our products after approval.

Our current and anticipated future dependence upon others for the manufacture of our product candidates may adversely affect our ability to develop our product candidates, our ability to commercialize any products that receive regulatory approval and our potential future profit margins on these products.

Our product candidates have not completed clinical trials, and may never demonstrate sufficient safety and efficacy in order to do so.

Our product candidates are in the clinical stage of development. In order to achieve profitable operations, we alone or in collaboration with others, must successfully develop, manufacture, introduce and market our products. The time frame necessary to achieve market success for any individual product is long and uncertain. The products currently under development by us may require significant additional research and development and additional preclinical and clinical testing prior to application for commercial use. A number of companies in the biotechnology and pharmaceutical industries have suffered significant setbacks in clinical trials, even after showing promising results in early or later-stage studies or clinical trials. Although we have obtained some favorable results to date in preclinical studies and clinical trials of certain of our potential products, such results may not be indicative of results that will ultimately be obtained in or throughout such clinical trials, and clinical trials may not show any of our products to be safe or capable of producing a desired result. Additionally, we may encounter problems in our clinical trials that may cause us to delay, suspend or terminate those clinical trials.

Adverse events observed to date and associated with CA4P and OXi4503 have generally been found to be manageable for drugs treating the indications for which we are developing our product candidates. However, we will be required to continue to test and evaluate the safety of our product candidates in additional clinical trials, and to demonstrate their safety to the satisfaction of appropriate regulatory agencies, as a condition to receipt of any regulatory approvals. In clinical trials to date, transient hypertension believed to be associated with CA4P and OXi4503 has been effectively managed through pre-treatment with anti-hypertensive medication. We cannot assure you, however, that we will be able to make the necessary demonstrations of safety to allow us to receive regulatory approval for our product candidates in any indication.

We only have a limited number of employees to manage and operate our business.

AsWe had a combined total of ~~May~~40 20full-time, ~~2021~~part-time employees and consultants as of December 31, we2024; ~~had~~however, ~~fifteen~~all ~~full-time~~the employees have been compensated through the JV since March 2022. We rely on external consultants or outsource nearly all our research, development, preclinical testing, and ~~professionals~~clinical totrial ~~augment~~activity, although we maintain managerial and quality control over our ~~staffing~~clinical ~~needs~~trials. ~~Our~~We expect to continue to rely on external service providers and to maintain a small number of executives and other employees. Our limited financial resources require us to manage and operate our business in a highly efficient manner. We cannot assure you that we will be able to retain adequate staffing levels to run our operations and/or to accomplish all of the objectives that we otherwise would seek to accomplish.

We depend on our executive officers and principal consultants and the loss of their services could materially harm our business.

We believe that our success depends, and will likely continue to depend, upon our ability to retain the services of our current executive officers, particularly our Chief Executive Officer, Chief Technology Officer, Chief Business Officer and Chief Financial Officer, ~~our~~ our principal consultants and others. ~~Two~~Our oflack ~~our executive officers have been working at 50% salaries since early April 2019 (and prior to the reverse merger since October 2017) and one~~ of ~~our~~financial ~~Executive~~resources ~~Officer worked at 60% of salary till October 2020, which~~ increases the risk that we may not be able to retain their services. The loss of the services of any of these individuals could have a material adverse effect on our business. In addition to these key service providers, we have established relationships with universities, hospitals and research institutions, which have historically provided, and continue to provide, us with access to research laboratories, clinical trials, facilities and patients. Additionally, we believe that we may, at any time and from time to time, materially depend on the services of consultants and other unaffiliated third parties. We cannot assure you that consultants and other unaffiliated third parties will provide the level of service to us that we require in order to achieve our ~~business~~ business objectives.

-10-

Our industry is highly competitive, and our product candidates may become obsolete.

We are engaged in a rapidly evolving field. Competition from other pharmaceutical companies, biotechnology companies and research and academic institutions is intense and likely to increase. Many of those companies and institutions have substantially greater financial, technical and human resources than we do. Many of those companies and institutions also have substantially greater experience in developing products, conducting clinical trials, obtaining regulatory approval and in manufacturing and marketing pharmaceutical products. Our competitors may succeed in obtaining regulatory approval for their products more rapidly than we do. Competitors have developed or are in the process of developing technologies that are, or in the future may be, the basis for competitive products. Some of these competitive products may have an entirely different approach or means of accomplishing the desired therapeutic effect than products being developed by us. Our competitors may succeed in developing products that are more effective and/or cost competitive than those we are developing, or that would render our product candidates less competitive or even obsolete. In addition, one or more of our competitors may achieve product commercialization or patent protection earlier than we do, which could materially adversely affect us.

If clinical trials or regulatory approval processes for our product candidates are prolonged, delayed or suspended, we may be unable to out-license or commercialize our product candidates on a timely basis, which would require us to incur additional costs and delay or prevent our receipt of any proceeds from potential license agreements or product sales.

We cannot predict whether we will encounter problems with any of our completed, ongoing or planned clinical trials that will cause us or any regulatory authority to delay or suspend those clinical trials or delay or invalidate the analysis of data derived from them. A number of events, including any of the following, could delay the completion of our other ongoing and planned clinical trials and negatively impact our ability to obtain regulatory approval for, and to market and sell, a particular product candidate:

	●	conditions imposed on us by the FDA, EMA or another foreign regulatory authority regarding the scope or design of our clinical trials;

	●	delays in obtaining, or our inability to obtain, required approvals from institutional review boards or other reviewing entities at clinical sites selected for participation in our clinical trials;

	●	insufficient supply of our product candidates or other materials necessary to conduct and complete our clinical trials;

	●	slow enrollment and retention rate of subjects in clinical trials;

	●	any compliance audits and pre-approval inspections by the FDA, EMA or other regulatory authorities;

	●	negative or inconclusive results from clinical trials, or results that are inconsistent with earlier results;

	●	serious and unexpected drug-related side effects; and

	●	failure of our third-party contractors to comply with regulatory requirements or otherwise meet their contractual obligations to us.

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Commercialization or licensure of our product candidates may be delayed or prevented by the imposition of additional conditions on our clinical trials by the FDA, EMA or another foreign regulatory authority or the requirement of additional supportive clinical trials by the FDA, EMA or another foreign regulatory authority. In addition, clinical trials require sufficient patient enrollment, which is a function of many factors, including the size of the patient population, the nature of the trial protocol, the proximity of patients to clinical sites, the availability of effective treatments for the relevant disease, the conduct of other clinical trials that compete for the same patients as our clinical trials, and the eligibility criteria for our clinical trials. Our failure to enroll patients in our clinical trials could delay the completion of the clinical trial beyond our expectations, or it could prevent us from being able to complete the clinical trial. In addition, the FDA and EMA could require us to conduct clinical trials with a larger number of subjects than we have projected for any of our product candidates. We may not be able to enroll a sufficient number of patients in a timely or cost-effective manner. Furthermore, enrolled patients may drop out of our clinical trials, which could impair the validity or statistical significance of the clinical trials.

We do not know whether our clinical trials will begin as planned, will need to be restructured, or will be completed on schedule, if at all. Delays in our clinical trials will result in increased development costs for our product candidates, and our financial resources may be insufficient to fund any incremental costs. In addition, if our clinical trials are delayed, our competitors may be able to bring products to market before we do and the commercial viability of our product candidates could be limited.

If physicians and patients do not accept our future products or if the market for indications for which any product candidate is approved is smaller than expected, we may be unable to generate significant revenue, if any.

Even if any of our product candidates obtain regulatory approval, they may not gain market acceptance among physicians, patients, and third-party payers. Physicians may decide not to prescribe our drugs for a variety of reasons including:

● timing of market introduction of competitive products; ● demonstration of clinical safety and efficacy compared to other products; ● cost-effectiveness; ● limited or no coverage by third-party payers; ● convenience and ease of administration; ● prevalence and severity of adverse side effects; ● restrictions in the label of the drug; ● other potential advantages of alternative treatment methods; and ● ineffective marketing and distribution support of our products.

● other potential advantages of alternative treatment methods; and ● ineffective marketing and distribution support of our products.

If any of our product candidates is approved, but fails to achieve market acceptance, we may not be able to generate significant revenue and our business would suffer.

The uncertainty associated with pharmaceutical reimbursement and related matters may adversely affect our business.

Market acceptance and sales of any one or more of our product candidates that we develop will depend on reimbursement policies and may be affected by future healthcare reform measures in the United States and in foreign jurisdictions. Government authorities and third-party payers, such as private health insurers and health maintenance organizations, decide which drugs they will cover and establish payment levels. We cannot be certain that reimbursement will be available for any product candidates that we develop. Also, we cannot be certain that reimbursement policies will not reduce the demand for, or the price paid for, our products. If reimbursement is not available or is available on a limited basis, we may not be able to successfully commercialize any product candidates that we develop.

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In the United States, the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, also called the Medicare Modernization Act, or MMA, changed the way Medicare covers and pays for pharmaceutical products. The legislation established Medicare Part D, which expanded Medicare coverage for outpatient prescription drug purchases by the elderly but provided authority for limiting the number of drugs that will be covered in any therapeutic class. The MMA also introduced a new reimbursement methodology based on average sales prices for physician-administered drugs.

The United States and several foreign jurisdictions are considering, or have already enacted, a number of legislative and regulatory proposals to change the healthcare system in ways that could affect our ability to sell our products profitably. Among policy makers and payers in the United States and elsewhere, there is significant interest in promoting changes in healthcare systems with the stated goals of containing healthcare costs, improving quality and/or expanding access to healthcare. In the United States, the pharmaceutical industry has been a particular focus of these efforts and has been significantly affected by major legislative initiatives. We expect to experience pricing pressures in connection with the sale of any products that we develop due to the trend toward managed healthcare, the increasing influence of health maintenance organizations and additional legislative proposals.

In March 2010, the Affordable Care Act, as amended by the Health Care and Education Affordability Reconciliation Act, or collectively, ACA, became law in the U.S. The goal of ACA is to reduce the cost of health care and substantially change the way health care is financed by both government and private insurers. While we cannot predict what impact on federal reimbursement policies this legislation will have in general or on our business specifically, the ACA may result in downward pressure on pharmaceutical reimbursement, which could negatively affect market acceptance of, and the price we may charge for, any products we develop that receive regulatory approval.

More recently, the current U.S. presidential administration has made statements suggesting plans to seek repeal of all or portions of the ACA. There is uncertainty regarding the impact that the President’s administration may have on matters currently governed by the ACA, if any, and any regulatory or legislative changes will likely take time to unfold. These changes could have an impact on coverage and reimbursement for healthcare items and services covered by plans that were authorized by the ACA. However, we cannot predict the ultimate content, timing or effect of any healthcare reform legislation or the impact of potential legislation on us. Any reduction in reimbursement from Medicare or other government programs may result in a similar reduction in payments from private payors. The implementation of cost containment measures or other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our products.

Our business and operations could suffer in the event of system failures.

Despite the implementation of security measures, our internal computer systems and those of our third-party CROs and other contractors and consultants are vulnerable to damage from computer viruses, unauthorized access, natural disasters, terrorism, war and telecommunication and electrical failures. Furthermore, we have little or no control over the security measures and computer systems of our third-party CROs and other contractors and consultants. While we have not experienced any material system failure, accident, or security breach to date, if such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our programs. For example, the loss of clinical trial data for our product candidates could result in delays in our marketing approval efforts and significantly increase our costs to recover or reproduce the data. To the extent that any disruption or security breach results in a loss of or damage to our data or applications or other data or applications relating to our technology or product candidates, or inappropriate disclosure of confidential or proprietary information, we could incur liabilities and the further development of our product candidates could be delayed.

~~Risks Related~~Regulatory toand ~~Our~~Legal ~~Securities~~Risks

~~Dilution~~If ofwe ~~our~~are ~~shares~~unable ~~will~~to ~~likely~~obtain berequired ~~adversely~~regulatory ~~affected~~approvals, bywe ~~sales~~will ofbe ~~our~~unable ~~common~~to ~~stock~~market ~~pursuant~~and tosell our ~~agreement~~product ~~with the Selling Stockholders~~candidates.

~~Sales~~Our ofproduct ancandidates ~~aggregate~~are ofsubject 33to extensive governmental regulations relating to development,~~863~~ clinical trials,~~445~~ ~~shares~~manufacturing, oversight of ~~our~~clinical ~~Common~~investigators, ~~Stock~~recordkeeping ~~being~~and ~~registered~~commercialization. ~~herein~~Rigorous onpreclinical ~~behalf~~testing ofand ~~Peak~~clinical ~~One~~trials and ~~Peak~~an ~~One~~extensive ~~Investments~~regulatory review and approval process are required to be successfully completed in the ~~subsequent~~United ~~resale~~States, ofin ~~those~~the ~~shares~~European ~~will~~Union ~~have~~and in many other foreign jurisdictions before a ~~material~~new ~~dilutive~~drug ~~effect~~can ~~upon~~be ~~our~~sold. ~~shares~~Satisfaction of these and ~~will~~other ~~likely~~regulatory ~~have~~requirements ais ~~depressive~~costly, ~~effect~~time consuming, uncertain, onand subject to unanticipated delays. The time required to obtain approval by the ~~market~~FDA ~~price~~or ofthe ~~our~~European ~~Common~~Medicines ~~Stock~~Agency, or EMA, is unpredictable and often takes many years following the commencement of clinical trials.

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In connection with the clinical development of our product candidates, we face risks that:

	●	our product candidates may not prove to be safe and efficacious;

	●	patients may die or suffer serious adverse effects for reasons that may or may not be related to the product candidate being tested;

	●	we fail to maintain adequate records of observations and data from our clinical trials, to establish and maintain sufficient procedures to oversee, collect data from, and manage clinical trials, or to monitor clinical trial sites and investigators to the satisfaction of the FDA, EMA or other regulatory agencies;

	●	we may not have sufficient financial resources to complete the clinical trials that would be necessary to obtain regulatory approvals;

	●	the results of later-phase clinical trials may not confirm the results of earlier clinical trials; and

	●	the results from clinical trials may not meet the level of statistical significance or clinical benefit-to-risk ratio required by the FDA, EMA or other regulatory agencies for marketing approval.

Only a small percentage of product candidates for which clinical trials are initiated are the subject of NDAs and even fewer receive approval for commercialization. Furthermore, even if we do receive regulatory approval to market a product candidate, any such approval may be subject to limitations such as those on the indicated uses for which we may market the product.

If we or the third parties on which we rely for the conduct of our clinical trials and results do not perform our clinical trial activities in accordance with good clinical practices and related regulatory requirements, we may not be able to obtain regulatory approval for or commercialize our product candidates.

We currently use independent clinical investigators in all of our clinical trials and, in many cases, also utilize contract research organizations, or CROs, and other third-party service providers to conduct and/or oversee the clinical trials of our product candidates and expect to continue to do so for the foreseeable future. We rely heavily on these parties for successful execution of our clinical trials. Nonetheless, we are responsible for confirming that each of our clinical trials is conducted in accordance with the FDA’s requirements and our general investigational plan and protocol. Currently, we have clinical trial activities involving CA4P and OXi4503 being conducted by clinical investigators who are independent of us, but with whom we have agreements for them to provide the results of their clinical trials to us. In order for us to rely on data from these ongoing clinical trials in support of a New Drug Application, or NDA, for approval of any of our product candidates by the FDA or similar types of marketing applications that are required by other regulatory authorities, the independent investigators are required to comply with applicable good clinical practice requirements.

The FDA and corresponding foreign regulatory authorities require us and our clinical investigators to comply with regulations and standards, commonly referred to as good clinical practices, or GCPs, for conducting and recording and reporting the results of clinical trials to assure that data and reported results are credible and accurate and that the trial participants are adequately protected. Our reliance on third parties that we do not control does not relieve us of these responsibilities and requirements. Third parties may not complete activities on schedule or may not conduct our clinical trials in accordance with regulatory requirements or the respective trial plans and protocols. The failure of these third parties to carry out their obligations could delay or prevent the development, approval and commercialization of our product candidates or result in enforcement action against us.

We have taken and continue to take steps to strengthen our procedures and practices, but we cannot assure you that the FDA will be satisfied with our procedures or that the FDA will not issue warning letters or take other enforcement action against us in the future. The steps we take to strengthen our procedures and conduct future clinical trials necessary for approval will be time-consuming and expensive.

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The use of our products may result in product liability exposure, and it is uncertain whether our insurance coverage will be sufficient to cover all claims.

The use of our product candidates in clinical trials may expose us to liability claims in the event such product candidates cause death, injury or disease, or result in adverse effects. We may be exposed to liability claims even if our product did not cause death, injury or diseases, but is merely presumed or alleged to have caused any of these. If our product candidates are ever commercially approved, the commercial use of these products may also expose us to similar liability claims. Any of these claims could be made by health care institutions, contract laboratories, patients or others using such products. Although we have obtained liability insurance coverage for our ongoing clinical trials, this coverage may not be in amounts sufficient to protect us from any product liability claims or product recalls which could have a material adverse effect on our financial condition and prospects. Further, adverse product and similar liability claims could negatively impact our ability to obtain or maintain regulatory approvals for our technology and product candidates under development.

We have been granted orphan drug status for certain of our product candidates and may seek orphan drug status for additional indications for those product candidates or for additional product candidates. We may be unsuccessful in maintaining orphan drug exclusivity for our product candidates and may be unsuccessful in our efforts to seek orphan drug status and orphan drug exclusivity.

Regulatory authorities in some jurisdictions, including the United States and the European Union, may designate drugs for relatively small patient populations as orphan drugs. Under the Orphan Drug Act, the FDA may designate a product as an orphan drug if it is a drug intended to treat a rare disease or condition, which is generally defined as a disease with a patient population of fewer than 200,000 individuals in the United States. Our lead product candidate, OXi4503, has been awarded orphan drug status by the FDA and the European Commission for the treatment of acute myelogenous leukemia. Our other product candidate, CA4P, has been awarded orphan drug status by the FDA for the treatment of anaplastic, medullary, Stage IV papillary and Stage IV follicular thyroid cancers, ovarian cancer, neuroendocrine tumors and glioma. CA4P has also been awarded orphan drug status by the European Commission in the European Union for the treatment of anaplastic thyroid cancer, ovarian cancer and neuroendocrine tumors.

Generally, if a product with an orphan drug designation subsequently receives the first marketing approval for the indication for which it has such designation, the product is entitled to a period of marketing exclusivity, which precludes the EMA or the FDA from approving another marketing application for the same drug for the same indication during the period of exclusivity. The applicable period is seven years in the United States and ten years in the European Union. The European exclusivity period can be reduced to six years if a drug no longer meets the criteria for orphan drug designation or if the drug is sufficiently profitable so that market exclusivity is no longer justified. Orphan drug exclusivity may be lost if the FDA or the EMA determines that the request for designation was materially defective, if the manufacturer is unable to assure sufficient quantity of the drug to meet the needs of patients with the rare disease or condition.

Even if we obtain orphan drug exclusivity for a product candidate or additional product candidates, that exclusivity may not effectively protect the product candidate from competition because different drugs can be approved for the same condition. Even after an orphan drug is approved, the FDA can subsequently approve a different drug for the same condition if the FDA concludes that the later drug is clinically superior in that it is shown to be safer, more effective or makes a major contribution to patient care.

Our product candidates will remain subject to ongoing regulatory review even if they receive marketing approval, and if we fail to comply with continuing regulations, we could lose these approvals and the sale of any approved commercial products could be suspended.

Even if we receive regulatory approval to market a particular product candidate, the manufacturing, labeling, packaging, adverse event reporting, storage, advertising, promotion, and record keeping related to the product will remain subject to extensive regulatory requirements. If we fail to comply with the regulatory requirements of the FDA, EMA and other applicable domestic and foreign regulatory authorities or previously unknown problems with any approved product, manufacturer, or manufacturing process are discovered, we could be subject to administrative or judicially imposed sanctions, including:

●

restrictions on the products, manufacturers, or manufacturing processes;

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	●	warning letters;

	●	civil or criminal penalties;

	●	fines;

	●	injunctions;

	●	product seizures or detentions;

	●	pressure to initiate voluntary product recalls;

	●	suspension or withdrawal of regulatory approvals; and

	●	refusal to approve pending applications for marketing approval of new products or supplements to approved applications.

Our employees, principal investigators, CROs and consultants may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.

We are exposed to the risk that our employees, principal investigators, CROs and consultants may engage in fraudulent conduct or other illegal activity. Misconduct by these parties could include intentional, reckless and/or negligent conduct or disclosure of unauthorized activities to us that violate the regulations of the FDA and other regulatory authorities, including those laws requiring the reporting of true, complete and accurate information to such authorities; healthcare fraud and abuse laws and regulations in the United States and abroad; or laws that require the reporting of financial information or data accurately. In particular, sales, marketing and business arrangements in the healthcare industry are subject to extensive laws and regulations intended to prevent fraud, misconduct, kickbacks, self-dealing and other abusive practices. Activities subject to these laws also involve the improper use of information obtained in the course of clinical trials or creating fraudulent data in our preclinical studies or clinical trials, which could result in regulatory sanctions and cause serious harm to our reputation.

We have a code of conduct applicable to all of our employees, but it is not always possible to identify and deter misconduct by employees and other third parties, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to comply with these laws or regulations. Additionally, we are subject to the risk that a person could allege such fraud or other misconduct, even if none occurred. If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business, including the imposition of civil, criminal and administrative penalties, damages, monetary fines, possible exclusion from participation in Medicare, Medicaid and other federal healthcare programs, contractual damages, reputational harm, diminished profits and future earnings, and curtailment of our operations, any of which could adversely affect our ability to operate our business and our results of operations.

Intellectual Property Risks

We depend extensively on the patents and proprietary technology we license from others, and we must maintain these licenses in order to preserve our business.

We have licensed in rights to CA4P, OXi4503 and other programs from third parties. If our license agreements terminate or expire, we may lose the licensed rights to our product candidates, including CA4P and OXi4503, and we may not be able to continue to develop them or, if they are approved, we may not be able to market or commercialize them.

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We depend on license agreements with third-parties for certain intellectual property rights relating to our product candidates, including patent rights. Currently, we have licensed in certain patent rights from Arizona State University, or ASU, and the Bristol-Myers Squibb Company for CA4P and OXi4503 and from Baylor University for other programs. In general, our license agreements require us to make payments and satisfy performance obligations in order to keep these agreements in effect and retain our rights under them. These payment obligations can include upfront fees, maintenance fees, milestones, royalties, patent prosecution expense, and other fees. These performance obligations typically include diligence obligations. If we fail to pay, be diligent or otherwise perform as required under our license agreements, we could lose the rights under the patents and other intellectual property rights covered by the agreements. While we are not currently aware of any dispute with any licensors under our material agreements with them, if disputes arise under any of our in-licenses, including our in-licenses from ASU, the Bristol-Myers Squibb Company and Baylor University, we could lose our rights under these agreements. Any such dispute may not be resolvable on favorable terms, or at all. Whether or not any disputes of this kind are favorably resolved, our management’s time and attention and our other resources could be consumed by the need to attend to and seek to resolve these disputes and our business could be harmed by the emergence of such a dispute.

If we lose our rights under these agreements, we may not be able to conduct any further activities with the product candidate or program that the license covered. If this were to happen, we might not be able to develop our product candidates further, or following regulatory approval, if any, we might be prohibited from marketing or commercializing them. In particular, patents previously licensed to us, such as the patents we previously licensed from Angiogene, might after termination be used to stop us from conducting activities in the patents’ respective fields.

We depend on patents and proprietary technology in the course of our business, and we must protect those assets in order to preserve our business.

Although we expect to seek patent protection for any compounds we discover and/or for any specific use we discover for new or previously known compounds, any or all of them may not be subject to effective patent protection. Further, the development of regimens for the administration of pharmaceuticals, which generally involve specifications for the frequency, timing and amount of dosages, has been, and we believe, may continue to be, important to our effort, although those processes, as such, may not be patentable. In addition, the issued patents may be declared invalid or our competitors may find ways to avoid the claims in the patents. Further, our lack of access to adequate capital may cause us to curtail payment of fees necessary to maintain patents that we otherwise would seek to maintain, and we may make incorrect decisions regarding which patents to keep and which to abandon.

Our success will depend, in part, on our ability to obtain and maintain patents, protect our trade secrets and operate without infringing on the proprietary rights of others. We are the exclusive licensee, sole assignee or co-assignee on a number of granted United States patents, pending United States patent applications, and granted patents and/or pending applications in several other major markets, including the European Union, Canada and Japan. The patent position of pharmaceutical and biotechnology firms like us is generally highly uncertain and involves complex legal and factual questions, resulting in both an apparent inconsistency regarding the breadth of claims allowed in United States patents and general uncertainty as to their legal interpretation and enforceability. Accordingly, patent applications assigned or exclusively licensed to us may not result in patents being issued, any issued patents assigned or exclusively licensed to us may not provide us with competitive protection or may be challenged by others, and the current or future granted patents of others may have an adverse effect on our ability to do business and achieve profitability. Moreover, because some of the basic research relating to one or more of our patent applications and/or patents were performed at various universities and/or funded by grants, one or more of these universities, employees of such universities and/or grantors could assert that they have certain rights in such research and any resulting products. Further, others may independently develop similar products, may duplicate our products, or may design around our patent rights. In addition, as a result of the assertion of rights by a third-party or otherwise, we may be required to obtain licenses to patents or other proprietary rights of others in or outside of the United States. Any licenses required under any such patents or proprietary rights may not be made available on terms acceptable to us, if at all. If we do not obtain such licenses, we could encounter delays in product market introductions while our attempts to design around such patents or could find that the development, manufacture or sale of products requiring such licenses is foreclosed. In addition, we could incur substantial costs in defending ourselves in suits brought against us or in connection with patents to which we hold licenses or in bringing suit to protect our own patents against infringement.

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We require employees and the institutions that perform our preclinical and clinical trials to enter into confidentiality agreements with us. Those agreements provide that all confidential information developed or made known to a party to any such agreement during the course of the relationship with us be kept confidential and not be disclosed to third-parties, except in specific circumstances. Any such agreement may not provide meaningful protection for our trade secrets or other confidential information in the event of unauthorized use or disclosure of such information.

Risks related to our Stock and Financing

Dilution of our shares will likely be adversely affected by sales of our common stock pursuant to our agreement with the Selling Stockholder.

Sales of an aggregate of 309,717,647 shares of our common stock being registered herein on behalf of Mast One and the subsequent resale of those shares will have a material dilutive effect upon our shares and will likely have a depressive effect on the market price of our common stock.

The price of our common stock is volatile, and is likely to continue to fluctuate due to reasons beyond our control; a limited public trading market may cause volatility in the price of our common stock.

The market price of our common stock has been, and likely will continue to be, highly volatile. Factors, including our financial results or our competitors’ financial results, clinical trial and research development announcements and government regulatory action ~~affecting~~ affecting our potential products in both the United States and foreign countries, have had, and may continue to have, a significant effect on our results of operations and on the market price of our common stock. We cannot assure you that an investment in our common stock will not fluctuate significantly. One or more of these factors could significantly harm our business and cause a decline in the price of our common stock in the public market. Substantially all of the shares of our common stock issuable upon exercise of outstanding options and warrants have been registered or are likely to be registered for resale or are available for sale pursuant to Rule 144 under the Securities Act, and may be sold from time to time. As of ~~March~~December 31, ~~2021~~2024, we had approximately ~~24,678,000~~ 289.5 million shares of common stock underlying currently outstanding convertible debt, warrants and options. InSales ~~addition, as~~ of ~~March 31, 2021, we had approximately 35,389,000 shares of our common stock issuable upon a possible conversion of convertible notes. Sales of~~ any of these shares on the market, as well as future sales of our common stock by existing stockholders, or the perception that sales may occur at any time, could adversely affect the market price of our common stock.

Our common stock is currently quoted on the OTCQB Market. The quotation of our common stock on the OTCQB Market does not assure that a meaningful, consistent and liquid trading market currently exists, and in recent years such market has experienced extreme price and volume fluctuations that have particularly affected the market prices of many smaller companies like us. Our common stock is subject to this volatility. Sales of substantial amounts of common stock, or the perception that such sales might occur, could adversely affect prevailing market prices of our common stock and our stock price may decline substantially in a short time and our stockholders could suffer losses or be unable to liquidate their holdings.

The price of our common stock may be volatile and fluctuate substantially, which could result in substantial losses for purchasers of our common stock.

Our stock price may be volatile. The stock market in general and the market for smaller specialty pharmaceutical companies and biotechnology, in particular, have experienced extreme volatility that has often been unrelated to the operating performance of particular companies or the quality of the underlying assets. As a result of this volatility, you may not be able to sell your common stock at or above the price you paid for such shares. The market price for our common stock may be influenced by many factors, including but not limited to:

	●	reduction in stock price could indicate impairment of the goodwill and intangible assets;
	●	market conditions in the pharmaceutical and biotechnology sectors;
	●	general economic, industry, and market conditions; and
	●	the other factors described in this “Risk Factors” section.

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We will require additional capital funding, the receipt of which may impair the value of our common stock.

Our future capital requirements depend on many factors, including our research, development, sales and marketing activities. We will need to raise additional capital through public or private equity or debt offerings or through arrangements with strategic partners or other sources in order to continue to develop our product candidates. There can be no assurance that additional capital will be available when needed or on terms satisfactory to us, if at all. To the extent we raise additional capital by issuing equity securities, our shareholders may experience substantial dilution and the new equity securities may have greater rights, preferences or privileges than our existing common stock.

Our common stock is currently subject to the “Penny Stock” Rules of the SEC and the trading market in our securities is limited, which makes transactions in our stock cumbersome and may reduce the value of an investment in our stock.

As of ~~March~~December 31, ~~2021~~2024, we had net ~~tangible~~assets of net assets of approximately $17.05 million and our common stock had a market price per share of less than $5.00. As a result, transactions in our common stock are subject to the SEC’s “penny stock” rules. ~~The~~ The designation of our common stock as a “penny stock” likely limits the liquidity of our common stock. Prices for penny stocks are often not available to buyers and sellers and the market may be very limited. Penny stocks are among the riskiest equity investments. Broker-dealers who sell penny stocks must provide purchasers of these stocks with a standardized risk-disclosure document prepared by the SEC. The document provides information about penny stocks and the nature and level of risks involved in investing in the penny stock market. A broker must also provide purchasers with bid and offer quotations and information regarding broker and salesperson compensation and make a written determination that the penny stock is a suitable investment for the purchaser and obtain the purchaser’s written agreement to the purchase. Many brokers choose not to participate in penny stock transactions. Because of the penny stock rules, there may be less trading activity in penny stocks. Because shares of our common stock are currently subject to these penny stock rules, your ability to trade or dispose of shares of our common stock may be adversely affected.

We may not be able to achieve secondary trading of our stock in certain states because our common stock is no longer nationally traded, which could subject our stockholders to significant restrictions and costs.

Our common stock is not currently eligible for trading on the Nasdaq Capital Market or on a national securities exchange. Therefore, our common stock is subject to the securities laws of the various states and jurisdictions of the United States in addition to federal securities law. While we may register our common stock or qualify for exemptions for our common stock in one of more states, if we fail to do so the investors in those states where we have not taken such steps may not be allowed to purchase our stock or those who presently hold our stock may not be able to resell their shares without substantial effort and expense. These restrictions and potential costs could be significant burdens on our stockholders.

If we fail to maintain an effective system of internal controls over financial reporting, we may not be able to accurately report our financial results. As a result, current and potential stockholders could lose confidence in our financial reporting, which could harm our business and the trading price of our stock.

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports. If we cannot maintain effective controls and reliable financial reports, our business and operating results could be harmed. For example, our small size and limited staffing levels do not allow for segregation of duties that exist at larger companies. We have conducted an evaluation of the ~~effectiveness~~ effectiveness of our internal control over financial reporting as of ~~March~~December 31, ~~2021~~2024, based on the criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework). Based on that evaluation, our management concluded that our internal ~~control~~controls over financial reporting were not effective as of ~~March~~ December 31, ~~2021~~2024. WeWhile ~~continue~~we continue to work on remedying our weaknesses and maintaining effective internal controls over financial reporting; however, there can be no assurance that a material weakness will not occur in the future, or our material weaknesses would be rectified. Any failure to implement and maintain controls over our financial reporting or difficulties encountered in the implementation of improvements in our controls, could cause us to fail to meet our reporting obligations. Any failure to maintain our internal controls over financial reporting or to address identified weaknesses in the future, if they were to occur, could also cause investors to lose confidence in our reported financial information, which could have a negative impact on the trading price of our stock.

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Issuance of additional equity securities may adversely affect the market price of our common stock.

~~Prior~~We ~~to filing the amendment described below, we were authorized to issue up to 150,000,000 shares of our common stock. Subsequent to the filing of the amendment described above, we~~ are authorized to issue up to 750,000,000 shares of our common stock. As of ~~March~~November 3117, ~~2021~~ 2025, we had ~~369~~442,~~446~~596,~~959~~586 shares of common stock ~~issued~~outstanding and ~~outstanding,~~also ~~including~~had 1approximately 107,~~019~~255,~~303~~684 shares of common stock toissuable beupon ~~issued.~~conversion ~~We issued~~of ~~250~~convertible notes,~~000~~ ~~commitment shares to Peak One on May 3~~37, ~~2021~~240,289 ~~and as we have 369,696,959~~ shares of ~~our~~ common stock underlying outstanding ~~as of May 20~~warrants, ~~2021.~~and ~~As of March 31~~23, ~~2021~~802,761shares ~~we also, approximately 20.8 million warrants outstanding, approximately 3.9 million options and approximately 35.4 million shares~~ of common stock issuable upon ~~conversion~~the exercise of ~~convertible~~outstanding ~~notes and debt~~options.

To the extent that additional shares of common stock are issued or options and warrants are exercised, holders of our common stock will experience dilution. In addition, in the event of any future issuances of equity securities or securities convertible into or exchangeable for common stock, holders of our common stock may experience dilution.

We filed an amendment to our Certificate of Incorporation with the State of Delaware on January 27, 2021 and as such, we are currently authorized to issue up to 750,000,000 shares of our common stock. We are also currently authorized to issue up to 15,000,000 shares of preferred stock. As of March 31, 2021, we had 0 shares of preferred stock outstanding. As of May 20, 2021, we had 369,696,959 shares of common stock issued and outstanding, including 1,019,303 shares of common stock to be issued. As of May 20, 2021, we also had approximately 20.8 million warrants to purchase shares of our common stock outstanding, approximately 3.9 million options to purchase shares of our common stock outstanding and approximately 35.4 million shares of common stock issuable upon conversion of convertible notes.

Our Board of Directors is authorized to issue preferred stock without any action on the part of our stockholders. Our Board of Directors also has the power, without stockholder approval, to set the terms of any such preferred stock that may be issued, including voting rights, conversion rights, dividend rights, preferences over our common stock with respect to dividends or if we liquidate, dissolve or wind up our business and other terms. If we issue preferred stock in the future that has preference over our common stock with respect to the payment of dividends or upon our liquidation, dissolution or winding up, or if we issue preferred stock with voting rights that dilute the voting power of our common stock, the market price of our common stock could decrease. Any provision permitting the conversion of any such preferred stock into our common stock could result in significant dilution to the holders of our common stock.

We also consider from time -to -time various strategic alternatives that could involve issuances of additional common or preferred stock, including but not limited to acquisitions and business combinations.

We have no plans to pay dividends on our common stock, and you may not receive funds without selling your common stock.

We have not declared or paid any cash dividends on our common stock, nor do we expect to pay any cash dividends on our common stock for the foreseeable future. We currently intend to retain any future earnings, if any, to finance our operations and growth and, potentially, for future stock repurchases and, therefore, we have no plans to pay cash dividends on our common stock. Any future determination to pay cash dividends on our common stock will be at the discretion of our Board of Directors and will be dependent on our earnings, financial condition, operating results, capital requirements, any contractual restrictions, and other factors that our board of directors deems relevant.

Accordingly, you may have to sell some or all of your common stock in order to generate cash from your investment in the Company. You may not receive a gain on your investment when you sell our common stock and may lose the entire amount of your investment.

The Company and EdgePoint will require additional capital funding, the receipt of which may impair the value of our ~~Common~~common ~~Stock~~stock and EdgePoint’s ~~Common~~common ~~Stock~~stock.

Our future capital requirements and EdgePoint’s future capital requirements depend on many factors, including our research, development, sales and marketing activities as well as the development of EdgePoint’s business. We and EdgePoint will need to raise additional capital through public or private equity or debt offerings or through arrangements with strategic partners or other sources in order to continue to develop our product candidates. There can be no assurance that additional capital will be available when needed or on terms satisfactory to us or EdgePoint, if at all. To the extent we and/or EdgePoint raise additional capital by issuing equity securities, our shareholders and EdgePoint’s shareholders may experience substantial dilution and the new equity securities may have greater rights, preferences or privileges than our existing ~~Common~~common ~~Stock~~stock and EdgePoint’s ~~Common~~ ~~Stock~~common stock and the Securities contemplated to be issued as described in this Confidential Offering Memorandum.

16-20-

Risks Related to EdgePoint Securities and JH Darbie Financing

Risks related specifically to EdgePoint.

EdgePoint is developing AI/Blockchain solution for pharmaceutical manufacturing. Our AI/Blockchain product is still in beta development stage and its continuing development and validation as a viable FDA compliant platform may not be successful. While we may spin-off EdgePoint AI as a standalone publicly traded company, however, no assurances can be given that we will spin-off EdgePoint AI. The spin-off of EdgePoint AI as a standalone publicly traded company requires SEC approval. There is no guarantee that SEC approval will be obtained.

The securities issued in the JH Darbie Financing are not registered, and investors may be required to hold them for an indefinite period.

While we intend to register the EdgePoint Common Stock issued in connection with the JH Darbie Financing for resale by selling stockholders, as well as our Common Stock and the EdgePoint Common Stock issuable upon conversion of the convertible promissory notes issued therewith, and upon exercise of the Warrants, no assurances can be given that we will be able to do so in a timely manner, if at all. Until those securities are registered for resale, you will be required to hold them for an indefinite period or to sell them only in privately negotiated transactions. In any event, there is no current market for the EdgePoint Common Stock and we can give no assurance that there ever will be even if these securities are registered.

If you purchased Units in the now closed JH Darbie Financing, you may experience immediate dilution as a result of the JH Darbie Financing and future equity issuances

The offering price per share of EdgePoint Common Stock in the JH Darbie Financing was higher than the net tangible book value per share of EdgePoint Common Stock outstanding prior to the JH Darbie Financing. As a result, purchasers of Units in the JH Darbie Financing would experience immediate dilution in the net tangible book value of their investment.

The issuance of additional Edgepoint securities could be dilutive to Edgepoint stockholders if they do not participate in future offerings. Moreover, to the extent that we issue additional options or warrants to purchase, or securities convertible into or exchangeable for, shares of EdgePoint Common Stock or Common Stock in the future and those options, warrants or other securities are exercised, converted or exchanged (or if we issue shares of restricted stock), stockholders may experience further dilution. Holders of EdgePoint and our Common Stock had no preemptive rights that entitled them to purchase their pro rata share of any offering of shares of any class or series of EdgePoint’s Common Stock or the Company’s capital stock.

The Company had broad discretion in the use of the net proceeds of the now closed JH Darbie Financing and, despite our efforts, we may use the proceeds in a manner that does not improve the Company’s operating results or increase the value of your investment

We intend to use part of the net proceeds from the sale of Units for development and eventual may spin off EdgePoint as a publicly traded entity, and general corporate purposes and working capital. We may also use all or a portion of the net proceeds to fund possible investments, including acquisitions. However, we have not determined the specific allocation of the net proceeds among these potential uses. Our management will have broad discretion over the use and investment of the net proceeds of the JH Darbie Financing, and, accordingly, purchasers of Units in the JH Darbie Financing will need to rely upon the judgment of our management with respect to the use of proceeds, with only limited information concerning our specific intentions. These proceeds could be applied in ways that do not improve our operating results or increase the value of your investment.

General Risk Factors

Unfavorable global epidemic or pandemic conditions could adversely affect our business, financial condition or results of operations.

Our operations and the financial results of our operations could be adversely affected by general conditions in the global economy and in the global financial markets. Global financial concerns have caused, and may continue to cause, extreme volatility and disruptions in the capital and credit markets. A severe or prolonged economic downturn could result in a variety of risks to our business, including our ability to raise additional capital when needed on acceptable terms, if at all. We cannot currently anticipate all of the ways in which the current economic climate and financial market conditions could adversely impact our business.

17A material amount of our assets represents intangible assets, and our net income would be reduced, or our net loss would be increased, if our intangible assets became impaired.

~~Our~~As ~~business~~of ~~may~~December ~~suffer~~31, 2024, our gross intangible assets and goodwill from our 2019 PointR acquisition represented approximately $1.1 million and approximately $2.8 million, respectively and after recording an impairment loss of $3.2 million; and the ~~severity~~fair orvalue ~~longevity~~of our investment in our JV was approximately $22.7 million, representing approximately 99% of our total assets. Goodwill is generated in our acquisitions when the ~~COVID~~cost of an acquisition exceeds the fair value of the net tangible and identifiable intangible assets we acquire. Goodwill and indefinite-19lived ~~Global~~intangible ~~Outbreak~~assets are subject to an impairment analysis at least annually based on fair value. Intangible assets relate primarily to in-process research and development (“IPR&D”) and patents acquired by us as part of our acquisitions of other companies and are subject to an impairment analysis whenever events or changes in circumstances exist that indicate that the carrying value of the intangible asset might not be recoverable. If market and economic conditions or business performance deteriorate, the likelihood that we would record an impairment charge would increase, which impairment charge could materially and adversely affect our financial condition and operating results. As the market capitalization of our Company was adversely impacted due to a reduction in the stock price of our common stock, during the year ended December 31, 2024, we recorded an impairment of approximately $3.2 million on the goodwill representing the difference in net assets over the fair value of the Company, based on our market capitalization.

~~The COVID~~-~~19 is currently impacting countries, communities, supply chains and markets, as well as the global financial markets. To date, COVID~~21-19 has not had a material impact on the Company, other than as set forth above. However, the Company cannot predict whether COVID-19 will have a material impact on our financial condition and results of operations due to understaffing, disruptions in government spending, among other factors. In addition, at this time we cannot predict the impact of COVID-19 on our ability to obtain financing necessary for the Company to fund its working capital requirements. In most respects, it is too early in the COVID-19 pandemic to be able to quantify or qualify the longer-term ramifications on our business, our customers and/or our potential investors.

We, orhave ~~the~~formed ~~third~~a ~~parties~~DAO ~~upon~~company ~~whom~~to weoperate ~~depend,~~with ~~may~~a beDAO ~~adversely~~infrastructure ~~affected~~within bythe ~~earthquakes~~rigor orof ~~other natural disasters and our business continuity and disaster recovery plans may not adequately protect us from~~ a ~~serious disaster~~corporation.

~~Earthquakes~~In orNovember ~~other~~2022, ~~natural~~the ~~disasters~~Company ~~could~~formed ~~severely~~a ~~disrupt~~DAO ~~our~~entity, ~~operations~~Pet2DAO ~~and~~Inc., ~~have~~as a ~~material~~wholly ~~adverse~~owned ~~effect~~subsidiary. onPet2DAO ~~our~~is ~~business~~a DAO technology company, ~~results~~integrating the strong governance of ~~operations,~~ ~~financial~~traditional ~~condition~~corporations ~~and~~with ~~prospects~~the innovative DAO architecture. IfThe aCompany ~~natural~~will ~~disaster~~look to engage stakeholders, to ~~power~~build ~~outage~~value orthrough ~~other~~the ~~event~~DAO, ~~occurred~~while ~~that~~maintaining ~~prevented~~the usrigor ~~from using~~of ~~all~~traditional orcorporations, aincluding ~~significant~~governance, ~~portion~~compliance, and accountability through a team of ~~our~~veterans ~~headquarters,~~in ~~that~~public ~~damaged~~companies ~~critical~~with ~~infrastructure~~innovators in AI, ~~such~~blockchain asand ~~the~~Web3. ~~manufacturing~~Pet2DAO ~~facilities~~will initially be looking to develop products for the animal health space. The Company will initially issue regular tokens and NFTs of ~~our~~Pet2DAO ~~third-party~~called ~~contract~~PDAO ~~manufacturers~~to its employees, shareholders orand ~~that~~KOLs ~~otherwise~~and ~~disrupted~~use ~~operations,~~the itTokens ~~may~~to bepropose ~~difficult~~and ~~or,~~vote inon ~~certain~~various ~~cases~~animal health related programs. In the future, ~~impossible~~the Company will ~~for~~evaluate usand plan to ~~continue~~register ~~our~~these ~~business~~tokens ~~for~~with the SEC to make such Tokens freely tradable at a ~~substantial~~future ~~period~~point ofin time. The ~~disaster~~Company ~~recovery~~cannot predict ~~and~~the ~~business~~outcome ~~continuity~~of ~~plans~~Pet2DAO weas ~~have in~~an ~~place~~entity, ~~may~~how ~~prove~~investors ~~inadequate~~will look at this new development, especially with what is happening in the crypto ~~event~~currency environment, the success of athe ~~serious~~tokens, ~~disaster~~whether orwe ~~similar~~will ~~event.~~be Weable ~~may~~to ~~incur~~register ~~substantial~~the ~~expenses~~tokens as asecurities ~~result~~or the success to make these tokens freely tradable. Any failure of ~~the~~a ~~limited~~DAO ~~nature~~could cause investors of ~~our~~the ~~disaster~~Company ~~recovery~~to ~~and~~discontinue ~~business~~to ~~continuity~~be ~~plans~~invested in the Company, and which could have a ~~material~~negative ~~adverse~~impact ~~effect~~ on the trading price of our ~~business~~ stock.

Risks Related to ~~Peak~~Mast ~~One~~Hill Equity Line

~~Peak~~Mast ~~One~~Hill’s sales of our Shares into the open market may cause material decreases in our stock price.

The 33309,~~863~~717,~~445~~647 shares of our common stock that are being registered herein and may be sold into the market by ~~Peak~~Mast ~~One and Peak One Investments~~Hill, could cause our stock price to decline. In turn, if our stock price declines and we issue more ~~Purchase~~Put Notices, this would cause more shares to come into the market, which could cause a further drop in our stock price.

Funding from our Purchase Agreement with ~~Peak~~Mast ~~One~~Hill may be limited or insufficient to fund our operations or to implement our strategy.

Under ~~our~~the Equity Purchase Agreement ~~with~~Mast ~~Peak One~~Hill, and upon effectiveness of the registration statement of which this prospectus is a part, and subject to to other conditions, we may direct ~~Peak~~Mast ~~One~~Hill to purchase up to 33294,~~863~~117,~~445~~647 shares of our common stock over a 24-month period. At an assumed hypothetical purchase price of $0.~~2975~~0825 (equal to 9197% of the ~~Market~~closing price of our common stock of $0.05 on November 17, 2025, as defined in the section entitled “Equity Purchase Agreement with ~~Peak~~Mast ~~One~~Hill ~~Opportunity~~ Fund” in this prospectus) and assuming the sale by us to ~~Peak~~Mast ~~One~~Hill of all of the 33309,~~863~~717,~~445~~ 647 Shares, or approximately 839.41% of our issued and outstanding common stock, including the issuance of such shares, being registered hereunder pursuant to ~~put~~Put ~~notices~~Notes under the Equity Purchase Agreement, we would receive approximately $1025 million in gross proceeds. ~~Furthermore,~~ we may receive substantially less than $10,000,000 in gross proceeds from the financing (or $10,000,000 if we receive the maximum financing of $10,000,000) due to our share price, discount to market and other factors relating to our common stock.

There can be no assurance that we will be able to receive all or any of the total commitment from ~~Peak~~Mast ~~One~~Hill because the Equity Purchase Agreement contains certain limitations, restrictions, requirements, conditions and other provisions that could limit our ability to cause ~~Peak~~Mast ~~One~~Hill to buy common stock from us. For instance, we are prohibited from issuing a Put Notice if the amount requested in such Put Notice exceeds the Maximum Put Amount, or the sale of Shares pursuant to the Put Notice would cause us to sell or ~~Peak~~Mast ~~One~~Hill to purchase an aggregate number of shares of the Company’s common stock which would result in beneficial ownership by ~~Peak~~Mast ~~One~~Hill of more than 4.99% of our common stock (as calculated pursuant to Section 13(d) of the Exchange Act and the rules and regulations thereunder). Moreover, there are limitations with respect to the frequency with which we may provide Put Notices to ~~Peak~~Mast ~~One~~Hill under the Equity Purchase Agreement. Also, as discussed above, there must be an effective registration statement covering the resale of any Shares to be issued pursuant to any draw down under the Equity Purchase Agreement, and the registration statement of which this prospectus is a part covers the resale of only 33294,~~863~~117,~~445~~647 Shares that may be issuable pursuant to put notices under the Equity Purchase Agreement. The registration ~~statements~~ statements may be subject to review and comment by the staff of the Securities and Exchange Commission (the “SEC” or the “Commission”) and will require the consent of our independent registered public accounting firm. Therefore, the timing of effectiveness of the registration statements cannot be assured.

18The extent to which we rely on Mast Hill as a source of funding will depend on a number of factors, including the amount of working capital needed, the prevailing market price of our common stock and the extent to which we are able to secure working capital from other sources. If obtaining sufficient funding from Mast Hill were to prove unavailable or prohibitively dilutive, we would need to secure another source of funding. Even if we sell all 294,117,647 shares of common stock under the Purchase Agreement with Mast Hill, we will still need additional capital to fully implement our current business, operating plans and development plans.

The extent to which we rely on Peak One as a source of funding will depend on a number of factors, including the amount of working capital needed, the prevailing market price of our common stock and the extent to which we are able to secure working capital from other sources. If obtaining sufficient funding from Peak One were to prove unavailable or prohibitively dilutive, we would need to secure another source of funding. Even if we sell all 33,863,445 shares of common stock under the Purchase Agreement with Peak One, we will still need additional capital to fully implement our current business, operating plans and development plans.-22-

The sale or issuance of our common stock to ~~Peak~~Mast ~~One~~Hill at a discount may cause substantial dilution and the resale of the shares of ~~common~~ common stock by ~~Peak~~Mast ~~One~~Hill into the public market, or the perception that such sales may occur, could cause the price of our common stock to fall.

Under the Equity Purchase Agreement with ~~Peak~~Mast ~~One~~Hill, upon effectiveness of the registration statement of which this prospectus is a part, and subject to other conditions, we may direct ~~Peak~~Mast ~~One~~Hill to purchase up to 33294,~~613~~117,~~445~~647 of our shares of common stock over a 24-month period. We are registering an aggregate of 33309,~~863~~717,~~445~~647 (including 8,000,000 shares underlying the secured note, 5,350,000 shares underlying the warrants and 2,250,000 Commitment shares already issued) shares of common stock in the registration statement of which this prospectus is a part pursuant to the Registration Rights Agreement, representing shares which have been and may be issuable to ~~Peak~~Mast ~~One~~Hill under the Equity Purchase Agreement. Notwithstanding ~~Peak~~Mast ~~One~~Hill’s beneficial ownership limitation set forth in the Equity Purchase Agreement, if all of the 33309,~~863~~717,~~445~~647 shares offered under this prospectus were issued and outstanding as of ~~May 20~~November 17, ~~2021~~2025, such shares would represent approximately 839.41% of the total number of shares of our common stock outstanding, ~~including the issuance~~ of ~~such shares and 20.8% of the total number of outstanding shares of our common stock~~ ~~held by non-affiliates~~752, ~~and including the issuance of such shares to be purchased and Commitment Fee Shares to be issued~~314, ~~in each case as of May 20, 2021~~233. The number of shares ultimately offered for sale by ~~Peak~~Mast ~~One~~Hill under this prospectus is dependent upon a number of of factors, including the number of Shares we ultimately issue and sell to ~~Peak~~Mast ~~One~~Hill under the Equity Purchase Agreement. Because the ~~actual~~ actual Purchase Price for the Shares that we may sell to ~~Peak~~Mast ~~One~~Hill will fluctuate based on the market price of our common stock during the term of the Equity Purchase Agreement, we are not able to determine at this time the exact number of shares of our common stock that we will issue under the Equity Purchase Agreement and, therefore, the exact number of shares we will ultimately register for resale under ~~the~~ the Securities Act.

Specifically, because the price per share ~~Purchase Price for the Shares~~ subject to a Put Notice will be equal to a 93% discount to certain trading prices of our common stock as set forth in the Equity Purchase Agreement, ~~Peak~~Mast ~~One~~Hill will pay less than the then-prevailing market price for our common stock, and the actual Equity Purchase price for the Shares that we may sell to ~~Peak~~Mast ~~One~~Hill will fluctuate based on the VWAPs and closing prices of our common stock during the term of the Equity Purchase Agreement. As a result of this discount, ~~Peak~~ ~~One~~Mast Hill may have a financial incentive to sell our common stock immediately to realize the profit equal to the difference between the Equity Purchase price and the market price. If ~~Peak~~Mast ~~One~~Hill sells the common stock, the market price of our common stock could decrease. If the market price of our common stock decreases, Mast ~~Peak~~Hill ~~One~~ may have a further incentive to sell the common stock that it holds. These sales may have a further impact on the market price of our common stock.

Moreover, there is an inverse relationship between the market price of our common stock and the number of shares of our common stock that may be sold pursuant to the Equity Purchase Agreement. That is, the lower the market price, the more shares of our common stock that may be sold under the Equity Purchase Agreement. Accordingly, if the market price of our common stock decreases (whether such decrease is due to sales by ~~Peak~~Mast ~~One~~Hill in the market or otherwise) and, in turn, the Equity Purchase price of our common stock sold to ~~Peak~~Mast ~~One~~Hill under the Equity Purchase Agreement decreases, this could allow ~~Peak~~Mast ~~One~~Hill to receive greater numbers of shares of our common stock pursuant to put notices under the Equity Purchase Agreement. Although the number of shares of our common stock that our existing stockholders own will not decrease, the common stock owned by our existing stockholders will represent a smaller percentage of our total outstanding shares after any such sales to ~~Peak~~Mast ~~One~~Hill. Depending on market liquidity at the time, the sale of a substantial number of shares of our common stock to ~~Peak~~Mast ~~One~~Hill at a discount to the then-prevailing market price for our common stock under the Equity Purchase Agreement, and the resale of such shares by ~~Peak~~Mast ~~One~~Hill into the public market, or the perception that such sales may occur, could cause the trading price of our common stock to decline, result in substantial dilution to existing stockholders and make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect sales.

19For a tabular disclosure of the number of securities and percentage ownership to be issued assuming we sell all the securities on the registration statement and assuming sales to Mast Hill at various discounts to our current market price, please see “Equity Purchase Agreement with Mast Hill Fund” on page 27 of this prospectus.

For a tabular disclosure of the number of securities and percentage ownership to be issued assuming we sell all the securities on the registration statement and assuming sales to Peak One at various discounts to our current market price, please see “Equity Purchase Agreement with Peak One Opportunity Fund” on page -23 ~~of this prospectus.~~-

We may use the net proceeds from sales of our common stock to ~~Peak~~Mast ~~One~~Hill pursuant to the Equity Purchase Agreement in ways with which ~~you~~ you may disagree.

We intend to use the net proceeds from sales of our common stock to ~~Peak~~Mast ~~One~~Hill pursuant to the Equity Purchase Agreement for working ~~capital~~ capital and general corporate purposes. As of the date of this prospectus, we cannot specify with certainty all of the particular uses of the proceeds from sales of common stock to ~~Peak~~Mast ~~One~~Hill pursuant to the Equity Purchase Agreement. Accordingly, we will have significant discretion in the use of the net proceeds of sales of common stock to ~~Peak~~Mast ~~One~~Hill pursuant to the Equity Purchase Agreement. It is possible that we may allocate the proceeds differently than investors in this offering desire or that we will fail to maximize our return on these proceeds. We may, subsequent to this offering, modify our intended use of the proceeds from sales of common stock to ~~Peak~~Mast ~~One~~Hill pursuant to the Equity Purchase Agreement to pursue strategic opportunities that may arise, such as potential acquisition opportunities. You will be relying on the judgment of our management with regard to the use of the net proceeds from the sales of common stock to ~~Peak~~Mast ~~One~~Hill pursuant to the Equity Purchase Agreement, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. Any failure to apply the proceeds from sales of common stock to ~~Peak~~Mast ~~One~~Hill pursuant to the Equity Purchase Agreement effectively could have a material adverse effect on our business and cause a decline in the market price of our common stock.

Cautionary Note

We have sought to identify what we believe to be the most significant risks to our business, but we cannot predict whether, or to what extent, any of such risks may be realized nor can we guarantee that we have identified all possible risks that might arise. Investors should carefully consider all of such risk factors before making an investment decision with respect to our common stock.

USE OF PROCEEDS

We will not receive any proceeds from the disposition and/or resale of the shares of common stock by the Selling ~~Stockholders~~Stockholder or their transferees. We will, however, receive cash proceeds from the Put Notices we issue to ~~Peak~~Mast ~~One~~Hill ~~Opportunity~~under ~~Fund,~~the LPEquity ~~(“Peak One”),~~Purchase ~~which~~Agreement. While we, ~~while we~~ retain broad discretion on the use of proceeds, we currently intend to use ~~for~~any ~~funding~~proceeds ~~our~~from ~~product~~Put ~~development programs,~~Notices ~~acquisition~~to offund ~~new~~our ~~products,~~ working capital and ~~to fund~~ general operational needs.

DETERMINATION OF OFFERING PRICE

InThe ~~determining~~shares of common stock offered by the ~~offering~~Selling ~~price~~Stockholder ofunder this prospectus may be sold from time to time at prices and terms determined by the ~~shares~~Selling ~~pursuant~~Stockholder at or prior to the ~~Equity~~time ~~Purchase~~of ~~Agreement,~~sale. weThe ~~considered~~Selling ~~several~~Stockholder ~~factors~~may ~~including~~ sell shares at prevailing market prices at the time ~~following:~~of sale, at prices related to such prevailing market prices, at fixed prices, or at prices otherwise negotiated with purchasers.

●As part ~~prevailing~~of our arrangement with Mast Hill, the Selling Stockholder may acquire shares of our common stock from us at a discount to the then-current market ~~conditions~~price, ~~including~~as set forth in the ~~history~~Equity Purchase Agreement. The actual purchase price per share paid by the Selling Stockholder will be the lesser of: (i) 97% of the lowest VWAP during the two (2) trading days immediately following the Clearing Date associated with a Put Notice (the “Valuation Period”) or (ii) 102% of the lowest traded price during the Valuation Period (provided, however, that if a minimum price is specified and ~~prospects~~the ~~for~~common stock trades below the ~~industry~~minimum price, then the purchase price under clause (ii) instead becomes equal to the minimum price specified in ~~which~~the werelevant ~~compete;~~Put ●Notice). ~~our~~If ~~future~~a ~~prospects;~~minimum price is specified by the Company in a Put Notice and ●the ~~our~~common ~~capital~~stock ~~structures~~trades at a price per share that is less than the minimum price during the Valuation Period then the number of shares with respect to such Put Notice shall automatically be reduced to the number of shares sold by the Selling Stockholder prior to the first time that the common stock traded below the minimum price during the Valuation Period.

~~Therefore,~~The ~~the~~ offering price offor the shares ~~does~~resold ~~not~~by ~~necessarily~~the ~~bear~~Selling ~~any~~Stockholder ~~relationship~~may tobe ~~established~~influenced ~~valuation~~by ~~criteria~~a ~~and~~number ~~may~~of ~~not~~factors, beincluding ~~indicative~~our financial condition and results of ~~prices~~operations, ~~that~~Selling ~~may~~Stockholder’s ~~prevail~~purchase price, the market for our common stock at ~~any~~the time orof the resale, general market and economic conditions, and other factors beyond our control. We will not receive any proceeds from ~~time~~sales toof ~~time~~shares inby the ~~public~~Selling Stockholder ~~market~~other ~~for~~than those proceeds received upon the ~~common~~selling ~~stock~~stockholder’s purchase of shares pursuant to a Put Notice under the Equity Purchase Agreement.

DILUTION

~~The~~If ~~Shares~~you ~~registered~~purchase ~~under~~shares of common stock in this ~~registration~~resale ~~statement~~offering, ~~are~~you ~~not~~will ~~being~~experience ~~offered~~dilution ~~for~~to ~~purchase.~~the ~~The~~extent ~~shares~~that ~~are~~the ~~being~~price ~~registered~~per onshare ~~behalf~~you ofpay ~~Peak~~exceeds ~~One~~the ~~pursuant~~net totangible ~~Put~~book ~~Notices~~value weper ~~issue~~share of our common stock immediately prior to ~~Peak~~the ~~One~~resale.

As of September 30, 2025, our net tangible book value was approximately $[ ] million, or $[ ] per share of common stock. Net tangible book value per share is calculated by subtracting total liabilities and intangible assets from total assets, then dividing by the number of shares of common stock outstanding as of that date.

-24-

The Selling Stockholder may offer and sell shares of our common stock from time to time at prices it determines at the time of sale. Since the Selling Stockholders may sell the shares at market prices or at negotiated prices, purchasers may experience immediate and substantial dilution.

As of September 30, 2025, our net tangible book value was approximately $(18.5) million, or $(0.042) per share of common stock. Net tangible book value per share is calculated by subtracting total liabilities and intangible assets from total assets, then dividing by the number of shares of common stock outstanding as of that date.

After giving effect to (a) the sale and issuance of 294,117,647 shares of common stock to Mast Hill pursuant to the Equity Purchase Agreement at an assumed average sale price of $0.085 per share of common stock (which is the closing sale price of our common stock on November 17, 2025), our as adjusted net tangible book value as of September 30, 2025 would have been approximately $6.5 million, or $0.009 per share. This represents an immediate increase in net tangible book value of $0.015 per share to existing stockholders and an immediate dilution of $0.07 per share to new investors. Dilution in net tangible book value per share represents the difference between the amount per share paid by purchasers of common stock in this offering, assuming a purchase price of $0.085 per share of common stock (which was the closing sale price of our common stock on November 17, 2025), and our as adjusted net tangible book value per share after giving effect to this offering.

The following table illustrates the estimated dilution to new investors upon resale, assuming a purchase price of $0.85 per share:

Public offering price per share		$	0.085
Net tangible book value per share as of September 30, 2025	$	$	(0.042	)
Increase per share attributable to this offering			0.015

As adjusted net tangible book value per share, after giving effect to this offering			0.009

Dilution per share to investors purchasing our common stock in this offering		$	0.070

The foregoing tables and calculations (other than net tangible book value calculations) are based on 439,446,318 shares of our common stock outstanding as of September 30, 2025. The number of shares outstanding as of that date excludes:

	●	23,802,761 shares of common stock issuable upon exercise of outstanding stock options at a weighted average exercise price of $0.15.

	●	37,420,289 shares of common stock issuable upon exercise of outstanding warrants at a weighted average exercise price of $0.11.

	●	107,255,684 shares of common stock issuable upon exercise of outstanding convertible promissory notes.

To the extent that outstanding options or warrants are exercised or performance-based stock units and options vest and settle, you may experience further dilution. In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that we raise additional capital by issuing equity or convertible debt securities, your ownership will be further diluted.

SELLING SECURITY HOLDERS

The ~~selling~~Selling ~~security~~Stockholder ~~holders~~under ~~identified~~this prospectus is Mast Hill. The manner in which the Selling Stockholder acquired or will acquire shares of our common stock is discussed below under “The Offering.” While this prospectus ~~may~~covers ~~offer~~up ~~and~~to ~~sell:~~294,117,647 shares for delivery under the Equity Purchase Agreement, the actual number of shares delivered will depend on the Put Notices delivered by the Company to the Selling Stockholder. The Selling Stockholder has not had any position, office or other material relationship within the past three years, with us or with any of our predecessors or affiliates.

1.The Selling ~~Peak~~Stockholder ~~One~~may –from ~~33,613,445~~time ~~Shares~~to oftime ~~our~~offer ~~Common~~and ~~Stock~~sell tounder bethis ~~purchased~~prospectus byany ~~Peak~~or ~~One~~all ~~pursuant~~of to the ~~Equity~~shares ~~Purchase~~of ~~Agreement~~common ~~(“EPA”),~~stock ~~registered~~described ~~for~~under the ~~resale~~column ~~herein,~~“Shares ~~and~~of ~~would~~Common ~~represent~~Stock ~~8.33%~~Being ofOffered” ~~our~~in ~~issued~~the ~~and~~table ~~outstanding~~below. ~~shares~~The ofSelling ~~common~~Stockholder, ~~stock~~will asbe ofdeemed ~~May~~to ~~20,~~be ~~2021~~an ~~and~~underwriter within ~~including~~ the ~~issuance~~meaning of ~~such~~the ~~shares~~Securities toAct. beAny ~~purchased~~profits ~~and~~realized ~~Commitment~~by ~~Fee~~the ~~Shares~~Selling Stockholder may be deemed to be ~~issued;~~underwriting commissions.

2.We may ~~125,000~~require ~~Commitment~~the ~~Fee~~Selling ~~Shares~~Stockholder ~~issued~~ to ~~Peak~~suspend ~~One~~sales onof ~~May~~common 3,stock ~~2021,~~under ~~which~~this ~~represents~~prospectus ~~less~~upon ~~than~~the 1%occurrence ~~(0.03%)~~ of ~~our~~any ~~issued~~event ~~and~~that makes ~~outstanding~~any ~~shares~~statement ofin ~~common~~this ~~stock~~prospectus asor ofthe ~~May~~related 3,registration ~~2021~~statement ~~and~~untrue ~~including~~in ~~the~~any ~~issuance~~material ofrespect ~~such~~or ~~shares~~that torequires bethe ~~purchased~~changing of ~~and~~statements ~~Commitment~~in ~~Fee~~those ~~Shares~~documents in order to bemake ~~issued~~statements in those documents not misleading.

3. 125,000 Commitment Fee Shares issued to Peak One Investments, LLC on May 3, 2021, which represents less than 1% (0. 03%) of our issued and outstanding shares of common stock as of May 3, 2021 and including the issuance of such shares to be purchased and Commitment Fee Shares to be issued.-25-

21The following table sets forth the name of the Selling Stockholder, the number of shares of our common stock beneficially owned by such stockholder before this offering, the number of shares to be offered for such stockholders’ account and the number and (if one percent or more) the percentage of the class to be beneficially owned by such stockholders after completion of the offering.

~~Peak~~The ~~One~~number ~~Investments~~of shares owned are those beneficially owned, as determined under the rules of the SEC, and such information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares of our common stock as to which a person has sole or shared voting power or investment power and any shares of common stock which the ~~general~~person ~~partner~~has the right to acquire within 60 days of ~~Peak~~the ~~One~~date ~~Opportunity~~as ~~Fund~~of which the information is provided, LPthrough the exercise of any option, warrant or right, through conversion of any security or pursuant to the automatic termination of a power of attorney or revocation of a trust, discretionary account or similar arrangement, and such shares are deemed to be beneficially owned and outstanding for computing the share ownership and percentage of the person holding such options, warrants or other rights, but are not deemed outstanding for computing the percentage of any other person. Beneficial ownership percentages are calculated based on 442,596,586 shares of our common stock outstanding as of September 30, 2025 and including the issuance of such shares to be purchased and Commitment Fee Shares to be issued.

WeThe ~~may~~persons ~~require~~and entities named in the ~~selling~~table ~~security~~have ~~holders~~sole tovoting ~~suspend~~and sole investment power with respect to the ~~sales~~Shares ofset forth opposite the Selling ~~shares~~Stockholder’s name, subject to community property laws, where applicable. The number of ~~our~~shares of common stock ~~being~~shown ~~offered~~as beneficially ~~pursuant~~owned before the offering is based on information furnished to ~~this prospectus~~us ~~upon~~or ~~the~~otherwise ~~occurrence~~based on information available to us at the timing of ~~any~~the ~~event~~filing ~~that~~of ~~makes~~the ~~any~~registration statement inof which this prospectus orforms a part. The Equity Purchase Agreement contains a “blocker” provision that restricts the ~~related~~Selling ~~registration~~Stockholders ~~statement~~beneficial ownership to 4.99% of the number of common stock ~~untrue~~shares inoutstanding ~~any~~immediately ~~material~~after ~~respect~~giving oreffect ~~that~~to ~~requires~~the issuance of common stock shares issuable pursuant to a Put Notice. Because the ~~changing~~Selling Stockholder may offer and sell all or only some portion of ~~statements~~the in294,117,647 ~~those~~shares ~~documents~~of inour ~~order~~common stock being offered pursuant to ~~make~~this ~~statements~~prospectus, inwe ~~those~~can only estimate the number and percentage of shares of our common stock that the selling stockholder ~~documents~~will ~~not~~hold ~~misleading~~upon termination of the offering. The column titled “Number of Shares Owned After Offering” assumes that the Selling Stockholder will sell all of their Shares

The selling security holders identified in the table below may from time to time offer and sell under this prospectus any or all of the shares of common stock described under the column “Shares of Common Stock Being Offered” in the table below.

Name of Selling Shareholder	Shares Beneficially Owned Prior to Offering		Shares to be Offered			Amount Beneficially Owned After Offering %
Mast Hill Fund⁽¹⁾		-		294,117,647	⁽²⁾		0
Mast Hill Fund⁽¹⁾		2,250,000		2,250,000	⁽³⁾		0
Mast Hill Fund⁽¹⁾		8,000,000		8,000,000	⁽⁴⁾		0
Mast Hill Fund⁽¹⁾		5,350,000		5,350,000	⁽⁵⁾		0

Peak One and Peak One Investments will be deemed to be underwriters within the meaning of the Securities Act. Any profits realized by the selling stockholders may be deemed to be underwriting commissions.

We cannot give an estimate as to the number of shares of common stock that will actually be held by the selling stockholders upon termination of this offering, because each selling security holder may offer some or all of the common stock being registered on their individual behalf under the offering contemplated by this prospectus or acquire additional shares of common stock. The total number of shares that may be sold hereunder will not exceed the number of shares offered hereby. Please read the section entitled “Plan of Distribution” in this prospectus.

The manner in which the selling stockholders acquired or will acquire shares of our common stock is discussed below under “The Offering.”

The following table sets forth the name of the selling stockholder, the number of shares of our common stock beneficially owned by such stockholder before this offering, the number of shares to be offered for such stockholders’ account and the number and (if one percent or more) the percentage of the class to be beneficially owned by such stockholders after completion of the offering. The number of shares owned are those beneficially owned, as determined under the rules of the SEC, and such information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares of our common stock as to which a person has sole or shared voting power or investment power and any shares of common stock which the person has the right to acquire within 60 days of the date as of which the information is provided, through the exercise of any option, warrant or right, through conversion of any security or pursuant to the automatic termination of a power of attorney or revocation of a trust, discretionary account or similar arrangement, and such shares are deemed to be beneficially owned and outstanding for computing the share ownership and percentage of the person holding such options, warrants or other rights, but are not deemed outstanding for computing the percentage of any other person. Beneficial ownership percentages are calculated based on 369,696,959 shares of our common stock outstanding as of May 20, 2021 and including the issuance of such shares to be purchased and Commitment Fee Shares to be issued.

Unless otherwise set forth below, (a) the persons and entities named in the table have sole voting and sole investment power with respect to the shares set forth opposite the selling stockholder’s name, subject to community property laws, where applicable, and (b) no selling stockholders had any position, office or other material relationship within the past three years, with us or with any of our predecessors or affiliates. The number of shares of common stock shown as beneficially owned before the offering is based on information furnished to us or otherwise based on information available to us at the timing of the filing of the registration statement of which this prospectus forms a part.

Name of Selling Shareholder	Shares Beneficially Owned Prior to Offering*		Shares to be Offered			Amount Beneficially Owned After Offering %(3)
Peak One Opportunity Fund		0		33,613,445	(1)(2)(3)(4)		0	(2)
Peak One Opportunity Fund		125,000		125,000	(5)		0	(2)
Peak One Investments, LLC		125,000		125,000	(6)		0	(2)

Notes:

1) ~~Beneficial~~Mast ~~ownership~~Management isserves ~~determined~~as inthe ~~accordance~~investment ~~with~~manager ~~Securities~~to Mast Hill. Farzan Hassani (“Mr. Hassani”), and ~~Exchange~~Mr. ~~Commission~~George ~~rules~~Murphy (“Mr. Murphy”) are members of Mast Management, and ~~generally~~as ~~includes~~such, exercise voting orand ~~investment~~dispositive power with respect to the shares of our common stock that are beneficially owned by Mast Hill. ~~Shares~~Mr. Murphy and Mr. Hassani disclaim beneficial ownership of these securities, except to the extent of their respective pecuniary interest therein. 2) Consists of up to 294,117,647 shares of common stock ~~subject~~to be sold by Mast Hill pursuant to ~~options~~Put Notices we shall issue to Mast Hill pursuant to the Equity Purchase Agreement. 3) Consists of 2,250,000 ~~warrants~~Commitment ~~and~~Shares ~~convertible~~issued ~~debentures~~to ~~currently~~Mast ~~exercisable~~Hill oron ~~convertible~~July 31, or2025. ~~exercisable~~4) orConsists ~~convertible~~of ~~within~~up 60to ~~days~~8,000,000 ~~are~~shares ~~counted~~underlying asthe ~~outstanding~~secured note issued to Mast Hill on July 31, 2025. The actual number of shares of common stock issuable upon the conversion of the convertible debentures is subject to adjustment depending on, among other factors, the future market price of our common stock, and could be materially less or more than the number estimated in the table. 5) Consists of up to 2,000,000 shares underlying the warrants issued pursuant to the Note Purchase Agreement and 3,350,000 shares underlying warrants issued pursuant to the Equity Purchase Agreement entered into with Mast Hill on July 31 and August 1, 2025, respectively.

2) Because the selling security holders may offer and sell all or only some portion of the 33,863,445 shares of our common stock being offered pursuant to this prospectus and may acquire additional shares of our common stock in the future, we can only estimate the number and percentage of shares of our common stock that the selling stockholder will hold upon termination of the offering. The column titled “Number of Shares Owned After Offering” assumes that the Selling Stockholders will sell all of their Shares.-26-

3) Jason Goldstein exercises voting and dispositive power with respect to the shares of our common stock that are beneficially owned by Peak One and Peak One Investments.

4) Consists of up 33,613,445 shares of common stock to be sold by Peak One pursuant to Put Notices we issue to Peak One pursuant to the Equity Purchase Agreement.

5) Consists of 125,000 Commitment Shares issued to Peak One on May 3, 2021.

6) Consists of up to 125,000 shares of Commitment Shares issued to Peak One Investments on May 3, 2021

THE OFFERING

		Summary of the Offering
Shares currently outstanding:		~~369~~442,~~446~~596,~~959~~586, (not including the issuance of such shares to be purchased ~~and~~by ~~Commitment~~Mast ~~Fee Shares issued to Peak One and Peak One Investments, LLC)~~Hill.
Shares being offered:		33294,~~613~~117,~~445~~647 shares of common stock that we may issue to ~~Peak~~Mast ~~One~~Hill pursuant to ~~put~~Put ~~notices~~Notices under the Equity Purchase Agreement, ~~250~~3,350,000 shares ~~equally~~underlying a warrant issued under the Equity Purchase Agreement, 2,250,000 shares issued as Commitment Shares to ~~Peak~~Mast ~~One~~Hill ~~and~~under ~~Peak~~the ~~One~~Note ~~Investments~~Purchase Agreement; 8,000,000 ~~LLC~~shares issuable upon conversion of an outstanding convertible promissory note issued under the Note Purchase Agreement and 2,000,000 shares underlying an outstanding warrant issued under the Note Purchase Agreement.
Offering Price per share:		The ~~selling~~Selling ~~stockholders~~Stockholder may sell all or a portion of the shares being offered pursuant to this prospectus at fixed prices, at prevailing market prices at the time of sale, at varying prices, or at negotiated prices.
Use of Proceeds:		We will not receive any proceeds from the sale of the shares of our common stock by the Selling ~~Stockholders~~Stockholder. However, we will receive proceeds from receive cash proceeds from Put Notices we issue to ~~Peak~~Mast ~~One~~Hill ~~Opportunity Fund~~ pertaining to the 33294,~~613~~117,~~445~~647 shares being registered onin ~~behalf~~connection ofwith ~~Selling~~the ~~Shareholder~~Equity ~~Peak~~Purchase ~~One~~Agreement.
OTC Markets Symbol:		OTLC
Risk Factors:		See “Risk Factors” beginning on page 7 and the other information in this prospectus for a discussion of the factors you should consider before deciding to invest in shares of our common stock.

Equity Purchase Agreement ~~(“EPA”)~~ with ~~Peak~~Mast ~~One~~Hill ~~Opportunity~~ Fund

On ~~May~~August 31, ~~2021~~2025, we entered into the ~~EPA~~Equity ~~with~~Purchase ~~Peak~~Agreement ~~One~~with ~~and~~Mast ~~Peak One Investments (also referred to herein as the “Investor)~~Hill. Although we are not required to sell shares under the ~~EPA~~Equity Purchase Agreement, the ~~EPA~~Equity Purchase Agreement gives us the option to sell up to an aggregate of $1025,000,000 ~~worth~~ worth of our common stock to ~~Peak~~Mast ~~One~~Hill (the “Maximum Commitment Amount”), in increments, over the period ending on ~~the~~ ~~Commitment Period (~~the ~~Commitment Period is mean the period commencing on the Execution Date, and ending on the~~ earlier of of (i) the date on which ~~the~~Mast ~~Investor~~Hill shall have purchased ~~Put~~shares ~~Shares~~ equal to the Maximum Commitment Amount, (ii) 24 months after the initial effectiveness of ~~the~~this ~~Registration~~registration ~~Statement~~statement, (iii) our written notice of termination to ~~the~~Mast ~~Investor~~Hill, (iv) the ~~Registration~~date that this registration ~~Statement~~statement is no longer effective, or (v) the date that, pursuant to or within the meaning of any Bankruptcy Law, ~~the~~we ~~Company~~commence ~~commences~~ a voluntary case or any ~~Person~~person commences a proceeding against ~~the Company~~us, a ~~Custodian~~custodian is appointed for ~~the~~us ~~Company~~ or for all or substantially all of ~~its~~our property , or ~~the~~we ~~Company~~make ~~makes~~ a general assignment for the benefit of its creditors. ~~Additionally, we are required to issue Commitment Fees of 125,000 Shares each to Peak One and Peak One Investments.~~

23During the Commitment Period, we may, in our sole discretion, deliver a Put Notice to Mast Hill stating the dollar amount we intend to sell to Mast Hill on a designated closing date. The purchase price of our common stock will be the lesser of: (i) 97% of the lowest VWAP during the two (2) trading days immediately following the Clearing Date associated with a Put Notice (the “Valuation Period”) or (ii) 102% of the lowest traded price during the Valuation Period (provided, however, that if a minimum price is specified and the common stock trades below the minimum price, then the purchase price under clause (ii) instead becomes equal to the minimum price specified in the relevant Put Notice). If a minimum price is specified by the Company in a Put Notice and the common stock trades at a price per share that is less than the minimum price during the Valuation Period then the number of shares with respect to such Put Notice shall automatically be reduced to the number of shares sold by the Selling Stockholder prior to the first time that the common stock traded below the minimum price during the Valuation Period.

~~There~~We isare nonot ~~assurance~~entitled ~~the market price of our common stock will increase in the future. Dependent upon the share price, the number of common shares that remain issuable may be insufficient~~ to ~~allow~~deliver usa toPut ~~access~~Notice ~~the~~and ~~full~~Mast ~~amount~~Hill ~~contemplated~~is ~~under~~not ~~the~~obligated ~~EPA. If the bid/ask spread remains the same, we will be unable~~ to ~~place~~purchase ~~puts~~any ~~for~~Put ~~the~~Shares ~~full~~at ~~commitment~~a ~~under~~Closing ~~the~~unless ~~EPA.~~all ~~Based on the closing trading price~~ of ~~our common stock on May 20, 2021 of $0.2975,~~ the ~~registration statement covers the offer and possible sale 33,863,445 shares~~following toconditions ~~Peak~~are ~~One, which includes the 125,000 Common Stock Commitment Fee Shares we issued to each Peak One and Peak One Investments on May 3, 2021 for an aggregate of 250,000 Commitment Fee Shares.~~met:

During the Commitment Period, we may, in our sole discretion, deliver a Put Notice to Peak One stating the dollar amount we intend to sell to Peak One on a designated closing date. The purchase price of our Common Stock will be set at ninety-one percent (91%) of the Market Price on such date on which the Purchase Price is calculated. The Market Price is defined in the EPA as the lesser of the (i) closing bid price of the Common Stock on the Principal Market on the Trading Day immediately preceding the respective Put Date, or (ii) the lowest closing bid price of the Common Stock on the Principal Market for any Trading Day during the Valuation Period. The Valuation Period is defined as the period of seven (7) Trading Days immediately following the Clearing Date associated with the applicable Put Notice. The Valuation Period begins on the first Trading Day following the Clearing Date.

Section 2.2 of the EPA sets forth the “mechanics” of the Put Notices and the Put Shares, as follows:

1. at any time during the Commitment Period, we may deliver a Put Notice to Peak One The initial price per share provided for in the Put Notice will be equal to the Initial Purchase Price (the Initial Purchase Price is defined as 91% of the lowest closing bid price of our common stock on the trading day immediately preceding the respective Put Date), subject to adjustment during the Valuation Period.

2. we shall deliver the Put Shares to Peak One within 2 trading days following the Put Date.

3. a Put Notice shall be delivered on the trading day that Peak One receives the notice or the immediately succeeding trading day or on a non-trading day.

4. at the end of the Valuation Period, the Purchase Price of the then applicable Put Shares shall be determined, as follows: (i) if the value of the Put Shares delivered to Peak One causes the Maximum Commitment Amount (Maximum Commitment Amount is defined as Ten Million Dollars) to be exceeded, then immediately after the Valuation Period, Peak One shall return to us the surplus amount of Put Shares associated with such Put and the Purchase Price with respect to such Put, which shall be reduced by any Clearing Costs related to the return of such Put Shares; (ii) the Closing of a Put shall occur within three (3) Trading Days following the end of the Valuation Period, whereby the Investor shall deliver the Investment Amount by wire transfer of immediately available funds to an account that we designate.

We are not entitled to deliver a Put Notice and Peak One is not obligated to purchase any Put Shares at a Closing unless all of the following conditions are met:

A registration statement has been declared effective and remains effective (or a post-effective registration statement, if needed, has been filed and declared effective).

~~2. We maintain and continue our stock quotation on the Principal Market and the trading of our common stock shall not have been suspended by the SEC, the Principal Market, or FINRA.~~-27-

2. We maintain and continue our stock quotation on the Principal Markets (OTC or other national exchange) and the trading of our common stock shall not have been suspended by the SEC, the Principal Markets, or FINRA. 3. We have performed, satisfied and completed in all material respects with all covenants, agreements and conditions of the ~~EPA~~Equity Purchase Agreement to be performed, satisfied or complied with by us. 4. The issuance of the shares has not violated any shareholder approval requirements of Principal Markets. 5. The lowest trading price of our common stock in the 10 trading days preceding the respective Put Date must exceed $0.01 per share. 6. The issuance of the Put Shares shall not exceed the Exchange Cap; Exchange Cap is defined as if when the issuance of the Put Shares exceeds the aggregate number of common stock shares which we may issue without breaching our obligations under the rules and regulations of the Principal Market. 7. Since the date of filing of our most recent SEC Document, no event that had or is reasonably likely to have a Material Adverse Effect has occurred. 8. The number of Put Shares then to be purchased by Mast Hill shall not exceed the number of such shares that, when aggregated with all other shares of common stock then owned by the Investor beneficially or deemed beneficially owned by the Investor, would result in the Mast Hill beneficially owning more than 4.99%, as determined in accordance with Section 16 of the Exchange Act and the regulations promulgated thereunder. 9. We shall have no knowledge of any event more likely than not to have the effect of causing the registration statement to be suspended or otherwise ineffective (which event is more likely than not to occur within the fifteen (15) Trading Days following the Trading Day on which such Put Notice is deemed delivered). 10. Our common stock must be DWAC Eligible. 11. All reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with the SEC pursuant to the reporting requirements of the Exchange Act shall have been filed with the SEC within the applicable time periods prescribed for such filings under the Exchange Act. 12. We shall have reserved 100% of the Required Minimum for Mast Hill’s benefit under this Agreement and satisfied the reserve requirements with respect to all other contracts between us and Mast Hill.

4.If any ~~The~~of ~~issuance~~the ofevents described above occurs during a pricing period, then Mast Hill shall have no obligation to purchase the shares ~~has~~delivered in ~~not~~the ~~violated~~Put Notice. There is no guarantee that we will be able to meet the foregoing conditions or any ~~shareholder~~of ~~approval~~the ~~requirements~~other conditions in the Equity Purchase Agreement or that we will be able to Put any portion of ~~Principal~~the ~~Markets~~Total Commitment available under the Equity Purchase Agreement with Mast Hill.

24Neither Mast Hill nor any of its affiliates are permitted to execute any short sales involving our common stock, during the period commencing on August 1, 2025, and continuing through the end of the Commitment Period, however, sales of our common stock by Mast Hill after delivery of a Put Notice of such number of shares reasonably expected to be purchased by Mast Hill under a Put Notice will not be deemed short sales.

5.Neither the ~~The~~Equity ~~lowest~~Purchase ~~trading~~Agreement ~~price~~nor any of our ~~common~~rights ~~stock~~or inMast Hill’s rights thereunder may be assigned to any other person, and none of the 10terms ~~trading~~or ~~days~~conditions ~~preceding~~contained in the ~~respective~~Equity ~~Put~~Purchase ~~Date~~Agreement ~~must~~may ~~exceed~~now ~~$0.01~~be ~~per~~amended ~~share~~or waived by the parties..

6. The issuance of the Put Shares shall not exceed the Exchange Cap; Exchange Cap is defined as if when the issuance of the Put Shares exceeds the aggregate number of common stock shares which we may issue without breaching our obligations under the rules and regulations of the Principal Market.-28-

7.The Equity ~~Since~~Purchase Agreement also provides for indemnification of Mast Hill and its affiliates in the ~~date~~event that Mast Hill incurs losses, liabilities, obligations, claims, contingencies, damages, costs and expenses related to a breach by us of ~~filing~~any of our ~~most~~representations and ~~recent~~warranties ~~SEC~~under ~~Document~~the Equity Purchase Agreement or the other related transaction documents or any action instituted against Mast Hill or its affiliates due to the transactions contemplated by the Equity Purchase Agreement or other transaction documents, subject noto ~~event~~certain ~~that~~limitations. ~~had~~The Registration Rights Agreement indemnifies Mast Hill for the aggregate in losses, claims, damages liabilities, judgements, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement, incurred in investigating, preparing or isdefending ~~reasonably~~any ~~likely~~action, claim, suit inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative, or other regulatory agency, body or the SEC, to ~~have~~which athe ~~Material~~Company ~~Adverse~~may ~~Effect~~become ~~has~~based upon ~~occurred~~any material violation by Mast Hill of the Securities Act, the Exchange Act, state securities laws relating to the offer or sale of the Registrable Securities pursuant to the registration statement.

8.We paid ~~The~~to ~~number~~Mast ofHill ~~Put~~a ~~Shares~~commitment ~~then~~fee toof be2,250,000 ~~purchased~~shares byfor entering into the ~~Investor~~Note ~~shall~~Purchase ~~not~~Agreement, ~~exceed~~equal ~~the~~to ~~number~~a ofBlack-Scholes fair ~~such~~value ~~shares~~of ~~that~~$57,880 ~~when~~calculated ~~aggregated~~using ~~with~~a ~~all~~per ~~other~~share ~~shares~~closing price of ~~Common~~$0.05 ~~Stock~~as ~~then~~of ~~owned~~July by31, 2025, the ~~Investor~~last ~~beneficially~~trading orday ~~deemed~~prior ~~beneficially~~to ~~owned~~August ~~by the Investor~~1, 2025 ~~would result in~~ the ~~Investor~~day ~~owning~~such ~~more~~Commitment ~~than~~Fee ~~the~~Shares ~~Beneficial~~were ~~Ownership Limitation~~issued, asusing ~~determined~~an inexpected ~~accordance~~term ~~with~~of ~~Section~~1 16year, expected volatility of ~~the~~136.3%, ~~Securities~~risk ~~Exchange~~free ~~Act~~interest rate of ~~1934~~4.1% and ~~the~~dividend ~~regulations~~yield ~~promulgated~~of ~~thereunder~~0%.

9.The issuances Weof ~~shall~~the ~~have~~Commitment noShares ~~knowledge~~and ofthe ~~any~~sale ~~event~~of ~~more~~the ~~likely~~Shares ~~than~~to ~~not~~Mast toHill ~~have~~under the ~~effect~~Equity ofPurchase ~~causing~~Agreement ~~the~~are ~~Registration~~exempt ~~Statement~~from registration tounder bethe ~~suspended~~Securities orAct ~~otherwise~~pursuant ~~ineffective~~to ~~(which~~the ~~event~~exemption isfor ~~more~~transactions ~~likely~~by ~~than~~an issuer not toinvolving ~~occur~~any ~~within~~public ~~the~~offering ~~fifteen~~under Section 4(15a)(2) ~~Trading~~of ~~Days~~and ~~following~~Regulation ~~the~~D ~~Trading~~under ~~Day~~the onSecurities ~~which such Put Notice is deemed delivered)~~Act.

~~10.~~Registration Rights ~~Our~~Agreement ~~Common~~with ~~Stock~~Mast ~~must be DWAC Eligible.~~Hill

~~11.~~We entered ~~All~~into ~~reports,~~Registration ~~schedules,~~Rights ~~registrations,~~Agreement ~~forms,~~dated ~~statements~~August 1, ~~information~~2025 ~~and~~with ~~other~~Mast ~~documents~~Hill ~~required~~requiring us to ~~have~~file ~~been~~a ~~filed~~registration bystatement ~~the~~on ~~Company~~Form S-1 ~~with~~providing for the ~~SEC~~registration ~~pursuant~~of an indeterminate number of shares of our common stock that result from our selling to ~~the~~Mast ~~reporting~~Hill an ~~requirements~~indeterminate number of shares up to an aggregate purchase price of $25,000,000 and the ~~Securities~~subsequent ~~Exchange~~resale ~~Act~~by Mast Hill of ~~1934~~such ~~shall~~shares. We are required to use our reasonable best efforts to have ~~been~~the ~~filed~~registration ~~with~~statement on Form S-1 declared effective by the SEC within ~~the~~90 ~~applicable~~calendar ~~time~~days ~~periods~~from ~~prescribed~~August ~~for~~1, ~~such~~2025 ~~filings~~and ~~under~~to ~~the~~keep ~~Securities~~it ~~Exchange~~effective ~~Act~~during the term of ~~1934~~the Equity Purchase Agreement.

12The effectiveness of the registration statement of which this prospectus is a part is a condition precedent to our ability to sell common stock to Mast Hill under the Equity Purchase Agreement. We ~~shall~~ have ~~reserved~~agreed ~~100%~~to offile with the ~~Required~~SEC ~~Minimum~~one ~~for~~or more additional registration statements to cover all of the ~~Investor’s~~securities ~~benefit~~required to be registered under ~~this~~the Registration Rights Agreement ~~and~~that ~~satisfied~~are ~~the~~not ~~reserve~~covered ~~requirements~~by ~~with~~this prospectus, ~~respect~~in toeach ~~all~~case, ~~other~~as ~~contracts~~soon ~~between~~as uspracticable, ~~and~~but in no event later than the ~~Investor~~applicable filing deadline for such additional registration statements as provided in the Registration Rights Agreement.

IfWe ~~any~~also agreed, among other things, to indemnify Mast Hill from certain liabilities and fees and expenses of Mast Hill incident to our obligations under the ~~events~~Registration ~~described~~Rights ~~above~~Agreement, ~~occurs~~including ~~during~~certain aliabilities ~~pricing~~under ~~period~~the Securities Act. Mast Hill has agreed to indemnify and hold harmless us and each of our directors, ~~then~~officers ~~Peak~~and ~~One~~persons ~~shall~~who ~~have~~control nous ~~obligation~~against certain liabilities that may be based upon written information furnished by Mast Hill to ~~purchase~~us for inclusion in the ~~shares~~registration statement of which ~~delivered~~this inprospectus is a part, including certain liabilities under the ~~Put~~Securities ~~Notice~~Act.

~~Further,~~Mast ~~the~~Hill ~~EPA~~may ~~requires~~not ~~that~~assign weits ~~use~~rights ~~our~~under ~~reasonable~~the ~~best~~Registration ~~efforts~~Rights Agreement other than to ~~have~~an ~~the~~affiliate of Mast Hill. The registration statement of bewhich ~~effective~~this noprospectus ~~more~~is ~~than~~a 90part ~~days~~will not cover sales by Mast Hill’s transferees, notwithstanding Mast Hill’s right to ~~following~~assign its rights with respect to Commitment Fee under the ~~date~~Registration Rights Agreement. None of the ~~EPA~~terms ~~was~~or ~~executed,~~conditions ~~May~~contained 3,in the ~~2021~~Registration Rights Agreement may now be amended or waived by the parties.

~~Neither~~Effect ~~Peak One nor any~~ of ~~its~~Put ~~affiliates~~Notices ~~are permitted to execute any short sales involving our common stock, during the period commencing on the Execution Date of the EPA, May 3, 2021,~~ and ~~continuing~~Sale ~~through the end~~ of the Commitment Period, however, sales of our common stock by Peak One after delivery of a put notice of such number of shares reasonably expected to be purchased by Peak One under a put will not be deemed short sales.Shares

As we issue Put onNotices ~~the Equity Line~~ pursuant to the ~~EPA~~Equity Purchase Agreement, shares of our common stock will be sold into the market by ~~Peak~~Mast ~~One~~Hill. The sale of these shares could cause our stock price to decline. If our stock price declines and we issue more puts, more shares will come into the market, which could cause a further decline in our stock price. We determine when and whether to issue a put to ~~Peak One~~Mast Hill, so we will know precisely both the stock price used as the reference point, and the number of shares issuable to ~~Peak~~Mast ~~One~~Hill upon such exercise. You should be aware that there is an inverse relationship between the market price of our common stock and the number of shares to be issued under the ~~EPA~~Equity Purchase Agreement. We have no obligation to utilize the full amount available under the Equity ~~EPA~~Purchase Agreement and all determinations regarding the execution of a ~~put~~Put ~~provision~~Notice remains solely in the discretion of our company.

~~Neither the EPA nor any of our rights or Peak One’s rights thereunder may be assigned to any other person.~~-29-

~~Peak~~There is no assurance the market price ~~One~~of ~~has~~our ~~agreed~~common ~~that~~stock ~~during~~will increase in the ~~term~~future. ofDependent upon the ~~EPA~~share price, ~~neither~~the ~~Peak~~number ~~One~~of ~~nor~~common ~~any~~shares ofthat ~~its~~remain ~~affiliates~~issuable ~~will~~may be ~~execute~~insufficient ~~any~~to ~~short~~allow ~~sales~~us ~~during~~to access the full amount contemplated under the Equity Purchase Agreement. If the bid/ask spread remains the ~~period~~same, ~~from~~we will be unable to place puts for the ~~date~~full commitment under the Equity Purchase Agreement. Based on the closing trading price of our common stock on November 17, 2025 of $0.0850, the ~~EPA~~registration tostatement covers the ~~end~~offer and possible sale of up to 309,717,647 shares to Mast Hill, which includes the 2,250,000 common stock Commitment ~~Period~~Fee Shares issued to Mast Hill on August 3, 2025 as well as 8,000,000 shares issuable upon conversion of an outstanding convertible promissory note and 5,350,000 shares underlying an outstanding warrant.

The number of shares of our common stock ultimately offered for resale by Mast Hill is dependent upon a number of factors, including the extent to which we ultimately issue and sell to Mast Hill under the Equity Purchase Agreement. The following table sets forth the total number of Shares that would be issued at varying purchase prices for us to receive the entire $25,000,000 in gross proceeds under the Equity Purchase Agreement (without accounting for certain fees and expenses):

Pursuant to the EPA, the number of Put Shares to be purchased by Peak One shall not exceed the Beneficial Ownership Limitation of 4.99% of the number of common stock shares outstanding immediately after giving effect to the issuance of common stock shares issuable pursuant to the Put Notice.

Assumed Average Purchase Price⁽¹⁾			Total Number of Shares to be Issued if Full Purchase		Percentage of Currently Outstanding Shares ⁽¹⁾			Gross proceeds from the Sale of Shares to Mast Hill Under the Equity Purchase Agreement
$	0.0206	⁽²⁾		1,212,856,777		264.70	%		25,000,000
$	0.0412	⁽³⁾		606,428,426		132.35	%		25,000,000
$	0.0618	⁽⁴⁾		404,285,426		88.23	%		25,000,000
$	0.1031	⁽⁵⁾		242,571,255		52,94	%		25,000,000
$	0.1237	⁽⁶⁾		202,142,713		44.12	%		25,000,000

~~Further,~~(1) inThe ~~addition~~denominator tois ~~the~~based ~~above,~~on ~~the EPA contains representations~~442, ~~warranties and covenants by~~596,586 ~~among~~shares ~~and~~outstanding ~~for~~as ~~the benefit~~ of ~~the~~November ~~parties and~~17, ~~before~~2025. ~~Peak~~The ~~One~~numerator is ~~obligated~~based toon ~~purchase~~the ~~any~~number of ~~Put~~ Shares ~~pursuant~~issuable to aMast ~~Put~~Hill ~~Notice,~~under ~~certain conditions specified in~~ the ~~EPA, none~~Equity ofPurchase ~~which~~Agreement ~~are~~at ~~in Peak One’s control (although may be duplicative of~~ the ~~requirements~~corresponding ~~for~~assumed ~~Peak~~average ~~One to~~ purchase ~~any~~price ~~Put~~set forth ~~Shares~~in ~~at a Closing), must be satisfied, including~~ the ~~following:~~adjacent column.

(12) Assumes ~~Neither~~average ~~Peak~~purchase ~~One~~price ~~nor any~~ of ~~its~~$0.0206 ~~affiliates~~is ~~are~~equal ~~permitted~~ to ~~execute~~97% ~~any short sales involving our common stock, during the period commencing on the Execution Date~~ of ~~the~~25% ~~EPA, May 3, 2021, and continuing through the end~~ of the ~~Commitment~~closing ~~Period,~~sale ~~however,~~price ~~sales~~ of our common stock ~~by Peak One after delivery~~ of a$0.0850 on ~~put~~November ~~notice~~17, ~~of such number of shares reasonably expected to be purchased by Peak One under a put will not be deemed short sales~~2025.

(23) Assumes ~~Each~~average ofpurchase ~~our~~price ~~representations~~$0.0412 ~~and~~is ~~warranties~~equal into 97% of 50% of the ~~EPA~~closing ~~must~~sale beprice ~~true~~of ~~and~~our ~~correct~~common instock ~~all~~of ~~material~~$0.0850 on ~~respects~~November 17, 2025.

(34) Assumes Weaverage ~~must~~purchase ~~have~~price ~~performed,~~of ~~satisfied~~$0.0618 ~~and~~is ~~complied~~equal into ~~all~~97% ~~material~~of ~~respects~~75% ~~with~~of ~~all~~the ~~covenants,~~closing ~~agreements~~sale ~~and~~price ~~conditions~~of ~~required~~our tocommon bestock ~~performed,~~of ~~satisfied~~$0.0850 on orNovember ~~complied~~17, ~~with by us~~2025.

(45) Assumes ~~The~~average ~~registration~~purchase ~~statement~~price of ~~which~~$0.1031 ~~this~~is ~~prospectus~~equal ~~forms~~to a97% ~~part~~of ~~must~~125% ~~be effective under the Securities Act~~ of ~~1933 and neither we nor~~ the ~~Investor~~closing ~~shall~~sale ~~have~~price ~~received~~of aour ~~stop~~common ~~order~~stock ~~from~~of ~~the~~$0.0850 on ~~SEC~~November ~~regarding~~17, ~~the registration statement~~2025.

(56) Assume Weaverage ~~shall~~purchase ~~have~~price no$0.1237 ~~knowledge~~is ofequal ~~any~~to ~~event~~97% ~~more~~of ~~likely~~150% ~~than~~of ~~not~~the toclosing ~~have~~sale ~~the~~price ~~effect~~ of ~~causing~~our ~~the~~common ~~Registration~~stock ~~Statement~~of to$0.0850 on beNovember ~~suspended~~17, ~~or otherwise ineffective~~2025.

~~(6) So long as the EPA remains in effect, we agree that without the prior consent of Peak One, we will not enter into any other equity line of credit agreement with any other party.~~-30-

~~(7)~~The following Wetable ~~agreed~~sets toforth ~~file~~the aamount ~~Form~~of ~~8-K,~~proceeds ~~including~~we ~~the~~would ~~transaction~~receive ~~documents~~from ~~describing~~Mast ~~their~~Hill ~~material~~from ~~terms~~the sale of Shares under the ~~EPA~~Equity Purchase Agreement that are registered in this offering at varying purchase prices (without accounting for certain fees and expenses) in the event ~~Registration~~Mast ~~Rights~~Hill ~~Agreement,~~is ~~which~~restricted ~~was~~to ~~satisfied~~hold onno ~~May~~more 7,than ~~2021~~4.99% of the issued and outstanding shares of common stock:

(8) We must have complied with all applicable federal, state and local governmental laws, rules, regulations and ordinances in connection with the execution, delivery and performance of the EPA and the Registration Rights Agreement.

Assumed Average Purchase Price			Number of Registered Shares to be Issued		Percentage of Currently Outstanding Shares ⁽¹⁾			Proceeds from the Sale of Shares to Mast Hill Under the Equity Purchase Agreement
$	0.0206	⁽²⁾		20,373,793		4.99	%	$	286,306
$	0.0412	⁽³⁾		20,373,793		4.99	%	$	572,612
$	0.0618	⁽⁴⁾		20,373,793		4.99	%	$	858,918
$	0.1031	⁽⁵⁾		20,373,793		4.99	%	$	1,431,530
$	0.1237	⁽⁶⁾		20,373,793		4.99	%	$	1,717,836

(91) The Nodenominator ~~statute,~~is ~~regulation,~~based ~~order,~~on ~~decree~~442, ~~writ~~596,586 ~~ruling~~shares oroutstanding ~~injunction~~as ~~by any court or governmental authority~~ of ~~competent~~November ~~jurisdiction shall have been enacted~~17, ~~entered,~~2025. ~~promulgated,~~The ~~threatened~~numerator oris ~~endorsed~~based ~~which~~on ~~prohibits~~ the ~~consummation~~ number of orShares ~~which~~issuable ~~would~~to ~~materially~~Mast ~~modify~~Hill orunder ~~delay~~the ~~any~~Equity ofPurchase Agreement at the ~~transactions~~corresponding ~~contemplated~~assumed byaverage ~~the~~purchase ~~EPA~~price ~~and~~set forth in the ~~Registration~~adjacent ~~Rights Agreement~~column.

(102) Assumes Noaverage ~~actions,~~purchase ~~suits,~~price ~~investigations, inquiries or proceedings pending or threatened against us or any~~ of ~~our~~$0.0206 ~~subsidiaries~~is ~~nor~~equal ~~having~~to ~~received~~97% ~~notice~~ of ~~same.~~25% ~~No judgment, order, write, injunction or decree or award has been issued, requested~~ of ~~any court, arbitrator or government agency that would have a material adverse effect and no pending or contemplated investigation by~~ the ~~SEC~~closing ~~involving~~sale usprice ~~or any~~ of our ~~subsidiaries~~common orstock ~~any~~of ~~officer~~$0.0850 on orNovember ~~director~~17, 2025.

(113) Assumes Noaverage ~~event~~purchase ~~has~~price ~~occurred~~$0.0412 ~~that~~is ~~would~~equal ~~have~~to a97% ~~Material~~of ~~Adverse~~50% ~~Effect~~of onthe usclosing ~~that~~sale ~~has~~price ~~not~~of ~~been~~our ~~disclosed~~common instock ~~subsequent~~of ~~filings~~$0.0850 on November 17, 2025.

~~There~~(4) isAssumes noaverage ~~guarantee~~purchase ~~that~~price weof ~~will~~$0.0618 beis ~~able~~equal to ~~meet~~97% ~~the~~of ~~foregoing~~75% ~~conditions or any~~ of the ~~other~~closing ~~conditions~~sale inprice ~~the~~of ~~EPA~~our orcommon ~~that~~stock weof ~~will~~$0.0850 beon ~~able~~November to17, ~~Put any portion of the Total Commitment available under the EPA with Peak One~~2025.

26(5) Assumes average purchase price of $0.1031 is equal to 97% of 125% of the closing sale price of our common stock of $0.0850 on November 17, 2025.

~~The~~(6) ~~obligations~~Assume ofaverage ~~Peak~~purchase ~~One~~price ~~under~~$0.1237 ~~the~~is ~~EPA~~equal to ~~purchase~~97% ~~shares~~ of ~~our~~150% ~~common stock may not be transferred to any other party, and none~~ of the ~~terms~~closing orsale ~~conditions~~price ~~contained~~of inour ~~the~~common ~~EPA~~stock ~~may~~of ~~now be amended or waived by the parties~~$0.0850 ~~The~~on ~~registration statement of which~~November ~~this prospectus is a part will not cover sales by Peak One’s transferees~~17, ~~notwithstanding Peak One’s right to assign its rights under the Registration Rights Agreement to its affiliates~~2025.

The EPA provides that no termination of the EPA will limit, alter, modify, change or otherwise affect any of the parties’ rights or obligations with respect to any pending Put Notice, and that the parties must fully perform their respective obligations with respect to any such pending Put Notice under the EPA, provided all of the conditions to the settlement thereof are timely satisfied.

We paid to Peak One and Peak One Investments a commitment fee of 125,000 shares each for entering into the EPA, for aggregate Commitment Fee Shares of 250,000 equal to a Black-Scholes fair value of $28,208 calculated using a per share closing price of $0.30 as of April 30, 2021, the last trading day prior to May 3, 2021 the day such Commitment Fee Shares were issued, using an expected term of 1 year, expected volatility of 98.02%, risk free interest rate of 0.05% and dividend yield of 0%.

The EPA also provides for indemnification of Peak One and its affiliates in the event that Peak One incurs losses, liabilities, obligations, claims, contingencies, damages, costs and expenses related to a breach by us of any of our representations and warranties under the EPA or the other related transaction documents or any action instituted against Peak One or its affiliates due to the transactions contemplated by the EPA or other transaction documents, subject to certain limitations. The Registration Rights Agreement indemnifies Peak One for the aggregate in losses, claims, damages liabilities, judgements, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement, incurred in investigating, preparing or defending any action, claim, suit inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative, or other regulatory agency, body or the SEC, to which the Company may become based upon any material violation by Peak One of the Securities Act of 1933, the Securities Exchange Act of 1934, state securities laws relating to the offer or sale of the Registrable Securities pursuant to the Registration Statement.

The issuances of the Commitment Shares and the sale of the Shares to Peak One under the EPA are exempt from registration under the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of and Regulation D under the Securities Act.

Registration Rights Agreement with Peak One

We have a May 3, 2021 Registration Rights Agreement with Peak One requiring us to file a Registration Statement on Form S-1 providing for the registration of an indeterminate number of shares of our common stock that result from our selling to Peak One an indeterminate number of shares up to an aggregate purchase price of $10,000,000 and the subsequent resale by Peak One of such shares, the initial share amount of which to be registered is 33,863,445 shares. We are responsible for all legal expenses pertaining to the registration statement. We are required to use our reasonable best efforts to have the Registration Statement on Form S-1 declared effective by the SEC within 90 calendar days from the Execution Date of EPA, May 3, 2021.

The effectiveness of the registration statement of which this prospectus is a part is a condition precedent to our ability to sell common stock to Peak One under the EPA. We have agreed to file with the Commission one or more additional registration statements to cover all of the securities required to be registered under the Registration Rights Agreement that are not covered by this prospectus, in each case, as soon as practicable, but in no event later than the applicable filing deadline for such additional registration statements as provided in the Registration Rights Agreement. We also agreed, among other things, to indemnify Peak One from certain liabilities and fees and expenses of Peak One incident to our obligations under the Registration Rights Agreement, including certain liabilities under the Securities Act of 1933 (the “Securities Act”). Peak One has agreed to indemnify and hold harmless us and each of our directors, officers and persons who control us against certain liabilities that may be based upon written information furnished by Peak One to us for inclusion in the registration statement of which this prospectus is a part, including certain liabilities under the Securities Act.

As discussed above, the obligations of Peak One under the EPA to purchase shares of our common stock may not be transferred to any other party. Peak One may not assign its rights under the Registration Rights Agreement other than to an affiliate of Peak One. The registration statement of which this prospectus is a part will not cover sales by Peak One’s transferees, notwithstanding Peak One’s right to assign its rights with respect to Commitment Fee under the Registration Rights Agreement. None of the terms or conditions contained in the Registration Rights Agreement may now be amended or waived by the parties.

We are subject to the following obligations under the Registration Rights Agreement:

1.We shall file with the SEC an initial Registration Statement covering 33,863,445 of the Registrable Securities (beginning with the Commitment Shares with respect to Investor and Investments).

2.We shall use our reasonable best efforts to have the Registration Statement declared effective by the SEC within ninety (90) calendar days from the Execution Date of the Registration Rights Agreement, May 3, 2021, for which we have received from Peak One the above-described extension, and any amendment declared effective by the SEC at the earliest possible date.

3.We shall use reasonable best efforts to keep the Registration Statement effective during the term of the EPA.

4.The Registration Statement (including any amendments, post-effective amendments, or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading.

5.In the event the number of shares available under the Registration Statement is insufficient to cover all of the Registrable Securities, we shall amend the Registration Statement or file a new Registration Statement, so as to cover all of such Registrable Securities.

6.If the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become effective and be used for resales by the Investor under Rule 415 at then-prevailing market prices (and not fixed prices), or if after the filing of the initial Registration Statement with the SEC pursuant to Section 2(a), we are otherwise required by the Staff or the SEC to reduce the number of Registrable Securities included in such initial Registration Statement, then we shall reduce the number of Registrable Securities to be included in such initial Registration Statement until such time as the Staff and the SEC shall so permit such Registration Statement to become effective and be used as aforesaid.

7.We shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any registration statement and the prospectus used in connection with such registration statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration Statement effective at all times during the Registration Period.

8.We shall permit the Investor to review and comment upon the Registration Statement or any New Registration Statement and all amendments and supplements thereto at least two (2) Business Days prior to their filing with the SEC, and not file any document in a form to which Investor reasonably objects.

9.As promptly as practicable after becoming aware of such event or facts, we shall notify the Investor in writing of the happening of any event or existence of such facts as a result of which the prospectus included in any registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare a supplement or amendment to such registration statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to the Investor (or such other number of copies as the Investor may reasonably request).

10.We shall use reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of any registration statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

11.We shall maintain the quotation of our common stock with the Principal Market of which our common stock is quoted, which currently quoted on OTCQB market operated by OTC Markets Group, Inc. under the symbol “OTLC”.

12.We shall use reasonable best efforts to cause the Registrable Securities covered by any registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.

13.We shall make and keep public information available, as those terms are understood and defined in Rule 144;

14.We shall file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Securities Exchange Act of 1934.

At an assumed purchase price of $0.2707 (equal to 91% of the closing price of our common stock of $0.2975 on May 20, 2021, and assuming the sale by us to Peak One of all of the 33,613,445 Shares, or approximately 8.33% of our issued and outstanding common stock, and including the issuance of such shares to be purchased and Commitment Fee Shares to be issued, being registered hereunder pursuant to put notices under the EPA, we would receive only approximately $9.1 million in gross proceeds. Furthermore, we may receive substantially less than this $10,000,000 in gross proceeds from the financing due to our share price, discount to market and other factors relating to our common stock. If we elect to issue and sell more than the 33,613,445 Shares offered under this prospectus to Peak One, which we have the right, but not the obligation to do, we must first register for resale under the Securities Act any such additional shares, which could cause additional substantial dilution to our stockholders. Based on the above assumptions, we would be required to register an additional approximately 3,328,000 shares of our common stock to obtain the balance of approximately $0.9 million of the Total Commitment that would be available to us under the EPA. We currently have authorized and available for issuance of 750,000,000 shares of our common stock pursuant to our charter.

The number of shares of our common stock ultimately offered for resale by Peak One is dependent upon a number of factors, including the extent to which we ultimately issue and sell to Peak One under the EPA. The following table sets forth the total number of Shares that would be issued at varying purchase prices for us to receive the entire $10,000,000 in gross proceeds under the EPA (without accounting for certain fees and expenses):

Assumed Average Purchase Price(1)			Total Number of Shares to be Issued if Full Purchase		Percentage of Currently Outstanding Shares (1)			Gross proceeds from the Sale of Shares to Peak One Under the EPA
$	0.0677	(2)		147,751,408		39.97	%		10,000,000
$	0.1354	(3)		73,875,704		19.98	%		10,000,000
$	0.2030	(4)		49,250,469		13.32	%		10,000,000
$	0.3384	(5)		29,550,282		7.99	%		10,000,000
$	0.4061	(6)		24,625,235		6.66	%		10,000,000

(1)The denominator is based on 369,696,959 shares outstanding as of May 20, 2021, including 250,000 Initial Commitment Shares comprised of 125,000 issued each to Peak One and Peak One Investments as consideration for its commitment to purchase our common stock pursuant to the EPA. The numerator is based on the number of Shares issuable to Peak One under the EPA at the corresponding assumed average purchase price set forth in the adjacent column.

(2)Assumed average purchase price of $0.0677 is equal to 91% of 25% of the closing sale price of our common stock of $0.2975 on May 20, 2021.

(3)Assumed average purchase price $0.1354 is equal to 91% of 50% of the closing sale price of our common stock of $0.2975 on May 20, 2021.

(4)Assumed average purchase price of $0.2030 is equal to 91% of 75% of the closing sale price of our common stock of $0.2975 on May 20, 2021.

(5)Assumed average purchase price of $0.384 is equal to 91% of 125% of the closing sale price of our common stock of $0.2975 on May 20, 2021

(6)Assumed average purchase price $0.4061 is equal to 91% of 150% of the closing sale price of our common stock of $0.2975 on May 20, 2021.

The following table sets forth the amount of proceeds we would receive from Peak One from the sale of Shares under the EPA that are registered in this offering at varying purchase prices (without accounting for certain fees and expenses) in the event Peak One is restricted to hold no more than 4.99% of the issued and outstanding shares of common stock, including 250,000 Initial Commitment Shares comprised of 125,000 issued each to Peak One and Peak One Investments as consideration for its commitment to purchase our common stock pursuant to the EPA:

Assumed Average Purchase Price			Number of Registered Shares to be Issued		Percentage of Currently Outstanding Shares (1)			Proceeds from the Sale of Shares to Peak One Under the EPA
$	0.0677	(2)		18,447,878		4.99	%	$	1,248,575
$	0.1354	(3)		18,447,878		4.99	%	$	2,497,151
$	0.2030	(4)		18,447,878		4.99	%	$	3,745,726
$	0.3384	(5)		18,447,878		4.99	%	$	6,242,877
$	0.4061	(6)		18,447,878		4.99	%	$	7,491,453

(2)Assumed average purchase price of $0.6077 is equal to 91% of 25% of the closing sale price of our common stock of $0.2975 on May 20, 2021.

(3)Assumed average purchase price $0.1354 is equal to 91% of 50% of the closing sale price of our common stock of $0.2975 on May 20, 2021.

(4)Assumed average purchase price of $0.2030 is equal to 91% of 75% of the closing sale price of our common stock of $0.2975 on May 20, 2021.

(5)Assumed average purchase price of $0.3384 is equal to 91% of 125% of the closing sale price of our common stock of $0.2975 on May 20, 2021

(6)Assumed average purchase price $0.4061 is equal to 91% of 150% of the closing sale price of our common stock of $0.2975 on May 20, 2021.

PLAN OF DISTRIBUTION

The Selling ~~Security Holders~~Stockholder, ~~Peak~~Mast ~~One and Peak One Investments~~Hill, may, from time to time, sell any or all of its shares of our common stock on otcmarkets.com or any other stock exchange, market or trading facility on which the shares of our common stock are traded, or in private transactions. These sales may be at fixed prices, prevailing market prices at the time of sale, at varying prices, or at negotiated prices. The selling stockholder may use any one or more of the following methods when selling shares:

●	Ordinary brokerage transactions and transactions in which the broker-dealer solicits purchases;
●	Block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;
●	Purchases by a broker-dealer as principal and resale by the broker-dealer for its account;
●	Privately negotiated transactions;
●	Broker-dealers may agree with the selling stockholders to see a specified number of such shares at a stipulated price per share; or
●	A combination of any such methods of sale.

Additionally, broker-dealers engaged by the Selling ~~Security~~Stockholder ~~Holders~~ may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the ~~selling~~Selling ~~stockholder~~Stockholder (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commissions in compliance with FINRA Rule 2440; and in the case of a principal transaction, a markup or markdown in compliance with FINRA IM-2440. Broker-dealers may agree with the ~~selling~~Selling ~~stockholder~~ Stockholder to sell a specified number of shares at a stipulated price per share, and, to the extent such a broker-dealer is unable to do so acting as agent for the ~~selling~~Selling ~~stockholder~~Stockholder, to purchase as principal any unsold shares at the price required to fulfill the broker-dealer commitment to the ~~selling~~Selling ~~stockholder~~Stockholder. Broker-dealers who acquire shares as principal may thereafter resell such shares from time to time in one or more transactions (which may involve crosses and block transactions and which may involve sales to and through other broker-dealers, including transactions of the nature described above and pursuant to the one or more of the methods described above) at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices, and in connection with such resales may pay to or receive from the purchasers of such shares commissions computed as described above. To the extent required under the Securities Act, an amendment to this prospectus or a supplemental prospectus will be filed, disclosing:

●	the name of any such broker-dealers;

~~● the number of shares involved;~~-31-

● the number of shares involved; ● the price at which such shares are to be sold; ● the commission paid or discounts or concessions allowed to such broker-dealers, where applicable; ● that such broker-dealers did not conduct any investigation to verify the information set out or incorporated by reference in this prospectus, as supplemented; and ● other facts material to the transaction.

● the commission paid or discounts or concessions allowed to such broker-dealers, where applicable;

● that such broker-dealers did not conduct any investigation to verify the information set out or incorporated by reference in this prospectus, as supplemented; and

● other facts material to the transaction.

Peak One has informed us that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the common stock.

There can be no assurance that the selling stockholder will sell any or all of the shares of common stock registered pursuant to the registration statement, of which this prospectus forms a part.

The Selling Security Holders are underwriters within the meaning of the Securities Act of 1933, as amended (“Securities Act”) and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters” within the meaning of the Securities Act of 1933 in connection with such sales. Any commissions received by such broker-dealers or agents, and any profit on the resale of the shares purchased by them, may be deemed to be underwriting commissions or discounts under the Securities Act of 1933. Peak One has informed us that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute our common stock. Pursuant to a requirement by FINRA, the maximum commission or discount to be received by any FINRA member or independent broker-dealer may not be greater than 8% of the gross proceeds received by us for the sale of any securities being registered pursuant to Rule 415 promulgated under the Securities Act.

Discounts, concessions, commissions and similar selling expenses, if any, attributable to the sale of shares will be borne by the selling stockholders. The selling stockholders may agree to indemnify any agent, dealer, or broker-dealer that participates in transactions involving sales of the shares if liabilities are imposed on that person under the Securities Act.

We are required to pay certain fees and expenses incurred by us incident to the registration of the shares covered by this prospectus. We have agreed to indemnify the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act. We will not receive any proceeds from the resale of any of the shares of our common stock by the Selling Security Holders. We will, however, receive cash proceeds from Peak One pursuant to Put Notices issued to us by Peak One upon our demand to Peak One.

We have entered into agreements with Peak One to keep this prospectus effective until each: (i) has sold all of the common shares purchased by it and (ii) has no further right to acquire any additional shares of common stock under the agreements.

The resale shares will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale shares may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

~~Under~~Mast ~~applicable~~Hill ~~rules~~has ~~and~~informed ~~regulations~~us ~~under~~that ~~the~~it ~~Securities~~does ~~Exchange~~not ~~Act~~have ~~of 1934, as amended (“Exchange Act”)~~ any ~~person engaged~~written inor ~~the~~oral ~~distribution~~agreement ofor ~~the resale shares may not simultaneously engage in market making activities with respect to the common stock for the applicable restricted period~~understanding, asdirectly ~~defined~~or ~~in Regulation M~~indirectly, ~~prior~~with toany ~~the~~person ~~commencement of the distribution. In addition, the selling stockholders will be subject~~ to ~~applicable provisions of the Exchange Act and the rules and regulations~~ ~~thereunder,~~distribute ~~including Regulation M, which may limit~~ the ~~timing of purchases and sales of shares of the~~ common stock ~~by the selling stockholder or any other person~~. ~~We will make copies of this prospectus available to the selling stockholders.~~

WeThe Selling ~~have~~Stockholder ~~agreed~~is toan ~~pay~~underwriter ~~all~~within ~~expenses~~the meaning of the ~~registration of~~Securities ~~the~~Act ~~shares~~and ofany ~~common~~broker-dealers ~~stock~~or ~~pursuant~~agents tothat are involved in selling the ~~registration~~shares ~~rights~~may ~~agreement,~~be ~~estimated~~deemed to be ~~approximately~~“underwriters” ~~$40,000~~within inthe ~~total,~~meaning ~~including, without~~of ~~limitation,~~the Securities ~~and~~Act ~~Exchange~~in ~~Commission~~connection ~~filing~~with ~~fees~~such ~~and~~sales. Any ~~expenses~~commissions ofreceived ~~compliance~~by ~~with~~such ~~state~~broker-dealers ~~securities~~ or ~~“Blue~~agents, ~~Sky” laws;~~and ~~but~~any ~~not~~profit ~~including~~on ~~fifty~~the ~~percent~~resale ~~(50%)~~ of ~~Peak~~the ~~One’s~~shares ~~selling~~purchased ~~commissions,~~by ~~concessions and discounts~~them, ~~and~~may ~~other amounts~~be ~~payable~~ deemed to ~~underwriters,~~be ~~dealers~~underwriting commissions or ~~agents,~~discounts ifunder ~~any,~~the ~~that~~Securities weAct. ~~agreed~~Pursuant to ~~pay~~a orrequirement ~~all~~by ofFINRA, ~~Peak~~the ~~One’s~~maximum ~~transfer~~commission ~~taxes~~or ~~and~~discount ~~certain~~to ~~other~~be ~~expenses~~received ~~associated~~by ~~with~~any ~~the~~FINRA ~~sale~~member ofor ~~the~~independent ~~shares~~broker-dealer ofmay ~~common~~not ~~stock,~~be ifgreater ~~any.~~than We8% ~~have~~of ~~agreed~~the togross ~~indemnify~~proceeds ~~Peak~~received ~~One~~by ~~and certain~~us ~~other~~for ~~persons against certain liabilities in connection with~~ the sale ~~offering~~ of ~~shares~~any ofsecurities ~~common~~being ~~stock~~registered ~~offered~~pursuant ~~hereby,~~to ~~including liabilities~~Rule ~~arising~~415 promulgated under the Securities Act. orDiscounts, ifconcessions, ~~such~~commissions and ~~indemnity~~similar isselling ~~unavailable~~expenses, toif ~~contribute~~any, ~~amounts~~attributable ~~required~~ to bethe ~~paid~~sale ~~in respect~~ of ~~such~~shares ~~liabilities.~~will ~~Peak~~be ~~One~~borne ~~has~~by ~~agreed to indemnify us against liabilities under~~ the ~~Securities~~Selling ~~Act~~Stockholder. ~~that~~The ~~may~~Selling ~~arise from any written~~Stockholder ~~information~~may ~~furnished~~agree to usindemnify byany ~~Peak~~agent, ~~One~~dealer, ~~specifically~~or ~~for~~broker-dealer ~~use~~that participates in ~~this~~transactions ~~prospectus~~involving ~~or,~~sales ifof ~~such~~the ~~indemnity~~shares isif ~~unavailable, to contribute amounts~~liabilities ~~required~~are toimposed beon ~~paid~~that inperson ~~respect~~under ofthe ~~such~~Securities ~~liabilities~~Act.

AtUnder applicable rules and regulations under the Exchange Act any ~~time,~~person aengaged in ~~particular~~the ~~offer~~distribution of the resale shares ofmay ~~common~~not ~~stock~~simultaneously isengage ~~made~~in bymarket ~~the~~making ~~selling~~activities ~~stockholder,~~with arespect ~~revised~~to ~~prospectus~~the orcommon ~~prospectus~~stock for ~~supplement,~~the ifapplicable ~~required~~restricted period, ~~will~~as bedefined ~~distributed.~~in ~~Such~~Regulation ~~prospectus~~M, ~~supplement~~prior orto ~~post-effective~~the ~~amendment~~commencement ~~will~~of bethe ~~filed~~distribution. ~~with~~In addition, the ~~Commission~~Selling toStockholder ~~reflect~~will ~~the~~be ~~disclosure~~subject ofto ~~any~~applicable ~~required~~provisions ~~additional~~of ~~information~~the ~~with~~Exchange ~~respect~~Act toand the ~~distribution~~rules ofand ~~the~~regulations ~~shares~~thereunder, ofincluding ~~common stock.~~Regulation WeM, which may ~~suspend~~limit the ~~sale~~timing of ~~shares~~purchases byand ~~the~~sales ~~selling~~of ~~stockholder~~shares ~~pursuant~~of tothe ~~this~~common ~~prospectus~~stock ~~for~~by ~~certain~~the ~~periods~~Selling ofStockholder ~~time~~or ~~for~~any ~~certain reasons,~~other ~~including~~person. ifWe will ~~the~~make ~~prospectus~~copies isof ~~required~~this toprospectus beavailable ~~supplemented or amended~~ to ~~include~~the ~~additional~~Selling ~~material information~~Stockholder.

32We have agreed to pay all expenses of the registration of the shares of common stock pursuant to the registration rights agreement, estimated to be approximately $40,000 in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities or “Blue Sky” laws; but not including fifty percent (50%) of Mast Hill’s selling commissions, concessions and discounts, and other amounts payable to underwriters, dealers or agents, if any, that we agreed to pay or all of Mast Hill’s transfer taxes and certain other expenses associated with the sale of the shares of common stock, if any. We have agreed to indemnify Mast Hill and certain other persons against certain liabilities in connection with the offering of shares of common stock offered hereby, including liabilities arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. Mast Hill has agreed to indemnify us against liabilities under the Securities Act that may arise from any written information furnished to us by Mast Hill specifically for use in this prospectus or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities.

At any time, a particular offer of the shares of common stock is made by the Selling Stockholder, a revised prospectus or prospectus supplement, if required, will be distributed. Such prospectus supplement or post-effective amendment will be filed with the SEC to reflect the disclosure of any required additional information with respect to the distribution of the shares of common stock. We may suspend the sale of shares by the Selling Stockholder pursuant to this prospectus for certain periods of time for certain reasons, including if the prospectus is required to be supplemented or amended to include additional material information

-32-

DESCRIPTION OF SECURITIES TO BE REGISTERED

Common Stock Rights

Each share of Common Stock shall have one (1) vote per share for all purposes. Our Common Stock does not provide preemptive, subscription or conversion rights and there is no redemption or sinking fund provisions or rights. Our Common Stockholders are not entitled to cumulative voting for election of Board members. Each share of our Common Stock entitles its holder to one vote in the election of each director and on all other matters voted on generally by our stockholders. Holders of our Common Stock will be entitled to dividends in such amounts and at such times as our Board of Directors in its discretion may declare out of funds legally available for the payment of dividends. We currently intend to retain our entire available discretionary cash flow to finance the growth, development and expansion of our business and do not anticipate paying any cash dividends on the Common Stock in the foreseeable future. Any future dividends will be paid at the discretion of our Board of Directors.

Holders of our Common Stock Shares

As of May 20, 2021, there were approximately 91 stockholders of record of our common stock.

Authorized Capital Stock

We are authorized to issue 765,000,000 shares of capital stock, inincluding ~~the~~750,000,000 ~~denominations~~shares ~~set~~of ~~forth~~common ~~below~~stock, $0.01 par value and 15,000,000 shares of preferred stock with such rights privileges and preferences as may be determined by our Board of Directors from time to time. At November 17, 2025 we had 442,596,586 shares of common stock and 4,065 shares of preferred stock outstanding.

Common Stock Rights

WeOur common stock does not provide ~~are~~preemptive, ~~authorized~~subscription or conversion rights and there is no redemption or sinking fund provisions or rights. Each share of our common stock entitles its holder to ~~issue~~one ~~750,000,000~~vote ~~shares~~in the election of each director and on all other matters voted on generally by our stockholders. Our common ~~stock,~~stockholders are not entitled to cumulative voting for election of ~~which~~Board ~~369,696,959~~members. ~~shares~~Holders of our common stock are ~~issued~~entitled to dividends in such amounts and ~~outstanding~~at such times as our Board of ~~May~~Directors ~~20,~~in its discretion may declare out of funds legally ~~2021~~available for the payment of dividends.

Preferred Stock

We are authorized to issue 15,000,000 preferred shares, of which we had 0 issued and outstanding as of May 20, 2021 and 278,188 shares were issued and outstanding as of December 31, 2020.

Options and Warrants

As of May 20, 2021 and December 31, 2020, we had approximately 24,679,000 and 22,644,000, respectively, shares of common stock underlying currently outstanding warrants and options.

Convertible Debt

As of May 20, 2021 and December 31, 2021, we had approximately 35,389,000 and 31,348,000, respectively, shares of common stock underlying convertible debt.

Dividend Rights

There are no restrictions in our Articles of Incorporation or Bylaws that prevent us from declaring dividends. The Delaware General ~~Corporation~~ Corporation Law, however, does prohibit us from declaring dividends where, after giving effect to the distribution of the dividend:

1.We would not be able to pay our debts as they become due in the usual course of business; or

2.Our total assets would be less than the sum of our total liabilities plus the amount that would be needed to satisfy the rights of shareholders who have preferential rights superior to those receiving the distribution

We have never declared or paid any cash dividends on our common stock. We currently intend to retain future earnings, if any, to finance the expansion of our business. As a result, we do not anticipate paying any cash dividends on our common stock in the foreseeable future.

~~Sales~~Market ~~Pursuant~~for toCommon ~~Rule 144~~Equity

~~Any~~The ~~shares~~Company’s of common stock ~~covered~~trades byon ~~this~~the ~~prospectus~~OTCQB ~~which~~market, ~~qualify~~operated ~~for~~by ~~sale~~OTC ~~pursuant~~Markets, ~~to Rule 144~~ under the ~~Securities~~symbol ~~Act may be sold under Rule 144 rather than pursuant to this prospectus~~“OTLC”.

33The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in “penny stocks.” Penny stocks generally are equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver to the prospective purchaser a standardized risk disclosure document prepared by the SEC that provides information about penny stocks and the nature and level of risks in the penny stock market. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from such rules; the broker-dealer must make a special written determination that the penny stock is a suitable investment for the prospective purchaser and receive the purchaser’s written agreement to the transaction. Furthermore, subsequent to a transaction in a penny stock, the broker-dealer will be required to deliver monthly or quarterly statements containing specific information about the penny stock. It is anticipated that our common stock will be traded on an OTC market at a price of less than $5.00. In this event, broker-dealers would be required to comply with the disclosure requirements mandated by the penny stock rules.

~~Rule~~These ~~144~~disclosure requirements will likely make it more difficult for investors in this offering to sell their common stock in the secondary market.

In general, under Rule 144 as currently in effect, once we have been subject to public company reporting requirements for 90 days, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule 144 for a least six months (including any period of consecutive ownership of preceding non-~~affiliated holders) would be entitled to sell those shares, subject only to the availability of current public information about us. A non~~33-affiliated person who has beneficially owned restricted securities within the meaning of Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144.

InHolders ~~general, under Rule 144 as currently in effect, once we have been subject to public company reporting requirements for 90 days, our affiliates or persons selling shares on behalf~~ of our ~~affiliates~~Common who own shares that were acquired from us or an affiliate of ours at least six months prior to the proposed sale are entitled to sell upon expiration of the lock-up agreements described above, within any three-month period beginning 90 days after the date of this prospectus, a number of shares that does not exceed the greater of:Stock

●As 1% of ~~the~~November ~~number~~17, ~~of shares of common stock then outstanding~~2025, ~~which~~there ~~will~~were ~~equal~~approximately ~~3,696,969~~83 ~~shares~~stockholders as of ~~the~~record ~~date~~ of ~~this Prospectus;~~our orcommon stock.

●Preferred ~~the average weekly trading volume of the common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.~~Stock

~~Sales~~We ~~under~~are ~~Rule~~authorized ~~144~~to byissue ~~our~~15,000,000 ~~affiliates~~preferred ~~or persons selling~~ shares, ~~on behalf~~ of ~~our~~this ~~affiliates~~amount ~~are~~5,000,000 ~~also~~shares ~~subject~~have tobeen ~~certain~~designated ~~manner~~as ofSeries ~~sale provisions~~A ~~and~~Convertible ~~notice requirements and to the availability of current public information about us~~Preferred Stock.

Series A Convertible Preferred Stock is convertible at the option of the holder into shares of common stock at the rate of one for one-thousand. Series A Convertible Preferred Stock otherwise does not provide preemptive, subscription or conversion rights and there is no redemption or sinking fund provisions or rights. Each share of our Series A Convertible Preferred Stock entitles its holder to vote in the election of each director and on all other matters voted on generally by our stockholders on an as converted basis. Holders of our Series A Convertible Preferred Stock are entitled to dividends in such amounts and at such times as our Board of Directors in its discretion may declare out of funds legally available for the payment of dividends including amounts declared on common stock on an as converted basis.

Our board of directors is authorized from time to time to fix the designations and the powers, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof, including, without limitation, the dividend rate, conversion or exchange rights, redemption price and liquidation preference, of any other series of shares of preferred stock, and to fix the number of shares constituting any such series, and to increase or decrease the number of shares of any such series (but not below the number of shares thereof then outstanding). Any or all of these rights may be superior to the rights of our common stock.

Options and Warrants

As of November 17, 2025 we had 37,240,289 shares of common stock outstanding underlying warrants with a weighted average exercise price of $0.11 per share and a weighted average term of 1.28 years.

As of November 17, 2025 we had 23,802,761 shares of common stock underlying currently outstanding options with a weighted average exercise price of $0.15 per share.

Convertible Debt

As of November 17, 2025, we had approximately 107,255,604 shares of common stock underlying convertible debt.

Transfer Agent and Registrar

Our transfer agent is ~~American Stock Transfer & Trust Company~~Equiniti, a ~~SEC~~registered ~~Registered~~ transfer agent. ~~American~~Equiniti ~~Stock Transfer & Trust Company~~ is located at 6201 15th Avenue, Brooklyn, NY 11219 and its telephone number is (800) 937-5449.

~~INTEREST~~Securities OFAuthorized ~~NAMED~~for ~~EXPERTS~~Issuance ~~AND~~Under ~~COUNSEL~~Equity Compensation Plans

NoThe ~~expert~~following ortable ~~counsel~~provides ~~named~~certain inaggregate ~~this~~information ~~Prospectus as having prepared or certified any part of this Prospectus or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection~~ with ~~the~~respect ~~registration~~to orall ~~Offering~~ of the ~~Common~~Company’s ~~Stock~~equity ~~was~~compensation ~~employed~~plans ~~on a contingency basis, or had, or is to receive,~~ in ~~connection with the Offering, a substantial~~effect ~~interest, direct or indirect, in the registrant. Nor was any such person connected with the registrant~~ as aof ~~promoter,~~December ~~managing or principal underwriter~~31, ~~voting trustee, director, officer, or employee~~2024.

Sichenzia Ross Ference LLP will pass on the validity of the Common Stock being offered pursuant to this Registration Statement. Sichenzia Ross Ference LLP has never owned any of our securities.

Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights		Weighted-Average Exercise Price of Outstanding Options		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))
Equity compensation plans approved by security holders		22,527,761	$	0.22		3,205,021
Equity compensation plans not approved by security holders		1,650,000		0.30		350,000

Total		24,177,761	$	0.23		3,555,021

~~The consolidated financial statements of Oncotelic Therapeutics, Inc. (Formerly Mateon Therapeutics, Inc.) as of December 31, 2020 and 2019 and for each of the years in the two~~-~~year period ended December 31, 2020 incorporated in this Prospectus by reference from the Oncotelic Therapeutics, Inc. (Formerly Mateon Therapeutics, Inc.) Annual Report on Form 10~~34-K for the year ended December 31, 2020 have been audited by Baker Tilly US, LLP, an independent registered public accounting firm, as stated in their reports thereon which report expresses an unqualified opinion and includes an explanatory paragraph relating to the Company’s ability to continue as a going concern, incorporated herein by reference, and have been incorporated in this Prospectus and Registration Statement in reliance upon such reports and upon the authority of such firm as experts in accounting and auditing.

34Brief Description of equity compensation plan not approved by security holders

In January 2017, the Board of Directors adopted and approved the 2017 Plan. The 2017 Plan allows the Company, under the direction of the Compensation Committee, to make grants of stock options, restricted and unrestricted stock awards, and other stock-based awards to employees, consultants and directors. The purpose of these awards is to attract and retain key individuals, further align employee and stockholder interests, and provide additional incentive for them to promote our success. The 2017 Plan provides for the issuance of up to 2,000,000 shares of the Company’s common stock. Any stock options granted under the 2017 Plan must be non-qualified stock options, which are not intended to meet the requirements of Section 422 of the Internal Revenue code. Options generally vest over a period of time, may not be exercised unless they are vested, and no option may be exercised after the end of the term set forth in the award agreement.

Unregistered Sales of Securities

No unregistered securities were issued during the fiscal year that were not previously reported in an Annual Report on Form 10-K, Quarterly Report on Form 10-Q or Current Report on Form 8-K.

LEGAL MATTERS

Sheppard Mullin Richter & Hampton LLP will pass on the validity of the common stock being offered pursuant to this registration statement. Sheppard Mullin Richter & Hampton LLP has never owned any of our securities.

NAMED EXPERTS

The consolidated financial statements of Oncotelic Therapeutics, Inc. as of December 31, 2024 and 2023 incorporated in this prospectus by reference from the Oncotelic Therapeutics, Inc. Annual Report on Form 10-K for the year ended December 31, 2025 have been audited by Rose, Snyder and Jacobs LLP. They are independent registered public accounting firm, as stated in their report thereon which report expresses an unqualified opinion and includes an explanatory paragraph relating to the Company’s ability to continue as a going concern, incorporated herein by reference, and have been incorporated in this prospectus and registration statement in reliance upon such reports and upon the authority of such firm as experts in accounting and auditing.

WHERE YOU CAN FIND MORE INFORMATION

We filed ~~this~~a ~~Registration~~registration ~~Statement~~ statement on Form S-1 with the SEC under the Securities Act with respect to the ~~Common~~common ~~Stock~~stock offered by Selling ~~Shareholders~~ Shareholder in this ~~Prospectus~~ prospectus. This ~~Prospectus~~prospectus, which constitutes a part of the ~~Registration~~registration ~~Statement~~statement, does not contain all of the information set forth in the ~~Registration~~registration ~~Statement~~statement or the exhibits and schedules filed therewith. For further information with respect to us and our ~~Common~~common ~~Stock~~stock, please see the ~~Registration~~registration ~~Statement~~statement and the exhibits and schedules filed with the ~~Registration Statement.~~registration statement. Statements contained in this ~~Prospectus~~prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the ~~Registration~~registration ~~Statement~~statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the ~~Registration~~registration ~~Statement~~statement. The Registration Statement, including its exhibits and schedules, may be inspected without charge at the public reference room maintained by the SEC, located at 100 F Street, N.E., Room 1580, Washington, D.C. 20549, and copies of all or any part of the Registration Statement may be obtained from such offices upon the payment of the fees prescribed by the SEC. Please call the SEC at 1-800-SEC-0330 for further information about the public reference room. The SEC also maintains an Internet website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the site is www.sec.gov.

We file annual, quarterly, and current reports, proxy statements, and other information with the SEC. The registration statement and these other materials are available free of charge on the SEC’s website at www.sec.gov.

-35-

DESCRIPTION OF BUSINESS

Company Background

Oncotelic Therapeutics, Inc. (also d/b/a Mateon Therapeutics, Inc.) (“Oncotelic”), was formed in the State of New York in 1988 as OXiGENE, Inc., was reincorporated in the State of Delaware in 1992, and changed its name to Mateon Therapeutics, Inc. in 2016, and Oncotelic Therapeutics, Inc. in November 2020. Oncotelic conducts business activities through Oncotelic and its wholly-owned subsidiaries, Oncotelic, Inc., a Delaware corporation, PointR Data, Inc. (“PointR”), a Delaware corporation, and EdgePoint AI, Inc. (“Edgepoint”), a Delaware Corporation for which there are non-controlling interests, (Oncotelic, Oncotelic Inc., PointR and Edgepoint are collectively called the “Company”). The Company is evaluating the further development of its product candidates OXi4503 as a treatment for acute myeloid leukemia and myelodysplastic syndromes and CA4P in combination with a checkpoint inhibitor for the treatment of advanced metastatic melanoma. Our principal corporate office is in the United States at 29397 Agoura Road, Suite 107, Agoura Hills, CA 91301 (telephone: 650-635-7000). Our Internet address is www.mateon.com.

Amendments to Certificate of Incorporation

Conversion of Series A Preferred Stock to Common Stock

Overview

35Concurrently we also explore opportunities to create value for shareholders by forming strategic alliances and/or licensing our product portfolio. In this connection, in March 2022, the Company entered into a joint venture (“JV”) with Dragon, affiliates of Golden Mountain Partners, LLC, to form GMP Biotechnology, Limited (“GMP Bio”). GMP Bio and the Company are also looking to take the JV into an initial public offering (“IPO”) of the JV and which is anticipated to be a liquidity event for Company, especially if the IPO is successful. While we believe that the IPO can be completed and would be successful, we cannot provide assurance for either of the events to occur; or if they occur, and then whether the IPO would be successful.

~~The Company is a developer of an antisense RNA therapeutic (“OT~~-~~101”) against TGF~~36-β as immunotherapy for a broad range of cancers. Cancers overexpress TGF-β, which suppresses host innate immune response to the cancers. Treatment with OT-101 lifts the TGF-β cloaking effect and allows innate or therapeutic immunity to attack and eliminate the cancers. We have completed phase 2 for pancreatic cancer and melanoma and phase 2 in glioblastoma with robust efficacy and safety. Last year, the Food and Drug Administration (“FDA”) granted us Rare Pediatric Designation (“RPD”) for pediatric Diffuse Intrinsic Pontine Glioma (“DIPG”). We are pushing forward into phase 3 either independently or through a proposed joint venture with a Chinese entity with clinical trials in China for pancreatic cancer. Other indications are to follow subsequently. In the United States of America (“United States”, “USA” or “US”) we will be focusing pediatric DIPG with the clinical trials for which we are in discussions with various parties on how to proceed with the program. This strategy of doing phase 3 trials in adults, including possibly in China, and doing rare pediatric pivotal trials in the US will allow us to capitalize on the voucher program in the US and subsequently leverage on the Chinese data for indication expansion into adult. By focusing on RPD we anticipate: 1) reducing the cost of clinical development by way of a smaller and faster clinical trial, 2) acceleration of approval, 3) obtaining regulatory/ marketing exclusivity for 12 years for small molecules and 17 years for biologics, and 4) obtaining a voucher worth upward of $100 million on approval. In the case of DIPG for OT-101 we are anticipating the trial would last no more than 2 years with 30 patients costing approximately $5-7 million with a substantial return on investment. This is the same strategy that we are adopting for our other pipeline drugs- CA4P and Oxi4503. These are vascular disruptor agents with extensive phase 1 and phase 2 testing, and which we feel are ready to enter into meaningful pivotal clinical trials. We are also developing OT-101, an antisense against TGF-β2 – for the treatment of various viruses, including the Severe Acute Respiratory Syndrome (“SARS”) and the current coronavirus (“COVID-19”), on its own and in conjunction with other compounds. In addition, the Company is developing Artemisinin, through its product ArtiShieldTM. Artemisinin, purified from a plant Artemisia annua, is able to inhibit TGF-β activity and is able to neutralize COVID-19. The Company’s test results during an in vitro study at Utah State University showed Artemisinin having an EC50 of 0.45 ug/ml, and a Safety Index of 140. Artemisinin can target multiple viral threats including COVID-19 by suppressing both viral replication and clinical symptoms that arise from viral infection. Viral replication cannot occur without TGF-β. Artemisinin also has been reported to have antiviral activities against hepatitis B and C viruses, human herpes viruses, HIV-1, influenza virus A, and bovine viral diarrhea virus in the low micromolar range. TGF-β surge and cytokine storm cannot occur without TGF-β. In a clinical study undertaken in India, clinical consequences related to the TGF-β surge, including ARDS and cytokine storm, were suppressed by targeting TGF-β with Artemisinin. The clinical study showing these results was a global study with India to contribute at least 120 patients to the total aggregate of 3000 patients. The ARTI-19 trials were conducted in India by Windlas Biotech Private Limited, the Company’s business partner in India, as part of the Company’s global effort at deploying ArtiShieldTM across India, Africa, and Latin America.

● AL-101 - Intranasal drug and delivery system for intra-nasal Apomorphine for the treatment of PD, ED and FSD. ● CA4P- a vascular disrupting agent (“VDA”) - in combination with Ipilimumab for the treatment of solid tumors with focus on melanoma in adult and pediatric melanoma. A RPD has been granted to the Company by the FDA for pediatric melanoma. ● Oxi4503- a second generation VDA - for the treatment of liquid tumors with focus on childhood leukemia. A RPD has been granted to the Company by the FDA for AML. ● OT-101 - an antisense against TGF-β2 –for the treatment of various ~~viruses,~~cancers ~~including~~and for the ~~SARS~~treatment ~~and~~of ~~the~~various ~~current~~viruses, including COVID-19, on its own and in conjunction with other compounds.. This is being advanced through our JV. ● Five additional nanoparticle products - for the treatment of various cancers, using various regulatory pathways and for various regions/countries. This is being advanced through our JV. ● Artemisinin – a natural derivative from an Asian herb Artemisia Annua - Artemisinin has shown to be highly potent at inhibiting the ability of various viruses to multiply. This will be advanced through our JV at an appropriate time.

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● ~~Artemisinin~~Developing –newer aAI ~~natural~~based ~~derivative~~technologies ~~from~~to anenhance ~~Asian~~the ~~herb~~development ~~Artemisia~~and ~~Annua~~commercialization -of ~~Artemisinin~~support ~~has~~technologies. ~~shown~~The toJV behas ~~highly~~acquired ~~potent~~a atnon-exclusive ~~inhibiting~~license ~~the~~for ~~ability of~~ the ~~COVID-19~~AI ~~causing~~platform ~~virus~~developed toby ~~multiply~~PointR/EdgePoint ~~while~~for ~~also~~implementation ~~having~~in ana ~~excellent~~planned ~~safety index~~CDMO.

●In November ~~CA4P-~~2022, the Company formed a ~~vascular~~Decentralized ~~disrupting~~autonomous ~~agent~~organization (“~~VDA~~DAO”)- entity, Pet2DAO, Inc. (“Pet2DAO”), as a wholly owned subsidiary. A DAO is an emerging form of legal structure, that has no central governing body, and whose members share a common goal to act in ~~combination~~the best interest of the entity. Pet2DAO is a DAO technology company, integrating the strong governance of traditional corporations with ~~Ipilimumab~~the ~~for~~innovative DAO architecture. The Company will look to engage stakeholders, to build value through the ~~treatment~~DAO, while maintaining the rigor of ~~solid~~traditional ~~tumors~~corporations, ~~with~~including ~~focus~~governance, oncompliance, ~~melanoma~~and accountability through a team of veterans in public ~~adult~~companies with innovators in AI, blockchain and ~~pediatric~~Web3. ~~melanoma~~Pet2DAO will be looking to develop products for the animal health space. The OnCompany ~~May~~will ~~4th~~initially issue utility tokens and non-fungible tokens (“NFT” and cumulatively “Tokens”) of Pet2DAO, ~~2020~~called PDAO, ~~FDA~~to ~~granted~~its ~~Rare~~employees, ~~Pediatric~~shareholders ~~Disease~~and ~~Designation~~key ~~for~~opinion ~~CA4P/~~leaders ~~Fosbretabulin~~(“KOLs’) ~~for~~and use the ~~treatment~~Tokens ofto ~~stage~~propose and ~~IIB–IV~~vote ~~melanoma~~on ~~due~~various tohuman ~~genetic~~and ~~mutations~~animal ~~that~~health ~~disproportionately~~related ~~affect~~programs. ~~pediatric~~In ~~patients~~the asfuture, athe ~~drug~~Company ~~for~~will aevaluate ~~“rare~~and ~~pediatric~~plans ~~disease”~~to register these tokens with the SEC to make such Tokens freely tradable.

●Our products, ~~Oxi4503-~~including aour ~~second~~JV ~~generation~~products, ~~VDA-~~under ~~for the treatment of liquid tumors with focus on childhood leukemia. RPD application for pediatric AML submitted to US FDA and favorable initial response obtained.~~development

~~● Backoffice support using PointR fabric cluster computing grids for blockchain~~AL-101: PD/AI ~~for pharmaceutical manufacturing and clinical monitoring and PointR AI Navigator for drug development.~~ED/FSD

●Oncotelic acquired ~~Developing~~AL-101 AIfor ~~based~~the ~~technologies~~intranasal delivery of apomorphine for the treatment of PD. Over 60,000 new patients being diagnosed with PD in the United States and currently there are over 1 million patients in the US and expected to ~~enhance~~increase to over 1.2 million by 2030. In addition, approximately 10 million suffer from this disease globally. https://www.parkinson.org/Understanding-Parkinsons/Statistics. AL-101 is also being developed for ED. ED is the most prevalent male sexual disorder globally. The percentages of men affected by ED are as follows: 14.3-70% of men aged 60 years, 6.7-48% of men aged 70 years, and ~~support~~38% of men aged 80 years (Geerkens MJM et al. (2019). Eur Urol Focus. pii: S2405-4569(19)30079-3). However, with the ~~development~~increasing administration of PDE5 inhibitors in clinical practice, it was found that approximately 30-35% of ED patients are treatment failures (McMahon CN et al. (2006). BMJ, 332: 589-92). AL-101 is designed to target treatment failure ED patients who do not respond to PDE5 inhibitors. Through similar mechanism of action, AL-101 is being developed for FSD. FSD is a prevalent problem, afflicting approximately 40% of women and ~~commercialization~~there are few treatment options. FSD is more typical as women age and is a progressive and widespread condition. (Allahdadi, KJ et al. (2009) Cardiovascular & hematological agents in medicinal chemistry, 7(4), 260-269). There is no available drug for the treatment of ~~our~~FSD. ~~Artemisinin~~In ~~based~~June ~~products~~2019, the FDA approved Vyleesi (bremelanotide) to treat acquired, generalized hypoactive sexual desire disorder (“HSDD”) in premenopausal women. This is the only available drug treatment. Vyleesi has essentially replaced the only other drug for HSDD, however, it has a long list of drug-drug interactions, including commonly used antidepressants, such as fluoxetine and sertraline. In addition, it has a black box warning regarding its use with alcohol, a combination that has been associated with hypotension and syncopal episodes. Therefore, there is an urgent need for effective therapy against FSD and HSDD.

CA4P as an Immuno-Oncology Agent

Radiation therapy, recognized for its potent cytotoxic effect on cancer cells by inducing direct DNA damage, can sometimes elicit a systemic antitumoral response. Irradiation releases a plethora of neoantigens and pro- inflammatory cytokines, acting like an in-situ vaccine, resulting in tumor regression within the primary site, but may also occasionally result in regression of distant secondary lesions. This regression of distant cancer metastases when the primary tumor is irradiated is defined as the abscopal effect. Yet, an abscopal effect with radiotherapy alone occurs infrequently, signifying that the antitumor immunity caused by radiation is not sufficient to abolish the tumor and its metastases nor able to prevent the metastatic process or the immunosuppressing effect the cancer exhibits on the host’s systemic macroenvironment. Recently, several studies have confirmed the synergistic antitumoral immunity caused by the combination of radiation with immunotherapy, which has demonstrated a durable abscopal effect in patients with advanced malignancies. Postow, et al, Golden, et al, Hinicker, et al and others have all described early findings of a reproducible abscopal effect when combining irradiation with Ipilimumab and/or Nivolumab.

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Similarly, CA4P causes rapid and widespread tumor cell necrosis. A number of laboratories have shown that the type of tumor cell death induced by ischemic necrosis not only controls the presence or absence of specific tumor antigens, but also can result in immunological responses ranging from immunosuppression to anti-tumor immunity. The terms “immunogenicity of cell death” or “immunogenic cell death” (ICD) is often used by scientists to describe the ability of dead/dying cells (especially of tumor cells) to mount antigen-specific and particularly CD8 + T-cell- mediated adaptive immune responses and not simply lead to innate inflammation. CD8 + T-cells play a significant role in tumor protection and development of this type of immunity. A modernized concept has emerged which defines immunogenic cell death in general because of mutual or consequent processes including endoplasmic reticulum stress release of “find-me” signals (e.g., ATP), exposure of “eat-me” signals (e.g., calreticulin, phosphatidylserine) and damage-associated molecular patterns (DAMPs [HMGB1, F-actin]). These molecular changes might occur in the cells undergoing necrotic death. These and other signals appear to be relevant to the potential for CA4P to increase immunogenicity following induction of ischemic necrosis.

Preclinical studies in which CA4P was combined with an anti-CTLA4 antibody using an EMT-6 mammary tumor model showed that 7 out of 8 mice receiving a combination of CA4P and an anti-CTLA4 antibody experienced complete remission of their tumors, compared to only 1 of 8 in the CA4P monotherapy arm and 2 of 8 in the anti- CTLA4 antibody monotherapy.

Three of four follow-up preclinical studies confirmed that CA4P combined with immuno-oncology agents could delay tumor growth. Follow-up studies were conducted in a CT26-32 colon cancer model, a larger tumor EMT- 6 mammary cancer model, and a C3H mammary cancer model. Studies in a CT-26-32 colon cancer animal model using CA4P combined with anti-CTLA4 antibodies demonstrated a 77% reduction in tumor size compared to immuno- oncology agents alone, and an 89% reduction in tumor size compared to control. This large tumor model also showed a survival benefit for the animals receiving combination therapy, with all animals in the combination therapy group surviving to the end of the study, compared to no animals surviving on the control and only half of the animals surviving that received immuno-oncology agents alone.

Additional analyses of changes induced within tumors following combination therapy have shown that CA4P increases the immunogenic effect of checkpoint inhibitors when used alone as monotherapy. Tumor-fighting white blood cell counts, T-cells and cytotoxic T-cells compared to immuno-oncology agents alone. Tumor necrosis with the combination of CA4P and immuno-oncology agents is nearly double the necrosis with only immuno-oncology agents (63.9% compared to 32.8%, control = 25.8%).

The overall data from all these studies provides evidence that CA4P may enhance the activity of immuno- oncology agents for the treatment of cancer, including anti-CTLA4 antibodies. Furthermore, CA4P has clinical activity in melanoma in early clinical testing and repeated demonstration of CA4P mediated necrotic tumor cell death across 17 completed clinical trials and >500 patients. During various phase 1 studies, we found that CA4P treatment resulted in significant disease control among patients with solid tumors who progressed on standard therapies. CA4P treatment resulted in 2 Stable Disease (SD) of 5 melanoma patients treated. The combination of CA4P with carboplatin and paclitaxel was well tolerated in the majority of patients with adequate premedication and had antitumor activity in patients who were heavily pretreated. Patients with advanced cancer refractory to standard therapy were treated with CA4P as a 10-min infusion, 20 h before carboplatin, paclitaxel, or paclitaxel, followed by carboplatin. Responses were seen in 10 of 46 (22%) patients with ovarian, esophageal, small-cell lung cancer, and melanoma. One Partial Response (PR) was observed of 6 melanoma patients treated follow progressing during first-line trial therapy with dacarbazine and sorafenib. In melanoma animal model- B16-F10 murine melanoma experimental tumors- seventy- four hours after drug administration, a decrease in the number of tumor blood vessels was apparent and necrotic areas within tumors were visible. Building on the single agent activity of CA4P, we are expecting that combination of CA4P with Ipilimumab or other immune-oncology drug would result in improved tumor control for these patients above the 2 PR out of 17 patients treated with Ipilimumab alone which supported the approval of Ipilimumab in pediatric melanoma.

CA4P: Pediatric Melanoma

Until the recent approval of ipilimumab as the first immunotherapy agent approved for children, metastatic or nonresectable pediatric melanoma did not have any FDA-approved therapies available. As for adult melanoma patients, the mainstay of care is surgical excision. Studies also show that children treated for melanoma should be closely monitored as they are at increased risk of recurrence later in life. However, there are only very limited data on the efficacy of systemic therapy in children and adolescents with advanced melanoma and new effective therapies are urgently needed. There are only very limited data on the efficacy of systemic therapy in children and adolescents with advanced melanoma. Several phase I/II trials have been designed to evaluate therapies for pediatric cancer patients that included subsets of patients with advanced melanoma.

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Ipilimumab was evaluated in a phase I clinical study in children with unresectable stage IIIC or IV melanoma and in a pediatric phase II trial (NCT01696045) that included children aged 12 years or older with previously treated or untreated, unresectable stage III or IV malignant melanoma. Of the 17 melanoma patients older than 12 years treated with ipilimumab across both studies, two experienced objective responses. Immune-related adverse events included pancreatitis, pneumonitis, endocrinopathies, colitis, and transaminitis, with dose-limiting toxicities observed at 5 mg/kg. No grade 2 or higher immune-related toxicities were identified at doses of 3 mg/kg or less. Based upon the results of these studies and evidence from studies in adult patients, in July 2017, the FDA approved ipilimumab for the treatment of unresectable or metastatic melanoma in children aged 12 years and older.

It is expected that combination of CA4P with Ipilimumab or other immune-oncology drugs would result in improved tumor control for these patients above the 2 PR out of 17 patients treated with ipilimumab.

The FDA granted Rare Pediatric Disease Designation for CA4P/ Fosbretabulin tromethamine for the treatment of stage IIB–IV melanoma due to genetic mutations that disproportionately affect pediatric patients as a drug. Preclinical studies in which CA4P was combined with an anti-CTLA4 antibody using an EMT-6 mammary tumor model showed that 7 out of 8 mice receiving a combination of CA4P and an anti-CTLA4 antibody experienced complete remission of their tumors, compared to only 1 of 8 in the CA4P monotherapy arm and 2 of 8 in the anti-CTLA4 antibody monotherapy. This application is based on observed CA4P activity in melanoma in early clinical testing. During various phase 1 studies, we found that CA4P treatment resulted significant disease control among patients with solid tumors who progressed on standard therapies. CA4P treatment resulted in 2 Stable Disease (SD) of 5 melanoma patients treated. One Partial Response (PR) was observed of 6 melanoma patients treated follow progressing during first-line trial therapy with dacarbazine and sorafenib. Building on the single agent activity of CA4P, we are expecting that combination of CA4P with Ipilimumab or other immune-oncology drug would result in improved tumor control for the target pediatric population above the 2 PR out of 17 patients treated with Ipilimumab alone which supported the approval of Ipilimumab in pediatric melanoma.

OXi4503 for Acute Myeloid Leukemia

OXi4503 (combretastatin A1-diphsphate; CA1P) is a novel investigational VDA that has been shown to have a significant in vitro cytotoxic as well as chemo-sensitizing activity against human AML cells. OXi4503 also exhibited in vivo anti-leukemic activity in xenografted mice with human AML.

OXi4503 employs a new, broader strategy against AML than currently exists for standard chemotherapy, as it provides a dual mechanism of action involving both anti-vascular effects and direct cytotoxicity to AML cells. Vascular and/or Bone marrow endothelial cells (“ECs”) appear to provide a protective effect for AML cells, keeping them dormant within the bone marrow. VDAs may target these ECs and reverse their chemo protective effect, providing a novel approach to the treatment of AML which may otherwise be resistant to other chemotherapeutic therapies. Preclinical data indicate that OXi4503 alone and in combination with traditional AML treatments such as cytarabine may provide significant benefit in eliminating AML cells. Results from two completed Phase I clinical trials demonstrated the clinical impact potential of OXi4503 against relapsed AML when it is alone or in combination with the standard chemotherapy drug cytarabine (“ARA-C”) can induce complete remissions in relapsed AML patients. Notably, OXi4503 showed single agent activity in a clinical Phase I trial and resulted in complete remission of a relapsed AML patient. Sustained complete remissions were also achieved in relapsed AML patients who were treated with OXi4503 in combination with ARA-C.

OXi4503 has received orphan designation for AML in both the United States (Designation No. 12-3824) and the European Union (Designation No. EU/3/15/1587 - EMA/OD/144/15). In 2017, the FDA granted fast-track designation to OXi4503 for the treatment of relapsed/refractory AML. Oxi4503 met the qualifying criteria for the Fast Track designation since AML is a serious and life-threatening condition, and a large unmet medical need exists for additional treatment strategies for this disease.

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The Investigator-Sponsored trial (IST) UF OXi4503 AML MDS Ph 1 (UF4503), “A Phase 1 Clinical Trial of OXi4503 for Relapsed and Refractory AML and Myelodysplastic Syndromes (“MDS”) was designed to evaluate the safety profile and the maximum tolerated dose (“I”) as well as a recommended Phase 2 dose (RP2D) of OXi4503 in patients with recurrent/refractory (R/R) AML and MDS (ClinicalTrials.gov NCT01085656) (14, 50). The clinical single agent activity of OXi4503 was also assessed within the confines of a Phase 1 clinical trial setting. A total of 18 patients enrolled in the study from February 2011 to January 2016. The patients were predominantly male (78%) and the median age was 62.5 years. Of the 15 patients with AML, 4 (27%) had primary refractory AML, 2 (13%) were in first relapse, and 9 (60%) had refractory AML beyond CR1.

Eight patients (44%) completed at least one cycle of CA1P and were evaluable for efficacy assessments. Of the eight patients evaluable, one achieved morphologic remission with incomplete blood count recovery (“CRi”) after 1 cycle but came off study in cycle 2 due to fungal pneumonia. Three patients had stable disease after at least one cycle of CA1P. Three patients experienced progressive disease after 1 cycle of CA1P and were withdrawn from the study.

The Phase 1 dose-escalation combination of the Company sponsored study OX1222 (NCT02576301) was a Phase 1b dose escalation study of OXi4503 as a single agent and in combination with Cytarabine with subsequent combination Phase 2 cohorts for subjects with relapsed/refractory (R/R) AML and MDS. 29 subjects were treated with OXi4503 in combination with Cytarabine.

Of these 29 patients, one was evaluable for safety analysis, but no EFS/OS data or response data were available for activity evaluations. Of the 28 patients evaluable for EFS/OS outcome analyses, 26 had AML and 2 had MDS. For the 26 AML patients, there were 4 CRs. The CR responses were associated with prolonged overall survival substantially better the median OS time: One patient who became eligible for allogeneic PBSCT remains alive, free- of-leukemia at 720+ days. The overall survival times were 434 days, 521 days, 535 days, and 720 days, respectively. The median OS time for the 4 patients who achieved a CR/CRi was 528 (95% CI: 434 - NA) days which was significantly better than the median OS time of 113 (95% CI: 77 - 172) days for the remaining 22 AML patients who did not achieve a CR (Log Rank = 11.8, P-value = 0.0006).

Three of the 4 CR/CRis were achieved in 1st relapse patients while one patient with CRi had failed 5 previous regimens, including 7:3, HiDAC, and PBSCT. Patients who achieved a CR/CRi went on to receive other treatments after receiving 4-6 cycles of OXi4503. The median OS for all 26 AML patients who received therapy was 119 (95% CI: 87 - 232) days. Patients who had rapidly progressive disease or developed toxicity could not get as many OXi4503 doses as patients who responded to their treatment favorably. The median OS time for 18 patients receiving 1-3 doses Of OXi4503 was 82 (95% CI: 66 - 135) days and these patients exhibited a worse survival outcome compared to 9 patients receiving 4-6 doses which was recorded at 434 (95% CI: 191 - NA) days (Log Rank = 12.3, P-value = 0.0004).

OXi4503: Pediatric AML

Pediatric AML is most common during the first 2 years of life and during the teenage years. In the United States, about 730 people under age 20 are diagnosed with AML each year. The number of deaths was 0.6 per 100,000 children per year. These rates are age-adjusted and based on 2012-2016 cases.

Compared with pediatric acute lymphoblastic leukemia (“ALL”), the outlook for pediatric AML patients is far worse. Even though pediatric AML cases are far fewer than pediatric ALL, the mortality rate is about the same, illustrating that AML is a devastating disease and the need for continuing research to identify effective treatments for these children. The prognosis for AML in children remains relatively poor, with a 5-year survival rate of 64% compared with 90% in ALL.

Patients with poor-risk cytogenetics include those that lack any favorable changes and harbor any of the following cytogenetic abnormalities: monosomy 7, monosomy 5, deletion of 5q, abnormalities of 3q, t(6;9) (p23;q34), and complex karyotype which is defined as three or more cytogenetic abnormalities. Children and adolescents harboring these unfavorable features have survival of less than 50 percent, and in many cases less than 20 percent.

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The standard of care for management of pediatric AML involves predominantly induction therapy intended to put the patient into remission and consolidation chemotherapy designed to eradicate leukemia cells that may have escaped front line induction therapy. Whereas >80% of pediatric AML patients will achieve remission, only about half will remain disease-free for an appreciable period of time. Approximately 30 percent of children with AML will experience relapse and only one third of them become long-term survivors after salvage therapy. Although cure rates for children and adolescents with AML have improved, outcomes for pediatric AML patients with adverse prognostic biologic features (e.g., high risk genetic mutations or chromosomal abnormalities) and refractory or relapsed disease who failed or did not respond to their initial standard induction chemotherapy remains poor and limited treatment options are available for these patients. Novel therapies for these high-risk patients are urgently needed. OXi4503 shows clinical potential and promise for this indication based on the proof-of-concept data obtained from nonclinical and clinical studies.

The FDA has granted a RPD for OXi4503 for the treatment of pediatric AML.

Developments through our JV:

OT-101: An Antisense Against TGF-β2

The pharmaceutical development of OT-101 is being advanced through our JV. This is being reported here for informational purposes only.

Trabedersen (AP12009, OT-101) is a novel antisense oligodeoxynucleotide (“ODN”) developed by Oncotelic Inc. for the treatment of patients with pancreatic carcinoma, malignant melanoma, colorectal carcinoma, high-grade glioma (“HGG”), and other transforming growth factor beta 2 (“TGF-β2”) overexpressing malignancies (e.g. prostate carcinoma, renal cell carcinoma, etc.). Trabedersen is a synthetic 18-mer phosphorothioate oligodeoxynucleotide (“S-ODN”) complementary to the messenger ribonucleic acid (“mRNA”) of the human TGF-β2 gene.

TGF-β is a multifunctional cytokine with a key role in promoting tumor growth and progression including cell proliferation, cell migration, and angiogenesis. Above all, TGF-β is a highly potent immunosuppressive molecule. Inhibition of TGF-β overexpression in tumor tissue represents a novel multimodal treatment principle leading to the reduction of tumor growth, inhibition of metastasis, and restoration of host antitumor immune responses. Despite its recognized pivotal role in cancer, therapeutics targeting TGF-β have not been successful and many have failed due to toxicity issues possibly due to inhibition of TGF-β1 essential functions. The high level of homology between the various TGF-β isoforms is making it impossible to create mAb or small molecule inhibitor without TGF-β1 cross-inhibition. Therefore, Oncotelic Inc. chose to target TGF-β2 only using OT-101 antisense approach. The sequence of OT-101 can only target TGF-β2 and does not have any impact on other TGF-β isotypes. However, suppression of TGF-β2 directly by OT-101 would also result in suppression of TGF-β2 indirectly, but not TGF-β3.

Trabedersen is believed to reverse TGF-β’s immunosuppressive effects, rendering the tumor visible to a patient’s immune system and resulting in priming and specific activation of the patient’s anti-tumor immune response. OT-101 has completed multiple clinical trials with promising outcomes. OT-101, is being developed as a broad-spectrum anti-cancer drug that can also be used in combination with other standard cancer therapies to establish an effective multi-modality treatment strategy for difficult-to-treat cancers. Oncotelic plans to initiate phase 3 clinical trials for OT-101 in both high-grade glioma and pancreatic cancer. During phase 2 clinical trials in pancreatic cancer, melanoma, and colorectal cancers (Study P001) and in high-grade gliomas (Study G004), meaningful single agent activity with meaningful tumor reduction was observed, and OT-101 exhibited a favorable safety profile. Both partial and complete responses have been observed in the G004 Phase 2 clinical trial of OT-101 as a single agent in patients with aggressive brain tumors.

37Oncotelic Inc.’s, and now the JV’s, self-immunization protocol (SIP©) is based on the novel and proprietary sequential treatment of cancers with OT-101 (antisense against TGF-β2) and chemotherapies. Proper Sequencing of treatments is key to optimal immunotherapy. Leveraging from its in-depth knowledge of TGF-β immunotherapy, Oncotelic Inc. ordered the various treatments in the following sequence: (1) expand immune reserve through IL-2 treatment or infusion of immune cells; (2) prime immune response with TGF-β inhibitor OT-101; (3) boost immune response with chemotherapy; and (4) revitalize the exhausted of immune response with checkpoint inhibitors. This sequential treatment strategy is aimed at achieving effective self-immunization against a patients’ own cancer, resulting in robust therapeutic immune response and consequently better control of the cancer and improved survival. Prolonged states of being cancer-free have been observed in some patients with the most aggressive forms of cancer, raising a renewed hope for a potential cure. The use of OT-101 lifts the suppression of the patient’s immune cells around the cancer tissue, providing the foundation for an effective initial priming, which is critical for a successful immune response. The subsequent chemotherapy results in the release of neoantigens that result in a robust boost of the immune response. This process is termed Xenogenization process and can be: (1) hypermutation by temozolomide in the treatment of brain cancer, (2) immunogenic cell death by taxanes and 5FU in pancreatic cancer, or (3) necrotic cell death by VDA (vascular disrupting agent) in melanoma and MDS. Additionally, the Company believes that a rational combination of the Oncotelic Inc. SIP platform with immune-modulatory drugs like interleukin 2 (IL-2) and/or immune checkpoint inhibitors has the potential to help achieve sustained and robust immune responses in patients with the most difficult-to-treat forms of cancer. The combinations with IL-2 and NK are already partnered with external corporate partners. The Company entered into a JV with Dragon Overseas Capital Limited (“Dragon Overseas”) and GMP Biotechnology Limited (“GMP Bio”), affiliates of GMP on March 31, 2022. GMP Bio and the Company will focus to further expand the development of OT-101 for various oncology indications like pancreatic cancer, melanomas, gliomas etc. as also for viral infections like COVID-19. This path is being evaluated as a monotherapy, as well as combination therapies in conjunction with other drugs like checkpoint inhibitors.

~~Oncotelic Inc.’s self~~-~~immunization protocol (SIP©) is based on the novel and proprietary sequential treatment of cancers with OT~~42-101 (antisense against TGF-β2) and chemotherapies. Proper Sequencing of treatments is key to optimal immunotherapy. Leveraging from its in-depth knowledge of TGF-β immunotherapy, Oncotelic Inc. ordered the various treatments in the following sequence: (1) expand immune reserve through IL-2 treatment or infusion of immune cells; (2) prime immune response with TGF-β inhibitor OT-101; (3) boost immune response with chemotherapy; and (4) revitalize the exhausted of immune response with checkpoint inhibitors. This sequential treatment strategy is aimed at achieving effective self-immunization against a patients’ own cancer, resulting in robust therapeutic immune response and consequently better control of the cancer and improved survival. Prolonged states of being cancer-free have been observed in some patients with the most aggressive forms of cancer, raising a renewed hope for a potential cure. The use of OT-101 lifts the suppression of the patient’s immune cells around the cancer tissue, providing the foundation for an effective initial priming, which is critical for a successful immune response. The subsequent chemotherapy results in the release of neoantigens that result in a robust boost of the immune response. This process is termed Xenogenization process and can be: (1) hypermutation by temozolomide in the treatment of brain cancer, (2) immunogenic cell death by taxanes and 5FU in pancreatic cancer, or (3) necrotic cell death by VDA (vascular disrupting agent) in melanoma and MDS. Additionally, the Company believes that a rational combination of the Oncotelic Inc. SIP platform with immune-modulatory drugs like interleukin 2 (IL-2) and/or immune checkpoint inhibitors has the potential to help achieve sustained and robust immune responses in patients with the most difficult-to-treat forms of cancer. The combinations with IL-2 and NK are already partnered with external corporate partners.

Pancreatic Cancer

Pancreatic cancer is associated with the poorest prognosis of gastrointestinal cancers and is expected to become the second leading cause of cancer-related mortality in the USA by 2030. Pancreatic cancer is traditionally considered to be an immune-resistant disease. There is a lack of effector T cells, an abundance of myeloid-derived suppressor T cells, and a dearth of key immune effector and regulatory cells. This may be part of the reason why single-agent checkpoint inhibitors are not as effective in comparison to other diseases. Here is where breaking immune tolerance by inhibiting TGF-β with OT-101 will have a significant impact.

The P001 trial was an open-label, multicenter dose-escalation study to evaluate the safety and tolerability of OT-101 (TGF-β2-specific Phosphorothioate Antisense Oligodeoxynucleotide) in adult patients with advanced tumors known to overproduce TGF- β2, which are not or no longer amenable to established therapies. The primary objective of the study was to determine the maximum tolerated dose (MTD) and the dose-limiting toxicities (DLTs) of two cycles of trabedersen administered intravenously (i.v.) on a 7-days-on/7-days-off or 4-days-on/10-days-off schedule. Secondary objectives included were: (1) determining the safety and tolerability of OT-101 administered intravenously at weekly intervals for four days every other week; (2) assessing the plasma pharmacokinetic profile of OT-101 administered intravenously at weekly intervals and for four days every other week; (3) establishing a suitable determination method and to assess the urine pharmacokinetic profile of OT-101 administered intravenously for four days every other week; (4) determining the effect of OT-101 administered intravenously at weekly intervals and for four days every other week on TGF-β2 plasma concentration levels; and (5) Assessing the potential antitumor activity of OT-101 administered intravenously at weekly intervals and for four days every other week, as assessed by the effect on tumor size and tumor markers.

Of the 61 patients treated, 37 had advanced treatment failure pancreas cancer, a very difficult-to-treat cancer with an overall survival rate that is measured in months even with the best available chemotherapy regimens. Globally, over 400,000 people die of pancreatic cancer each year. MTD was not reached for the 4-days-on/10-days-off schedule, which became the schedule adopted for the phase 2 expansion phase of the trial. Disease control (complete response (CR)), partial response (PR) or stable disease (SD)) was achieved in 19 of 35 evaluable pancreas cancer patients (54%). Among liver mets only patients, there are exceptional single-agent activity and survival. Patient 1006 was pushed to complete response (CR) and survived as far out as 77 mos. This patient failed multiple lines of therapies: (1) surgery: Whipple’s procedure, (2) 1st line: 5-FU/LV, Dose 425 mg/m2, (3) 2nd line: 5-FU/LV, Dose 2600 mg/m2/24hr, (4) 3rd line: Gemcitabine, Dose 1000 mg/m2/week, and (5) went on to OT-101with liver mets and complete response. Patient 1022 was pushed to stable disease (SD) with overall survival of 40 months. This patient had also failed multiple lines of therapies: (1) surgery: Whipple’s procedure, (2) 1st line: radiation therapy (50 Gy), (3) 2nd line: 5FU, and (4) went on to OT-101 with liver mets and stable disease.

OT-101 treatment more than doubled the ratio of patients being able to go onto subsequent chemotherapy versus not being able, and consistent with the expected immunization boost coming from Xenogenization with subsequent chemotherapies (taxanes and 5FU/Cisplatin) as discussed for SIP, those with subsequent chemotherapy exhibited increased mOS and more than doubled their 1 year survival. Patients treated with the non-SIP agent did not exhibit these properties.

38The JV initiated a Phase 2/3 clinical trial for pancreatic cancer and is actively seeking participants to enroll into the study. While enrollment has been slow, due to a smaller patient population and the protocol, the JV is working hard to enroll patients and to complete the trial.

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Gliomas

Brain tumors in the United States are rare and only accounted for 2% of all adult cancers. However, the rate of brain tumors on the rise for the last 30 years. The more common and most malignant form of brain tumors – glioblastoma (“GBM”) has more than doubled from 2.4 to 5.0 per 100,000. In the face of this increase, treatment remained essentially unchanged during the last decade. And despite aggressive surgery followed by radiation and/or chemotherapy, GBM has the worst five–year survival rates among all human cancers, with an average survival from diagnosis of only about 1 year and less than 5% of the patient survived after 5 years. On top of it all, GBM will recur or regrow in most patients. Treatment of recurring a high-grade GBM that has recurred does not always improve survival compared with hospice care alone and deciding when to stop treating the cancer and entering into hospice care is frequently recommended when the patient is unlikely to live longer than six months.

GBM resilience and persistence is in stark contrast with the recent excitement in oncology where Immuno Oncology (IO) agents have shown promise to be curative by driving the immune cells to attack the tumors. Though extraordinarily effective against the growing number of tumors, IOs have been ineffective against GBM. GBM is generally considered immunologically “cold” with few immune effector cells needed for successful immunotherapy. The overexpression of transforming growth factor-beta 2 (“TGF-β2”) is associated with poor prognosis of tumors and plays a key role in malignant progression of various tumors including GBM by inducing proliferation, metastasis, angiogenesis, and immunosuppression. Oncotelic Inc. is developing a novel TGF- β2 antisense agent OT-101 as immunotherapy against GBM.

G004 is a multinational, multicenter, open-label, randomized, active-controlled, parallel-group study in adult patients with either recurrent or refractory AA (WHO grade III) or recurrent or refractory GBM (WHO grade IV). There were 3 treatment groups: (1) 10 µM Trabedersen, (2) 80 µM Trabedersen, and (3) standard chemotherapy (mostly TMZ). Tumor control rate at 6 months was the primary endpoint. Response assessment included the tumor control rate and the overall response rate, which were assessed at 6, 12, and 14 months by central MRI reading. The tumor control rate was defined as the percentage of patients with either CR, PR, or SD and the overall response rate was defined as percentage of patients with either CR or PR. An independent blinded central MRI reading was performed to obtain a standardized response assessment for the efficacy analysis. Central reading was performed by 2 independent neuroradiologists with an additional adjudicator deciding in case of conflicting opinions.

All patients had previous tumor surgery, almost all patients had previous radiation therapy, and more than half of the patients had received previous chemotherapy. A total of 134 patients, 89 patients in the OT-101 test group and 45 patients in the standard chemotherapy control group were assessed. The findings of a randomized Phase II study further confirmed the feasibility of intratumoral application of OT101 via convection enhanced delivery (CED) for up to 6 months and showed that it results in early disease control at 6 months at a rate comparable to that achieved with temozolomide. OT101 was administered to 89 R/R high-grade glioma (HGG) (Anaplastic Astrocytoma/AA:27; Glioblastoma multiforme/GBM: 62) patients with an intratumoral catheter using a convection enhanced delivery (CED) system. 77 patients (Efficacy population; GBM: 51; AA: 26) received at least the intended minimum number of 4 OT101 treatment cycles. Response determinations were based on central review of MRI scans according to McDonald criteria. Standard statistical methods were applied for the analysis of data. Nineteen patients had a complete response (CR) or partial response (PR) following a slow but robust size reduction of their target lesions. In addition, 7 patients had stable disease (SD) lasting ≥6 months. For the combined group of 26 AA/GBM patients with favorable responses, the median PFS was >3 years and OS was >3.5 years (16, 17). Hence, OT101 administered intratumorally exhibits clinically meaningful single-agent activity and induces durable CR/PR/SD in R/R HGG patients. These results provided the proof of concept that targeting TGFβ2 with intratumoral OT101 therapy can result in a favorable survival outcome for R/R HGG patients (AA, WHO grade 3 and GBM, WHO Grade 4).

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OT-101: Pediatric DIPG

DIPG, the second most common malignant pediatric brain tumor, has a dismal outcome with available standard treatment modalities. No significant therapeutic advances have been accomplished in the treatment of this poor prognosis brain tumor and the average overall survival has remained <1 year with a 2-year survival rate of <10%. In solid tumors, the expression level of the TGFβ has been identified as a significant contributor to disease progression and poor prognosis as well as resistance to standard therapy and metastasis. In particular, TGFβ has been implicated in treatment resistance to targeted therapeutics, chemotherapy as well as immune-oncology drugs. Importantly, TGFβ restrains anti-tumor immunity by restricting cytotoxic T-cell infiltration, recruiting regulatory T cells and inhibiting the maturation as well as function of natural killer (“NK”) cells. Amplified activity of the TGFβ-Smad signaling pathway enhances tumor growth, invasion, as well as angiogenesis and has been implicated in the malignant phenotype and poor prognosis of high-grade gliomas in adults. Therefore, TGF-β has emerged as an attractive target for the therapeutic intervention of high-grade gliomas.

We recently performed a meta-analysis of TGFβ2 gene expression in primary tumor specimens from 29 pediatric DIPG patients in the publicly available archived datasets. Our data provided unprecedented evidence that TGFβ2 is expressed at high levels in pediatric DIPG. Three TGFβ2 probesets exhibited 1.8-2.5-fold increased levels of expression in DIPG patients. Our meta-analysis provided new evidence that TGFβ2 gene and its interactome are expressed in pediatric DIPG at significantly higher levels than in normal tissues or low-grade gliomas. Hence, TGFβ2 is an attractive molecular target for immunotherapy of pediatric DIPG.

The US FDA granted the Company a RPD for pediatric DIPG, which was transferred to the JV as part of the JV Agreement. The Company is likely to receive 50% of the value of the RPD, upto a maximum of $50 million, upon the RPD being sold to a third party should the JV decide to do so.

OT-101 for Treatment of Advanced or Metastatic Cancers

In March 2025, the Company announced successfully completing a Phase 1 clinical trial evaluating OT-101, in combination with IL-2 for advanced or metastatic solid tumors, on behalf of the JV. These results set the stage for new studies that combine OT-101, an antisense therapeutic targeting Transforming Growth Factor Beta 2 (TGFβ2), with checkpoint inhibitors (“CKIs”) and recombinant IL-2 (aldesleukin) (“IL-2”). The Phase 1 trial (ClinicalTrials.gov ID: NCT04862767) investigated the safety and tolerability of OT-101 in combination with recombinant IL-2 in patients with advanced or metastatic solid tumors. The combination showed a tolerable safety profile at the planned dosing schedule, with no unexpected safety signals identified. Based on the favorable safety data, the JV, through the Company, plans to advance OT-101 plus IL-2 into further clinical studies, exploring synergies with CKIs such as PD-1 blockers.

OT-101 for Treatments of Corona Viruses

~~When~~A ~~COVID-19~~Phase ~~emerged~~2 instudy ~~China, the Company and Golden Mountain Partners (“GMP”) contemplated a collaboration to develop drug candidates~~ for COVID-19. ~~Oncotelic~~was ~~Inc.~~completed ~~and~~for GMP entered into a research and services agreement (the “GMP Agreement”) on February 3, 2020 memorializing their collaborative efforts to develop and test COVID-19 antisense therapeutics. On March 18, 2020, Oncotelic reported the anti-viral activity of OT-101 ~~– its lead drug candidate currently~~ in ~~phase~~South ~~3 testing in pancreatic cancer and glioblastoma. In an in vitro antiviral testing performed by an independent laboratory~~America, ~~OT-101 showed~~ that itcan ~~was~~expand ~~highly active against COVID-19. On March 23, 2020, Oncotelic, Oncotelic Inc. and GMP entered~~ into a ~~supplement~~Phase ~~to the~~3 ~~Agreement~~trial ~~(the~~in ~~“Supplement”) to confirm~~ the ~~inclusion~~event ofthere ~~OT-101~~is ~~within~~a ~~the scope of the GMP Agreement,~~resurgence ~~pending~~in ~~positive confirmatory testing against~~ COVID-19. InBased ~~consideration~~on ~~for~~ the ~~financial~~final ~~support~~results ~~provided~~of ~~by GMP for~~ the ~~research~~trial, ~~pursuant~~ to the ~~terms~~trial ofwas ~~the~~planned ~~GMP Agreement (as amended by the Supplement), GMP is entitled~~ to ~~obtain~~be ~~certain~~expanded ~~exclusive~~into ~~rights to the use of the Product in the field of the treatment of COVID-19 on~~ a ~~global~~Phase ~~basis,~~3 ~~and~~trial; anhowever ~~economic~~with ~~interest in~~ the ~~use of~~impact ~~the Product in the field~~ of ~~the treatment of~~ COVID-19 ~~including~~reducing ~~50/50 profit sharing. As described~~ in the ~~Supplement,~~past ~~the Company intends to license or assign intellectual property rights~~year, ~~including~~ the ~~2020 Patent Application and any other intellectual property rights owned or controlled by the~~ Company ~~relating~~will tobe OTre-~~101,~~evaluating ~~OXi4503~~this ~~and~~treatment ~~CA4P,~~for tofurther adevelopment ~~joint~~upon ~~venture company to be established jointly between Oncotelic Inc. and GMP (or its designee), as well as providing management services and other expertise to~~ the ~~joint~~occurrence ~~venture company; GMP intends that it (~~or ~~its designee, as the case may be) shall provide funding to the joint venture company to support~~ ~~its~~recurrence ~~development~~of ~~and commercial activities in~~ the ~~joint~~COVID-19 ~~venture~~or ~~company’s~~any ~~territories;~~similar invirus. ~~each~~We ~~case,~~were onconducting ~~terms~~an toobservational ~~be agreed by the parties; and GMP shall be entitled to use its governmental relations and local expertise in China and its territories to assist with coordinating the research~~study, ~~development~~looking ~~and~~at ~~commercialization of (i) the~~ OT-101 inand ~~the~~long COVID ~~Field~~-19, ~~(ii) the Products~~ in ~~the OT101 Oncology Field, (iii) OXi4503; and (iv) CA4P, in each case in Greater China. The joint venture company is intended~~conjunction towith ~~be owned 50% by Oncotelic Inc. and 50% by GMP (or its designee), and its principal activities shall be to research, develop, bring to market and commercialize: (i)~~ the ~~Products~~BARDA inFor ~~the~~more ~~COVID~~information ~~Field~~ on aOT-101 global basis, (ii) the Products in the OT101 Oncology Field in the Licensed Territory, (iii) OXi4503 in the Licensed Territory; and (iv) CA4P in the Licensed Territory. Upon completion of due diligence by one another and subject to GMP’s satisfactory due diligence review, the parties intend to enter into written definitive agreements for the ~~Joint~~treatment ~~Venture Transaction within the Exclusivity Period~~ of 90Corona ~~days. In April 2020~~Viruses, ~~the~~refer ~~Company announced that it had delivered the requisite testing results~~ to ~~GMP~~our ~~confirming~~2023 ~~the~~Annual ~~applicability~~Report ~~and~~on ~~potential~~Form ~~use of OT~~10-~~101~~K filed ~~for~~with the ~~treatment~~SEC ofon ~~COVID-19.~~April ~~OT-101 exhibited potent activity against both COVID-19 and SARS with a robust safety index of >500. Also~~12, ~~the Company has submitted a Pre-Investigational New Drug (“Pre-IND”) application package to the FDA~~2024.

InAdditional ~~March~~Nanoparticle ~~2020,~~Platform ~~the~~for ~~Company~~Treatment ~~reported the anti-viral activity~~ of ~~OT-101~~Various – its lead drug candidate currently in phase 3 testing in pancreatic cancer and glioblastoma, in an in vitro antiviral testing performed by an independent laboratory, OT-101 has an 50% effective concentration (EC50) of 7.6 µg/mL and is not toxic at the highest dose of 1000 µg/mL giving a safety index (SI) value of >130, which is considered highly active. Further, on April 8, 2020, the Company issued a press release announcing that its COVID-19 directed antiviral screening program discovered that Artemisinin is highly potent at inhibiting the ability of the COVID-19 causing virus (SARS-CoV-2) to multiply while also having an excellent safety index. Artemisinin is a natural derivative from the Asian herb Artemisia annua and has been used to treat malaria.Cancers

40In late 2023, the JV initiated a plan to start evaluating various nanoparticles that could treat various cancers. In this regard, the JV identified a total of 4 compounds, in addition to OT-101, which had the potential of significant revenue generation for the JV. In the same year, the JV signed a lease agreement to set up a GMP manufacturing facility in San Diego, California. The main purpose of this facility was to initially commence an aggressive formulation development of newly planned nanoparticle platform (“Nano Platform”). The GMP manufacturing facility was initiated in January 2024. Upon the initiation of this facility by the JV, the JV commenced the development work on two of the four identified compounds, as well as other activities, in tandem with the development of OT-101.

InThe ~~April~~JV ~~2020,~~has ~~the~~since ~~Company~~completed ~~filed~~ the ~~IND~~formulation ~~with~~development ~~the~~of ~~FDA~~one toof ~~permit~~the ~~Oncotelic~~products toand ~~commence~~is ~~clinical~~moving ~~trials~~ to ~~evaluate~~complete ifthe ~~OT-101~~formulation isdevelopment ~~effective~~for the tothree ~~treat~~additional ~~COVID-19~~products. The ~~proposed~~JV ~~randomized, double-blind, placebo-controlled Phase 2 study~~ is ~~intended~~also toworking ~~evaluate~~on ~~the~~improved ~~safety and~~formulations ~~efficacy~~for of OT-101 ~~in adult patients hospitalized~~ with ~~positive~~new ~~SARS-CoV-2~~nanoparticle ~~and pneumonia in the US~~sizes. ByThe ~~suppressing~~JV ~~TGF-β, OT-101~~also ~~suppresses SAR-CoV2 replication directly and~~ has ~~the~~started clinical ~~potential~~development tofor ~~also suppressed viral induced pneumonia and fibrosis.~~ OT-101 ~~exhibited~~for ~~potent~~pancreatic ~~inhibition of SAR-CoV2 replication with efficacy and safety index on par or superior to Remdesivir- a Gilead’s drug~~cancer. ~~Unlike~~Significant ~~Remdesivir-~~progress ~~OT-101~~has ~~targets~~been ~~not~~made ~~only~~in the ~~virus~~development ~~replication~~of ~~but also~~ the ~~virus~~products ~~induced pneumonia~~ and the ~~fibrosis.~~JV ~~OT-101~~anticipates isto acomplete ~~new~~the ~~chemical~~formulation ~~entity~~development ~~and~~work ~~is a proprietary, first-~~in~~-class,~~ ~~TGF-β~~2025 ~~antisense~~and ~~with~~pushing ~~broad~~to ~~efficacy~~initiate ~~against solid~~clinical ~~tumors~~trials ~~including~~for ~~pancreatic~~the ~~cancer,~~various ~~glioblastoma, and melanoma~~compounds.

~~The Company planned and have initiated a Phase 2 trial for OT~~-~~101 in South America, that can expand into a Phase 3 trial if the data supports the safety of the drug. The trial is currently enrolling patients.~~45-

~~Provisional~~In ~~Patent~~late ~~Filing~~2024, the GMP facility in San Diego (“SD”), California was issued a Drug Manufacturing License by the State of California Department of Public Health and Food and Drug Branch. Further, in late 2024, the JV identified a sixth candidate as a compound for development for the JV and has already started to work on the formulation development of that compound as well. A lot of manufacturing, including Phase 1 clinical trial materials, will be performed at the SD site.

In ~~March~~early ~~2020~~2025, ~~Oncotelic~~we ~~Inc.~~announced ~~filed~~that ~~three~~we ~~provisional~~had ~~patent~~entered ~~applications~~into ona ~~the~~strategic ~~method~~partnership ofwith ~~use~~Shanghai ~~and~~Medicilon, ~~composition~~Inc. ~~of matter for the~~(“Medicilon”) ~~treatment~~to ofaccess ~~COVID~~its industry-~~19.~~leading ~~The~~rapid ~~filings~~investigational ~~represent~~new ~~the~~drug ~~culmination~~(“IND”) ofdevelopment ~~internal~~platform ~~research~~to ~~programs,~~support ~~including~~up ~~efforts~~to ~~with~~20 ~~our external~~IND ~~partner,~~projects. ~~and~~All ~~position~~six of our ~~antisense~~compounds ~~platforms~~the ~~for~~JV ~~further~~is ~~development~~developing ~~for~~are ~~the~~planned ~~treatment~~to ofbe ~~epidemics~~these INDs, and ~~pandemics~~are focused on next-generation anticancer agents.

The JV anticipates that all these six anticancer agents have the potential to become significant growth contributors to the JV, which in turn would add substantial value to the Company, as the Company is a 45% owner of the JV. Preliminary valuation assessment place this in significant multiples of the original valuation of the JV, which could in turn mean a significant valuation for the Company. However, until there is a transaction to validate the increase in the valuation, we will continue to measure the value of the Company’s investment in the JV as was originally assessed upon the formation of the JV.

Artemisinin for Treatment of COVID-19

Artemisinin derived from Chinese herb Artemisia annua L. (Sweet wormwood) has been used medicinally to treat fevers for centuries in China. ~~Like~~ Like other potential COVID-19 therapeutic agents such as Hydrochloroquine and ~~Remesidivir~~Remdesivir, the efficacy of Artemisinin remains to be tested in well controlled and sufficiently powered clinical trials. With the impact of COVID-19 reducing in the past year, the Company will be re-evaluating this treatment for further development upon the occurrence or recurrence of the COVID-19 or any similar virus. For more information on Artemisinin for the treatment of COVID-19, refer to our Annual Report on Form 10-K filed with the SEC on April 14, 2023.

WeProduct ~~discovered~~Portfolio ~~that~~for ~~Artemisinin~~Treatment ~~is highly potent at inhibiting the ability~~ of ~~the~~Various COVID-19 causing virus (“SARS-CoV-2”) to multiply while also having an excellent safety index. Artemisinin is a natural derivative from the Asian herb Artemisia annua and has been used to treat malaria. We plan to seek additional support to evaluate clinical proof of concept studies to show the potential of Artemisinin to treat SARS-CoV-2 virus infection and COVID-19 complications. The addition of Artemisinin provides us with a number of candidates to address the SARS-CoV-2 virus with a combination of therapies including its leading drug candidate OT-101 and its antisense platform targeting the COVID-19 viral sequence. However, given the known safety profile and the widespread use of Artemisinin the company anticipates that clinical development of Artemisinin can be abridged to effectively deal with the current COVID-19 pandemic.Cancers

The ~~discovery~~JV ofis ~~Artemisinin,~~developing ~~identified~~a ~~through~~range ~~our~~of ~~collaboration~~products ~~with~~for ~~GMP, could be~~ the ~~solution~~treatment ~~for~~of ~~COVID-19~~various ~~pandemic~~cancers. ~~This~~One ~~discovery is~~of ~~particularly important since we have~~ the ~~potential~~products ~~to advance the program rapidly because it~~ is ~~based~~ready ~~on technology and product that are readily available. Like other potential COVID-19 therapeutic agents such as Hydrochloroquine and Remesidivir, the efficacy of Artemisinin remains~~ to beenter ~~tested~~into ~~in well controlled and sufficiently powered~~ clinical trials~~, but Artemisinin has many advantages~~ ~~against COVID-19. The newly reported results indicated that Artemisinin had an EC50 = 0.45 ug/ml~~ and ~~Safety~~other ~~Index~~drugs =are ~~140.~~in Invarious ~~addition, Artemisinin~~stages isof ~~able to inhibit TGF-β activity and is able to neutralize SARS-CoV-2 (COVID-19)~~development. The ~~Companys’~~JV ~~test~~has ~~results during~~evaluated anthe indevelopment ~~vitro~~process, ~~study~~as atwell ~~Utah~~as ~~State~~the ~~University~~appropriate ~~showed Artemisinin having an EC50 of 0.45 ug/ml~~regulatory pathways, ~~and~~for athe ~~Safety~~development ~~Index~~ of ~~140~~those drugs. ~~Artemisinin~~ ~~can~~The ~~target multiple viral threats including COVID-19 by suppressing both viral replication and~~ clinical ~~symptoms~~pathway ~~that arise~~is ~~from~~also ~~viral~~being ~~infection.~~designed ~~Viral~~for ~~replication~~the ~~cannot~~other ~~occur without TGF-β~~products. ~~Artemisinin also has been reported to have antiviral activities against hepatitis B and C viruses~~Individually, ~~human herpes viruses, HIV-1, influenza virus A, and bovine viral diarrhea virus~~each inof the ~~low~~drug ~~micromolar~~products ~~range.~~has ~~TGF-β~~the ~~surge~~potential ~~and cytokine storm cannot occur without TGF-β. Clinical consequences related~~ to ~~the~~be ~~TGF-β~~successful ~~surge, including ARDS and cytokine storm, are suppressed by targeting TGF-β with Artemisinin~~drugs.

In March 2020, the Company reported the anti-viral activity of OT-101 – its lead drug candidate currently in phase 3 testing in pancreatic cancer and glioblastoma, in an in vitro antiviral testing performed by an independent laboratory, OT-101 has an 50% effective concentration (EC50) of 7.6 µgAI/~~mL and is not toxic at the highest dose of 1000 µg/mL giving a safety~~Blockchain: index (SI) value of >130, which is considered highly active. Further, on April 8, 2020, the Company issued a press release announcing that its COVID-19 directed antiviral screening program discovered that Artemisinin is highly potent at inhibiting the ability of the COVID-19 causing virus (SARS-CoV-2) to multiply while also having an excellent safety index. Artemisinin is a natural derivative from the Asian herb Artemisia annua and has been used to treat malaria.PointR/EdgePoint

41PointR, an acquisition made in November of 2019, develops, and deploys high performance cluster computers and artificial intelligence (“AI”) technologies for inference processing of a camera-grid that are interconnected to create 360-degree vision-grid to track men and materials indoors. The scope was expanded to include the entire life cycle of a drug: discovery, clinical trials, and manufacturing. In addition, AI is being targeted to provide support for clinical trials and pre-clinical research. The deployment of AI technology for data capture and insight extraction in real time in blocks which are chained into blockchain ledger records serving as immutable transactions for stakeholders such as regulatory agencies, caretakers, insurers, payers, and manufacturers. For more information on AI/Blockchain, refer to our 2002 Annual Report on Form 10-K filed with the SEC on April, 14, 2023.

InManufacturing ~~April~~AI 2020, the Company filed the IND with the FDA to permit Oncotelic to commence clinical trials to evaluate if OT-101 is effective to treat COVID-19. The proposed randomized, double-blind, placebo-controlled Phase 2 study is intended to evaluate the safety and efficacy of OT-101 in adult patients hospitalized with positive SARS-CoV-2 and pneumonia in the US. By suppressing TGF-β, OT-101 suppresses SAR-CoV2 replication directly and has the potential to also suppressed viral induced pneumonia and fibrosis. OT-101 exhibited potent inhibition of SAR-CoV2 replication with efficacy and safety index on par or superior to Remdesivir- a Gilead’s drug. Unlike Remdesivir- OT-101 targets not only the virus replication but also the virus induced pneumonia and fibrosis. OT-101 is a new chemical entity and is a proprietary, first-in-class, TGF-β antisense with broad efficacy against solid tumors including pancreatic cancer, glioblastoma, and melanoma.Deployment:

~~The~~Leveraging ~~Company~~its ~~planned~~partnerships ~~and~~with ~~have~~industry ~~initiated~~leaders, athe ~~Phase~~AI 2team ~~trial~~plans ~~for~~to ~~OT-101~~combine inits ~~South~~own ~~America~~AI ~~that~~technology ~~can~~with ~~expand~~industry ~~into~~standard aBlockchain ~~Phase~~to 3transform drug ~~trial~~manufacturing. ifThis ~~the~~will ~~data supports~~be ~~the~~advanced ~~safety~~through ofour ~~the~~JV ~~drug.~~at ~~The~~an ~~trial~~appropriate istime, ~~currently~~as ~~enrolling~~our ~~patients~~JV has acquired non-exclusive rights to the technology.

~~Provisional Patent Filing~~-46-

In March 2020, Oncotelic Inc. filed three provisional patent applications on the method of use and composition of matter for the treatment of COVID-19. The filings represent the culmination of internal research programs, including efforts with our external partner, and position our antisense platforms for further development for the treatment of epidemics and pandemics.

Artemisinin for Treatment of COVID-19

Artemisinin derived from Chinese herb Artemisia annua L. (Sweet wormwood) has been used medicinally to treat fevers for centuries in China. Like other potential COVID-19 therapeutic agents such as Hydrochloroquine and Remesidivir, the efficacy of Artemisinin remains to be tested in well controlled and sufficiently powered clinical trials.

We discovered that Artemisinin is highly potent at inhibiting the ability of the COVID-19 causing virus (“SARS-CoV-2”) to multiply while also having an excellent safety index. Artemisinin is a natural derivative from the Asian herb Artemisia annua and has been used to treat malaria. We plan to seek additional support to evaluate clinical proof of concept studies to show the potential of Artemisinin to treat SARS-CoV-2 virus infection and COVID-19 complications. The addition of Artemisinin provides us with a number of candidates to address the SARS-CoV-2 virus with a combination of therapies including its leading drug candidate OT-101 and its antisense platform targeting the COVID-19 viral sequence. However, given the known safety profile and the widespread use of Artemisinin the company anticipates that clinical development of Artemisinin can be abridged to effectively deal with the current COVID-19 pandemic.

The discovery of Artemisinin, identified through our collaboration with GMP, could be the solution for COVID-19 pandemic. This discovery is particularly important since we have the potential to advance the program rapidly because it is based on technology and product that are readily available. Like other potential COVID-19 therapeutic agents such as Hydrochloroquine and Remesidivir, the efficacy of Artemisinin remains to be tested in well controlled and sufficiently powered clinical trials, but Artemisinin has many advantages against COVID-19. The newly reported results indicated that Artemisinin had an EC50 = 0.45 ug/ml and Safety Index = 140. In addition, Artemisinin is able to inhibit TGF-β activity and is able to neutralize SARS-CoV-2 (COVID-19). The Companys’ test results during an in vitro study at Utah State University showed Artemisinin having an EC50 of 0.45 ug/ml, and a Safety Index of 140. Artemisinin can target multiple viral threats including COVID-19 by suppressing both viral replication and clinical symptoms that arise from viral infection. Viral replication cannot occur without TGF-β. Artemisinin also has been reported to have antiviral activities against hepatitis B and C viruses, human herpes viruses, HIV-1, influenza virus A, and bovine viral diarrhea virus in the low micromolar range. TGF-β surge and cytokine storm cannot occur without TGF-β. Clinical consequences related to the TGF-β surge, including ARDS and cytokine storm, are suppressed by targeting TGF-β with Artemisinin.

Similarly, CA4P causes rapid and widespread tumor cell necrosis. A number of laboratories have shown that the type of tumor cell death induced by ischemic necrosis not only controls the presence or absence of specific tumor antigens, but also can result in immunological responses ranging from immunosuppression to anti-tumor immunity. The terms ‘‘immunogenicity of cell death’’ or ‘‘immunogenic cell death’’ (ICD) is often used by scientists to describe the ability of dead/dying cells (especially of tumor cells) to mount antigen-specific and particularly CD8 + T-cell-mediated adaptive immune responses and not simply lead to innate inflammation. CD8 + T-cells play significant role in tumor protection and development of this type of immunity. A modernized concept has emerged which defines immunogenic cell death in general because of mutual or consequent processes including endoplasmic reticulum stress release of ‘‘find-me’’ signals (e.g., ATP), exposure of ‘‘eat-me’’ signals (e.g., calreticulin, phosphatidylserine) and damage-associated molecular patterns (DAMPs HMGB1, F-actin). These molecular changes might occur in the cells undergoing necrotic death. These and other signals appear to be relevant to the potential for CA4P to increase immunogenicity following induction of ischemic necrosis.

Three of four follow-up preclinical studies confirmed that CA4P combined with immuno-oncology agents could delay tumor growth. Follow-up studies were conducted in a CT26-32 colon cancer model, a larger tumor EMT-6 mammary cancer model, and a C3H mammary cancer model. Studies in a CT-26-32 colon cancer animal model using CA4P combined with anti-CTLA4 antibodies demonstrated a 77% reduction in tumor size compared to immuno-oncology agents alone, and an 89% reduction in tumor size compared to control. This large tumor model also showed a survival benefit for the animals receiving combination therapy, with all animals in the combination therapy group surviving to the end of the study, compared to no animals surviving on the control and only half of the animals surviving that received immuno-oncology agents alone.

The overall data from all these studies provides evidence that CA4P may enhance the activity of immuno-oncology agents for the treatment of cancer, including anti-CTLA4 antibodies. Furthermore, CA4P has clinical activity in melanoma in early clinical testing and repeated demonstration of CA4P mediated necrotic tumor cell death across 17 completed clinical trials and >500 patients. During various phase 1 studies, we found that CA4P treatment resulted significant disease control among patients with solid tumors who progressed on standard therapies. CA4P treatment resulted in 2 Stable Disease (SD) of 5 melanoma patients treated. The combination of CA4P with carboplatin and paclitaxel was well tolerated in the majority of patients with adequate premedication and had antitumor activity in patients who were heavily pretreated. Patients with advanced cancer refractory to standard therapy were treated with CA4P as a 10-min infusion, 20 h before carboplatin, paclitaxel, or paclitaxel, followed by carboplatin. Responses were seen in 10 of 46 (22%) patients with ovarian, esophageal, small-cell lung cancer, and melanoma. One Partial Response (PR) was observed of 6 melanoma patients treated follow progressing during first-line trial therapy with dacarbazine and sorafenib. In melanoma animal model- B16-F10 murine melanoma experimental tumors- seventy-four hours after drug administration, a decrease in the number of tumor blood vessels was apparent and necrotic areas within tumors were visible. Building on the single agent activity of CA4P, we are expecting that combination of CA4P with Ipilimumab or other immune-oncology drug would result in improved tumor control for these patients above the 2 PR out of 17 patients treated with Ipilimumab alone which supported the approval of Ipilimumab in pediatric melanoma.

CA4P: Pediatric Melanoma

OXi4503 for Acute Myeloid Leukemia

OXi4503 (combretastatin A1-diphsphate; CA1P) is a novel investigational vascular disrupting agent (“VDA”) that has been shown to have a significant in vitro cytotoxic as well as chemo-sensitizing activity against human Acute Myeloid Leukemia (“AML”) cells. OXi4503 also exhibited in vivo anti-leukemic activity in xenografted mice with human AML.

OXi4503 employs a new, broader strategy against AML than currently exists for standard chemotherapy, as it provides a dual mechanism of action involving both anti-vascular effects and direct cytotoxicity to AML cells. Vascular and/or Bone marrow endothelial cells (“ECs”) appear to provide a protective effect for AML cells, keeping them dormant within the bone marrow. VDAs may target these ECs and reverse their chemo protective effect, providing a novel approach to the treatment of AML which may otherwise be resistant to other chemotherapeutic therapies. Preclinical data indicate that OXi4503 alone and in combination with traditional AML treatments such as cytarabine may provide significant benefit in eliminating AML cells. Results from two completed Phase I clinical trials demonstrated the clinical impact potential of OXi4503 against relapsed AML when it is alone or in combination with the standard chemotherapy drug cytarabine (“ARA-C”) can induce complete remissions in relapsed AML patients. Notably, OXi4503 showed single agent activity in a clinical Phase I trial and resulted in complete remission of a relapsed AML patient. Sustained complete remissions were also achieved in relapsed AML patients who were treated with OXi4503 in combination with ARA-C.

OXi4503 has received orphan designation for AML in both the United States (Designation No. 12-3824) and the European Union (Designation No. EU/3/15/1587 - EMA/OD/144/15). In 2017, the FDA has granted fast-track designation to OXi4503 for the treatment of relapsed/refractory AML. Oxi4503 met the qualifying criteria for the Fast Track designation since AML is a serious and life-threatening condition, and a large unmet medical need exists for additional treatment strategies for this disease.

The Investigator-Sponsored trial (IST) UF OXi4503 AML MDS Ph 1 (UF4503), “A Phase 1 Clinical Trial of OXi4503 for Relapsed and Refractory AML and Myelodysplastic Syndromes (“MDS”) was designed to evaluate the safety profile and the maximum tolerated dose (“I”) as well as a recommended Phase 2 dose (RP2D) of OXi4503 in patients with recurrent/refractory (R/R) AML and MDS (ClinicalTrials.gov NCT01085656) (14, 50). The clinical single agent activity of OXi4503 was also assessed within the confines of a Phase 1 clinical trial setting. A total of 18 patients enrolled in the study from February 2011 to January 2016. The patients were predominantly male (78%) and the median age was 62.5 years. Of the 15 patients with AML, 4 (27%) had primary refractory AML, 2 (13%) were in first relapse, and 9 (60%) had refractory AML beyond CR1.

Eight patients (44%) completed at least one cycle of CA1P and were evaluable for efficacy assessments. Of the eight patients evaluable, one achieved morphologic remission with incomplete blood count recovery (“CRi”) after 1 cycle but came off study in cycle 2 due to fungal pneumonia. Three patients had stable disease after at least one cycle of CA1P. Three patients experienced progressive disease after 1 cycle of CA1P and were withdrawn from the study.

Of these 29 patients, one was evaluable for safety analysis, but no EFS/OS data or response data were available for activity evaluations. Of the 28 patients evaluable for EFS/OS outcome analyses, 26 had AML and 2 had MDS. For the 26 AML patients, there were 4 CRs. The CR responses were associated with prolonged overall survival substantially better the median OS time: One patient who became eligible for allogeneic PBSCT remains alive, free-of-leukemia at 720+ days. The overall survival times were 434 days, 521 days, 535 days and 720 days, respectively. The median OS time for the 4 patients who achieved a CR/CRi was 528 (95% CI: 434 - NA) days which was significantly better than the median OS time of 113 (95% CI: 77 - 172) days for the remaining 22 AML patients who did not achieve a CR (Log Rank = 11.8, P-value = 0.0006).

OXi4503: Pediatric AML

Compared with pediatric ALL, the outlook for pediatric AML patients is far worse. Even though pediatric AML cases are far fewer than pediatric ALL, the mortality rate is about the same, illustrating that AML is a devastating disease and the need for continuing research to identify effective treatments for these children. The prognosis for AML in children remains relatively poor, with a 5-year survival rate of 64% compared with 90% in ALL.

Patients with poor-risk cytogenetics include those that lack any favorable changes and harbor any of the following cytogenetic abnormalities: monosomy 7, monosomy 5, deletion of 5q, abnormalities of 3q, t(6;9)(p23;q34), and complex karyotype which is defined as three or more cytogenetic abnormalities. Children and adolescents harboring these unfavorable features have survival of less than 50 percent, and in many cases less than 20 percent.

The standard of care for management of pediatric AML involves predominantly induction therapy intended to put the patient into remission and consolidation chemotherapy designed to eradicate leukemia cells that may have escaped front line induction therapy. Whereas, >80% of pediatric AML patients will achieve remission, only about half will remain disease-free for an appreciable period of time. Approximately 30 percent of children with AML will experience relapse and only one third of them become long-term survivors after salvage therapy. Although cure rates for children and adolescents with AML have improved, outcomes for pediatric AML patients with adverse prognostic biologic features (e.g. high risk genetic mutations or chromosomal abnormalities) and refractory or relapsed disease who failed or did not respond to their initial standard induction chemotherapy remains poor and limited treatment options are available for these patients. Novel therapies for these high-risk patients are urgently needed. OXi4503 shows clinical potential and promise for this indication based on the proof-of-concept data obtained from nonclinical and clinical studies.

AI/Blockchain: EdgePoint

PointR, an acquisition made in November of 2019, develops and deploys high performance cluster computers and artificial intelligence (“AI”) technologies as a supercomputing grid that can be layered in and interconnected to create an all-point mesh to harvest operational data within manufacturing plant, hospitals, clinics, phase I units. These grids provide real-time, localized decision-making harvesting complex data from structured and unstructured sources. The deployment of this supercomputing grid enables data capture and insight extraction in real time in blocks which are chained into blockchain ledger records serving as immutable transactions for stakeholders such as regulatory agencies, caretakers, insurers, payers, and manufacturers. The PointR grid can integrate and fuse data from any type of sensors or collection devices. For example, the Vision platform is a network of activity detection cameras functionalized with AI algorithms to monitor, evaluate, and archive real time visual data as a series of metadata entries in a Blockchain ledger.

In the pharmaceutical industry PointR’s AI combined with Blockchain will be used in the entire life cycle of a drug: discovery, clinical trials and manufacturing. Leveraging its deep partnership with IBM, the PointR team will combine its own AI Vision technology with industry standard Blockchain to transform drug manufacturing and real-world evidence monitoring for clinical trials. The combined system has the potential to automatically record individual key steps in cGMP manufacturing operations including the flow of people, raw materials and operations in trusted perpetual blockchain ledgers that are indisputable. This has the potential to create much more efficient GMP manufacturing operations while simultaneously improving reliability and data security.

Data integrity is a large and unsolved problem within drug development and manufacturing. Data from 5 1/2 years of FDA inspection records, from 2014 to the present, for four major markets: China, India, Europe, and the United States, revealed endemic data integrity issues including data manipulation. These stipulate that all manufacturing data must be preserved — unaltered — and made available to regulators. For example- out of more than 12,000 FDA inspections of drug plants in the United States, about 7% uncovered violations of the FDA’s data integrity rules including data manipulation. In India, about 24% of the plants inspected committed some sort of data violation, while in China, that figure is 31%. The consequences of data manipulation would be the invalidation of clinical data based on the adulterated drug product, safety concerns and liabilities to the patients, and FDA sanction and legal action.

Country	Number of inspections	Number (percentage) of violation forms (Form 483) issued			Percentage of Form 483s that cite data integrity violations			Percentage of Form 483s that cite data manipulation
China	916		617 (67.4	%)		48	%		31	%
India	1,693		976 (57.6	%)		44	%		24	%
Europe	2,969		1,445 (48.7	%)		36	%		18	%
USA	13,650 (estimated)		6,794 (49.8	%)		26	%		7	%

The local real time AI processing of the data through grid computing allows for flexibility in data processing and AI training. Federated learning through grid supercomputing is inherently faster and more effective than mainframe supercomputing. In general, AI methods excel at automatically recognizing complex patterns in imaging data and providing quantitative assessments of the underlying characteristics. PointR AI deep learning algorithms have the capability of detecting meaningful relationships in image-recognition tasks in radiology and pathology. The coupling of image algorithm with Vision allows us to integrate imaging data frequently encountered during patient care into coherent metadata for blockchain ledgers. This can transform the design and implementation of clinical trials and accelerate outcomes. Combined with Blockchain the technologies will create trusted irrefutable ledgers which track real world monitoring and evidence gathering.

The Company’s non-controlling interest subsidiary, EdgePoint, is working to bring a solution that addresses both issues using proven technology. We intend to solve this problem with AI “machine vision” based on our proprietary technology, which is integrated with IBM and re-sold by IBM and its partners. We address the data integrity problem in a step-wise fashion. We start with streamlining the warehouse supply chain component. Later we add modules that spread across the plant in a comprehensive manner. We may spin-off Edgepoint as a separate publicly traded entity.

We expect our warehouse modules will streamline many labor issues in a manner very similar to Amazon-Go stores that run without cashiers. Monitored by a camera grid, shoppers simply enter, grab items and leave. A shopper can grab a sandwich and soda and leave within few minutes without checkout lines and delays. Amazon’s AI machine vision automation identifies the shoppers, the items they picked-up, consummates the transaction and sends receipt. Sounds like science fiction but there are 11 such stores nationwide and disrupting the retail industry.

Taking Retail AI to Drug Manufacturing

Using it’s Amazon-Go-like cashier-less AI proprietary technology, EdgePoint intends to address the human element in the drug manufacturing industry. Its TrustPoint product is designed to track men and materials with a camera grid and commit each transaction to a series of immutable blockchain records that are irrefutable permanent record of men and materials. The addition of blockchain technology, specifically our partner IBM’s version called Hyper-Ledger, enables manufacturers to conduct audits in a reliable and streamlined manner in a trustworthy system.

This automation of manual verification eliminates wasted and indeterministic human cycles. The product is a novel and potentially disruptive application of AI neural networks and blockchain to ensure compliance with drug sponsors and the FDA while ensuring a return on investment (“ROI”) for manufacturers by slashing labor costs.

The EdgePoint technology is already proven in the retail sector and generating revenues at a US east-coast, convenience store chain in partnership with IBM and its business partner Meridian IT. Meridian is a $0.5 billion systems conglomerate that ranked top-25 of managed services providers with 775 employees worldwide. The ceiling of the Amazon-Go retail store is a few hundred camera grid that track and shoppers with precision and monitor products they collect from shelves. When the shopper leaves the store, the AI automatically recognizes the shopper and items retrieved to issue a receipt. No human cashier is involved.

TrustPoint is a re-deployment of this type of tested technology for GMP drug manufacturing relieving human errors in supply chain and increasing compliance with warehouse operating procedures. For example, the warehouse module of TrustPoint will automatically create a shopping list from standard templates and alert supply chain personnel to collect and deliver a list of raw materials to manufacturing.

TrustPoint will track personnel authorized to collect materials of the shelves in compliance with picklist and generate alerts if the wrong materials are picked. It will commit the data to an immutable block chain ledger for later retrieval in case of compliance issues. Blockchain records are irrefutable and can be reproduced to trace with fidelity operating activities, e.g. authorized personnel, what they picked, who they delivered to with date and timestamps of each action.

In manufacturing plants, the implementation is even simpler Amazon-Go. The shoppers (supply chain personnel) are limited in number, not random and the raw materials are stable, and their shopping-list is automated by the machines that track the “shopping”. In this simplified version of Amazon-Go TrustPoint tracks supply chain personnel and monitors list of items collected from shelves. The automation is designed to reduce the overall human error element and increase compliance with standard operating procedures of the manufacturer, its customers and governmental oversight agencies.

Market

Human labor costs represent the most expensive element in drug manufacturing. In the $70.0 billion CDMO (contract development manufacturing operations) industry, personnel costs of $30 billion are ripe for computer automation. Until now, computer technologies like MRP ~~and~~ and ERP created more problems than resolved. The labor problem is compounded by the cost of personnel onboarding and turnover. It takes 6-9 months to train a quality control employee only to lose them to a competitor. At this time, this technology is being evaluated for being upgraded for future uses. This will be advanced through our JV at an appropriate time, as our JV has acquired non-exclusive rights to the technology. For more information on AI/Blockchain, refer to our 2002 Annual Report on Form 10-K filed with the SEC on April, 14, 2023.

The market is large. Approximately 10,000 drug manufacturing facilities worldwide are FDA and EMA (European FDA) registered, representing a significant addressable market for EdgePoint. Many such facilities run on paperGo-~~based, handwritten forms ripe for modernization by the TrustPoint product. The $70.0 billion CDMO industry is poised~~ to grow to $123.0 billion by 2025 according to industry experts. EdgePoint has first mover advantage and expects to lead the industry’s transition. It expects to garner significant share of the labor automation market. Addressing the $30.0 billion labor market and more specifically the $12.0 billion supply-~~chain segment, EdgePoint expects to improve efficiencies and create additional value for shareholders. EdgePoint intends to address the $12.0 billion market with AI Vision, BlockChain and NLP.~~Market:

GoThe Company’s go-to-~~Market:~~market plan is to execute a proof-of-concept project, possibly through a planned CDMO by the JV. As part of the ~~IBM~~JV Agreement, the JV has acquired a non-exclusive license for the AI platform developed by PointR/EdgePoint for implementation in a planned CDMO. At this time, this technology is being evaluated for being upgraded for future uses. For more information on AI/Blockchain, refer to our 2002 Annual Report on Form 10-K filed with the SEC on April, 14, 2023.

The Company’s go-to-market plan is to execute a proof-of-concept project with a biologic substance manufacturer called iBIO Inc. based in Texas. The expected outcome is a re-sellable product for materials release deployed by iBIO with production level data to attract a rich pipeline of paying customers. The company has partnered with IBM in multiple areas including sales and distribution. The significant value to IBM in this partnership is the enrichment EdgePoint provides to the IBM product suites vertically targeting cGMP manufacturing. There are three areas of technology enrichment and technology collaboration.

1. AI Vision: IBM has developed data center hardware and software for machine vision training. While EdgePoint complements IBM products with its in-plant, on-premises low profile cluster computers called BRICKs and cameras. The integration between EdgePoint and IBM machine vision products (IBM Power AI Vision software running on state-of-the-art IBM AC922 GPU cluster computer) and EdgePoint enables continuous updates to the AI models. 2. Blockchain: IBM has created an open source product called Hyper-Ledger which has been endorsed by multiple vertical markets including Life Sciences and Financial industries. Integrating AI machine vision and Hyper-ledger will enrich the IBM’s offerings in the cGMP manufacturing market. 3. Warehouse Management Software: IBM’s Sterling software is an industry leader in warehouse management and supply-chain optimization. In addition, IBM is in the process of integrating its Power AI Vision software (PAIV) with Sterling. Since EdgePoint AI vision is integrated with PAIV it will enable EdgePoint to extend the Sterling platform for GMP in an easy and flexible manner.

The technology enrichment and integration by EdgePoint extends the already committed relationship with IBM. The main benefits of the IBM relationship are three-fold: (1) Sales: IBM direct sales focus enables penetration into top 10 large pharma companies, while IBM value-added-sellers (“VARs”), (2) focus on smaller CDMOs by region, and IBM and partners provide turnkey cloud managed services with high reliability, availability and monitoring and (3) trust, as the industry relies on the core reputation of IBM’s backing to deploy EdgePoint.

EdgePoint is addressing an unsolved problem with a proprietary technology and first mover advantage to capture a significant share of the GMP manufacturing market. The product is a novel and potentially disruptive application of AI neural networks and block-chain to ensure compliance with drug sponsors and the FDA while ensuring ROI for manufacturers by slashing labor costs. The side benefit is that it brings this industry into the fourth industrial revolution which includes AI, cloud computing, blockchain, and IoT sensor fusion.

In addition to ARTIVeda™ / PulmoHeal™, the Company has also developed and launched a mobile application called ArtiHealth and a post marketing survey that have been included with ArtiVeda, which along with ArtiHealth is called PulmoHeal™. PulmoHeal™ is a full evaluation package of drug and assessment platforms for COVID-19, and other respiratory disease patients. Windlas has launched PulmoHeal™ on Amazon.in and a couple other websites. The platform has been powered by the Company’s AI supercomputing and AI platform in conjunction with IBM. Initially, the cough assessment will be powered by Salcit AI module. Per Salcit, their AI module has overall accuracy in predicting the pattern of the disease at 91.97%, sensitivity at 87.2%, and specificity at 93.69%.

Our Strategy and Development Plan

We have been operating with significant capital constraints ~~for over a year~~ since the reverse merger between the Company and Oncotelic Inc, and for this time period we have been seeking to secure sufficient funding to continue our operations while we simultaneously seek to advance our all our investigational drugs for the treatment of cancer, coronaviruses, ~~and~~ AI technology and more recently for PD, ED and FSD. Subject to our ability to secure additional capital, we would seek to further develop our product candidates. However, our inability to access capital historically has and may significantly ~~impair~~impairs our ability to develop these compounds~~, as it has to date~~. If we are able to advance any or all of of our drug candidates, we would seek to develop them till commercialization, however, there is no guarantee that we would be able to fully develop our products, obtain regulatory approvals and successfully commercialize them.

We continue to discuss collaboration opportunities with other biopharmaceutical companies, although to date have not secured any ~~agreements~~ agreements with companies that are willing to purchase the products from us or license the development and commercialization rights. We intend to continue to seek a partner to acquire the marketing rights to our product candidates and to finance further clinical studies and will seek to complete a transaction if we are able to reach mutual agreement on terms. WeIn ~~are~~this ~~also~~connection, in ~~discussions with~~March ~~certain~~2022, ~~entities~~the inCompany ~~Asia~~entered into toa ~~further~~JV ~~the~~with ~~development~~Dragon ofto ~~OT-101~~form ~~primarily~~GMP ~~for~~Bio. ~~COVID-19~~Both ~~and~~entities ~~pancreatic~~are ~~cancer~~affiliates of GMP. WeGMP ~~are~~Bio ~~looking to~~and ~~form~~the aCompany ~~joint~~will ~~venture~~work together to further the development of OT-101, wherein the Company would provide the technology and technical expertise and ~~the other~~GMP ~~party~~Bio would fund the development expenses. In December 2023, the JV initiated a GMP manufacturing facility in San Diego, California to develop several drug candidates, which individually and collectively, could bring significant value to the JV as well as to the Company, which was approved in the fourth quarter of 2024.

In addition to entering into a transaction that would provide funding for the further development of the rest of our product candidates, other elements of our development strategy would currently include:

● Conduction a clinical trial (or clinical trials) of OT-101 for COVID-19: We have filed an IND with the FDA to permit us to conduct a Phase 2 clinical trial for COVID-19. This trial will rely on the safety and efficacy of OT-101 based on trials in humans for cancers. This trial is designed to make determinations of whether the results improve patient outcomes, including safety, overall survival and other parameters. The study is planned to be expanded into China and other countries, or initiated under such countries drug development programs and agencies, as well. For China, we could conduct such trials in conjunction with our development partners, GMP.

	●	Initiating clinical trials of OT-101, and various other drugs, in various cancers through our JV: We have initiated one trial for OT-101, and we are evaluating conducting such trials in the US as well as other countries like China in conjunction with GMP Bio. We are looking to conduct such trials in combination with other drugs like checkpoint inhibitors. We have filed the protocols for some of the trials being planned and we hope to be able to get acceptance from the FDA and be able to initiate the trials shortly thereafter. In addition, the JV is also working on the initiation of clinical trials for the other drugs, in various stages of development and through various regulatory pathways.

	●	Initiating a clinical trial of CA4P in combination with an immuno-oncology agent or seek any collaboration for the development of CA4P.

~~● Initiating clinical trials of OT~~-~~101 in pancreatic cancer and other cancers: We have yet to initiate any trials but we are evaluating conducting such trials in the US as well as other countries like China in conjunction with GMP.~~47-

49● Continuing to evaluate OXi4503 in a clinical trial or seek any collaboration for the development of OXi4503. ● Ramping up the apomorphine development program and initiating noninferiority trial comparing AL-101 against subcutaneous apomorphine for the treatment of PD. We are also considering ramping up the apomorphine development programs for ED and FSD/HSDD. The development of these products is subject to the Company being able to raise funding to support the development activities or being able to partner with a third party to co-develop or even any type of a transaction that permits the Company to capitalize on the assets. ● The Company formed Pet2DAO, as a wholly owned subsidiary. Pet2DAO is a DAO technology company, integrating the strong governance of traditional corporations with the innovative DAO architecture looking to engage stakeholders, to build value through the DAO, while maintaining the rigor of traditional corporations, including governance, compliance, and accountability through a team of veterans in public companies with innovators in AI, blockchain and Web3. Pet2DAO will initially be looking to develop products for the animal health space.

	●	Commercializing and initiating additional clinical trials of Artemisinin: We have completed a 120 patient trial for Artemisinin and are evaluating conducting such trials in the other countries to address the global pandemic for COVID-19.
	●	Initiating a clinical trial of CA4P in combination with an immuno-oncology agent: Based on preclinical data generated to date and support of two well-known immuno-oncology clinical investigators, we have developed a protocol for a clinical trial that would be the first human clinical trial combining CA4P and an approved immuno-oncology agent. This trial is designed to make initial determinations of whether the combination results in improved patient outcomes, including safety, overall survival, progression free survival, objective response rate, tumor size and other parameters.

● Continuing to evaluate OXi4503 in a clinical trial: We have completed six ascending dose cohorts of OXi4503 in combination with cytarabine in Study OX1222 in patients with relapsed/refractory AML and/or MDS. In the highest dose cohort, the sixth cohort of the study, we observed potential safety signals which triggered stopping rules for the study and resulted in a partial clinical hold from the FDA until we and the FDA assess additional safety data, particularly at the fifth dose cohort level. In the fifth dose cohort of OX1222, we have observed the best potential signs of efficacy to date in the trial and believe treatment of additional patients would provide additional evidence regarding the efficacy of OXi4503 in these indications.

Regulatory Matters

Government Regulation and Product Approval

Government authorities in the United States and other countries extensively regulate, among other things, the research, development, testing, manufacture, quality control, approval, labeling, packaging, storage, record-keeping, promotion, advertising, distribution, marketing and export and import of products such as those we are developing. Our drug candidates must be approved by the FDA through the New Drug Application (“NDA”), process before they may be legally marketed in the United States.

U.S. Drug Development Process

In the United States, the FDA regulates drugs under the Federal Food, Drug, and Cosmetic Act (“FDCA”), and implementing regulations. The process of obtaining regulatory approvals and the subsequent compliance with appropriate federal, state, local, and foreign statutes and regulations require the expenditure of substantial time and financial resources. Failure to comply with the applicable United States requirements at any time during the product development process, approval process or after approval, may subject an applicant to administrative or judicial sanctions. These sanctions could include the FDA’s refusal to review or approve pending applications, withdrawal of an approval, a clinical hold, warning letters, product recalls, product seizures, total or partial suspension of production or distribution injunctions, fines, refusal of government contracts, restitution, disgorgement, or civil or criminal penalties. Any agency or judicial enforcement action could have a material adverse effect on us. The process required by the FDA before a drug may be marketed in the United States generally involves the following:

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completion of preclinical laboratory tests, animal studies and formulation studies according to Good Laboratory Practices (“GLP”) or other applicable regulations;

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submission to the FDA of an Investigational New Drug Application, or IND, which must be first approved by the FDA before human clinical trials may begin;

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performance of adequate and well-controlled human clinical trials according to Good Clinical Practices (“GCP”) to establish the safety and efficacy of the proposed drug for its intended use;

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submission to the FDA of an NDA;

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satisfactory completion of an FDA inspection of the manufacturing facility or facilities at which the drug is produced to assess compliance with current good manufacturing practice, or cGMP, to assure that the facilities, methods and controls are adequate to preserve the drug’s identity, strength, quality and purity;

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satisfactory completion of FDA inspections of clinical sites and GLP toxicology studies; and

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FDA review and approval of the NDA.

-48-

The testing and approval process require substantial time, effort and financial resources, and we cannot be certain that any approvals for our product candidates will be granted on a timely basis, if at all.

Once a pharmaceutical candidate is identified for development, it enters the preclinical testing stage. Preclinical tests include laboratory evaluations of product chemistry, toxicity and formulation, as well as animal studies. An IND sponsor must submit the results of the preclinical tests, together with manufacturing information and analytical data, to the FDA as part of the IND. The sponsor will also include a protocol detailing, among other things, the objectives of the clinical trial, the parameters to be used in monitoring safety, and the effectiveness criteria to be evaluated, if the first phase lends itself to an efficacy evaluation. Preclinical testing continues even after the IND is submitted. The IND becomes effective 30 days after receipt by the FDA, unless the FDA, within the 30-day time period, places the clinical trial on a clinical hold. In such a case, the IND sponsor and the FDA must resolve any outstanding concerns before the clinical trial can begin. Clinical holds also may be imposed by the FDA at any time before or during clinical trials due to safety concerns or non-compliance.

All clinical trials must be conducted under the supervision of qualified investigators in accordance with GCP regulations. These regulations include the requirement that all research subjects provide informed consent. Further, an institutional review board, or IRB, must review and approve the plan for any clinical trial before it commences at any institution. An IRB considers, among other things, whether the risks to individuals participating in the trials are minimized and are reasonable in relation to anticipated benefits. The IRB also approves the information regarding the trial and the consent form that must be provided to each trial subject or his or her legal representative and must monitor the clinical trial until completed.

Each new clinical protocol must be submitted to the IND for FDA review, and to the IRBs for approval. Protocols detail, among other things, the objectives of the clinical trial, dosing procedures, subject selection and exclusion criteria, and the parameters to be used to monitor subject safety and efficacy in Phase 2 and 3 clinical trials.

Human clinical trials are typically conducted in three sequential phases that may overlap or be combined:

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Phase 1: The drug is initially introduced into human subjects and tested for safety, dosage tolerance, absorption, metabolism, distribution and excretion.

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Phase 2: Involves clinical trials in a limited patient population to identify possible adverse effects and safety risks, to evaluate preliminary efficacy of the product for specific targeted diseases and to determine dosage tolerance and optimal dosage.

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Phase 3: Clinical trials are undertaken to further evaluate dosage, clinical efficacy and safety in an expanded patient population. These studies are intended to establish the overall risk-benefit ratio of the product and provide, if appropriate, an adequate basis for product labeling.

Progress reports detailing the results of the clinical trials must be submitted at least annually to the FDA. IND Safety Reports must be submitted to the FDA, IRBs and the investigators for (a) any suspected adverse reaction that is both serious and unexpected; (b) any findings from epidemiological studies, pooled analysis of multiple trials, or clinical trials (other than those already reported in (a)); (c) any findings from animal or in vitro testing, whether or not conducted by the sponsor, that suggest a significant risk in humans exposed to the drug, such as reports of mutagenicity, teratogenicity, or carcinogenicity or reports of significant organ toxicity at or near the expected human exposure; and (d) any clinically important increase in the rate of a serious suspected adverse reaction over that listed in the protocol or investigator brochure. Phase 1, phase 2, and phase 3 testing may not be completed successfully within any specified period, if at all. The FDA or the sponsor may suspend a clinical trial at any time on various grounds, including a finding that the research subjects or patients are being exposed to an unacceptable health risk. Similarly, an IRB can suspend or terminate approval of a clinical trial at its institution if the clinical trial is not being conducted in accordance with the IRB’s requirements or if the drug has been associated with unexpected serious harm to patients.

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Concurrent with clinical trials, companies usually complete additional animal studies and must also develop additional information about the chemistry and physical characteristics of the drug and finalize a process for manufacturing the product in commercial quantities in accordance with cGMP requirements. The manufacturing process must be capable of consistently producing quality batches of the product candidate and, among other things, the manufacturer must develop methods for testing the identity, strength, quality and purity of the final drug. Additionally, appropriate packaging must be selected and tested and stability studies must be conducted to demonstrate that the product candidate does not undergo unacceptable deterioration over its shelf life.

UEntities can also follow the 505(b)(2) pathway to regulatory approval, to further drug development in a more efficient and relatively cost-effective manner.S The 505(b)(2) pathway is a regulatory route in the United States under the Federal Food, Drug, and Cosmetic Act (FDCA) that allows for the approval of new drugs that are similar to already approved products. It is often used for drugs that have been previously approved ~~Review~~but require modifications, such as new indications, dosages, formulations, or routes of administration. The 505(b)(2) pathway provides a more efficient approval process compared to the traditional New Drug Application (NDA) pathway, as it allows drug developers to rely on existing data from previously approved drugs instead of conducting all new clinical trials. It strikes a balance between the full NDA process and ~~Approval~~the ~~Processes~~Abbreviated New Drug Application (ANDA) for generics.

Key Features of the 505(b)(2) Pathway includes (1) allowing applicants to use published literature or data from previous studies, like studies conducted by the original sponsor or from publicly available sources, to support their application, rather than having to repeat all of the clinical trials. This can include data from the reference product, studies published in scientific literature, or data from other regulatory agencies; (2) used for new formulations, like changing the dosage forms, routes of administration, new combinations of active ingredients. It may also be used for new indications for an existing drug; (3) allows for faster approval than a full NDA because it leverages existing data. It can be especially useful when the applicant needs to add new data or modify an already approved drug; and (4) while the application uses data from an existing product, the 505(b)(2) pathway is not for generic drugs. A 505(b)(2) submission often involves new clinical data or modifications that distinguish it from the original approved drug. The benefits of the 505(b)(2) pathway to drug approval include:

	1.	Reduced Clinical Trial Requirements: Instead of generating a complete set of new clinical trials, or a significantly reduced patient population for clinical trials, applicants can use existing data (like data from the original product or published studies), saving time and costs.

	2.	Innovation and Flexibility: It allows drug developers to bring innovative new formulations, combinations, or indications to market more quickly, which can help improve patient care.

	3.	Cost-Efficiency: It can reduce the cost of development for drug companies, as it may reduce the time and amount of clinical data they need to generate.

U.S. FDA Review and Approval Processes

The results of product development, preclinical studies and clinical trials, along with descriptions of the manufacturing process, analytical tests conducted on the chemistry of the drug, proposed labeling, and other relevant information are submitted to the FDA as part of an NDA requesting approval to market the product. The submission of an NDA is subject to the payment of user fees; a waiver of such fees may be obtained under certain limited circumstances, which may include orphan drug status and the first NDA application for a company.

In addition, under the Pediatric Research Equity Act, or PREA, an NDA or supplement to an NDA must contain data to assess the safety and effectiveness of the drug for the claimed indications in all relevant pediatric subpopulations and to support dosing and administration for each pediatric subpopulation for which the drug is safe and effective. The FDA may grant deferrals for submission of data or full or partial waivers. Unless otherwise required by regulation, PREA does not apply to any drug for an indication for which orphan designation has been granted.

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The FDA reviews all NDAs submitted to ensure that they are sufficiently complete for substantive review before it accepts them for filing. The FDA may request additional information rather than accept an NDA for filing. In this event, the NDA must be resubmitted with the additional information. The resubmitted application also is subject to review before the FDA accepts it for filing. Once the submission is accepted for filing, the FDA begins an in-depth substantive review. The FDA also may refer the NDA to an advisory committee for review, evaluation and recommendation as to whether the application should be approved and under what conditions. The FDA is not bound by the recommendation of an advisory committee, but it generally follows such recommendations. The approval process is lengthy and difficult and the FDA may refuse to approve an NDA at its discretion or the FDA may require additional clinical or other data and information. Even if such additional data and information are submitted, the FDA may ultimately decide that the NDA does not satisfy its criteria for approval. Data obtained from clinical trials are not always conclusive, and the FDA may interpret data differently than we or others may interpret the same data. The FDA may issue a complete response letter, which may require additional clinical or other data or impose other conditions that must be met in order to obtain approval of the NDA. The FDA reviews an NDA to determine, among other things, whether a product is safe and effective for its intended use and whether its manufacturing is cGMP-compliant to assure and preserve the product’s identity, strength, quality and purity. Before approving an NDA, the FDA will generally inspect the facility or facilities where the product is manufactured. The FDA will also generally inspect selected clinical sites that participated in the clinical studies and may inspect the testing facilities that performed the GLP toxicology studies cited in the NDA.

NDAs receive either standard or priority review. A drug representing a significant improvement in treatment, prevention or diagnosis of disease may receive priority review. In addition, products studied for their safety and effectiveness in treating serious or life-threatening illnesses and that provide meaningful therapeutic benefit over existing treatments may receive accelerated approval and may be approved on the basis of adequate and well-controlled clinical trials establishing that the drug product has an effect on a surrogate endpoint that is reasonably likely to predict clinical benefit or on the basis of an effect on a clinical endpoint other than survival or irreversible morbidity. As a condition of approval, the FDA may require that a sponsor of a drug receiving accelerated approval perform adequate and well-controlled post-marketing clinical trials. Priority review and accelerated approval do not change the standards for approval but may expedite the approval process.

If a product receives regulatory approval, the approval may be limited to specific diseases or patient subpopulations and dosages or the indications for use may otherwise be limited, which could restrict the commercial value of the product. In addition, approval by the FDA may include a requirement for phase 4 testing, which involves clinical trials designed to further assess a drug’s safety and effectiveness, and the FDA may require testing and surveillance programs to monitor the safety of approved products which have been commercialized.

If an applicant decides to follow the 505(b)(2) pathway to regulatory approval for a drug, then the applicant is required to (1) request meetings with the FDA to discuss the appropriate use of existing data and the studies they need to conduct for approval (2) submits the 505(b)(2) application, which includes clinical trial data, published studies, and other relevant data (3) The FDA reviews the data to assess the safety, effectiveness, and quality of the drug, considering any new information provided (4) If the FDA is satisfied with the data, it will approve the new drug or formulation. If not, additional data or studies may be requested.

Orphan Drug Designation

Under the Orphan Drug Act, the FDA may grant orphan drug designation to a drug intended to treat a rare disease or condition, which is generally a disease or condition that affects fewer than 200,000 individuals in the United States. After the FDA grants orphan drug designation, the identity of the therapeutic agent and its potential orphan use are disclosed publicly by the FDA. Orphan drug designation does not convey any advantage in or shorten the duration of the regulatory review and approval process.

If a product that has orphan drug designation subsequently receives the first FDA approval for the disease for which it has such designation, the product is entitled to orphan product exclusivity, which means that the FDA may not approve any other applications to market the same drug for the same indication for seven years, except in very limited circumstances.

In the European Union and Japan, orphan drug exclusivity regulations provide for 10 years of market exclusivity.

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CA4P has been awarded orphan drug status by the FDA for the treatment of anaplastic, medullary, Stage IV papillary and Stage IV follicular thyroid cancers, ovarian cancer, neuroendocrine tumors and glioma. OXi4503 has been awarded orphan drug status by the FDA for the treatment of acute myelogenous leukemia. CA4P has been awarded orphan drug status by the FDA for the treatment of pancreatic cancer, melanoma, and glioblastoma.

CA4P has also been awarded orphan drug status by the European Commission in the European Union for the treatment of anaplastic thyroid cancer, ovarian cancer and neuroendocrine tumors. OXi4503 has been awarded orphan drug status by the European Commission in the European Union for the treatment of acute myelogenous leukemia. OT-101 has been awarded orphan drug status by European Commission in the European Union for the treatment of pancreatic cancer, melanoma, and glioblastoma.

Rare Pediatric Disease Designation

The FDA grants rare pediatric disease designation for diseases with serious or life-threatening manifestations that primarily affect people aged from birth to 18 years, and that affect fewer than 200,000 people in the U.S. Under the FDA’s Rare Pediatric Disease Priority Review Voucher program, a sponsor who receives an approval of a new drug application or biologics license application for a product for the prevention or treatment of a rare pediatric disease may be eligible for a voucher, which can be redeemed to obtain priority review for any subsequent marketing application and may be sold or transferred.

The FDA granted Rare Pediatric Disease Designation for OT101/Trabedersen for the treatment of DIPG as a drug for a rare pediatric disease.

53The FDA granted Rare Pediatric Disease Designation for Oxi4503 for the treatment of AML as a drug for a rare pediatric disease.

Expedited Review and Approval

The FDA has various programs, including Fast Track, priority review, accelerated approval and breakthrough therapy, which are intended to expedite or simplify the process for reviewing drugs, and/or provide for approval on the basis of surrogate endpoints. Even if a drug qualifies for one or more of these programs, the FDA may subsequently decide the drug no longer meets the conditions for qualification or the FDA may not shorten the review or approval time period. Generally, drugs that may be eligible for these programs are those for serious or life-threatening conditions, those with the potential to address unmet medical needs, and those that offer meaningful benefits over existing treatments. Fast Track designation applies to the combination of the product and the specific indication for which it is being studied. Although Fast Track and priority review do not affect the standards for approval, the FDA will attempt to facilitate early and frequent meetings with a sponsor of a Fast-Track designated drug and expedite review of the application for a drug designated for priority review. Drugs that receive an accelerated approval may be approved on the basis of adequate and well-controlled clinical trials establishing that the drug product has an effect on a surrogate endpoint that is reasonably likely to predict clinical benefit or on the basis of an effect on a clinical endpoint other than survival or irreversible morbidity. As a condition of approval, the FDA may require that a sponsor of a drug receiving accelerated approval perform post-marketing clinical trials.

OXi4503 has been awarded Fast Track designation for the treatment of AML.

Foreign Regulation

In addition to regulations in the United States, we are subject to a variety of foreign regulations governing clinical trials and if any of our product candidates are approved, we will be subject to additional regulations regarding commercial sales and distribution. Whether or not we obtain FDA approval to test a product candidate in the United States, we must obtain approval by the comparable regulatory authorities of foreign countries before we can commence testing any product candidate in those countries. Likewise, whether or not we obtain FDA approval to market a product, we must obtain approval by the comparable regulatory authorities of foreign countries before we can commence marketing of any product candidate in those countries. The approval process varies from country to country and the time may be longer or shorter than that required for FDA approval. The requirements governing the conduct of clinical trials, product licensing, pricing and reimbursement vary greatly from country to country.

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Under European Union regulatory systems, a company may submit marketing authorization applications, or MAAs, either under a centralized or decentralized procedure. The centralized procedure, which is compulsory for medicines produced by biotechnology or those medicines intended to treat AIDS, cancer, neurodegenerative disorders or diabetes and optional for those medicines which are highly innovative, provides for the grant of a single marketing authorization that is valid for all European Union member states. The decentralized procedure provides for mutual recognition of national approval decisions. Under this procedure, the holder of a national marketing authorization may submit an application to the remaining member states. Within 90 days of receiving the applications and assessments report, each member state must decide whether to recognize approval. If a member state does not recognize the marketing authorization, the disputed points are eventually referred to the European Commission, whose decision is binding on all member states.

As in the United States, the European Medicines Agency, or EMA, may grant orphan drug status for specific indications if the request is made before an MAA is submitted. The EMA considers an orphan medicinal product to be one that affects less than five of every 10,000 people in the European Union. A company whose application for orphan drug designation in the European Union is approved is eligible to receive, among other benefits, regulatory assistance in preparing the marketing application, protocol assistance and reduced application fees. Orphan drugs in the European Union receive up to ten years of market exclusivity for the approved indication.

Reimbursement

Sales of any of our product candidates, if approved, will depend, in part, on the extent to which the costs of the products will be covered by third-party payors, including government health programs such as Medicare and Medicaid, commercial health insurers and managed care organizations. These third-party payors are increasingly challenging the prices charged for health care products and services. The U.S. government, state legislatures and foreign governments have shown significant interest in implementing cost-containment programs, including price controls, restrictions on reimbursement and requirements for substitution of generic products. Adoption or application of price controls and cost-containment measures could limit our revenue. If third-party payors do not consider our products to be cost-effective, they may not pay for our products even if we receive approval, or their level of payment may not be sufficient to allow us to sell our products on a profitable basis.

The Medicare Prescription Drug, Improvement, and Modernization Act of 2003, or the MMA, imposes requirements for the distribution and pricing of prescription drugs for Medicare beneficiaries. Under Part D (the Medicare prescription drug benefit), Medicare beneficiaries may enroll in prescription drug plans offered by private entities that provide coverage of outpatient prescription drugs not covered under Medicare Part B. Part D prescription drug plan sponsors are not required to pay for all covered Part D drugs. Each drug plan can develop its own drug formulary that identifies which drugs it will cover and at what tier or level. Federal regulations require Part D prescription drug formularies to include drugs within each therapeutic category and class of covered Part D drugs, although not necessarily all the drugs in each category or class.

In general, government payment for some of the costs of prescription drugs may increase demand for products for which we receive marketing approval. However, any negotiated prices for our products covered by a Part D prescription drug plan will likely be lower than the prices we might otherwise obtain. Moreover, while the MMA applies only to drug benefits for Medicare beneficiaries, private payors often follow Medicare coverage policy and payment limitations in setting their own payment rates. Any reduction in payment that results from the MMA or other Medicare regulations may result in a similar reduction in payments from non-governmental payors.

The Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act of 2010 (collectively, the “Affordable Care Act” or “ACA”) mandated prescription drug coverage as one of ten essential health benefits that most health plans must offer, requiring coverage of at least one drug in every category and class. The ACA increased in the number of individuals covered by insurance and as a result commercial insurers and government programs have increased their emphasis on cost controls to reduce overall spending. A number of federal government leaders have expressed their intentions to repeal and replace the ACA. If full or partial repeal is enacted, many if not all of the provisions of the ACA may no longer apply to prescription drugs. As a result, we expect that there will continue to be uncertainty regarding drug product pricing, reimbursement and other factors impacting the revenue we may receive if our product candidates are ultimately approved, which could have a material adverse effect on our business, financial condition and results of operations.

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In addition, in some foreign countries, the proposed pricing for a drug must be approved before it may be lawfully marketed. The requirements governing drug pricing vary widely from country to country. For example, the European Union provides options for its member states to restrict the range of medicinal products for which their national health insurance systems provide reimbursement and to control the prices of medicinal products for human use. A member state may approve a specific price for the medicinal product or it may instead adopt a system of direct or indirect controls on the profitability of the company placing the medicinal product on the market. There can be no assurance that any country that has price controls or reimbursement limitations for pharmaceutical products will allow favorable reimbursement and pricing arrangements for any of our products. Historically, products launched in the European Union do not follow price structures of the United States and tend to be significantly lower.

Patents and Proprietary Rights

We actively seek to protect the proprietary technology that we consider important to our business, including chemical species, compositions and forms, their methods of use and processes for their manufacture, as well as modified forms of naturally-expressed receptors, in the United States and other jurisdictions internationally that we consider key pharmaceutical markets. We also rely upon trade secrets and contracts to protect our proprietary information.

As of ~~May~~September 1230, ~~2020~~2025, we were the exclusive licensee, sole assignee or co-assignee of ~~fifteen~~five granted U.S. patents, ~~one~~two pending U.S. ~~patent~~ patent application, and granted patents and/or pending applications in several other major markets, including the European Union, Canada and Japan. Our policy is to file U.S. and foreign patent applications to protect technology, inventions and improvements to inventions that are commercially important to the development of our business. There can be no assurance that any of these patent applications will result in the grant of a patent either in the United States or elsewhere, or that any patents granted will be valid and enforceable, or will provide a competitive advantage or will afford protection against competitors with similar technologies. We also intend to rely upon trade secret rights to protect other technologies that may be used to discover and validate targets and that may be used to identify and develop novel drugs. We seek protection, in part, through confidentiality and proprietary information agreements.

We consider the following U.S. patents and applications owned by or exclusively licensed to us to be particularly important to the protection of our most advanced product candidates.

Product Candidate	Patent Scope	Patent Expiration
CA4P	~~Lyophilized~~Use orof ~~crystalline~~VDAs ~~combretastatin~~to ~~A4-phosphate~~Enhance ~~tromethamine~~Immunomodulating Therapies Against Tumors**	~~September~~August ~~2021~~2036
	Use of VDAs to Enhance Immunomodulating Therapies Against Tumors**	August 2036
OT-101 – through our JV	Combination of A Chemotherapeutic Agent and An Inhibitor of the TGF-β System	July 2030
OXi4503	Composition of Matter for OXi4503 (combretastatin A1-disodium-phosphate (OXi4503) pro-drug)***	October 2021
	Method of Treating Myeloid Neoplasm by Administering OXi4503	November 2028
OT-101	Portable Equipment for Administration of Fluids into Tissues And Tumors by Convection Enhanced Delivery Technique	April, 2024
	Pharmaceutical composition	December 2024
	Use of An Oligonucleotide or Its Active Derivative for the Preparation of a Pharmaceutical Composition for Inhibiting the Formation of Metastases in Cancer Treatment	February 2025
	Use of Low Doses of Oligonucleotides to TGF-β, VEGF, interleukin-10, c-jun, c-fos or Prostaglandin E2 Genes In the Treatment of Tumors	May 2026
	Oligonucleotide-, Protein and/or Peptide-polymer Conjugates	December 2027
	Dosage of Oligonucleotides Suitable for the Treatment of Tumors	November 2029
	Combination of A Chemotherapeutic Agent and An Inhibitor of the TGF-β System	July 2030
	Combination Therapy for Treatment of Pancreatic Cancer	February 2036
	Compositions and Methods for Treating Cancer	February 2036

* In-licensed from Bristol-Myers Squibb

** Patent filed, awaiting grant

*** In-licensed from Arizona State University

In addition to these patents, for some of our product candidates, we have patents and/or applications that cover a particular form or composition, use for a particular indication, use as part of combination therapy or method of preparation or use, as well as other pending patent applications. These issued patents, including any patents that issue from pending applications, could provide additional or a longer period of protection. We also have patent applications pending that seek equivalent or substantially comparable protection for our product candidates in jurisdictions internationally that we consider key pharmaceutical markets.

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The patent expiration dates referenced above do not reflect any potential patent term extension that we may receive under the federal Drug Price Competition and Patent Term Restoration Act of 1984, known as the Hatch-Waxman Act. The Hatch-Waxman Act generally permits a patent extension term of up to five years as compensation for patent term lost during the FDA regulatory review process. Patent extension cannot extend the remaining term of a patent beyond a total of 14 years. The patent term restoration period is generally one-half of the time between the effective date of an investigational new drug application, or IND, and the submission date of a new drug application, or NDA, plus the time between the submission date and approval date of an NDA. Only one patent applicable to an approved drug is eligible for the extension, and the extension must be applied for prior to expiration of the patent. The United States Patent and Trademark Office, in consultation with the FDA, reviews and approves applications for patent term extension.

As previously noted, the FDA and European Union have granted CA4P and OXi4503 orphan drug status for certain indications. We are also pursuing, and may continue to in the future to pursue, orphan drug status for other product candidates and indications. Our ability to obtain and maintain the exclusivity for our products and product candidates by virtue of their orphan drug status is an important part of our intellectual property strategy. Also as previously noted, we emphasizing on Rare Pediatric Designation to leverage on the regulatory exclusivity and voucher program associated with these designations.

Competition

The industry in which we are engaged is characterized by rapidly evolving technology and intense competition. Our competitors include, among others, major pharmaceutical, biopharmaceutical and biotechnology companies, nearly all of which have financial, technical and marketing resources significantly greater than ours. In addition, many of the small companies in our industry have also formed collaborative relationships with large, established companies to support research, development and commercialization of products that may be competitive with ours. Academic institutions, governmental agencies and other public and private research organizations are also conducting research activities and patenting new technologies in our line of business and any of these entities may commercialize products that may be competitive with ours.

We expect that, if any of our products gain regulatory approval for sale, they will compete primarily on the basis of product efficacy, safety, patient convenience, reliability, price and patent protection. Our competitive position will also depend on our ability to attract and retain qualified scientific and other personnel, develop effective proprietary products and implement joint ventures or other alliances with large pharmaceutical companies in order to jointly market and manufacture our products.

Employees

We had ~~fifteen~~twenty-six full-time employees, four part-time employees and 10 consultants as of ~~May~~December 2031, ~~2021~~2024; and all the employees and consultants were compensated by the JV during the years ended December 31, 2024 and 2023, respectively. We rely on external consultants or outsource nearly all our research, development, preclinical testing and clinical trial activity, although we maintain managerial and quality control over our clinical trials. We also rely on external consultants for various administrative tasks that are required for a public company. We expect to continue to rely on external service providers and to maintain a small number of executives and other employees. Our relations with our employees are good and we do not have any unions for the Company.

Costs of Compliance With Environmental Regulations

We have not incurred any costs associated with compliance with environmental regulations, nor do we anticipate any future costs associated with environmental compliance; however, no assurances can be given that we will not incur such costs in the future.

DESCRIPTION OF PROPERTY

Our office is located in Agoura Hills, California, where we lease about 2,000 square feet of general office space. The lease for this office is on a month-to-month basis. We consider our office space to be adequate for our current needs. We believe that other suitable office space would be available if we move to a different location upon the expiration of our current lease.

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LEGAL PROCEEDINGS

From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Historically, the outcome of all such legal proceedings has not, in the aggregate, had a material adverse effect on our business, financial condition, results of operations or liquidity. Other than as set forth below, there are no additional pending or threatened legal proceedings at this time.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

The Company’s common stock trades on the OTCQB market, operated by OTC Markets, under the symbol “OTLC”.

Holders

As of May 20, 2021, there were approximately 91 stockholders of record of the 369,696,959 outstanding shares of the Company’s common stock.

Dividends

The Company has not declared or paid any cash dividends on its common stock since its inception in 1988 and does not intend to pay cash dividends in the foreseeable future. The Company presently intends to retain future earnings, if any, to finance the growth and development of its business.

Securities Authorized for Issuance Under Equity Compensation Plans

The following table provides certain aggregate information with respect to all of the Company’s equity compensation plans in effect as of March 31, 2021.

Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights		Weighted-Average Exercise Price of Outstanding Options		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))
Equity compensation plans approved by security holders		4,872,000	$	0.92		2,378,000
Equity compensation plans not approved by security holders		1,913,000		0.31		87,000
Total		6,875,000	$	0.75		2,465,000

In August 2020, the shareholders of the Company approved the expansion of the number of securities to be issued upon exercise of outstanding options, warrants, restricted stock units and warrants by 20 million. The amendment to the 2015 Plan was completed and filed in conjunction with our Form S-8 with the SEC on April 16, 2021. As such, the number of securities to be issued upon exercise of outstanding options, warrants, restricted stock units and warrants under the Equity Compensation Plans as of May 20, 2021 is 27,250,000. The Company is currently obligated to issue approximately 5 million restricted stock options and stock options to certain employees, consultants and directors, which was awaiting the corporate actions to be approved by FINRA.

Brief Description of equity compensation plan not approved by security holders

Unregistered Sales of Securities

No unregistered securities were issued during the fiscal year that were not previously reported in an Annual Report on Form 10-K, Quarterly Report on Form 10-Q or Current Report on Form 8-K.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Note Regarding Forward-Looking Statements

This ~~Registration~~Quarterly ~~Statement~~Report on Form S10-1Q (the “~~Registration~~Quarterly ~~Statement~~Report” or “~~Statement~~Report”) includes a number of forward-looking statements that reflect management’s current views with respect to future events and financial performance. Forward-looking statements are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Those statements include statements regarding the intent, belief or current expectations of us and members of our management team, as well as the assumptions on which such statements are based.

59Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, or performance, especially the forward-looking statements enumerated below. These statements are only predictions and involve known and unknown risks, uncertainties and other factors. Some of these risks are included in the section entitled “Risk Factors” set forth in this Quarterly Report and in other reports that we file with the SEC. The occurrence of any of these risks, or others of which we are currently unaware, may cause our company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These risks include, by way of example and without limitation:

~~Although we~~● ~~believe~~our ~~that~~ability ~~the~~to ~~expectations~~successfully ~~reflected~~commercialize inour ~~the~~products ~~forward-looking~~and ~~statements~~services ~~are~~on ~~reasonable,~~a welarge ~~cannot~~enough ~~guarantee~~scale ~~future~~to ~~results~~generate profitable operations; ● our ability to maintain and develop relationships with customers and suppliers; ● our ability to successfully integrate acquired businesses or new products, ~~levels~~ or to realize anticipated synergies in connection with acquisitions of ~~activity,~~businesses or ~~performance.~~products; ~~These~~● ~~statements~~expectations ~~are~~concerning ~~only~~our ~~predictions~~ability ~~and~~to ~~involve~~raise ~~known~~additional funding and ~~unknown~~to ~~risks,~~continue ~~uncertainties~~as ~~and other~~a ~~factors~~going concern; ● our ability to successfully implement our business plan; ● GMP Bio anticipates its current fair valuation to be approximately $1.7 ~~Some~~billion, ofhowever, ~~these~~the ~~risks~~Company ~~are~~cannot ~~included~~predict inor estimate what the ~~section~~fair ~~entitled~~value ~~“Risk~~may ~~Factors”~~be; ~~set~~● ~~forth~~our inability ~~this~~to ~~Registration Statement~~avoid, ~~and~~or into ~~other~~adequately ~~reports~~address ~~that~~any weintellectual ~~file~~property ~~with~~claims ~~the~~brought ~~SEC.~~by ~~The~~third ~~occurrence~~parties; and ● the anticipated impact of any changes in industry regulation. ● building and the success of ~~these~~our ~~risks,~~nanoparticle orplatform ~~others~~and the related success of ~~which~~launching wethe ~~are~~platform ~~currently unaware,~~● ~~may~~the ~~cause~~success ~~our~~of the launch of a company’s ~~actual~~with ~~results~~a DAO infrastructure, ~~levels~~the success of ~~activity,~~the ~~performance~~entity orand ~~achievements~~the toplans besurrounding ~~materially~~the ~~different from~~pet ~~any~~and ~~future~~animal ~~results~~health, ~~levels~~the ability for the Company to register the tokens of ~~activity~~Pet2Dao, ~~performance~~the oractual ~~achievements~~filing ~~expressed~~of ora ~~implied~~registration bystatement ~~these~~and ~~forward-looking~~approval ~~statements. These~~of ~~risks~~the ~~include~~tokens as registrable securities with the SEC through a registration statement, bythe ~~way~~ability of ~~example~~the ~~and~~tokens ~~without~~to ~~limitation:~~be tradable or any value such tokens may have if they become tradable.

●Readers are ~~our~~urged ~~ability~~ to ~~successfully~~carefully ~~commercialize~~review ~~our products~~ and ~~services~~consider onthe avarious ~~large~~disclosures ~~enough~~made ~~scale~~by tous ~~generate~~in ~~profitable~~this ~~operations;~~report ●and in our ~~ability~~other toreports ~~maintain~~filed ~~and develop relationships~~ with ~~customers~~the SEC. ~~and~~We ~~suppliers;~~undertake ●no ~~our~~obligation ~~ability~~ to ~~successfully~~update ~~integrate acquired businesses~~ or ~~new~~revise ~~products,~~forward-looking orstatements to ~~realize~~reflect ~~anticipated~~changed ~~synergies~~assumptions, inthe ~~connection~~occurrence ~~with acquisitions~~ of ~~businesses~~unanticipated events or ~~products;~~changes ●in ~~expectations~~the ~~concerning~~future ~~our~~operating ~~ability~~results toover ~~raise~~time ~~additional~~except ~~funding~~as ~~and~~required toby ~~continue~~law. asWe abelieve ~~going~~that ~~concern;~~our ●assumptions ~~our~~are ~~ability~~based toupon reasonable ~~successfully~~data ~~implement~~derived ~~our~~from ~~business~~and ~~plan;~~known ●about our ~~ability~~business toand ~~avoid,~~operations. orNo toassurances ~~adequately~~are ~~address~~made ~~any~~that ~~intellectual~~actual ~~property~~results ~~claims~~of ~~brought~~operations byor the ~~third~~results ~~parties;~~of ~~and~~our ●future ~~the~~activities ~~anticipated~~will ~~impact~~not ofdiffer ~~any~~materially ~~changes~~from inour ~~industry regulation~~assumptions.

~~Readers are urged to carefully review and consider the various disclosures made by us in this registration statement and in our reports filed with the SEC, including but not limited to our Form 10~~-~~K filed with the SEC on April 15, 2021 and our Form 8~~56-K/A filed with the SEC on July 8, 2019, which includes the audited financial statements for our subsidiary, Oncotelic, as of and for the years ended December 31, 2018 and 2017. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in the future operating results over time except as required by law. We believe that our assumptions are based upon reasonable data derived from and known about our business and operations. No assurances are made that actual results of operations or the results of our future activities will not differ materially from our assumptions. Also, the information below has been updated through the date of this Registration Statement.

Corporate History

Oncotelic Therapeutics, Inc. (~~also d/b/a Mateon Therapeutics, Inc.) (~~“Oncotelic”), was formed in the State of New York in 1988 as OXiGENE, Inc., was reincorporated in the State of Delaware in 1992, and changed its name to Mateon Therapeutics, Inc. in 2016, and ~~then~~ Oncotelic Therapeutics, Inc. in November 2020. Oncotelic conducts business activities through Oncotelic and its wholly-owned subsidiaries, Oncotelic, Inc., a Delaware corporation, PointR Data, Inc. (“PointR”), a Delaware corporation, Pet2DAO Inc., a Delaware corporation and EdgePoint AI, Inc. (“Edgepoint”), a Delaware Corporation for which there are non-controlling interests, (Oncotelic, Oncotelic Inc., PointR, Pet2DAO and Edgepoint are collectively called the “Company” or “We”). The Company is ~~evaluating~~completed ~~the~~a ~~further~~reverse merger ~~development~~with ofOncotelic ~~its~~Inc ~~product~~in ~~candidates~~April ~~OXi4503~~2019, as a ~~treatment~~merger ~~for~~with ~~acute~~PointR ~~myeloid~~in ~~leukemia~~November 2019 and ~~myelodysplastic syndromes~~formed ~~and~~a ~~CA4P~~subsidiary Edgepoint in ~~combination~~February ~~with~~2020. aFor more ~~checkpoint~~information ~~inhibitor~~on ~~for~~these mergers, 2024Annual Report on Form 10-K filed with the ~~treatment~~SEC ofon ~~advanced~~April ~~metastatic~~15, ~~melanoma~~2025.

Amendments to Certificate of Incorporation

Conversion of Series A Preferred Stock to Common Stock

Subsequent to obtaining the approval from FINRA on March 29, 2021 related to the various corporate actions, the Company converted 278,188 Series A Preferred Stock into 278,187,847 shares of common stock of the Company. After such conversion and, as of May 20, 2021, the total number of shares of common stock outstanding is 369,696,959.

Recent Events

Peak One Equity Purchase Agreement

On May 3, 2021, the Company entered into an Equity Purchase Agreement (the “Agreement”) and Registration Rights Agreement (the “Registration Rights Agreement”) with Peak One Opportunity Fund, L.P. (“Peak One”), pursuant to which the Company shall have the right, but not the obligation, to direct Peak One, to purchase up to $10.0 million (the “Maximum Commitment Amount”) in shares of the Company’s common stock, par value $0.01 per share (“Common Stock”). Under the Agreement and subject to the Maximum Commitment Amount, the Company has the right, but not the obligation, to submit Put Notices (as defined in the Agreement) to Peak One (i) in a minimum amount not less than $20,000.00 and (ii) in a maximum amount up to the lesser of (a) $1.0 million or (b) 250% of the Average Daily Trading Value (as defined in the Agreement).

In exchange for Peak One entering into the Agreement, the Company agreed, among other things, to (A) issue Peak One and Peak One Investments, LLC, an aggregate of 250,000 shares of Common Stock, and (B) file a registration statement registering the Common Stock issued or issuable to Peak One under the Agreement for resale (the “Registration Statement”) with the Securities and Exchange Commission within 60 calendar days of the Agreement, as more specifically set forth in the Registration Rights Agreement.

The obligation of Peak One to purchase the Company’s Common Stock shall begin on the date of the Agreement, and ending on the earlier of (i) the date on which Peak One shall have purchased Common Stock pursuant to this Agreement equal to the Maximum Commitment Amount, (ii) twenty four (24) months after the initial effectiveness of the Registration Statement , (iii) written notice of termination by the Company to Peak One (subject to certain restrictions set forth in the Agreement), (iv) the Registration Statement is no longer effective after the initial effective date of the Registration Statement, or (v) the date that the Company commences a voluntary case or any person commences a proceeding against the Company, a custodian is appointed for the Company or for all or substantially all of its property or the Company makes a general assignment for the benefit of its creditors (the “Commitment Period”).

During the Commitment Period, the purchase price to be paid by Peak One for the Common Stock under the Agreement shall be 91% of the Market Price, which is defined as the lesser of the (i) closing bid price of the Common Stock on the trading day immediately preceding the respective Put Date (as defined in the Agreement), or (ii) lowest closing bid price of the Common Stock during the Valuation Period (as defined in the Agreement), in each case as reported by Bloomberg Finance L.P or other reputable source designated by Peak One.

Consent Solicitation and Amendments to Certificate of Incorporation

On June 25, 2020, the Company commenced a solicitation of shareholder consents (the “Consent Solicitation”), pursuant to a consent solicitation statement (the “Consent Solicitation Statement”), to the holders (the “Stockholders”) of its Common Stock and Series A Convertible Preferred Stock. The deadline for Stockholders to respond to the Consent Solicitation Statement was August 10, 2020. Pursuant to the Consent Solicitation Statement, the following actions were approved by the written consent of the requisite number of Stockholders:

	(1)	changing the name of the Company and changing the Company’s ticker symbol (the “Name Change”);
	(2)	amending the Company’s Amended and Restated 2015 Equity Incentive Plan to increase the number of shares of Common Stock available for issuance from 7.25 million shares to 27.25 million shares, and increasing the maximum number of stock awards that may be issued in any fiscal year from 500,000 to 1,000,000 shares (the “Plan Amendment”);

	(3)	increasing the authorized number of shares of Common Stock from 150,000,000 to 750,000,000 (the “Capital Increase”); and
	(4)	amending and restating the certificate of incorporation for the Company to give effect to the Name Change, Capital Increase and forum selection provision.

The Company filed the Current Report on Form 8-K with the SEC to declare the voting results on August 14, 2020. In November 2020, the Company filed an amendment to its Certificate of Incorporation with the Secretary of State for the State of Delaware changing its name from “Mateon Therapeutics, Inc.” to “Oncotelic Therapeutics, Inc.” A notice of corporate action had been filed with the Financial Industry Regulatory Authority (“FINRA”), requesting confirmation to change its name and approval for a new ticker symbol. On March 29, 2021, the Company received approval from FINRA on its notice of corporate action, and effective March 30, 2021, the Company’s ticker symbol changed from “MATN” to “OTLC”.

The Company registered an additional total of 20,000,000 shares of its common stock, $0.01 par value per share (“Common Stock”), which may be issued pursuant to the Company’s Amended and Restated 2015 Equity Incentive Plan (the “Plan”). Such additional shares were approved by the shareholders of the Company on August 10, 2020 and reported to the Securities and Exchange Commission (the “SEC”) on a Current Report on Form 8-K on August 14, 2020. As such, the total number of shares of the Company’s common stock available for issuance under the 2015 plan are 27,250,000.

In March 2021, the Company converted 278,188 shares of the Company’s Series A Preferred Stock to 278,187,847 shares of its common stock pursuant to the terms of the 2 mergers.

Mergers

The company had completed two plans of merger, one with Oncotelic Inc. and the second with PointR Data Inc. in 2019. For additional information on both mergers, refer to our Annual Report on Form 10-K filed with the SEC on April 15, 2021.

Company Overview

WeThe ~~are~~Company is a clinical stage biopharmaceutical company developing drugs for the treatment of cancer. ~~Our~~The ~~goal~~Company’s isproprietary toproduct candidates ~~advance~~have ~~our~~shown ~~drug~~promising ~~candidates into~~clinical ~~late~~activity ~~stage~~in ~~pivotal~~phase ~~clinical~~2 trials for the treatment of gliomas and ~~either~~pancreatic ~~sell~~cancers. ~~marketing~~The ~~rights~~Company aims to translate its unique insights, which span more than three decades of original work using RNA therapeutics, into the deployment of antisense as a ~~larger~~RNA ~~pharmaceutical~~therapeutic ~~company~~for ordiseases ~~seek~~which ~~FDA~~are ~~approval~~caused by TGF-β overexpression, starting with cancer and expanding to Duchenne ~~ourselves~~Muscular Dystrophy and others. OT-101, the Company’s lead product candidate, is being developed as a broad-spectrum anti-cancer drug that can also be used in combination with other standard cancer therapies to establish an effective multi-modality treatment strategy for difficult-to-treat cancers.

~~The~~Since April 2022, the Company’s ~~lead~~entered ~~product~~has ~~candidate,~~conducted ~~OT-101,~~the isvast ~~being~~majority ~~developed~~of asits adevelopment ~~broad-spectrum~~efforts ~~anti~~for OT-~~cancer~~101 ~~drug~~through ~~that~~a ~~can~~joint ~~also~~venture be(the ~~used~~“JV”), ~~in combination~~ with ~~other~~Dragon ~~standard~~Overseas ~~cancer~~Capital ~~therapies~~(“Dragon”). toIn ~~establish~~connection anwith ~~effective~~the ~~multi-modality~~formation ~~treatment~~of ~~strategy~~the ~~for difficult-to-treat cancers. Together~~JV, wethe ~~plan~~Company tocontributed ~~initiate~~license rights ~~phase 3 clinical trials for~~ OT-101 infor both ~~high-grade~~U.S. ~~glioma~~ and ~~pancreatic~~the ~~cancer.~~rest ~~During Phase~~of 2the ~~clinical~~world, ~~trials~~ in ~~pancreatic~~exchange ~~cancer,~~for ~~melanoma,~~a ~~and~~45% ~~colorectal~~equity ~~cancers~~interest in GMP Biotechnology Limited (“~~Study P001~~GMP Bio”), and inDragon ~~high-grade gliomas~~agreed ~~(“Study~~to ~~G004”),~~provide ~~meaningful~~approximately ~~clinical~~$27 ~~benefits~~million ~~were~~of ~~observed~~research and ~~OT-101~~development ~~exhibited~~funding in exchange for a ~~favorable~~55% ~~safety~~ownership ~~profile~~stake in GMP Bio. ~~These~~The ~~clinical~~Company ~~benefits~~accounts ~~included~~for ~~long-term~~its ~~survival~~holdings ~~and~~in ~~meaningful~~GMP ~~tumor~~Bio ~~reduction.~~as ~~Both~~an ~~partial~~equity ~~and~~investment ~~complete~~under ~~responses~~the fair value option. Accordingly, ~~have~~the ~~been~~Company ~~observed~~accounts for only its investment in ~~the~~GMP ~~Study~~Bio, ~~G004~~and ~~Phase~~the 2income ~~clinical~~and ~~trial~~expenses of ~~OT-101~~the asJV aare ~~single~~not ~~agent~~consolidated in ~~patients~~the ~~with~~Company’s financial ~~aggressive brain tumors~~statements.

~~The~~Under ~~Company’s~~the ~~self-immunization~~fair ~~protocol~~value ~~(“SIP™”)~~option, isthe ~~based~~Company onperiodically ~~novel~~conducts a fair value assessment and ~~proprietary~~records ~~sequential~~a ~~treatment~~change in the value when circumstances ofwarrant, ~~cancers~~such ~~with~~as ~~OT-101~~in ~~(an~~connection ~~antisense~~with ~~against~~a ~~TGF~~third-~~ß2)~~party ~~and~~financing ~~chemotherapies.~~event, ~~This~~or ~~sequential~~other ~~treatment~~significant ~~strategy~~event isthat ~~aimed~~suggests atreassessing the value of ~~achieving~~investment ~~effective~~in ~~self-immunization~~GMP ~~against~~Bio ais ~~patients’~~warranted. ~~own~~As ~~cancer~~of September 30, ~~resulting~~2025, inthe ~~robust~~Company ~~therapeutic~~assessed ~~immune~~the ~~response~~fair value of its investment in GMP Bio and determined ~~consequently~~that ~~better~~no ~~control~~change ofin the ~~cancer~~fair ~~and~~value ~~improved~~was ~~survival.~~required ~~Prolonged~~at ~~states~~that oftime. ~~being~~However, ~~cancer-free~~as ~~have~~previously ~~been~~announced, ~~observed~~GMP inBio ~~some patients~~is progressing with ~~the~~its ~~most~~strategic and ~~aggressive~~operational ~~forms~~plans, ofwhich ~~cancer,~~include ~~raising~~efforts ato ~~renewed~~secure ~~hope~~third-party ~~for~~financing and a ~~potential~~possible ~~cure.~~initial ~~The~~public ~~use~~offering ofin ~~OT-101~~Hong ~~lifts~~Kong ~~the suppression~~during of2026. ~~the~~Based ~~patient’s~~on ~~immune~~current ~~cells~~information ~~around~~from ~~the~~GMP ~~cancer tissue~~Bio, ~~providing~~ the ~~foundation~~potential valuation for anGMP ~~effective~~Bio in any third-party financing or initial ~~priming,~~public ~~which~~offering iscould ~~critical~~be ~~for~~significantly ain ~~successful~~excess ~~immune~~of ~~response~~$2 billion. ~~The~~While ~~subsequent~~GMP ~~chemotherapy~~Bio ~~results~~continues into ~~the~~advance ~~release~~its ofresearch ~~neoantigens~~and ~~that~~development ~~result~~activities, inno third-party atransactions ~~robust~~have ~~boost~~transpired ofwhich would establish the ~~immune~~basis ~~response.~~for Wea ~~believe~~fair ~~that~~value reassessment. If a ~~rational~~financing ~~combination~~or other transaction is completed at such a valuation, of if the ~~company’s~~JV ~~SIP™~~goes ~~platform~~into ~~with immune-modulatory~~an ~~drugs~~initial ~~like~~public ~~interleukin~~offering 2as ~~(“IL-2”)~~is ~~and/or~~planned ~~immune~~in ~~checkpoint~~the ~~inhibitors~~Hong ~~has~~Kong Stock Exchange, the ~~potential~~Company towill ~~help~~reassess ~~achieve sustained~~ and ~~robust~~report ~~immune~~the ~~responses~~increase in ~~patients~~fair ~~with~~value ~~the~~of ~~most~~its ~~difficult-to-treat~~investment ~~forms~~in ofGMP ~~cancer.~~Bio at that time.

The Company ishas ~~also working on developing OT-101 as a possible drug candidate that can be deployed in various epidemic and pandemic diseases~~retained, ~~such~~outside ~~as Severe Acute Respiratory Syndrome (“SARS”) and specifically for the current COVID-19. As~~ of the ~~date of this report~~JV, ~~the Company has filed an Investigational New Drug Application (“IND”) with the United States Food~~ and ~~Drug~~is ~~Administration~~independently ~~(“FDA”)~~planning to ~~permit~~develop ~~the Company to conduct clinical trials to prove the efficacy of~~ OT-101 ~~against~~for ~~COVID-19.~~certain ~~The~~animal ~~Company~~health ~~has~~indications ~~initiated~~and ~~clinical trials in Latin America to evaluate the efficacy of~~is ~~OT-101~~contemplating ~~against~~using ~~COVID-19~~crypto ~~and~~currencies ~~expects~~for ~~preliminary~~that ~~results in the second quarter of the fiscal year 2021~~platform. The Company ~~plans~~also toacquired ~~initiate the~~Apomorphine ~~Company~~for Parkinson’s ~~Phase~~Disease, 2erectile dysfunction ~~clinical~~and ~~trial~~female ofsexual ~~OT-101,~~dysfunction. aIn ~~TGF-β antisense~~addition, ~~for~~ the ~~treatment~~Company ofis ~~patients~~evaluating ~~with mild to severe COVID-19 infection. Argentina now has~~ the ~~fifth~~further ~~highest~~development ~~tally~~ of ~~confirmed~~its ~~coronavirus~~product ~~cases~~candidates ~~worldwide, with the latest additions~~OXi4503 ~~taking~~as ~~it past Colombia in~~ a ~~global~~treatment ~~ranking~~for ~~compiled~~acute bymyeloid ~~John~~leukemia ~~Hopkins~~and ~~University.~~myelodysplastic ~~This~~syndromes ~~multi-center, double blind, randomized, placebo-control study will evaluate the safety~~ and ~~efficacy~~CA4P ~~of OT-101~~ in combination with ~~standard~~a ofcheckpoint ~~care~~inhibitor onfor ~~two~~the ~~patient groups~~treatment ~~– (1) mild or moderate disease, and (2) severe disease requiring mechanical ventilation or intubation. The study will enroll approximately 24 patients in Argentina with an aggregate total~~ of 72advanced ~~patients~~metastatic ~~study wide~~melanoma.

62-57-

InRecent ~~addition,~~Joint ~~the~~Venture Company is developing Artemisinin as an Ayurvedic therapeutic under the product names ARTIVedaTM (when marketed within India), and ArtiShieldTM (when marketed outside of India) (ARTIVedaTM and ArtiShieldTM are collectively referred to herein as “ARTIVedaTM”). Artemisinin, purified from a plant Artemisia Annua, has exhibited an ability to inhibit TGF-β activity and neutralize COVID-19. The Company’s test results during an in vitro study at Utah State University showed Artemisinin having an EC50 of 0.45 ug/ml, and a Safety Index of 140. Artemisinin can target multiple viral threats including COVID-19 by suppressing both viral replication and clinical symptoms that arise from viral infection. Viral replication cannot occur without TGF-β. Artemisinin also has been reported to have antiviral activities against hepatitis B and C viruses, human herpes viruses, HIV-1, influenza virus A, and bovine viral diarrhea virus in the low micromolar range. TGF-β surge and cytokine storm cannot occur without TGF-β. In a clinical study undertaken in India, clinical consequences related to the TGF-β surge, including ARDS and cytokine storm, were suppressed by targeting TGF-β with Artemisinin. The clinical study (“ARTI-19”) showing these results was a global study, enrolling at least 120 patients. The number of patients enrolled in the ARTI-19 trial increases the total aggregate number of patients using ARTIVedaTM to 3,000. The ARTI-19 trials were conducted by Windlas Biotech Private Limited (“Windlas”), the Company’s business partner in India, as part of the Company’s global effort at deploying ARTIVedaTM across India, Africa, and Latin America. The Windlas study evaluates the safety and efficacy of Artemisia Absinthium Powder 500mg capsule of ARTIVedaTM in the treatment of adults with COVID-19. Data from ARTI-19 is expected by end of the fourth quarter of the fiscal year 2021. The ARTI-19 trial was registered under the Clinical Trials Registry India (“CTRI”) with three active sites and additional sites to be added as the trial progresses and expands. ARTI-19 was conducted with Windlas as part of the plan for the Company’s global effort at deploying PulmohealTM, a product package of ARTIVedaTM, our artificial intelligence (“AI”) cough application (“ArtiHealth”), and our AI post marketing survey (“PMS”), across India, Africa, and Latin America. We continue to evaluate to seek approval, and subsequently launch PulmoHealTM, with or without local partners, in various countries within the regions planned. Developments

InThe ~~January~~JV’s ~~2021~~principal ~~and~~activities ~~subsequently~~centered on the commercialization of OT-101 for certain oncology indications in ~~February~~the ~~2021~~US and looking at other territories as well. In March 2025, the ~~Company~~JV ~~announced~~successfully ~~preliminary~~completed ~~results~~a ~~for~~Phase ~~ARTI~~1 clinical trial evaluating OT-19101, ~~trials~~in combination with IL-2 for ~~ARTIVeda™~~advanced or metastatic solid tumors. ~~The~~ ~~interim~~These results ~~announced~~set ~~were,~~the asstage ~~previously~~for ~~disclosed~~new ~~above~~studies that combine OT-101, ~~based~~an onantisense ~~120~~therapeutic targeting ~~randomized~~Transforming ~~patients~~Growth ~~across~~Factor 3Beta ~~sites~~2 in(TGFβ2), ~~India.~~with Wecheckpoint inhibitors (“CKIs”) and recombinant IL-2 (aldesleukin) ~~reported~~(“IL-2”). ~~positive~~The ~~topline~~Phase ~~results~~1 intrial ~~April~~(ClinicalTrials.gov ~~2021,~~ID: NCT04862767) investigated the safety and wetolerability ~~expect~~of ~~final~~OT-101 ~~data~~in ~~available~~combination with 6recombinant IL-82 ~~weeks~~in ~~thereafter~~patients with advanced or metastatic solid tumors. ~~Upon~~The ~~completion~~combination ofshowed a tolerable safety profile at the ~~trial~~planned ~~results~~dosing schedule, itwith isno unexpected safety signals identified. Based on the ~~Company’s~~favorable ~~objective~~safety data, the JV plans to ~~file~~advance ~~for~~OT-101 plus ~~Emergency~~IL-2 ~~Use~~into ~~Authorization~~further ~~(“EUA”)~~clinical studies, exploring synergies with ~~regulatory~~CKIs such as PD-1 blockers. The JV is also sponsoring investigator-initiated ~~authorities~~studies ~~around~~for ~~the~~OT-101 ~~world,~~for other oncology indications including ~~India,~~lung ~~the~~cancer ~~United~~(non ~~States,~~small ~~the~~cell ~~United~~lung ~~Kingdom,~~cancer- ~~countries~~NSCLC- inand ~~Africa~~ugh Mesothelioma.- MPM) and ~~Latin~~has ~~America;~~started ~~discussions~~clinical development for OT-101 for pancreatic cancer. Over ten patent family has been filed exploiting the central role ~~regarding~~of ~~EUA~~TGFB2 ~~with~~as ~~several~~prognostic indicator for cancer survival and one patent family for the intracranial delivery device of ~~these~~brain ~~authorities~~cancer ~~have~~with issued ~~commenced.~~patent in China and Germany.

NoIn ~~adverse~~addition ~~events~~to ~~were~~OT-101, ~~reported~~the ~~that~~JV ~~required~~as ~~discontinuation~~developed ofa ~~treatment.~~nanoparticle ~~When~~platform ~~ARTIVeda™ was added to the standard of care~~ (“~~SOC~~Nano Platform”), ~~more~~that ~~patients~~entails ~~recovered faster than SOC alone. Of~~ the 39formulation ~~patients, 31 patients (79.5%) being treated with ARTIVeda™ became asymptomatic after 5-day~~ of ~~therapy. In comparison, only 12 of the 21 control patients~~ ~~(57.1%)~~products ~~treated~~in ~~with~~new ~~SOC~~nanoparticle ~~alone became asymptomatic on day 5 (P=0~~sizes.~~028,~~ ~~Fisher’s~~The ~~exact~~JV ~~test).~~anticipates ~~For~~that the ~~sicklier~~Nano ~~patients~~Platform ~~(WHO scale~~may ~~4),~~offer ~~the~~superior ~~median~~platform ~~time to becoming asymptomatic was only 5 days~~ for the ~~ARTIVeda~~absorption +of ~~SOC group (N=18), as compared to 14 days~~water ~~for~~insoluble ~~the~~drugs ~~SOC~~across ~~alone group (N=10) (P=0.004, Log-rank test).These data sets provide clinical support that targeting the TGF-β pathway with ARTIVeda™ may contribute to~~ a ~~faster~~broad ~~recovery~~spectrum of ~~patients with mild to moderate COVID-19~~cancers. The ~~trend was~~JV ~~more~~is ~~pronounced~~working ~~with~~on ~~higher~~improved ~~initial~~formulations ~~disease~~for ~~status. Log rank statistics: WHO~~OT-~~scale~~101 ~~2,3,4:~~with p=new ~~0.0369~~nanoparticle ~~/RR = 1~~sizes.~~476 (0.8957-2.433),~~ ~~WHO-scale~~In 3addition,4: p=the ~~0.026/~~JV RRhas =identified ~~1.581~~five ~~(0.9094-2.747),~~additional ~~WHO-scale~~compounds 4:as p=product ~~0.0043/~~candidates RRon =the ~~2.038~~Nano ~~(0.9961-4.168).~~Platform, RRincluding ~~= rate ratio for recovery. The Company has published~~ the ~~results of the trial in certain renowned publications.~~ following:

● ~~In addition~~The toJV ~~ARTIVeda™,~~has completed the ~~Company~~formulation ~~has~~development ~~also~~of ~~developed~~the ~~and~~first ~~launched~~product--everolimus ~~ArtiHealth~~for ~~and~~injection. ~~the~~The ~~PMS,~~JV ~~and~~has ~~when~~initiated ~~packaged with~~a ~~ARTIVedaTM~~global ,clinical ~~are~~trial ~~packaged~~for asthat a product, ~~offering~~including ~~under~~open ~~the~~patient ~~name~~enrollment ~~PulmoHeal™~~in Australia. ~~PulmoHeal™ is~~The aJV ~~full~~hopes ~~evaluation~~to ~~package~~complete ofthe ~~drug~~Phase 1 trial and ~~assessment~~to ~~platforms~~move ~~for~~to ~~COVID-19,~~a ~~and~~Phase ~~other~~3 ~~respiratory~~noninferiority ~~disease~~trial ~~patients~~against Affinitor. ~~Windlas has~~Phase ~~launched~~3 ~~ArtiHealth~~trial onis ~~Amazon.in,~~slated ~~Flipkart,~~to initiate within one year with completion and ~~1mg.com.~~submission ~~The~~for ~~platform~~marketing ~~has~~approval ~~been~~no ~~powered~~less bythan ~~the~~three ~~Company’s~~years AIthereafter. ~~supercomputing and~~● AIThe ~~platform~~JV inis ~~conjunction~~developing ~~with~~palbociclib ~~IBM.~~for ~~Initially,~~injection on the ~~cough~~Nano ~~assessment~~Platform ~~will~~and beexpects ~~powered~~to byfile ~~Salcit~~the ~~Pvt.~~investigational ~~Ltd.’s~~new drug (“~~Salcit~~IND”) AI ~~module~~and to initiate a Phase 1 trial in late 2025 or early 2026. ~~Per~~● ~~Salcit,~~The ~~their~~JV AIis ~~module~~developing ~~has~~docetaxel ~~overall~~and ~~accuracy~~paclitaxel infor ~~predicting~~injection on the ~~pattern~~Nano ofPlatform and expects to file the ~~disease~~IND atto ~~91.97%,~~initiate ~~sensitivity~~a ~~at 87~~Phase 1 trial for this product candidate in late 2025 or early 2026. These are expected to go through the 505(b)2%, ~~and~~bioequivalence ~~specificity~~pathway atwhich ~~93.69%.~~should result in rapid entrance into the market

63The DeciparticleTM platform has proven robust and is being expand to other drug candidates through partnering. The platform is protected by more than 15 patent families covering chemical composition, manufacturing, and method of use.

~~Our~~The ~~artificial~~JV ~~intelligence~~built ~~subsidiary, PointR, develops and deploys high performance cluster computers and AI technologies as~~ a ~~supercomputing grid~~GMP ~~that can be layered in and interconnected to create an all-point mesh to harvest operational data within~~ manufacturing ~~plants, hospitals,~~facility clinics, and phase I units. These grids provide real-time, localized decision-making, harvesting complex data from structured and unstructured sources. The deployment of this supercomputing grid enables data capture and insight extraction in ~~real~~ ~~time~~San ~~in blocks which are chained into blockchain ledger records serving as immutable transactions for stakeholders such as regulatory agencies~~Diego, ~~caretakers,~~California ~~insurers,~~(the ~~payers,~~“San ~~and~~Diego ~~manufacturers~~Facility”). ~~The~~In ~~PointR~~late ~~grid can integrate and fuse data from any type of sensors or collection devices. For example~~2024, the ~~Vision~~San ~~platform is a network of activity detection cameras functionalized with~~Diego AIFacility ~~algorithms~~was toissued ~~monitor, evaluate, and archive real time visual data as~~ a ~~series~~Drug ofManufacturing ~~metadata~~License ~~entries~~by ~~in a Blockchain ledger. In~~ the ~~pharmaceutical~~State ~~industry,~~of ~~PointR’s~~California AIDepartment ~~combined with Blockchain will be used in the entire life cycle~~ of aPublic ~~drug:~~Health ~~discovery, clinical trials~~ and ~~manufacturing.~~Food ~~Leveraging its deep partnership with IBM, the PointR team will combine its own AI Vision technology with industry standard Blockchain to transform drug manufacturing~~ and ~~real-world~~Drug ~~evidence monitoring for clinical trials~~Branch. ~~The combined~~A ~~system has the potential to automatically record individual key steps in Current Good Manufacturing Practice regulations~~significant ~~enforced~~portion ~~by the FDA (“CGMP”) for manufacturing operations including the flow~~ of ~~people, raw materials and operations in trusted perpetual blockchain ledgers that are indisputable. This has~~ the ~~potential to create much more efficient CGMP~~ manufacturing ~~operations~~ ~~while~~for ~~simultaneously improving reliability and data security. The Company is also developing AI driven telehealth and other applications, that would be used in health monitoring and supporting~~ the ~~Company’s~~Nano ~~various clinical programs. The PointR technology is planned to be transferred into Edgepoint. Edgepoint also plans to redeploy TrustPoint~~Platform, aincluding ~~tested technology for CGMP drug manufacturing relieving human errors in supply chain and increasing compliance with warehouse operating procedures. For example,~~ the ~~warehouse~~development ~~module~~ of ~~TrustPoint~~Phase ~~will~~I ~~automatically~~clinical ~~create~~trial ~~a shopping list from standard templates and alert supply chain personnel to collect and deliver a list of raw~~ materials ~~to manufacturing. To support the anti-viral drug program~~, ~~Edgepoint~~ is ~~developing~~conducted ArtiHealth. Protected by patents and partnership with IBM Watson Health Research the Edgepoint App allows patients to cough and speak into the Edgepoint App that can be operated either by a nurse or by the end-user patient at ~~home. The Edgepoint App is part of~~ the ~~company’s Telehealth platform to remotely monitor patient’s progression of disease. The Company’s~~ ~~clinical~~San ~~trials~~Diego ~~of ARTIVedaTM will deploy the Edgepoint App to COVID-19 patients in the study to collect and score data by medical professionals~~Facility. ~~The~~Evaluation data will be used by the AI to predict and diagnose patients as a de-novo software as a medical device. After regulatory approvals, the Edgepoint App will be bundled with ARTIVedaTM to be prescribed by physicians. Patients will be able to self-monitor progression of ~~their~~larger ~~respiratory~~commercial ~~condition~~scale ~~with~~manufacturing ~~the~~is ~~Edgepoint App as much as they check their temperature with a thermometer~~ongoing. ~~The Edgepoint App virtualizes and expands the use of spirometers in the form of a software app.~~

~~Since~~In ~~April~~early ~~2019~~2025, wethe ~~have~~Company ~~been~~entered ~~operating~~into ~~under~~a ~~significant~~strategic ~~capital~~partnership ~~constraints,~~with ~~which~~Shanghai ~~has~~Medicilon, ~~curtailed~~Inc. ~~our~~(“Medicilon”) ~~ability~~ to ~~achieve meaningful~~access ~~progress~~its inindustry-leading ~~either~~rapid ofIND ~~the~~development ~~Company’s~~platform ~~two~~to ~~clinical~~support ~~programs~~up –to ~~one~~20 ofIND ~~which~~projects, isincluding ~~developing~~INDs ~~OXi4503~~developed asby ~~a treatment for acute myeloid leukemia and myelodysplastic syndromes and~~ the ~~other~~JV. ofAll ~~which~~six ~~is developing CA4P in combination with a checkpoint~~of ~~inhibitor for~~ the ~~treatment~~compounds ~~of advanced metastatic melanoma. We believe~~ that the ~~merger~~JV ofis ~~Oncotelic~~developing ~~and~~are ~~Oncotelic~~planned ~~Inc. creates a combined company that has potential~~ to ~~generate~~be ~~shareholder~~initiated ~~value~~under ~~through~~these aINDs, ~~promising~~and ~~pipeline~~are offocused ~~next~~on next-generation ~~immunotherapies targeting~~anticancer ~~several significant cancer markets where there is a lack of therapeutic options and lack of an effective immunotherapy protocol~~ agents.

The JV ~~Research~~was initially funded by equity contributions from Dragon under the terms of the joint venture agreement. That equity funding commitment ~~Service~~has ~~Agreement~~been ~~between~~fully paid as of September 30, 2025. On May 31, 2025, GMP Bio and Golden Mountain Partners, ~~LLC~~an (affiliate of Dragon, entered into a note purchase agreement and promissory note pursuant to which Golden Mountain Partners agreed to loan funds to the JV sufficient to meet its operating expenses for 2025. The loans are made as monthly advances, bear interest at the Wall Street Journal “~~GMP~~Prime”) rate, and ~~the~~matures ~~Company~~on December 31, 2026. Amounts due under the promissory note are convertible into equity of the JV at the election of Golden Mountain Partner at a price equal to 80% of the price for shares issued in connection with an equity financing of $20 million or more, or otherwise at a mutually agreed price.

~~When~~The ~~COVID-19~~JV ~~emerged~~is inplanning ~~China, the Company and GMP contemplated a collaboration~~ to ~~develop~~conduct ~~drug~~an ~~candidates~~initial ~~for~~public ~~COVID-19.~~offering ~~Oncotelic Inc. and GMP entered into a research and services agreement (the “GMP Research Agreement”)~~ on ~~February 3, 2020 memorializing their collaborative efforts to develop and test COVID-19 antisense therapeutics (~~the ~~“GMP~~Hong ~~Agreement~~Kong ~~Product”). On~~Stock ~~March~~Exchange ~~18,~~in ~~2020,~~ the ~~Company~~late ~~reported~~2026 ~~the~~time ~~anti-viral activity of OT-101 – its lead drug candidate currently in phase 3 testing in pancreatic cancer and glioblastoma~~frame. In anconnection ~~in vitro antiviral testing performed by an independent laboratory, OT-101~~with ~~has an 50% effective concentration (“EC50”) of 7.6 µg/mL and is not toxic at~~ the ~~highest~~planned ~~dose~~public ~~of 1000 µg/mL giving a safety index (“SI”) value of >130~~offering, ~~which~~the isJV ~~considered~~venture ~~highly~~has ~~active.~~retained Onan ~~March~~investment ~~23, 2020,~~banker ~~the Company~~ and ~~GMP~~Deloitte ~~entered~~LLP ~~into a supplement to the GMP Research Agreement (the “GMP Research Supplement”) to confirm the inclusion of OT-101 within the scope of the GMP Research Agreement~~ as aits ~~GMP~~independent ~~Agreement~~accounting ~~Product,~~firm ~~pending positive~~to ~~confirmatory~~audit ~~testing against COVID-19. In consideration for~~ the financial ~~support~~statements ~~provided~~that bywould ~~GMP~~be ~~for~~included ~~the~~in ~~research, pursuant to~~ the ~~terms~~public offilings. ~~the~~The ~~GMP~~JV ~~Research~~also ~~Agreement~~hired ~~(as~~a ~~amended~~valuation byconsultant ~~the GMP Research Supplement) GMP is entitled~~ to ~~obtain~~provide ~~certain exclusive~~guidance ~~rights to the use of the GMP Agreement Product in the COVID Field~~ on ~~a global basis, and an economic interest in~~ the ~~use~~potential ofpricing ~~the GMP~~for ~~Agreement Product in~~ the ~~COVID~~planned ~~Field including 50/50 profit sharing~~IPO. AsThat ~~described~~initial ~~in the GMP Research Supplement~~valuation, ~~the Company intends to license or assign intellectual property rights, including the 2020 Patent Application~~ and ~~any other intellectual property rights owned or controlled by~~ the ~~Company~~JV’s ~~relating~~current ~~to the GMP Agreement Product~~plans, ~~OXi4503~~contemplate ~~and CA4P, to~~ a ~~joint~~public ~~venture company~~offering ~~(the~~with ~~“Joint~~a ~~Venture~~total ~~Company”)~~enterprise tovaluation besignificantly ~~established~~higher ~~jointly~~than ~~between Oncotelic Inc~~1B. ~~and~~As ~~GMP~~of ~~(or~~September ~~its designee)~~30, ~~as well as providing management services and other expertise to the Joint Venture Company. GMP intends that it (or its designee~~2025, as the ~~case may be) shall provide funding to the Joint Venture~~ Company toowns ~~support~~45% ~~its~~of ~~development~~GMP ~~and~~Bio. ~~commercial~~During ~~activities in~~ the ~~Joint Venture Company’s territories~~ quarter, ~~and~~GMP inBio ~~each~~completed ~~case,~~an onindependent ~~terms~~third-party tovaluation ~~be agreed~~ by ~~the~~Frost ~~parties.~~& ~~GMP~~Sullivan ~~shall be entitled to use its governmental relations and local expertise in Greater China to assist with coordinating the research, development and commercialization of~~ (i)Hong ~~the GMP Agreement Products in the COVID Field~~Kong), ~~(ii)~~which ~~the~~preliminarily ~~GMP~~estimated ~~Agreement Products in~~ the ~~OT101 Oncology~~ ~~Field,~~potential ~~(iii)~~value ~~OXi4503;~~of ~~and~~the ~~(iv)~~drug ~~CA4P,~~pipeline inunder ~~each~~development ~~case~~at inapproximately ~~Greater China~~$1.7 billion..

64The JV’s planned public offering is subject to a number of risks and uncertainties, some involving the JV’s ability to executed on its business plan, but others outside the JV’s control including market forces. Consequently there is no assurance that the planned Hong Kong public offering will take place in late 2026, or at all, and there is no assurance as to what enterprise value would be ascribed to the JV at that time.

~~The~~Based ~~Joint~~on ~~Venture~~the ~~Company~~JV’s isadvances, ~~intended~~including tothe bedevelopment ~~owned~~of ~~50%~~the byNano ~~Oncotelic~~Platform ~~Inc.~~ and ~~50%~~pipeline ~~by GMP (or its designee),~~ and ~~its principal activities shall be to research, develop, bring to market and commercialize: (i)~~ the ~~GMP~~planned ~~Agreement~~Hong ~~Products~~Kong inpublic ~~the~~offering ~~COVID Field on a global~~the ~~basis,~~Company ~~(ii)~~believes ~~the~~that ~~GMP~~its ~~Agreement~~ownership ~~Products~~interest in the ~~OT101~~JV ~~Oncology~~may ~~Field,~~be ~~(iii)~~significantly ~~OXi4503;~~higher ~~and~~than ~~(iv)~~the ~~CA4P,~~reported invalue ~~each~~on ~~case~~its infinancial ~~Greater China.~~statements, Onwhich ~~April~~is 6,based ~~2020,~~on the ~~Company~~valuation ~~announced~~at ~~that it had delivered~~ the ~~requisite~~time ~~testing~~of ~~results~~its toinitial ~~GMP~~investment ~~confirming~~in the ~~applicability and~~JV ~~potential~~in ~~use of OT-101 for the treatment of COVID-19~~2022. ~~OT-101~~The ~~exhibited potent activity against both COVID-19 and SARS with a robust safety index of >500. Also, the~~ Company ~~has~~intends ~~submitted~~to ~~a Pre~~re-~~Investigational~~evaluate ~~New Drug application package to~~ the ~~FDA.~~carrying ~~GMP~~value ~~paid the Company fees~~ of ~~$300,000 during~~ the ~~three~~minority ~~months~~interest ~~ended~~in ~~March 31, 2020 and $900,000 during~~ the ~~three~~coming ~~months ended June 30, 2020 for the services rendered under the agreement~~quarter. ~~The Company also recorded approximately $40,000 for reimbursement of actual costs incurred.~~

~~In June 2020, the Company secured $2 million in debt financing, evidenced by a one~~-~~year convertible note (the “GMP Note”) from GMP or its affiliate, to conduct a clinical trial evaluating OT~~58-101 against COVID-19 bearing 2% annual interest, and is personally guaranteed by Dr. Vuong Trieu, the Chief Executive Officer of the Company. The GMP Note is convertible into the Company’s Common Stock upon the GMP Note’s maturity one year from the date of the GMP Note, at the Company’s Common Stock price on the date of conversion with no discount. GMP does not have the option to convert prior to the GMP Note’s maturity at the end of one year. Such financing will be utilized solely to fund the clinical trial.

~~The~~Recent ~~Company’s~~Financing liability under GMP Note commenced to accrue when GMP first began to pay for services related to the clinical trial to our third-party clinical research organization, up to a maximum of $2 million. As of March 31, 2021, the clinical research organization has invoiced GMP’s affiliate for the entire $2 million, and the Company has accrued the $2 million as a convertible debt, including accrued interest thereon, under the terms of the GMP Note. Transactions

~~Entry~~In July, 2025, the Company entered into ~~MOU~~a securities purchase agreement with Mast Hill Fund LP (“Mast Hill”), under which the Company issued one convertible note in the aggregate principal amount of $560,000 to Mast Hill (“2025 Mast Note”). The 2025 Mast Hill Note has an original issue discount of 10%, carries an interest rate of 10% per annum and ~~Agreement~~matures on the earlier of July 31, 2026, subject to acceleration in an event of default. Mast Hill has the right, at any time, to convert all or any part of the outstanding and unpaid balance under of the 2025 Mast Hill Note into shares of Company’s common stock at a conversion price of $0.07 per share. In connection with ~~Windlas~~the issuance of the 2025 Mast Note, the Company issued Mast Hill 2,000,000 warrants to purchase common stock at a strike price of $0.15 up to five years after issuance. The Company also issued to Mast Hill 2,250,000 shares of the Company’s common stock as a commitment fee. For more information on the 2025 Mast Note, refer to Note 5 of the Notes to the Consolidated Financial Statements included in this report.

InOn August ~~2020~~1, 2025, the Company ~~executed~~entered ainto ~~memorandum~~an ofEquity ~~understanding~~Purchase Agreement (the “~~MOU~~Mast EPA”) and Registration Rights Agreement with ~~Windlas~~Mast ~~for~~Hill. Under the ~~development and~~terms ~~commercialization~~ of ~~Artemisinin~~the asMast aEPA, ~~therapeutic~~Mast ~~pharmaceutical~~Hill agreed to purchase from the Company up to $25,000,000 ~~nutraceutical~~of ~~and~~shares ~~herbal~~of ~~supplement~~the ~~against~~Company’s Common ~~COVID~~stock upon effectiveness of a registration statement on Form S-191 filed with the U.S. ~~The~~Securities and Exchange Commission and subject ~~development~~to ofcertain ~~Artemisinin~~limitations ~~against~~and ~~COVID-19~~conditions isset ~~dependent~~forth onin the ~~successful~~Mast ~~completion~~EPA. ofThe ~~ARTI-19~~Registration ~~clinical~~Rights ~~trial~~Agreement ~~“Artemisinin Intervention~~provided ~~trial~~that ~~against~~the ~~COVID-19”,~~Company ~~which~~would is(i) file ~~being~~the ~~initiated~~registration ~~globally~~statement inwith ~~Africa,~~the ~~India~~SEC by October 1, 2025: and ~~South~~(ii) ~~America.~~use ~~Windlas~~its ~~will~~best efforts to have the registration statement bedeclared ~~our~~effective ~~manufacturing~~by ~~partner~~the ~~for~~SEC at the ~~clinical~~earliest ~~trial~~possible ~~batches~~date as(in ~~well~~any asevent, ~~commercial~~within ~~batches.~~90 Inafter ~~September~~days ~~2020,~~after the ~~Company~~execution ~~executed~~ date of the definitive ~~final~~agreements). ~~MOU~~The ~~with~~Company ~~Windlas~~intends ~~regarding~~to file the ~~development~~registration ~~and~~statement ~~commercialization~~on ofForm ~~Artemisinin~~S-1 with the SEC as ~~therapeutic~~soon ~~pharmaceutical,~~as ~~nutraceutical~~possible. In connection with the Equity Purchase Agreement, the Company issued 3,350,000 warrants to Mast Hill and ~~herbal~~recorded ~~supplement~~a ~~against~~fair ~~COVID-19.~~value deferred finance cost of approximately $122,000.

~~The~~Following ~~ARTI-19~~effectiveness ~~trial~~of ~~has~~the ~~been~~registration ~~cleared~~statement, ~~by India regulatory authorities~~ and ~~registered~~subject ~~under~~to ~~CTRI.~~certain ~~Three~~limitations ~~sites~~and ~~had~~conditions ~~been~~set ~~selected~~forth ~~for~~in the ~~ARTI-19~~ ~~trial~~Mast EPA, the Company ~~approval~~shall ofhave the ~~requisite~~discretion ~~Institutional~~to ~~Review~~deliver ~~Boards~~put ~~has~~notices ~~been~~to ~~obtained,~~the Investor and the ~~respective~~Investor ~~staff~~will ~~has~~be ~~been~~obligated to purchase shares of the ~~trained~~Company’s ~~into~~common stock based on the ~~protocol~~investment ~~and~~amount ~~electronic~~specified ~~data~~in ~~capture~~each ~~systems~~put notice. ~~Additional~~The ~~sites~~minimum ~~will~~amount that the Company shall be ~~added~~entitled asto put to the ~~trial~~Investor ~~progresses.~~in ~~Enrollment of~~each ~~120~~put ~~patients~~notice ~~was~~is ~~completed~~$5,000 ~~during~~and the ~~year~~maximum ~~ended~~amount ~~December~~is ~~31,~~up ~~2020~~to the lesser of $0.5 Inmillion ~~January~~or ~~2021~~twenty percent ~~and~~(20%) ~~subsequently~~of inthe ~~February~~average ~~2021,~~daily trading value of the Company’s ~~announced~~Common ~~preliminary~~stock. ~~results~~Pursuant ~~for~~to ~~ARTIVedaTM,~~the ~~and~~Equity ~~final~~Purchase ~~topline~~Agreement, ~~results~~the Mast inHill ~~April~~will ~~2021.~~not Asbe ~~described~~permitted ~~above~~to purchase, ~~ARTIVedaTM~~ isand the Company may not put shares of the Company’s ~~lead~~common ~~Ayurvedic~~stock ~~drug~~to ~~against~~the ~~COVID-19~~Investor that would result in ~~India~~the ~~and~~Investor’s ~~being~~beneficial ~~developed~~ownership byof the Company in’s ~~partnership~~outstanding ~~with~~common ~~Windlas~~stock exceeding 4.99%. The Weprice ~~expect~~of ~~final~~each ~~data~~put ~~available~~share ~~6-8~~shall ~~weeks~~be ~~thereafter.~~equal ~~Upon~~to ~~completion~~the lesser of: (i) 97% of the ~~trial~~lowest ~~results~~VWAP during the Valuation Period or (ii) 102% of the lowest traded price during the Valuation Period (provided, ithowever, that if a minimum price is specified and the common stock trades below the ~~Company’s~~minimum ~~objective~~price, tothen ~~file~~the ~~for~~purchase ~~Emergency~~price ~~Use~~under ~~Authorization~~clause (~~“EUA”~~ii) ~~with~~instead ~~regulatory~~becomes ~~authorities~~equal ~~around~~ to the ~~world,~~minimum ~~including~~price ~~India,~~specified in the ~~United~~relevant Put ~~States,~~Notice). If a minimum price is specified by the Company in a Put Notice and the ~~United~~common ~~Kingdom;~~stock ~~discussions~~trades ~~regarding~~at ~~EUA~~a ~~with~~price ~~several~~per share that is less than the minimum price during the Valuation Period then the number of ~~these~~shares ~~authorities~~with respect to such Put Notice shall automatically ~~have~~be ~~commenced.~~reduced ~~For~~to ~~more~~the ~~information,~~number ~~please~~of ~~see~~shares ~~above~~sold ~~under~~by ~~Company~~the ~~Overview.~~Selling Stockholder prior to the first time that the common stock traded below the minimum price during the Valuation Period.

65-59-

~~Agreement~~Jefferson ~~with~~Capital ~~Autotelic~~Ventures, ~~BIO~~LLC and Valor Nation, Inc Independent Contractor Agreements

~~Oncotelic~~In ~~Inc.~~August, ~~had~~2025, the entered into aindependent ~~license~~contractor ~~agreement~~agreements inwith ~~February~~each ~~2018~~of ~~(the~~Jefferson ~~“ATB~~Capital ~~Agreement”)~~Ventures, ~~with~~LLC ~~Autotelic BIO~~ (“~~ATB~~Jefferson”), aand ~~non-affiliated~~Valor ~~Korean~~Nation, ~~Company~~Inc. ~~The ATB Agreement licensed the use of OT-101, in combination with Interleukin-2~~ (~~the~~ “~~Combined Product~~Valor”), ~~and granted~~ to ~~ATB~~provide anconsulting ~~exclusive~~and ~~license~~advisory ~~under~~services ~~the~~including ~~Oncotelic~~strategic ~~Inc.~~planning ~~technology to develop~~meetings, ~~make, have made,~~coordination ~~use,~~non-legal ~~sell,~~support ~~offer~~ for ~~sale~~SEC compliance, ~~import~~balance ~~and~~sheet ~~export the Combined Product,~~ and ~~the~~income ~~Combined~~statement ~~Product~~optimization ~~only~~strategies, inshareholder ~~the~~and ~~field,~~investor ~~throughout the~~communication ~~entire~~planning, ~~world~~liaison ~~(excluding~~with ~~the~~investment ~~United~~bankers, ~~States~~analysts, ~~of America~~ and ~~Canada)~~institutional ~~as the territory~~investors, onoperational ~~the~~efficiency ~~terms~~ and ~~subject~~cost-saving ~~to the conditions~~recommendations ofand ~~the~~ancillary ~~ATB~~strategic ~~Agreement.~~services ~~The~~not ~~ATB~~requiring ~~Agreement~~a ~~requires~~license, ~~ATB~~corporate toplanning, beoperations ~~responsible~~and ~~for~~capital ~~the~~markets ~~development~~advisory ofservices ~~the~~not ~~Combined Product. Oncotelic~~requiring ~~Inc~~licenses. ~~was~~Such ~~responsible~~services toshall ~~provide~~be toprovided ~~ATB~~by ~~the~~Jefferson ~~technical~~and ~~know-how~~Valor ~~and~~for ~~other~~a ~~pertinent~~period ~~information~~of on18 ~~the~~months, ~~development~~unless ofterminated ~~the~~earlier ~~Combined Product.~~by ~~ATB~~either ~~paid~~party under ~~Oncotelic~~certain ~~Inc~~predefined conditions. aJefferson ~~non-refundable~~has ~~milestone~~agreed ~~payment~~to inbe ~~consideration~~compensated ~~for~~$20,000 ~~the~~per ~~rights~~month ~~and~~in ~~licenses~~cash ~~granted~~and to ~~ATB~~be issued 20,320,930 restricted ~~under~~shares of the ~~ATB~~Company’s ~~Agreement,~~common stock and ~~ATB~~Valor ~~was~~has agreed to ~~pay~~be ~~Oncotelic~~compensated ~~Inc.~~with ~~$500~~4,~~000~~064,586 ~~within~~shares ~~sixty~~of ~~days~~common ~~from~~stock. While the ~~successful~~shares ~~completion~~ of ~~the~~common ~~in vivo~~stock ~~efficacy~~will ~~studies.~~be ~~This~~issued ~~payment~~to ~~was~~Jefferson ~~made~~they inare ~~June~~subject ~~2020~~to ~~after~~forfeiture, ~~the~~and ~~successful~~Jefferson ~~completion~~will ofearn the ~~in-vivo~~common stock ~~study~~only ~~and~~upon the ~~Company recorded~~achievement ~~the~~of ~~revenue~~milestones. ~~during~~The ~~the~~milestones ~~three~~include ~~months~~(a) ~~ended~~the ~~June~~Company’s ~~30,~~market ~~2020.~~capitalization Inexceeding ~~addition,~~$100 million ~~ATB~~on isany tosingle ~~pay~~trading ~~Oncotelic~~day’s ~~Inc.:~~close, (ib) ~~$500,000~~the ~~upon Oncotelic~~cumulative ~~Inc.’s~~increase ~~completion~~ of ~~the~~at ~~technology~~least ~~know~~$10 ~~how~~million ~~and~~in ~~Oncotelic’s~~shareholder ~~technical~~equity ~~assistance~~from ~~and~~the ~~regulatory consultation~~start toof ~~ATB~~engagement, asand ~~determined~~(c) by the ~~preparation~~successful ofuplisting to a ~~Current~~U.S. ~~Good~~national ~~Regulation~~exchange ~~Practices~~(e.g., ~~audit~~Nasdaq or ~~certification~~NYSE byAmerican) ~~the Food and Drug Administration,~~ with aat ~~mutual~~least ~~goal~~one tofull ~~obtain marketing approval~~ day of ~~the~~trading. ~~Combined~~On ~~Product in~~ the ~~aforementioned~~accomplishment ~~territory;~~of ~~(ii)~~each ~~$1,000,000~~milestone ~~upon receiving~~an ~~marketing~~amount ~~approval~~equal ofto the ~~Combined~~greater ~~Product~~of ~~in Japan~~6, ~~China~~774,300 ~~Brazil, Mexico, Russia,~~ or ~~Korea;~~1.663% ~~and (iii) $2,000,000 from receiving marketing approval~~ of the ~~Combined~~Company’s ~~Product~~fully diluted inoutstanding ~~Germany,~~shares ~~France,~~shall ~~Spain,~~vest. ~~Italy,~~For ormore ~~the~~information ~~United~~on ~~Kingdom. ATB paid~~ the ~~Company fees~~Jefferson ofand ~~$0.5~~Valor ~~million~~ICAs, ~~during~~refer ~~the~~to ~~three~~our ~~months~~Current ~~ended~~Report ~~June~~on ~~30,~~Form ~~2020~~8-K filed ~~for~~with the ~~successful~~SEC ~~completion~~on ofAugust ~~the~~12, ~~in-vivo efficacy studies~~2025.

~~Private~~Short-term ~~Placement through JH Darbie & Co., Inc.~~ loans

~~Between~~As ~~July 2020 and March 2021, the Company offered and sold certain units (“Units”) in a private placement through JH Darbie & Co., Inc. (“JH Darbie”), with each unit consisting~~ of: ~~(i)~~January 251,~~000~~ ~~shares of Edgepoint common stock~~2024, ~~par~~approximately ~~value~~ $01.015 ~~per~~million ~~share~~was ~~(“Edgepoint~~outstanding ~~Common~~and ~~Stock”),~~payable ~~for~~to ~~a price of $1~~Autotelic.00 ~~per~~During ~~share of Edgepoint Common Stock; (ii) one convertible promissory note issued by~~ the ~~Company~~year ~~(the~~ended ~~“Unit~~December ~~Note”)~~31, ~~convertible~~2024 ~~into up to~~Autotelic ~~25,000~~Inc. ~~shares~~provided ofadditional ~~EdgePoint~~short-term ~~Common~~funding ~~Stock at a conversion price~~ of approximately $10.006 ~~per~~million ~~share, or up~~ to ~~138,889 shares of~~ the Company~~’s Common Stock, at a conversion price of $0~~.18 ~~per~~During ~~share;~~the ~~and~~nine ~~(iii)~~months ~~100,000~~ended ~~warrants~~September ~~(the “Warrants”)~~30, ~~consisting~~ of2025 ~~(a)~~Autotelic ~~50,000~~Inc. ~~warrants~~provided toadditional ~~purchase~~short-term anfunding ~~equivalent number~~ of ~~shares of EdgePoint Common Stock at~~ $~~1.00 per share (“Edgepoint Warrant”)~~435, ~~and (b) 50,~~000 ~~warrants~~ to ~~purchase an equivalent number of shares of Company Common Stock at $0.20 per share (~~the ~~“JH Darbie Financing”). In total, as of December 31, 2020, the~~ Company ~~had issued and sold a total of 63 Units~~. InAs ~~addition~~such, ~~6.3~~approximately ~~Units were issued to JH Darbie as fees~~$2.5 ~~Subsequent~~million towas ~~December 31, 2020 and through the date of this~~outstanding ~~report, the Company sold the rest of the 37 Units~~ and JHpayable ~~Darbie~~to ~~has~~Autotelic ~~earned~~at ~~additional~~September ~~3.7~~30, ~~Units as fees~~2025.

~~The~~As JHof ~~Darbie~~January ~~Financing~~1, ~~resulted~~2024, inapproximately ~~gross~~$35,000 ~~proceeds~~was ofoutstanding $5and ~~million~~payable to the Company.’s ~~Placement agent fees of $0~~CFO.65 ~~million~~During ~~were~~the ~~paid~~year ~~to JH~~ended ~~Darbie~~December ~~pursuant to that certain Placement Agent Agreement~~31, ~~dated February 25~~ 2024, ~~2020 between~~ the ~~Company~~CFO ~~and~~provided JHadditional ~~Darbie~~short-term ~~(the~~funding ~~“Darbie Placement~~of ~~Agreement”)~~$41,000. In ~~addition,~~ the ~~Company~~nine ~~paid~~months ~~approximately~~ended ~~$39~~September 30,~~000~~ as2025, ~~legal costs for~~ the ~~transaction.~~CFO ~~Under~~provided additional ~~the~~short-term ~~Darbie~~funding ~~Placement~~of ~~Agreement~~$10,000 JHto ~~Darbie had~~ the ~~right~~Company. toAs ~~sell~~such, aapproximately ~~minimum~~$86,000 ofwas 40outstanding ~~Units~~ and apayable ~~maximum~~to ofthe ~~100~~Company’s ~~Units~~CFO onat September a30, ~~best-efforts basis~~2025. ~~The~~In ~~Company~~December ~~has~~2023, ~~had~~the ~~nine~~Company ~~tranches~~received ~~under~~$50,000 from the JHCompany’s ~~Darbie~~CEO. ~~Financing~~As ~~between~~such, ~~July and March 31~~$50,000 ~~2021.~~was ~~Subsequent~~outstanding to ~~December~~ ~~31, 2020,~~ the Company’s ~~received~~CEO ~~gross~~at ~~funds~~September of30, $12025.85 ~~million~~As ~~through~~of 4September ~~tranches~~30, ~~under~~2025, ~~the~~approximately JH$210,000 ~~Darbie~~was ~~Financing.~~outstanding ~~Placement~~as ~~fees~~short-term ofadvances ~~$0.2~~from ~~million~~certain ~~were~~bridge ~~paid to JH Darbie in connection with such financing~~investors.

~~Paycheck~~Equity ~~Protection~~Purchase ~~Program~~Agreement (Peak One)

In ~~April~~May ~~2020~~2021, the Company ~~received~~entered ~~loan~~into ~~proceeds~~an inEquity ~~the~~Purchase ~~amount~~Agreement ~~of $250,000 under~~ (the ~~Paycheck Protection Program (~~“~~PPP~~EPL”) ~~which~~ ~~was established under the Coronavirus Aid, Relief~~ and ~~Economic~~Registration ~~Security~~Rights Agreement (the “~~CARES~~Registration Rights Agreement”) ~~Act~~with ~~and~~Peak isOne ~~administered by~~Opportunity ~~the~~Fund, ~~Small~~L.P. ~~Business Administration~~ (“~~SBA~~Peak One”)., ~~The~~pursuant ~~PPP provides loans~~ to which ~~qualifying~~the ~~businesses~~Company inshall ~~amounts~~have ~~up to 2.5 times~~ the ~~average~~right, ~~monthly~~but ~~payroll~~not ~~expenses~~the ~~and~~obligation, ~~was designed~~ to ~~provide~~ direct ~~financial~~Peak ~~incentive~~One to ~~qualifying~~purchase ~~businesses~~ up to ~~keep their workforce employed during the Coronavirus crisis~~$10.0 ~~PPP~~million ~~Loans are uncollateralized and guaranteed by~~ (the ~~SBA and are~~“Maximum ~~forgivable~~Commitment ~~after a “covered period~~Amount” ~~(8 weeks or 24 weeks~~) asin ~~long~~shares asof the ~~borrower~~common ~~maintains its payroll levels and uses the loan proceeds for eligible expenses~~stock, ~~including~~par ~~payroll,~~value ~~benefits,~~$0.01 ~~mortgage~~per ~~interest,~~share ~~rent~~in ~~and~~multiple ~~utilities~~tranches. The ~~forgiveness amount~~Company ~~will~~filed bea ~~reduced if the borrower terminates employees or reduces salaries and wages more than 25% during the covered period.~~post-effective ~~Any~~amendment ~~unforgiven~~for ~~portion~~EPL ison ~~payable~~April ~~over 2 years if issued before~~15, or2025 ~~5 years if issued after, June 5, 2020 at an interest rate of 1%~~ with ~~payments~~the ~~deferred~~SEC ~~until~~and the ~~SBA~~SEC ~~remits~~has made the ~~borrowers~~post-effective ~~loan~~amendment ~~forgiveness~~effective ~~amount~~on toApril ~~the lender~~21, or2025. ifThe ~~the borrower does~~Company ~~not~~filed ~~apply~~a ~~for~~prospectus ~~forgiveness,~~under 10rule ~~months~~424b3 ~~after~~with the ~~covered~~SEC ~~period.~~on ~~PPP~~April ~~loans provide for customary events of default~~29, ~~including~~2025. ~~payment defaults,~~For ~~breach~~more ofinformation ~~representations~~on ~~and~~the ~~warranties~~EPL, ~~and~~refer ~~insolvency~~to ~~events~~Note ~~and~~10 ~~may be accelerated upon occurrence~~ of ~~one~~the orNotes ~~more~~to ~~of these events of default. Additionally,~~ the ~~PPP~~Unaudited ~~Loans~~Consolidated doFinancial ~~not include prepayment penalties~~Statements.

The Company believes it met the PPP’s loan forgiveness requirements but has not yet applied for forgiveness. When legal release is received from the SBA or lender, the Company will record the amount forgiven as forgiveness income within the other income section of its statement of operations. If any portion of the PPP loan is not forgiven, the Company will be required to repay that portion, plus interest, through the maturity date. -60-

~~The~~Mosaic ~~SBA reserves the right to audit any PPP loan~~ImmunoEngineering, ~~regardless of size~~Inc. ~~These~~Term audits may occur after the forgiveness has been granted. In accordance with the CARES Act, all borrowers are required to maintain their PPP loan documentation for six years after the loan was forgiven or repaid in full and to provide that documentation to the SBA upon request. Sheet

~~The~~In ~~balance~~April ~~outstanding~~2024, onthe ~~PPP~~Company ~~loan~~entered ~~inclusive~~into ofa ~~interest~~binding ~~accrued~~term ~~was~~sheet ~~$252~~(the “Term Sheet”) with Mosaic ImmunoEngineering,~~349~~ ~~and~~Inc. ~~$251~~(“Mosaic”). For more information on the Term Sheet,~~733~~ refer to the Current Report on ~~March~~Form 318-K filed with the SEC on April 29, ~~2021~~2024. In August 2024, Mosaic and the Company mutually agreed to extend the date of the Term Sheet to expire at the earlier of (1) the signing of definitive agreements or (2) December 31, ~~2020,~~2024. Mosaic and the Company further agreed to extend the Term Sheet to expire at the earlier of (1) the ~~respectively~~signing of definitive agreements or (2) June 30, 2025. Both parties are in discussions to extend the date to the end of 2025 to allow for both Companies to complete due diligence as well as agree and finalize the definitive agreements.

Critical Accounting Policies and Significant Judgments and Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues and expense during the reporting periods. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances at the time we make such estimates. Actual results and outcomes may differ materially from our estimates, judgments and assumptions. We periodically review our estimates in light of changes in circumstances, facts and experience. The effects of material revisions in estimates are reflected in the financial statements prospectively from the date of the change in estimate. Our significant accounting policies are more fully described in Note 2 to our ~~financial~~Unaudited ~~statements~~Consolidated Financial Statements included elsewhere in this ~~Registration~~Quarterly ~~Statement~~Report.

We define our critical accounting policies as those accounting principles that require us to make subjective estimates and judgments about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations, as well as the specific manner in which we apply those principles. We believe the critical accounting policies used in the preparation of our financial statements that require significant estimates and judgments are the following:

Investment in Equity-based Securities

Prior to the Merger, Oncotelic Inc. received Series E Preferred Shares of Adhera Therapeutics, Inc. (“Adhera”) in consideration for the issuance of Oncotelic Inc.’s common stock under various Securities Purchase Agreements. The Company records its investments in equity securities initially at cost in accordance with Accounting Standards Codification (“ASC”) 321, Investments –Equity Securities (“ASC 321”). The Company subsequently marks the investments to market at each reporting period and, in accordance with ASU 2016-01, Financial Instruments – (Overall), records the unrealized gains or losses in the Statement of Operations. There were no unrealized gains or losses on investments in equity securities for the year ended December 31, 2019. There were no unrealized gains or losses on investments in equity securities for the year ended December 31, 2018. The Company identified certain disclosures by Adhera indicating their financial condition and that they may file for bankruptcy. As such the Company wrote off the long-term investment during the year ended December 31, 2019.

Impairment of Long-Lived Assets

The Company reviews long-lived assets, including definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. ~~Recoverability~~The recoverability of these assets is determined by comparing ~~the~~ the forecasted undiscounted net cash flows of the operation to which the assets relate to the carrying amount. If the operation is determined to be unable to recover the carrying amount of its assets, then these assets are written down first, followed by other long-lived assets of the operation to fair value. Fair value is determined based on discounted cash flows or appraised values, depending on the nature of the assets. ~~For the year ended December 31, 2020 and quarter ended March 31, 2021, there were no impairment losses recognized for long-lived assets.~~

Intangible Assets

The Company records its intangible assets at cost in accordance with ASC 350, Intangibles – Goodwill and Other. The Company reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale or disposition of a significant portion of the business, or other factors.

Goodwill

Goodwill represents the excess of the purchase price of acquired business over the estimated fair value of the identifiable net assets acquired. Goodwill is not amortized but is tested for impairment at least once annually, at the reporting unit level or more frequently if events or changes in circumstances indicate that the asset might be impaired. The goodwill impairment test is applied by performing a qualitative assessment before calculating the fair value of the reporting unit. If, on the basis of qualitative factors, it is considered not more likely than not that the fair value of the reporting unit is less than the carrying amount, further testing of goodwill for impairment would not be required. Otherwise, goodwill impairment is tested using a two-step approach.

-61-

The first step involves comparing the fair value of the reporting unit to its carrying amount. If the fair value of the reporting unit is determined to be greater than its carrying amount, there is no impairment. If the reporting unit’s carrying amount is determined to be greater than the fair value, the second step must be completed to measure the amount of impairment, if any. The second step involves calculating the implied fair value of goodwill by deducting the fair value of all tangible and intangible assets, excluding goodwill, of the reporting unit from the fair value of the reporting unit as determined in step one. The implied fair value of the goodwill in this step is compared to the carrying value of goodwill. If the implied fair value of the goodwill is less than the carrying value of the goodwill, an impairment loss equivalent to the difference is recorded.

Convertible Instruments

The Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with ASC 815 “Derivatives and Hedging”.

ASC 815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account for them as free -standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional as defined under professional standards.

The Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with ASC 470-20 “Debt – Debt with Conversion and Other Options.” Accordingly, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Original issue discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note.

ASC 815-40 “Derivatives and Hedging – Contracts in Entity’s Own Equity” provides that, among other things, generally, if an event is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an asset or a liability.

Derivative Financial Instruments Indexed to the Company’s Common Stock

We have generally issued derivative financial instruments, such as warrants, in connection with our equity offerings. We evaluate the terms of these derivative financial instruments in order to determine their accounting treatment in our financial statements. Key considerations include whether the financial instruments are freestanding and whether they contain conditional obligations. If the warrants are freestanding, do not contain conditional obligations and meet other classification criteria, we account for the warrants as an equity instrument. However, if the warrants contain conditional obligations, then we account for the warrants as a liability until the conditional obligations are met or are no longer relevant. Because no established market prices exist for the warrants that we issue in connection with our equity offerings, we must estimate the fair value of the warrants, which is as inherently subjective as it is for stock options, and for similar reasons as noted in the stock-based compensation section above. For financial instruments which are accounted for as a liability, we report any changes in their estimated fair values as gains or losses in our Consolidated Statement of Income.

68-62-

Variable Interest Entity (VIE) Accounting

We evaluate our ownership, contractual relationships and other interests in entities to determine the nature and extent of the interests, whether such interests are variable interests and whether the entities are VIEs in accordance with ASC 810, Consolidations. These evaluations can be complex and involve Management judgment as well as the use of estimates and assumptions based on available historical information, among other factors. Based on these evaluations, if the Company determines that it is the primary beneficiary of a VIE, the entity is consolidated into the financial statements.

Investments - Equity Method

The Company accounts for equity method investments at cost, adjusted for the Company’s share of the investee’s earnings or losses, which are reflected in the consolidated statements of operations. The Company periodically reviews the investments for other than temporary declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable.

The Investment in GMP Bio represents the investment into equity securities for which the Company elected the fair value option pursuant to ASC 825-10-15 and subsequent fair value changes in the GMP Bio shares are included in the result from continuing operations. Refer to Note 6 to these Notes to the Consolidated Financial Statements.

Joint Venture agreement

We have equity interest in unconsolidated arrangement that is primarily engaged in the business of drug discovery, development, and commercialization, including but not limited to development and commercialization of TGF-beta therapeutics as well as establishing and operating contract development and manufacturing organization (CDMO) facilities and capabilities. The Company first review the arrangement to determine if it meets the definition of an accounting joint venture pursuant to ASC 323-10-20. In order to meet the definition of a joint venture, the arrangement must have all of the following characteristics, (i) the arrangement is organized within a separate legal entity, (ii) the entity is under the joint control of the venturers, (iii) the venturers must be able to exercise joint control through their equity investments, (iv) the qualitative characteristics of the entity, including its purpose and design must be consistent with the definition of a joint venture

We consolidate arrangements that are considered to be VIEs where we are the primary beneficiary. We analyze our investments in joint ventures to determine if the joint venture is considered a VIE and would require consolidation. We (i) evaluate the sufficiency of the total equity investment at risk, (ii) review the voting rights and decision-making authority of the equity investment holders as a group and whether there are limited partners (or similar owning entities) that lack substantive participating or kick out rights, guaranteed returns, protection against losses, or capping of residual returns within the group and (iii) establish whether activities within the venture are on behalf of an investor with disproportionately few voting rights in making this VIE determination. To the extent that we own interests in a VIE and we (i) have the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) have the obligation or rights to absorb losses or receive benefits that could potentially be significant to the VIE, then we would be determined to be the primary beneficiary and would consolidate the VIE. To the extent that we own interests in a VIE, then at each reporting period, we re-assess our conclusions as to which, if any, party within the VIE is considered the primary beneficiary. To the extent that our arrangements do not qualify as VIEs, they are consolidated if we control them through majority ownership interests or if we are the managing entity (general partner or managing member) and our partner does not have substantive participating rights. Control is further demonstrated by our ability to unilaterally make significant operating decisions, refinance debt, and sell the assets of the joint venture without the consent of the non-managing entity and the inability of the non-managing entity to remove us from our role as the managing entity. We use the equity method of accounting for those arrangements where we exercise significant influence but do not have control. Under the equity method of accounting, our investment in each arrangement is included on our consolidated balance sheet; however, the assets and liabilities of the joint ventures for which we use the equity method are not included on our consolidated balance sheet.

When we sell or contribute properties to unconsolidated arrangements and retain a non-controlling ownership interest in such assets, we recognize the difference between the consideration received and the carrying amount of the asset sold or contributed when its derecognition criteria are met. The equity method investment we retain in such partial sale transactions is noncash consideration and is measured at fair value. As a result, the accounting for a partial sale will result in the recognition of a full gain or loss. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss in value is other than temporary. If we conclude it is other than temporary, we recognize an impairment charge to reflect the equity investment at fair value. The Company elected the fair value option under the fair value option Subsection of Section 825-10-15 to account for its equity-method investment.

-63-

Research and Development Expense

Research and development expense ~~consists~~consist of costs we incur for the development of our investigational drugs and, to a lesser extent, for preclinical research activities. Research and development costs are expensed as incurred. Research and development expense ~~includes~~include clinical trial costs, salaries and benefits of employees, including associated stock-based compensation, payments to clinical investigators, drug manufacturing costs, laboratory supplies and facility costs. Clinical trial costs are a significant component of our research and development expense, and these can be difficult to accurately estimate. Included in clinical trial costs are fees paid to other entities that conduct certain research and development activities on our behalf, such as clinical research organizations, or CROs. We estimate clinical trial expense based on the services performed pursuant to contracts with research institutions such as CROs and the actual clinical investigators. These estimates are based on actual time and expenses incurred by the CRO and the clinical investigators. Also included in clinical trial expense are costs based on the level of patient enrollment into the clinical trial and the actual services performed under the related clinical trial agreement. Changes in clinical trial assumptions, such as the length of time estimated to enroll all patients, rate of screening failures, patient drop-out rates, number and nature of adverse event reports and the total number of patients enrolled can impact the average and expected cost per patient and the overall cost of the clinical trial. Based on patient enrollment reports and services provided, we may periodically adjust estimates for the clinical trial costs. If we do not identify costs that we have begun to incur or if we underestimate or overestimate the level of services performed, the length of time for these services or the costs of these services, our actual expenses could differ from our estimates.

Share-Based Compensation

We record the estimated fair value of all share-based payments issued to employees and other service providers. Our share-based payments consist primarily of stock options. The valuation of stock options is an inherently subjective process, since market values are not available for any stock options in our equity securities. Market values are also not available on long-term, non-transferable stock options in other equity securities. With no market values on options to trade in our common stock and no comparable market values on any long-term non-transferable stock options, the process of valuing our stock options is even more uncertain and subjective. Accordingly, we use a Black-Scholes option pricing model to derive an estimated fair value of the stock options which we issue. The Black-Scholes option pricing model requires certain input assumptions, including the expected term of the options and the expected volatility of our common stock. Changes in these assumptions could have a material impact on the estimated fair value that we record for share-based payments that we issue. We determine the term of the options based on the simplified method, which averages the vesting period and the contractual life of the stock option. We determine the expected volatility based on the historical volatility of our common stock over a period commensurate with the option’s expected term. The Black-Scholes option pricing model also requires assumptions for risk-free interest rates and the expected dividend yield of our common stock, but we feel that these values are more objective and note that changes in these values do not have a significant impact on the estimated value of the options when compared to the volatility and term assumptions.

We are also required to estimate the level of award forfeitures expected to occur and record compensation expense only for those awards that are ultimately expected to vest. Accordingly, we perform a historical analysis of option awards that are forfeited prior to vesting, and record total stock option expense that reflects this estimated forfeiture rate.

69The impacts of any of the critical accounting policies and significant judgments and estimates, if applicable, have been reflected in the Notes to the Consolidated Financial Statements (unaudited) in this Report.

-64-

Results of Operations

Comparison of the Results of Operations for the ~~Three~~three Months Ended ~~March~~September 3130, ~~2021~~2025 to the ~~Three~~three Months Ended ~~March 31~~September, ~~2020~~2024

A comparison of the Company’s operating results for the three months ended ~~March~~September 3130, ~~2021~~2025 and ~~2020~~2024, respectively, is as follows.

	March 31, 2021			March 31, 2020			Variance
	September 30, 2025			September 30, 2024			Variance
Revenue	$	-		$	340,855		$	(340,855	)
Operating expense:
Research and development		~~1,556,673~~426			~~311,999~~480			~~1,244,674~~(54	)
General and administrative		~~481~~490,~~209~~547			280,~~677,503~~277			(2410,~~196,294~~270	)
Total operating expense		2,037,882			2,989,502			(951,620	)
Goodwill impairment		-			3,200,000			(3,200,000	)
Loss from operations		(2,037,882	)		(2,648,647	)		610,765
Total operating expense		490,973			3,280,757			(2,789,784	)
Loss on conversion of debt		(27,504	)		(124,598	)		97,094
Loss from operations		(490,973	)		(3,280,757	)		2,789,784
Change in the value of derivatives on debt		(536,345	)		(736,298	)		199,953
Interest expense, net		(231,338	)		(205,616	)		(25,722	)
Interest expense, net		(520,906	)		(1,148,351	)		627,445
Change in the value of derivatives on debt		(392,058	)		114,722			(506,780	)
Net loss	$	(3,122,637	)	$	(4,657,894	)	$	(1,537,257	)
Net income (loss) before controlling interests	$	(1,114,369	)	$	(3,371,651	)	$	2,257,282

Net Income (Loss)

We recorded a net loss of approximately $31.1 million for the three months ended ~~March~~September 3130, ~~2021~~2025, as compared to a net loss of approximately $43.74 million for the three months ended ~~March~~September 3130, ~~2020~~2024. The ~~reduced~~difference in net loss of approximately $12.53 million ~~for~~between the three months ended ~~March 31~~September 30, ~~2021~~2025 as compared to the same period of ~~2020~~2024 was primarily due to lower ~~operating~~goodwill ~~expenses~~impairment of approximately $13.02 million, ~~reduced interest~~recorded ~~expense,~~during ~~including~~the ~~acceleration~~three ofmonths ~~amortization~~ended ofSeptember ~~debt~~30, ~~issuance~~2024, ~~costs~~offset ~~related~~by tohigher ~~the~~other ~~debt~~operating expenses of approximately $0.6 4 million recorded during the three months ended September 30, ~~reduced~~ 2025, higher change in value of derivatives ~~and~~on ~~lower~~debt ~~revenue~~ of approximately $0.3 5 million, ~~during~~and higher interest expense of approximately $26 thousand, for the three months ended ~~March~~September 3130, ~~2021~~2025 as compared to the same period of 2024. A description of the various descriptions resulting in the net loss for the three month periods of September 30, 2025 and 2024, respectively, are reflected below.

Revenue

We did not record services revenue during the three months ended March 31, 2021 as compared to $0.3 million during the same period ended March 31, 2020. No service has been provided during the three months ended March 2021. The services revenue was recorded from services provided to GMP during the period ended March 31, 2020 in connection with the development of OT-101 for COVID-19, and included reimbursement of costs incurred of approximately $41,000.

Research and Development Expenses

Research and development (“R&D”) expenses ~~increased by approximately $1.2 million~~ for the three months ended ~~March 31~~September 30, ~~2021~~2025 compared to the same period in ~~2020. The higher R&D cost was primarily due to higher personnel overhead costs of $200,000~~ ~~and~~2024 ~~higher~~were ~~expenses related to clinical trials of approximately $1~~similar.~~0 million.~~

As previously disclosed, and as a result of our ~~mergers with Oncotelic~~JV, ~~Inc. and PointR,~~ we expect toour ~~increase~~R&D ~~research~~expense ~~and~~to ~~development~~decrease ~~activities,~~for ~~including~~ the ~~initiation~~ remainder of ~~new~~the ~~clinical~~year ~~trials~~2024, ~~including~~specifically for ~~those~~activities ~~for~~related ~~COVID~~to OT-19101, ~~and~~including ~~therefore believe that research and development expenses will increase for~~ the ~~remainder~~ initiation of ~~2021~~new ~~compared~~clinical totrials. ~~research~~Any ~~and~~other development expenses inwill ~~2020,~~be subject to our continuing ability to secure sufficient funding to continue planned operations.

General and Administrative Expenses

General and administrative (“G&A”) expenses ~~decreased~~increased by approximately $20.24 million for the three months ended ~~March 31,~~September ~~2021~~30, 2025 compared to the three months ended ~~March~~September 3130, ~~2020~~2024, primarily due to ~~the~~higher ~~decrease~~stock-based expense of approximately $0.2 million for services, higher operational expenses of approximately $0.12 million inincurred ~~stock~~with ~~compensation~~fees for certain investor relation and public relations ~~expense~~services ~~incurred~~under inour ~~connection~~ICA ~~with~~and ~~issuance~~for the settlement of ~~new~~our ~~warrants~~litigation ~~during~~with ~~the~~an ~~three~~ex-employee; ~~months~~and ~~ended~~higher ~~March~~legal ~~2020~~and professional expenses of approximately $43 thousand.

70As previously disclosed and as a result of our JV, we expect our G&A activities to remain steady or marginally increase for the remainder of 2025. Any other G&A expenses will be subject to our continuing ability to secure sufficient funding to continue planned operations or to improve shareholder value for the Company.

AsGoodwill a result of our mergers with Oncotelic and PointR, we expect G&A expenses to increase for the remainder of 2020 in order to support our anticipated additional business development, fundraising, investor relations and administrative activities, subject to our continuing ability to secure sufficient funding to continue planned operations.Impairment

~~Loss~~Our stock price has held up since the beginning of 2025 and therefore did not make a downward impact on ~~Conversion~~our goodwill during the three months ended September 30, 2025. We recorded goodwill impairment of ~~Debt~~$3.2 million, on the approximately $12.0 million goodwill which we recorded upon our acquisition of PointR, for the three months ended September 30, 2024.

During the three months ended March 31, 2021, we recorded a loss on conversion of debt by Peak One and TFK of approximately $28,000 related to the difference in fair value to the price at which the debt was converted, compared to a loss of $0.1 million during the same period in 2020.-65-

Interest Expense, Net

We recorded interest expense, including amortization of debt costs, of approximately $0.23 million for the three months ended September 30, 2025, compared to $0.2 million for the three months ended September 30, 2024, primarily in connection with debt raised from convertible notes and the JH Darbie Financing, March 2022 and May/June 2022 financing and July 2025 financing. For more information on debt raised from convertible notes and the JH Darbie Financing, see Note 5 and Note 7 of the Unaudited Consolidated Financial Statements of this Quarterly Report.

Change in Value of Derivatives

During the three months ended ~~March 31~~September, ~~2021~~2024, we recorded approximately $0.54 million of an increase in change in value upon conversion of ~~the debt to liabilities~~certain ~~as a derivative as well as new~~ debt ~~converting~~owed ~~to liabilities~~ on the convertible promissory notes issued to our CEO and a bridge investor (collectively, the “Convertible Notes”). The Company recorded approximately $0.71 million ~~change~~of ~~during~~a ~~the~~decrease ~~same~~in ~~period~~change in ~~2020.~~value ~~The~~during ~~Convertible Notes became convertible 180 days after issuance, and as such Peak One, TFK,~~ the ~~CEO~~same ~~and~~period ~~the~~in ~~bridge~~2024. ~~investor~~For ~~had~~more ~~the ability to convert~~information ~~that~~on ~~debt~~value ~~into equity at: (i) the variable conversion price~~ of ~~65% of the Company’s lowest traded price after the first 180 days~~derivatives, or ~~(ii)~~refer atto the ~~lower~~Note of5 ~~$0.10 per share or 55%~~ of the ~~Company’s~~Unaudited ~~traded~~Consolidated ~~stock~~Financial ~~price~~Statements ~~under certain circumstances. This gave rise to a derivative feature within the debt instrument which resulted in the recording~~ of athis ~~derivative~~Quarterly ~~liability and change in value of the derivative~~Report.

Comparison of the Results of Operations for the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024

A comparison of the Company’s operating results for the nine months ended September 30, 2025 and 2024, respectively, is as follows.

	September 30, 2025			September 30, 2024			Variance
Service Revenue	$	-		$	-		$	-
Total Revenue
Operating expense:
Research and development		1,020			1,212			(192	)
General and administrative		657,019			343,347			313,672
Goodwill impairment		-			3,200,000			(3,200,000	)
Total operating expense		658,039			3,544,559			(2,886,520	)
Loss from operations		(658,039	)		(3,544,559	)		2,886,520
Interest expense, net		(642,917	)		(655,946	)		13,029
Reimbursement for expenses – related party		-			22,937			(22,937	)
Change in the value of derivatives on debt		32,772			140,828			(108,056	)
Loss on conversion of debt		-			(88,258	)		88,258

Net income (loss) before controlling interests	$	(1,268,184	)	$	(4,124,998	)	$	2,856,814

Net Income

We recorded a net loss of approximately $1.3 million for the nine months ended September 30, 2025 as compared to a net loss of approximately $4.1 million for the same period ended September 30, 2024. The difference in net loss, of approximately $2.9 million, for the nine months ended September 30, 2025 as compared to the same period of 2024, was primarily due to lower goodwill impairment of approximately $3.2 million incurred in 2024 but no similar expense during the same period in 2025, lower change in value of derivatives on debt of approximately $0.1 million, lower reimbursement of expenses by a related party of approximately $20 thousand, offset by lower operating expense of approximately $0.3 million, lower interest cost of approximately $13 thousand, and lower loss on conversion of debt of approximately $0.1 million, compared to the same period in 2024. A description of the various descriptions resulting in the net loss for the nine month periods of September 30, 2025 and 2024, respectively, are reflected below.

-66-

Research and Development Expenses

Research and development (“R&D”) expenses for the nine months ended September 30, 2025 compared to the same period in 2024, were similar.

As previously disclosed and as a result of our JV, we expect our G&A activities to remain steady or marginally increase for the remainder of 2025. Any other G&A expenses will be subject to our continuing ability to secure sufficient funding to continue planned operations.

General and Administrative Expenses

General and administrative (“G&A”) expenses increased by approximately $0.3 million for the nine months ended September 30, 2025 compared to the same period ended September 30, 2024, primarily due to higher stock-based expense of approximately $0.2 million associated with fees for certain investor relation and public relations services under our ICA, and higher other operational costs of approximately $0.2 million, of which $0.1 million was recorded in connection with the settlement of our litigation with an ex-employee, offset by lower legal expense of approximately $43 thousand.

Goodwill Impairment

Since our stock price was not negatively impacted during the nine months ended September 30, 2025, we did not record an impairment on our goodwill. We recorded goodwill impairment of $3.2 million, on the approximately $12.0 million goodwill which we recorded upon our acquisition of PointR, due to a reduction of our stock price during the nine months ended September 30, 2024.

Interest Expense, Net

We recorded interest expense, including amortization of debt costs, of approximately $0.565 million for the ~~three~~nine months ended ~~March~~September 30, 312025 and September 30, ~~2021~~2024 primarily in connection with debt raised from convertible notes, ~~and the~~ JH Darbie Financing, asMarch ~~compared~~2022 toand ~~$1.1 million for the~~May/June ~~same~~2022 ~~period~~Financing ofand ~~2020,~~July in2025 ~~connection with debt raised from convertible notes during 2019~~financing. For more information on debt raised from convertible notes and the JH Darbie Financing, see Note 5 and Note 67 of the Unaudited Consolidated Financial Statements of this Quarterly Report.

~~Liquidity,~~Reimbursement ~~Financial~~of ~~Condition and Capital Resources ($s in ‘000’s)~~expenses

	March 31, 2021			December 31, 2020
Cash	$	831		$	474
Working capital		(12,071	)		(10,567	)
Stockholders’ Equity		10,892			12,481

There was no reimbursement of expenses with related parties for nine months ended September 30, 2025. The Company was reimbursed $23 thousand during the nine months ended September 30, 2024 by Autotelic Inc. a related party, on behalf of our JV.

~~The~~Change Company has experienced net losses every year since inception and as of March 31, 2021 had an accumulated deficit of approximately $24.4 million. As of March 31, 2021, the Company had approximately $0.8 million in ~~cash,~~Value ~~and current liabilities~~ of approximately $13.0 million. Of the approximately $13.0 million in current liabilities, approximately $2 million was debt for conducting clinical trials for OT-101 from GMP, and $2.6 million related to contingent liability to issue Common Stock of the Company to PointR shareholders upon achievement of certain milestones (see Note 1 of the Unaudited Consolidated Financial Statements of this Quarterly Report). The Company does not expect to generate any meaningful revenue from product sales in the near future and expects to incur additional operating losses over the next several years, primarily as a result of the Company’s plans to continue clinical trials for its investigational drugs. The Company’s limited capital resources, history of recurring losses and uncertainties as to whether the Company’s operations will become profitable raise substantial doubt about its ability to continue as a going concern. The financial statements contained in this report do not include any adjustments related to the recoverability of assets or classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.Derivatives

71During the nine months ended September 30, 2025, we recorded approximately $32 thousand gain in value upon conversion of the debt to liabilities as a derivative as well as new debt converting to liabilities on the Convertible Notes as compared to approximately $0.1 million gain during the same period of 2024. The Convertible Notes became convertible 180 days after issuance, and as such the CEO and the bridge investor had the ability to convert that debt into equity at: (i) the variable conversion price of 65% of the Company’s lowest traded price after the first 180 days, or (ii) at the lower of $0.10 per share or 55% of the Company’s traded stock price under certain circumstances. This gave rise to a derivative feature within the debt instrument which resulted in the recording of a derivative liability and change in value of the derivative.

The principal source of the Company’s working capital deficit to date has been the issuance of convertible notes, a substantial part of which has been provided by officers and certain insiders. The Company will need to raise additional capital in order to fund its operations and continue development of product candidates. The Company is evaluating the options to further the development of the Company’s lead product candidate, OT-~~101 for both cancer and COVID~~67-~~19, Artemisinin for COVID-19, developing AI technologies to support the COVID-19 therapies; in addition to evaluating the development pathway of its product candidates; OXi4503 and/or CA4P.~~

The Company anticipates raising substantial additional capital through the sale of equity securities and/or debt, but no other financing arrangements are in place at this time.

If the Company is unable to access additional funds when needed, it may not be able to continue the development of these investigational drugs and the Company could be required to delay, scale back or eliminate some or all of its development programs and operations. Any additional equity financing, if available, would be dilutive to the current stockholders and may not be available on favorable terms. Additional debt financing, if available, may involve restrictive covenants and could also be dilutive. The Company’s ability to access capital is not assured and, if access is not achieved on a timely basis, would materially harm the Company’s financial condition, the value of its Common Stock and its business prospects.

Cash Flows

	Three month ended March 31,
	2021			2020
Net cash used in operating activities	$	(1,251,500	)	$	31,473
Net cash provided by investing activities		-			-
Net cash provided by financing activities		1,608,200			70,000
Increase (decrease) in cash	$	356,700		$	101,473

Operating Activities

Net cash used in operating activities was approximately $1.3 million for the three months ended March 31, 2021. This was due to the net loss of approximately $3.1 million, primarily offset by non-cash amortization of debt discounts and deferred financing costs of $0.4 million, non-cash loss on conversion of debt and change in fair value of derivatives of $0.5 million and changes in operating assets and liabilities of approximately $0.9 million.

Net cash generated from operating activities was approximately $31 thousand for the three months ended March 31, 2020. This was due to the net loss of approximately $4.7 million, which was partially offset by non-cash charges of approximately $4.2 million, non-cash loss on conversion of debt of approximately $0.1 million and changes in operating assets and liabilities of $0.4 million.

Financing Activities

For the three months ended March 31, 2021, net cash provided by financing activities was $1.6 million, due to a receipt of cash from the JH Darbie Financing of $1.6 million and a short-term loan from a related party of $0.1 million, offset by repayments of debt of approximately $0.1 million. For more information regarding the JH Darbie Financing and the related party loan, see Note 5 and Note 7, respectively, of the Unaudited Consolidated Financial Statements of this Quarterly Report.

For the three months ended March 31, 2020, net cash provided by financing activities was $70,000, from receipt of cash from the Company’s CEO.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Effects of Inflation

We do not believe that inflation has had a material impact on our business, revenues or operating results during the periods presented.

Contractual Obligations

Our current drug development programs are based on a series of compounds called combretastatins, which we have exclusively licensed from Arizona State University, or ASU. If our current drug candidates are approved, we will be required to pay low to mid-single-digit royalties on future net sales of products associated with the ASU patent rights until these patent rights expire.

We also have an exclusive license from Bristol-Myers Squibb, or BMS, for certain patent rights to particular combretastatins, including CA4P. If CA4P is approved, we will be required to pay low-single-digit royalties on future net sales of products associated with the BMS patent rights until these patent rights expire.

Comparison of the Results of Operations of the Years Ended December 31, 2020 and 2019

A comparison of the Company’s operating results for the year ended December 31, 2020 and 2019, respectively, is as follows.

	2020			2019			Variance
Revenue
Service revenue	$	1,740,855		$	-		$	1,740,855
Total revenue		1,740,855			-			1,740,855
Operating expense:
Research and development	$	4,302,477		$	1,372,151		$	2,930,296
General and administrative		5,023,142			2,938,726			2,084,416
Total operating expense		9,325,589			4,310,877			5,014,712
Loss from operations		(7,584,734	)		(4,310,877	)		(3,273,857	)
Long term investment written off		-			(1,769,300	)		1,769,300
Loss on debt conversion		(343,700	)		-			(343,700	)
Change in the value of derivatives on debt		(45,051	)		191,643			(236,694	)
Interest expense, net		(1,998,321	)		(749,479	)		(1,248,842	)
Net loss	$	(9,971,806	)	$	(6,638,013	)	$	(3,333,793	)

Net Loss

We recorded a net loss of approximately $10.0 million for the year ended December 31, 2020, compared to a net loss of approximately $6.6 million for the same period in 2019. The increased loss of approximately $3.3 million for the year ended December 31, 2020 as compared to the same period of 2019 was primarily due to approximately $5.0 million of higher operational expenses related to the Company, $1.2 million primarily related to interest expense, including amortization of normal and accelerated debt costs related to the debt raised by the company in 2019 and 2020, a loss of $0.3 million of loss on non-cash conversion of debt and recording a higher non-cash loss on conversion of value of derivatives of $0.2 million; partially offset by the recording revenue of approximately $1.7 million and lower write off of long term investment of $1.7 million that we incurred during 2019. The financial information presented includes very nominal expenses for PointR operations for the year ended December 31, 2019.

Revenue

We recorded services revenue of $1.7 million during the year ended December 31, 2020 as compared to no revenues during the same period ended in 2019. The services revenue of $1.2 million was recorded from services provided to GMP in connection with the development of OT-101 for COVID-19 and included reimbursement of costs incurred of approximately $41 thousand. We also recorded $0.5 million of revenues from ATB upon the successful completion of the in-vivo efficacy studies based on the ATB Agreement.

Research and Development Expense

Research and development (“R&D”) expense increased by approximately $2.9 million for the year ended December 31, 2020 compared to the same period in 2019. The financial information presented does not include any R&D activity for PointR for the year ended December 31, 2019 and as such the results for the Company are not directly comparative from period to period.

The increase of approximately $3.3 million in the R&D activities is primarily due to increased clinical trial costs of $2.2 million for the trials for OT-101 and Artemisinin, $0.3 million of amortization and depreciation of in process R&D and development equipment, $0.2 million for higher personnel costs and $0.3 million for higher operational costs.

We expect to increase research and development activities, including the initiation of new clinical trials for our oncology indications as well continuing or expanding on the trials and development of AI based tools and applications for OT-101 and Artemisinin for COVID-19 and other epidemics, and therefore believe that research and development expense will increase in the future, subject to our continuing ability to secure sufficient funding to continue planned operations.

General and Administrative Expense

General and administrative (“G&A”) expense increased by approximately $2.1 million for the year ended December 31, 2020 compared to the same period of 2019.

The increase in G&A expenses by approximately $2.1 million for the year ended December 31, 2020 compared to same period of 2019 was primarily due to an increase of approximately $1.8 million of non-cash stock-based compensation expense, higher personnel costs of $0.5 million and $0.1 million due to increase in other operational expenses; partially offset by lower legal and professional services of $0.3 million incurred in 2019 in connection with the PointR Merger and Oncotelic Merger.

We expect to increase G&A activities, in connection with fund raising activities as well as other G&A initiatives in 2021, and therefore believe that G&A expense will increase in the future, subject to our continuing ability to secure sufficient funding to continue planned operations.

Write off of Long-Term Investment

We recorded a loss of $1.8 million in value of our long-term investment in Adhera during the year ended December 31, 2019. Based on an early 2020 filing by Adhera, in which Adhera described their current financial condition as well as the fact that they have ceased all operations and are also considering possible bankruptcy options, we recorded a loss in value of the long term investment in Adhera as it seems severely impaired and therefore, determined to write off the entire investment. No similar charge was recorded in 2020.

Loss on Conversion of Debt

During the ~~year~~nine months ended ~~December~~September 3130, ~~2020~~2025, we recorded ano loss on conversion of debt ~~by Peak One and TFK of approximately $0~~.3 ~~million~~ related to the difference in fair value to the price at which the debt was converted., Nocompared ~~similar~~to approximately $0.1 million loss ~~was~~on ~~recorded~~conversion of debt during the ~~same~~nine ~~period~~months inended September ~~2019~~30, 2024.

Change in value of derivatives

During the year ended December 31, 2020, we recorded a nominal loss due to the change in value of derivatives of $45 thousand on the 2019 Peak One note, the TFK note and the notes issued to our CEO and the bridge investors (collectively, the “Convertible Notes”). During the year ended December 31, 2019, we recorded a change in value of derivatives of $0.2 million on the Peak One Tranche #2 note and the notes issued to our CEO and the bridge investors. The Convertible Notes became convertible 180 days after issuance, and as such Peak One, TFK, the CEO and the bridge investor had the ability to convert that debt into equity at the variable conversion price of 65% of the Company’s lowest traded price after the first 180 days or at the lower of the Fixed Price or 55% of the Company’s traded stock price under certain circumstances. This gave rise to a derivative feature within the debt instrument which resulted in the recording of a derivative liability and change in value of the derivative.

Interest Expense

We recorded interest expense, including amortization of debt costs, of $1.2 million for the year ended December 31, 2020 in connection with debt raised from convertible notes and a private placement memorandum as compared to $0.8 million for the same period of 2019, in connection with debt raised from convertible notes during the year ended December 31, 2019.

Liquidity, Financial Condition and Capital Resources ($s in ‘000’s)

	December 31, 2020			December 31, 2019
	September 30, 2025			December 31, 2024
Cash	$	474		$	82
Cash, including restricted cash of $20	$	429		$	106
Working capital		(1018,~~567~~467	)		(619,~~510~~065	)
Stockholders’ Equity		128,~~481~~077			168,~~902~~252

The Company has experienced net losses every year since inception and as of ~~December~~September 3130, ~~2020~~2025 had an accumulated deficit of approximately $~~22.1~~39 million. As of ~~December~~September 3130, ~~2020~~2025, the Company had approximately $~~474,000~~0.4 million in cash, and current liabilities of approximately $1120.21 million. Of the approximately $20.1 million in current liabilities, of which approximately $1.3 million are net assumed liabilities of the Company as part of the Oncotelic Inc. reverse merger, $24.9 million ofwas debt ~~related to debt~~ for conducting clinical trials for OT-101 from GMP and $2.6 million isrelated to contingent liability to issue common ~~shares~~stock of the Company to PointR shareholders upon achievement of certain milestones. The Company does not expect to generate any meaningful revenue from product sales in the near future, and expects to incur additional operating losses over the next several years, primarily as a result of the Company’s plans to continue clinical trials for its investigational drugs. The Company’s limited capital resources, history of recurring losses and uncertainties as to whether the Company’s operations will become profitable raise substantial doubt about its ability to continue as a going concern. The financial statements contained in this registration statement do not include any adjustments related to the recoverability of assets or classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

The ~~principal~~Company ~~source~~does ofnot expect to generate any meaningful revenue from product sales or licensing in the ~~Company’s~~near ~~working~~future ~~capital~~and ~~deficit~~expects to ~~date~~incur ~~has~~additional operating ~~been~~losses over the ~~issuance~~next ofseveral ~~convertible notes~~years, primarily as a ~~substantial~~result ~~part~~ of ~~which~~the ~~has~~Company’s ~~been~~plans ~~provided~~to bycontinue ~~officers~~clinical ~~and~~trials ~~certain~~for ~~insiders~~its investigational drugs. The Company’s ~~will~~limited ~~need~~capital toresources, ~~raise~~history ~~additional~~of ~~capital~~recurring inlosses ~~order~~and uncertainties as to ~~fund~~whether ~~its~~the Company’s operations ~~and~~ ~~continue~~will ~~development~~become ofprofitable ~~product~~raise ~~candidates.~~substantial ~~The~~doubt ~~Company~~about isits ~~evaluating~~ability ~~the options~~ to ~~further~~continue ~~the~~as ~~development~~a ofgoing ~~the~~concern. ~~Company’s~~The financial ~~lead~~statements ~~product~~contained ~~candidate,~~in ~~OT-101~~this ~~for~~report ~~both~~do ~~cancer~~not ~~and~~include ~~COVID-19,~~any ~~Artemisinin~~adjustments ~~for~~related ~~COVID-19,~~to ~~developing~~the AIrecoverability ~~technologies~~of toassets ~~support~~or ~~the~~classifications ~~COVID-19~~of liabilities ~~therapies;~~that inmight ~~addition~~be tonecessary ~~evaluating~~should the ~~development~~Company ~~pathway~~be ofunable ~~its~~to ~~product~~continue ~~candidates;~~as ~~OXi4503~~a ~~and/or~~going ~~CA4P~~concern.

75Since the Company formed the JV with Dragon, all costs associated with developing the assets licensed to the JV and a substantial portion of the Company’s general and administrative expenses have shifted to the JV reducing the Company’s direct expenses and capital requirements.

The Company ~~anticipates~~requires ~~raising~~capital ~~substantial~~in ~~additional~~order ~~capital~~to ~~through~~fund its operations and continue development of product candidates. including AL-101, Artemisinin for COVID-19, developing AI technologies to support the ~~sale~~COVID-19 therapies; in addition to evaluating the development pathway of ~~equity~~its product ~~securities~~candidates; OXi4503 and/or ~~debt,~~CA4P. ~~but~~The noCompany ~~other~~is ~~financing~~also independently planning to develop OT-101 for certain animal health indications ~~arrangements~~and ~~are~~contemplating inusing ~~place~~crypto atcurrencies ~~this~~for ~~time~~that platform.

The Company anticipates raising substantial additional capital through the sale of equity securities and/or debt. The Company has entered into the Mast EPA, but the ability to sell securities to Mast under that arrangement are subject to limitations based on the trading volume of the Company’s common stock. There are no other financing arrangements in place at this time.

~~Cash Flows ($s in ‘000s)~~-68-

	Year ended December 31,
	Nine month ended September 30,
	2019			2018
	2025			2024
Net cash used in operating activities	$	(~~2,812~~600	)	$	(~~2,281~~636	)
Net cash provided by investing activities		-			189
Net cash provided by financing activities		923			615
Net cash provided by financing activities		3,224			2,171
Increase (decrease) in cash	$	(323	)	$	(21	)
Increase (decrease) in cash	$	412		$	79

Operating Activities

Net cash used in operating activities was approximately $20.86 million for the ~~year~~nine months ended ~~December~~September 3130, ~~2020~~2025. This was due to the net loss of approximately $101.03 million, ~~which~~and ~~was partially offset~~ by aapproximately $~~2.0~~33 ~~million~~thousand of ~~R&D~~change ~~cost~~in ~~paid~~fair ~~through~~value ~~debt, non-cash amortization~~ of ~~debt~~ ~~discounts~~derivative, ~~and~~offset ~~deferred~~primarily ~~financing~~by ~~costs~~changes in ofoperating ~~$1.7~~assets ~~million,~~and ~~non-cash~~liabilities ~~stock-based compensation~~ of approximately $20.14 million, ~~amortization~~by ~~and~~approximately ~~depreciation of intangibles and development equipment of~~ $0.31 million, ~~non-cash~~due ~~loss~~to onamortization ~~conversion~~ of debt discounts, and ~~change~~approximately ~~in fair value of derivatives of~~ $0.32 million ~~and changes in operating assets and liabilities~~ of ~~approximately~~stock ~~$0.5~~based ~~million~~compensation.,

Net cash used in operating activities was approximately $20.36 million for the ~~year~~nine months ended ~~December~~September 3130, ~~2019~~2024. This was due to the net loss of approximately $64.61 million, ~~and~~primarily aoffset ~~change~~by inapproximately ~~the~~$3.2 ~~fair~~million ~~value~~ of ~~derivative~~amortization ~~recorded on the conversion~~ of ~~debt~~goodwill, toapproximately an$88 ~~equity based instrument~~thousand offrom ~~$0.2~~loss ~~million,~~on ~~which~~conversion ~~was partially offset by non-cash charges~~ of debt, approximately $10.31 million, ~~non-cash issuance~~ of ~~shares~~change in ~~lieu~~fair ~~of services~~value of derivative, approximately $0.41 million, ~~non-cash~~due ~~charge~~to amortization of ~~$1.8~~debt ~~million~~discounts ~~for~~and ~~the~~deferred ~~write~~financing ~~off~~costs ~~of the long-term investments~~ and changes in operating assets and liabilities of approximately $10.12 million.

Investing Activities

For the year ended December 31, 2019, net cash provided by investing activities, which was approximately $0.2 million and which was attributable to the cash received in the mergers. No similar cash was recorded for the year ended December 31, 2020.

Financing Activities

For the ~~year~~nine months ended ~~December~~September 3130, ~~2020~~2025, net cash provided by financing activities was approximately $30.29 million., ~~Net~~primarily ~~cash provided was~~ due to receipt ~~approximately~~of ~~$2.9~~a ~~million~~short-term ~~raised~~loan from a ~~private~~related ~~placement~~party ~~memorandum,~~of approximately $0.254 million ~~received~~and ~~under~~proceeds ~~the Payroll Protection Plan, $20 thousand received~~ from ~~our CEO, net of repayment of $50 thousand, $75 thousand of short term loans from the CFO and~~ a ~~bridge~~convertible ~~investor and~~debt ~~repayment~~ of approximately $~~50,000~~0.5 ~~to one of our Fall 2019 investors~~million.

Filing Compare · Oncotelic Therapeutics, Inc.