UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

WASHINGTON,

DC 20549

Form

10-K

(Mark

One)

For

the fiscal year ended December 31, 2024

For

the transition period from to

Commission

file number: 001-38797

IMAC

Holdings, Inc.

(Exact

Name of Registrant as Specified in its Charter)

(Address of Principal Executive Offices) (Zip Code)

(303)898-5896

(Registrant’s

Telephone Number, Including Area Code)

Securities

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

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.001 per share BACK The NASDAQ Stock Market LLC

Securities

registered pursuant to Section 12(g) of the Act: None

Indicate

by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate

by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate

by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange

Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)

has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate

by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted posted pursuant

to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant

was required to submit such files). Yes ☒ No ☐

Indicate

by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting

company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”

“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐

Non-accelerated filer ☒ Smaller reporting company ☒

Emerging growth company ☐

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate

by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness

of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered

public accounting firm that prepared or issued its audit report. ☐

securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant

included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate

by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation

received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate

by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The

aggregate market value of the registrant’s voting common stock held by non-affiliates based on the closing stock price on June

30, 2024, was approximately $3.1million.

For purposes of this computation only, all executive officers and directors have been deemed affiliates.

The

number of outstanding shares of the registrant’s common stock, par value $0.001 per share, as of March 31, 2025 was 3,784,966.

DOCUMENTS

INCORPORATED BY REFERENCE

None.

IMAC

HOLDINGS, INC.

FORM

10-K—ANNUAL REPORT

For

the Fiscal Year Ended December 31, 2024

Table

of Contents

Page

PART I 1

Item 1 Business 1

Item 1A Risk Factors 7

Item 1B Unresolved Staff Comments 19

Item 2 Properties 20

Item 3 Legal Proceedings 20

Item 4 Mine Safety Disclosures 20

Item 6 [Reserved] 21

Item 7A Quantitative and Qualitative Disclosures About Market Risk 23

Item 8 Financial Statements and Supplementary Data 24

Item 9A Controls and Procedures 40

Item 9B Other Information 40

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 40

PART III 41

Item 10 Directors, Executive Officers and Corporate Governance 41

Item 11 Executive Compensation 47

Item 14 Principal Accounting Fees and Services 52

Item 15 Exhibits, Financial Statement Schedules 53

Signatures 57

PART

Cautionary

Statement Regarding Forward-Looking Statements

Portions

of this Annual Report on Form 10-K (including information incorporated by reference) include “forward-looking statements”

based on our current beliefs, expectations, and projections regarding our business strategies, market potential, future financial performance,

industry, and other matters. This includes, in particular, “Item 7 — Management’s Discussion and Analysis of Financial

Condition and Results of Operations” of this Annual Report on Form 10-K, as well as other portions of this Annual Report on Form

10-K. The words “believe,” “expect,” “anticipate,” “project,” “could,” “would,”

and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date the

statements were made. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors

that could cause our actual results to differ materially from those projected, anticipated, or implied in the forward-looking statements.

The most significant of these risks, uncertainties, and other factors are described in “Item 1A — Risk Factors” of

this Annual Report on Form 10-K. Except to the limited extent required by applicable law, we undertake no obligation to update or revise

any forward-looking statements, whether as a result of new information, future events, or otherwise.

Unless

the context requires otherwise, references herein to “we,” “us,” “our,” “our company,”

“our business” or “IMAC Holdings” are to IMAC Holdings, Inc., a Delaware corporation, and prior to the Corporate

Conversion as defined below, IMAC Holdings, LLC, a Kentucky limited liability company, and in each case, their consolidated subsidiaries.

ITEM 1. BUSINESS

Overview

provide services related to proteomic products that identify and support oncology clinical treatment decisions and biopharmaceutical

drug development.

Until

recently, we were a holding company for IMAC Regeneration Centers, The BackSpace retail stores and our Investigational New Drug division,

providing movement and orthopedic therapies and minimally invasive procedures to improve the physical health of patients at locations

we owned or managed. As of December 31, 2023, we sold or discontinued patient care at all our locations.

May 2024, we acquired certain assets and rights of Theralink Technologies, Inc. (“Theralink”), consisting primarily of a

nationally CLIA-certified, CAP-accredited and New York State Clinical Laboratory Evaluation Program (“NYS-CLEP”) certified

laboratory in Golden, Colorado and equipment located in the lab. Theralink was in the process of developing technology to monetize a

license from Vanderbilt University (“Vanderbilt”), which provided a predictor of response to immunotherapy in cancer, and

a license for business in the United States from George Mason University (“GMU”), which included intellectual property around

improvements to the technology platform and biomarker signatures that form the basis for future proteomics products (collectively, the

“Original Proteomics Licenses”). We have also entered into agreements with Vanderbilt and GMU to transfer the Original Proteomics

Licenses.

May 30, 2024, we formed a wholly-owned subsidiary, Ignite Proteomics LLC, a Delaware limited liability company

(“Ignite”), to operate the medical lab acquired from Theralink, deliver services related to proteomic products under the

licenses from GMU and Vanderbilt and collect fees for services rendered. We are using the acquired assets under our own branding,

the Ignite name. Ignite has obtained credentials to bill Medicare for reimbursement for our Ignite proteomics test and is in the

process of obtaining credentials for reimbursement by certain other third-party payors. We also accept payment from private

insurers.

Intellectual Property

The

Vanderbilt License

Under

the license between Vanderbilt and Theralink, dated March 14, 2023, as amended from time to time, and assigned to us on May 15, 2024

pursuant to that certain Assignment and Assumption of License and Consent of Licensor between Theralink, IMAC and Vanderbilt (the “Vanderbilt

License”), Vanderbilt granted us an exclusive license, in all fields of use, under the patents described in the Vanderbilt License

(the “Vanderbilt Patents”) to make, use, offer to sell, sell and import products, processes and services that are covered

by the Vanderbilt Patents (the “Vanderbilt Licensed Products”) during the term of the Vanderbilt License. The term of the

Vanderbilt License shall continue until the expiration of the Vanderbilt Patents, unless sooner terminated by Vanderbilt or us in accordance

with the terms of the Vanderbilt License.

consideration for the Vanderbilt License, we agreed to pay Vanderbilt (1) an annual, non-refundable, non-creditable license fee, (2) a royalty percentage of gross sales of Vanderbilt Licensed Products ranging from 0.25% of gross

sales for Vanderbilt Licensed Products that incorporate ten or more additional non-commodity constituent parts to 2% of gross sales for

Vanderbilt Licensed Products that incorporate zero additional non-commodity constituent parts, and (3) for any improvement patents of

Vanderbilt which we elect to use under the Vanderbilt License.

Vanderbilt

has exclusive responsibility for prosecution of the Vanderbilt Patents, including choice of patent counsel.

The

GMU License

Under

the License Agreement between George Mason Intellectual Properties (“GMIP”) and Theranostics Health, LLC and its successors

dated September 15, 2006, as amended from time to time, and assigned to the Company on May 23, 2024 pursuant to that certain Assignment

and Assumption of License and Consent of Licensor between Theralink, us and GMIP (the “GMU License”), GMIP granted us an

exclusive, worldwide, sublicensable license, under the patents described in the GMU License (the “GMU Patents”), to make,

have made, import, use, market, offer for sale and sell products designed, manufactured, used and/or marketed for use in all fields and

for all uses during the term of the GMU License (the “GMU Licensed Products”). The term of the GMU License continues until

the expiration of the GMU Patents, unless sooner terminated by GMIP or us in accordance with the terms of the GMU License. The exclusivity

of the GMU License is conditioned on our agreement to manufacture GMU Licensed Products substantially in the United States unless we

obtain a waiver of this requirement from an appropriate U.S. governmental authority.

Additionally,

under the GMU License, GMIP granted to us an exclusive option (the “Exclusive Option”) to GMIP’s or George Mason University’s

interest in any information, inventions, procedures, methods, devices, discoveries, technologies, data, designs or concepts related to

the field of theranostics from certain inventors as described in the GMU License.

consideration for the GMU License, we agreed to pay GMIP (1) an annual fee for the Exclusive Option,

(2) quarterly royalties equal to the net revenue obtained by us and our affiliates from the sale of the GMU Licensed Products multiplied

by one and one-half percent (1.5%), (3) quarterly sublicensing royalties equal to the sublicensing revenue obtained by us and our affiliates

in connection with the GMU License multiplied by fifteen percent (15%), and (4) a payment for each

patent issued relating to GMU Patents.

have the right to control all aspects of filing, prosecuting, and maintaining the GMU Patents at our sole discretion. During the term

of the GMU License, we have the first option to police the GMU Patents and the GMU Licensed Products against infringements by other parties

worldwide within the designated field of use.

Strategy

Ignite

Proteomics expects to generate revenue from clinical diagnostic testing, research contracts with leading academic and biopharmaceutical

clients, participation in clinical trials and registries, and partnerships aimed at accelerating the development of novel targeted therapies.

While breast cancer remains the immediate area of focus, the Company anticipates expanding to other tumor types and adding additional

biomarkers with broad potential applications. High gross margins projected from the RPPA-based tests mean the Company can achieve profitability

with a relatively modest share of the breast cancer diagnostics market. Beyond its internal clinical portfolio, Ignite’s lab services

and intellectual property enable valuable partnerships in preclinical drug discovery and other technology collaborations.

The Company’s management believes ongoing clinical

data, guideline endorsements, and expanded research collaborations will position Ignite as a premier resource for next-generation proteomic

diagnostics in oncology.

Although we have patent coverage

in certain jurisdictions outside of the United States for certain biomarkers related to Ignite’s assay, we do not currently offer

or sell our products outside of the United Stares. Our immediate priority is to establish adoption within the United States. We plan to

further explore international opportunities once we have sufficient funding and operational resources to implement our expansion strategy

abroad.

Product

Portfolio

Our

product is a unique and patented RPPA technology platform, which can quantify protein signaling to support oncology clinical

treatment decisions and biopharmaceutical drug development. Because protein signaling is responsible for the development and

progression of cancer, nearly all FDA-approved cancer therapeutics target proteins, not genes. The Ignite RPPA technology can reveal

the protein drug target(s) that are essentially turned “on” in a patient’s cancer and may help support the most

effective treatment plan to turn those proteins “off”. Therefore, the Ignite RPPA technology is a critical tool that may

empower oncologists with actionable information to effectively treat a cancer patient, which is often missed by standard proteomic

and genomic testing. Our commercially available Lab Developed Test (LDT), the Ignite RPPA Assay for Breast Cancer, is currently

being utilized by oncologists across the United States to assist in making the most targeted treatment plan for their patients with

advanced breast cancer. The Ignite Proteomics test determines which drug target(s) are present and/or activated and may reveal to

the oncologist which patients are predicted to be responders versus non-responders to a particular therapeutic. The test may provide

therapeutic recommendations to support oncologist treatment selection of the best therapy option – which may improve patient

response and consequently save the healthcare system substantial dollars.

molecular diagnostic testing, it is common for assays to include dozens or even hundreds of potential markers, even though only a smaller

subset has the robust evidence to warrant major cancer care guideline inclusion, for instance, the guidelines of the National Comprehensive

Cancer Network (NCCN), and commercial and government payer reimbursement. Our Ignite RPPA tests for 32 analyte, which are proteins or

“activated” proteins. Although we currently measure 32 protein markers in a single test we are pursuing formal insurance

coverage and guideline inclusion, including from NCCN, on a marker-by-marker basis, focusing first on those that demonstrate clear clinical

utility.

believe our RPPA analysis of phosphorylated AKT for AKT-targeted drugs, two-marker combinations for HER2 therapy response, and MHC-II

for pembrolizumab meet the standards for NCCN guideline inclusion as emerging biomarkers based on the following clinical data:

The

currently available Ignite RPPA Assay for Breast Cancer will be followed by the Ignite RPPA Pan-Tumor Assay 1.0, expected to launch in

2025 to include ovarian, endometrial, and head & neck cancers. The test is expected to expand further in 2026 to the Ignite RPPA

Pan-Tumor Assay 2.0 to support the treatment of colorectal, prostate, pancreatic, lung, and other solid tumor cancer indications. We

are aware that the U.S. Food and Drug Administration (the “FDA”) published new rules concerning LDT regulation on May 6,

2024, and intend to comply fully with the final regulations. Because we have demonstrated analytic and clinical validity under CLIA,

CAP, and NYS CLEP standards, we anticipate meeting any additional FDA requirements as they come into effect. However, we cannot guarantee

that we will meet any such new requirements or be able to obtain any new approvals required.

Corporate Information

The Company was organized in August

2000 as a Kentucky professional service corporation and was the forerunner to our business through 2023. In March 2015, IMAC Holdings,

LLC, a Kentucky limited liability company was organized and effective June 1, 2018, IMAC Holdings, LLC converted into a Delaware corporation

and changed its name to IMAC Holdings, Inc., which conversion is referred to herein as the Corporate Conversion. In conjunction with the

conversion, all of our outstanding membership interests were exchanged on a proportional basis into shares of common stock.

Our principal executive offices

are located at 3401 Mallory Lane, Suite 100, Franklin, Tennessee, 37067 and our telephone number is (303) 898-5896. We maintain a corporate

website at imacholdings.com.

During the

year ended December 31, 2024, the Company entered into several financing transactions with Theralink Technologies, Inc. that culminated

in an acquisition of Theralink assets. Pursuant to the Settlement and Release Agreement, the Company acquired certain assets which resulted

in the recording of long lived assets of $1.1 million. The Note receivables of $1.1 million was settled as part of the arrangement. In

addition, in order to receive releases from security holders of Theralink, the Company issued 24,172 shares of Series E preferred stock.

The Series E preferred stock was valued at a de minimis value. Series E preferred stock does not have any voting rights and each preferred

share has a conversion price of $3.641 per share.

subsequently obtained transfers to us of the Original Proteomics Licenses.

Listing of Company Securities

Beginning in 2023, the Company

experienced deficiencies in compliance with Nasdaq Listing Rules. Including the Minimum Equity Rule, which required us to maintain a

required minimum of $2,500,000 in stockholders’ equity for continued listing, as required under Listing Rule 5550(b)(1). We cured

all such deficiencies subject ot a one year “Panel Monitor” as that term is defined by Nasdaq Listing Rule 5815(d)(4)(B)

with respect to the Minimum Equity Rule.

January 21, 2025, the Company received a Notice from Nasdaq advising the Company that it no longer complied with the Minimum

Equity Rule. Due to the Panel Monitor, the Company was not eligible to submit a plan to the Staff to request an extension of up to 180

calendar days in which to regain compliance with the Minimum Equity Rule, and as a result, the Staff determined to delist the Company’s

securities from Nasdaq.

The

Company appealed the delisting notice at a hearing before Nasdaq on March 4, 2025. On March 24, 2025, the Company was notified by Nasdaq

that our appeal was denied and that the Company’s securities were suspended at the open of trading on March 26, 2025. We expect

Nasdaq to complete the delisting by filing a Notification of Removal from Listing on Form 25 with the Securities and Exchange Commission

(the “SEC”).

As a result of the suspension in trading and expected delisting, the Company’s

common stock began trading publicly on the OTC Pink Market under its existing symbols “BACK” on March 26, 2025. The Company

intends to apply to have its common stock traded on the OTCQB. There is no guarantee that such application will be approved or when.

Implications

of Being a Smaller Reporting Company

are a smaller reporting company as defined in the Securities Exchange Act of 1934, as amended, or the Exchange Act. We may take advantage

of certain of the scaled disclosures available to smaller reporting companies and will be able to take advantage of these scaled disclosures

for so long as (i) the market value of our voting and non-voting common stock held by non-affiliates is less than $250 million measured

on the last business day of our second fiscal quarter or (ii) our annual revenue is less than $100 million during the most recently completed

fiscal year and the market value of our voting and non-voting common stock held by non-affiliates is less than $700 million measured

on the last business day of our second fiscal quarter. Specifically, as a smaller reporting company, we may choose to present only the

two most recent fiscal years of audited financial statements in our Annual Reports on Form 10-K and have reduced disclosure obligations

regarding executive compensation, and, as long as we are a smaller reporting company with less than $100 million in annual revenue, we

are not required to obtain an attestation report on internal control over financial reporting from our independent registered public

accounting firm.

Government

Regulation

Laboratory Developed Test Regulations

In general, the Food and Drug Administration (the “FDA”) and equivalent other country authorities require

labeling, advertising and promotional materials to be truthful and not misleading and marketed only for the approved indications and in

accordance with the provisions of the approved label.

We intend to develop diagnostic tests, a laboratory developed test (“LDT”) for clients that cannot currently

be provided using test kits approved or cleared by the FDA. The FDA has been considering changes to the way that it regulates these LDTs.

Currently, all LDTs are conducted and offered in accordance with CLIA, and

individual state licensing procedures. The FDA has published a draft guidance document that would require FDA clearance or approval of

a subset of LDTs, as well as a modified approach for some lower risk LDTs that may require FDA oversight short of the full premarket approval

or clearance process. Congress may enact legislation to provide a regulatory framework for the FDA’s role with regard to LDTs.

2014, the FDA issued draft guidance announcing that it would end its historical policy of enforcement discretion regarding LDTs and outlining

the first of multiple frameworks that have been proposed for their regulation. The FDA announced in 2016 that it no longer planned to

finalize its draft guidance and that it would continue to exercise enforcement discretion with respect to LDTs. On January 13, 2017,

the FDA published a non-binding “Discussion Paper” proposing a framework of LDT oversight largely consistent with the draft

guidance, “to spur further dialogue” and give “congressional authorizing committees the opportunity to develop a legislative

solution.” Recent agency announcements made in the context of the COVID-19 public health emergency have produced a shifting policy

landscape and further uncertainty regarding the FDA’s role in regulating LDTs. In August 2020, the Department of Health and Human

Services (“HHS”) announced that the FDA would not require premarket review of LDTs absent notice-and-comment rulemaking,

but in November 2021, HHS issued a statement withdrawing that prior announcement, indicating a return to the FDA’s longstanding

approach to the regulation and enforcement discretion toward LDTs.

Congress has also considered a number of legislative proposals in recent years that would amend the regulatory framework

for LDTs, including, among other requirements, FDA premarket review of certain LDTs. The most recent such proposal, the VALID Act, was

introduced in both the House and Senate on June 24, 2021. A competing legislative proposal, the Verified Innovative Testing in American

Laboratories Act of 2021 (“VITAL Act”), was introduced in the Senate on May 18, 2021. However, it remains uncertain whether

Congress will enact legislation regulating LDTs, and, if so, whether the legislation will be similar to the framework described in the

FDA’s 2014 draft guidance or Discussion Paper, or either the VITAL or VALID Acts.

Environmental Regulation

Our

operations produce hazardous waste products, including chemicals, radioactive and biological materials. We are subject to a variety of

federal, state and local laws and regulations relating to the use, handling, storage and disposal of these materials. Although we believe

that our safety procedures for handling and disposing of these materials complies with the standards prescribed by state and federal

laws and regulations, the risk of accidental contamination or injury from these materials cannot be eliminated. We generally contract

with third parties for the disposal of such hazardous waste products. We are also subject to regulation by the Occupational Safety and

Health Administration (“OSHA”), the Environmental Protection Agency (the “EPA”). Additionally, we must comply

with the regulations under the Toxic Substances Control Act, the Resource Conservation and Recovery Act and other regulatory statutes,

and may in the future be subject to other federal, state or local regulations. OSHA and/or the EPA may promulgate regulations that may

affect our research and development programs.

Employees

and Human Capital Management

of March 31, 2025, we employed 15 individuals, of which all were full-time employees. As of that date, none of our employees were

governed by collective bargaining agreements or were members of a union. We consider our relations with our employees to be good. We remain further committed to increasing the diversity of our employee

base.

Available

Information

file electronically with the Securities and Exchange Commission (the “SEC”), our annual reports on Form 10-K, quarterly reports

on Form 10-Q, and current reports on Form 8-K pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (“Exchange

Act”). The SEC maintains an Internet site (www.sec.gov), which contains reports, proxy and information statements,

and other information regarding issuers that file electronically with the SEC.

Our

annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports are available

free of charge on our website at https://imacregeneration.com as soon as reasonably practicable after such material is electronically

filed with, or furnished to, the SEC. Such reports will remain available on our website for at least 12 months and are also available

free of charge by written request or by contacting us at (303) 898-5896.

The

contents of our website or any other website are not incorporated by reference into this Annual Report.

ITEM 1A. RISK FACTORS

addition to the information set forth at the beginning of this Form 10-K entitled “Cautionary Statement Regarding Forward-Looking

Statements,” you should consider that there are numerous and varied risks, known and unknown, that may prevent us from achieving

our goals. If any of these risks actually occur, our business, financial condition or results of operation may be materially and adversely

affected. In such case, the trading price of our securities could decline and investors could lose all or part of their investment. These

risk factors may not identify all risks that we face and our operations could also be affected by factors that are not presently known

to us or that we currently consider to be immaterial to our operations.

Risks

Relating to Our Business

recorded a net loss for the years ended December 31, 2024 and December 31, 2023 and there can be no assurance that our future operations

will result in net income; we received a going concern qualification.

For

the year ended December 31, 2024 and December 31, 2023, we had net loss from our current business of approximately $6,298,000 and

$0, respectively. There can be no assurance that our future operations will result in net income. Our failure to increase

our revenues or improve our gross margins will harm our business. We may not be able to sustain or increase profitability on a

quarterly or annual basis in the future. If our revenues grow more slowly than we anticipate, our gross margins fail to improve or

our operating expenses exceed our expectations, our operating results will suffer. The fee we charge for our management services may

decrease, which would reduce our revenues and harm our business. If we are unable to sell our services at acceptable prices relative

to our costs, or if we fail to develop and introduce new services on a timely basis and services from which we can derive additional

revenues, our financial results will suffer.

discussed in Note 3 to the consolidated financial statements, the Company has suffered recurring losses from, and net cash used in, operations

and has a net capital deficiency, and has discontinued its operations, which raise substantial doubt about its ability to continue as

a going concern. We expect to incur losses this year and may never achieve or maintain profitability. Our future success depends on our

ability to attract and retain qualified personnel, and changes in management may negatively affect our business. We have a need for additional

funding. If we are unable to raise capital when needed, we could be forced to delay, reduce, or eliminate our development. We may form

or seek strategic alliances in the future, and we may not realize the benefits of such alliances. If we are unable to obtain sufficient financing to fund our operations, we may have to seek protection under applicable

law, which may include Federal or state bankruptcy laws.

Further,

because of our small size and limited operating history, our company is particularly susceptible to adverse effects from changes in the

law, economic conditions, consumer tastes, competition and other contingencies or events beyond our control. It may be more difficult

for us to prepare for and respond to these types of risks than it would be for a company with an established business and operating cash

flow. Due to changing circumstances or an inability to implement any portion of our growth strategy, we may be forced to dramatically

change our planned operations.

If we are unable to successfully integrate the assets we purchased from Theralink, our financial results could be

adversely affected.

On May 1, 2024, we acquired certain assets of Theralink. The Company is still in the process of integrating such

assets into its control and business. On May 30, 2024, we formed our wholly-owned subsidiary, Ignite, to operate a medical lab, deliver

services related to the assets we acquired from Theralink and collect fees for services rendered. Ignite is in the process of obtaining

credentials for reimbursement for our Ignite test by Medicare and certain third-party payors. Until such time as Ignite is credentialed,

we will accept payment from private insurers. Our Board has also approved the creation of the Ignite Compassionate Care program to enable

those without private insurance or private funds to access our Ignite test when needed until we are credentialed and thereafter for those

without access to any form of insurance. Any failure of the Company to obtain additional license agreement assignments, obtain credentials

for reimbursement by Medicare and certain other third party providers or otherwise integrate the acquired assets limit our ability to

generate or increase revenue and could adversely affect our financial results. We will need additional funding to achieve our goals and

may be unable to raise additional capital when needed, which would force us to delay, reduce or eliminate our product development and

commercialization efforts. Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require

us to relinquish rights to our technologies.

expect to expend substantial resources for the foreseeable future to continue the development and commercialization of our technology.

We may not be able to generate significant revenues for several years, if at all. Until such time as we can generate substantial service

revenues, we may attempt to finance our cash needs through equity offerings, debt financings, government and/or other third-party grants

or other third-party funding, marketing and distribution arrangements and other collaborations, strategic alliances and licensing arrangements.

To the extent that we raise additional capital through the sale of equity or convertible debt securities, our investors’ ownership

interest will be diluted. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability

to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we are unable to

obtain funding on a timely basis, we may be required to significantly curtail one or more research or development programs, which would

adversely impact potential revenues, results of operations and financial condition. We cannot be certain that additional funding will

be available on acceptable terms, or at all. If adequate funds are not available, we may be required to delay, reduce the scope of, or

eliminate one or more of our research and development activities.

may fail completely to implement key elements of our growth and expansion strategy, which could adversely affect our operations and financial

performance.

May 30, 2024, we formed a wholly-owned subsidiary, Ignite, to operate a medical lab, deliver services related to the assets we acquired

from Theralink and collect fees for services rendered. Ignite is in the process of obtaining credentials for reimbursement for our Ignite

test by Medicare and certain third-party payors. Until such time as Ignite is credentialed, we will accept payment from private insurers.

Our Board has also approved the creation of the Ignite Compassionate Care program to enable those without private insurance or private

funds to access our Ignite test when needed until we are credentialed and thereafter for those without access to any form of insurance.

we cannot implement one or more key elements of our growth and expansion strategy, including raising sufficient capital, hiring and retaining

qualified staff, leasing and developing acceptable premises for our medical clinics, securing necessary service contracts on favorable

or adequate terms, generating sufficient revenue and achieving numerous other objectives, our projected financial performance may be

materially adversely affected. Even if all of the key elements of our growth and expansion strategy are successfully implemented, we

may not achieve the favorable results, operations and financial performance that we anticipate.

we fail to achieve and sustain commercial success for our services, our business will suffer, our future prospects may be harmed, and

our stock price would likely decline.

Prior

to our acquisition of assets from Theralink, Theralink sold or marketed its product on a very limited basis. Unless we can continue to

successfully commercialize our services or acquire the right to market other approved products or services, our business will be materially

adversely affected. Our ability to generate revenues for our services will depend on, and may be limited by, a number of factors, including

the following:

●

acceptance of and ongoing satisfaction of our services by the medical community, patients receiving therapy and third-party payors in

the United States, and eventually in foreign markets if we receive marketing approvals abroad;

●

our ability to develop and expand market share for analyzing late-stage cancer patients, both in the United States and potentially in

the rest of the world if we receive marketing approvals outside of the United States, in the midst of numerous competing technologies

for late-stage cancer, many of which are already generally accepted in the medical community;

●

adequate coverage or reimbursement for our services by government healthcare programs and third-party payors, including private health

coverage insurers and health maintenance organizations; and

●

the ability of patients to afford any required co-payments for our services

Our

competitors may develop and market products that are less expensive, more effective, safer or reach the market sooner, which may diminish

or eliminate the commercial success of any products we may commercialize.

Competition

in the cancer information field is intense and accentuated by the rapid pace of advancements in product development. Further, research

and discoveries by others may result in breakthroughs that render potential technologies obsolete before they generate revenue.

Some

of our competitors in the cancer predictive biomarker space have substantially greater research and development capabilities than we

do. Their processing, marketing, financial and managerial resources may be greater than ours. Acquisitions of competing companies by

large pharmaceutical and biotechnology companies could enhance our competitors’ resources. In addition, our competitors may obtain

patent protection or FDA approval and commercialize predictive biomarkers more rapidly than we do, which may impact future sales of our

technology. We expect that competition among technology options will be based, among other things, on price, safety, reliability, availability,

patent protection, sales, marketing and distribution capabilities. Our profitability and financial position will suffer if our technology

cannot compete effectively in the marketplace.

Many

universities and private and public research institutes may in the future become active in cancer research, which may be in direct competition

with us.

Some

of our competitors in the cancer predictive biomarker space have substantially greater research and development capabilities than we

do. Their processing, marketing, financial and managerial resources may be greater than ours. Acquisitions of competing companies by

large pharmaceutical and biotechnology companies could enhance our competitors’ resources. In addition, our competitors may obtain

patent protection or FDA approval and commercialize predictive biomarkers more rapidly than we do, which may impact future sales of our

technology. We expect that competition among technology options will be based, among other things, on price, safety, reliability, availability,

patent protection, sales, marketing and distribution capabilities. Our profitability and financial position will suffer if our technology

cannot compete effectively in the marketplace.

could face competition from other technologies and products that could impact our profitability.

may face competition in Europe from other technologies and products, and we expect we may face competition from those technologies and

products in the future in the United States as well. To the extent that governments adopt more permissive approval frameworks and competitors

are able to obtain broader marketing approval for predictive biomarkers, our technology will become subject to increased competition.

Expiration or successful challenge of applicable patent rights could trigger such competition, and we could face more litigation regarding

the validity and/or scope of our patents. We cannot predict the end results other technologies or other competing products could have

on the future potential sales of our services.

must rely on relationships with third-party suppliers to supply necessary resources used in our technology. These relationships are not

easy to replace.

rely upon others for resources used in the production of predictive biomarkers for the Ignite assay. Problems with any of our suppliers’

facilities or processes could result in failure to produce or a delay in production of adequate information used in the production of

the Ignite assay. This could delay or reduce commercial sales and materially harm our business. Any prolonged interruption in the operations

of our suppliers’ facilities could result in a shortfall in the information necessary to complete our assay.

Our

prospective revenues will be diminished if payors do not adequately cover or reimburse our services.

There

has been and will continue to be significant efforts by both federal and state agencies to reduce costs in government healthcare programs

and otherwise implement government control of healthcare costs. In addition, private payors continually seek ways to reduce and control

overall healthcare costs. An increasing emphasis on managed care in the United States will continue to put pressure on the pricing of

healthcare services. Uncertainty exists as to the coverage and reimbursement status of new applications and services. Third-party payors,

including governmental payors such as Medicare and private payors, are scrutinizing new medical products and services and may not cover

or may limit coverage and the level of reimbursement for our services. Third-party insurance coverage may not be available to patients

for any of our existing service candidates or for tests we discover and develop, and a substantial portion of the testing for which we

bill our hospital and laboratory clients may ultimately be paid by third-party payors. Likewise, any pricing pressure exerted by these

third-party payors on our clients may, in turn, be exerted by our clients on us. If the government and other third-party payors do not

provide adequate coverage and reimbursement for our tests, it could adversely affect our operating results, cash flow and our financial

condition.

are susceptible to risks relating to investigation or audit by the Centers for Medicare & Medicaid Services (“CMS”),

health insurance providers and the IRS.

may be audited by CMS or any health insurance provider that pays us for services provided to patients. Any such audit may result in reclaimed

payments, which would decrease our revenue and adversely affect our financial performance. Our federal tax returns may be audited by

the IRS and our state tax returns may be audited by applicable state government authorities. Any such audit may result in the challenge

and disallowance of some of our deductions or an increase in our taxable income. We are currently involved in certain such ongoing audits

based on our discontinued regenerative medicine business. No assurance can be made with regard to the deductibility of certain tax items

or the position taken by us on our tax returns. Further, an audit or any litigation resulting from an audit could unexpectedly increase

our expenses and adversely affect financial performance and operations.

Regulatory

changes, such as proposed government regulation of LDTs, could require us to conduct additional clinical trials or result in delays,

increased costs, or the failure to obtain necessary regulatory approvals, which could harm our business.

intend to develop diagnostic tests for clients (an LDT) that cannot currently be provided using test kits approved or cleared by the

FDA. The FDA has been considering changes to the way that it regulates these LDTs. Currently, all LDTs are conducted and offered in accordance

with CLIA, and individual state licensing procedures. The FDA has published a draft guidance document that would require FDA clearance

or approval of a subset of LDTs, as well as a modified approach for some lower risk LDTs that may require FDA oversight short of the

full premarket approval or clearance process. Congress may enact legislation to provide a regulatory framework for the FDA’s role

with regard to LDTs. As a result, there is a risk that the FDA’s proposed regulatory process could delay the offering of certain

tests and result in additional validation costs and fees. This FDA approval or clearance process may be time-consuming and costly, with

no guarantee of ultimate approval or clearance.