﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2024v5.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-10-20T11:52:39-05:00</ReturnTs>
    <TaxPeriodEndDt>2024-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>390859910</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>Baker Tilly Advisory Group LP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>225 S 6th St 2300</AddressLine1Txt>
        <CityNm>Minneapolis</CityNm>
        <StateAbbreviationCd>MN</StateAbbreviationCd>
        <ZIPCd>55402</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990EZ</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>272514795</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>Panacetacea</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>PANA</BusinessNameControlTxt>
      <PhoneNum>3604814616</PhoneNum>
      <USAddress>
        <AddressLine1Txt>1554 Delaware Avenue</AddressLine1Txt>
        <CityNm>Saint Paul</CityNm>
        <StateAbbreviationCd>MN</StateAbbreviationCd>
        <ZIPCd>551183850</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>Kristin Rasmussen</PersonNm>
      <PersonTitleTxt>President</PersonTitleTxt>
      <PhoneNum>3604814616</PhoneNum>
      <SignatureDt>2025-09-26</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>1</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>Karen A Gries</PreparerPersonNm>
      <PTIN>P00078514</PTIN>
      <PhoneNum>6128764500</PhoneNum>
      <PreparationDt>2025-09-26</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="5">
    <IRS990EZ documentId="RetDoc1234200001" referenceDocumentId="RetDoc1051800001 RetDoc2278000001">
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <WebsiteAddressTxt>www.panacetacea.org</WebsiteAddressTxt>
      <Organization501c3Ind referenceDocumentId="RetDoc1039100001">X</Organization501c3Ind>
      <TypeOfOrganizationTrustInd>X</TypeOfOrganizationTrustInd>
      <GrossReceiptsAmt>48034</GrossReceiptsAmt>
      <InfoInScheduleOPartIInd>X</InfoInScheduleOPartIInd>
      <ContributionsGiftsGrantsEtcAmt>45010</ContributionsGiftsGrantsEtcAmt>
      <InvestmentIncomeAmt>3024</InvestmentIncomeAmt>
      <TotalRevenueAmt>48034</TotalRevenueAmt>
      <GrantsAndSimilarAmountsPaidAmt>50794</GrantsAndSimilarAmountsPaidAmt>
      <OtherExpensesTotalAmt>2150</OtherExpensesTotalAmt>
      <TotalExpensesAmt>52944</TotalExpensesAmt>
      <ExcessOrDeficitForYearAmt>-4910</ExcessOrDeficitForYearAmt>
      <NetAssetsOrFundBalancesBOYAmt>184574</NetAssetsOrFundBalancesBOYAmt>
      <OtherChangesInNetAssetsAmt>0</OtherChangesInNetAssetsAmt>
      <NetAssetsOrFundBalancesEOYAmt>179664</NetAssetsOrFundBalancesEOYAmt>
      <CashSavingsAndInvestmentsGrp>
        <BOYAmt>184574</BOYAmt>
        <EOYAmt>179664</EOYAmt>
      </CashSavingsAndInvestmentsGrp>
      <Form990TotalAssetsGrp>
        <BOYAmt>184574</BOYAmt>
        <EOYAmt>179664</EOYAmt>
      </Form990TotalAssetsGrp>
      <SumOfTotalLiabilitiesGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
      </SumOfTotalLiabilitiesGrp>
      <NetAssetsOrFundBalancesGrp>
        <BOYAmt>184574</BOYAmt>
        <EOYAmt>179664</EOYAmt>
      </NetAssetsOrFundBalancesGrp>
      <InfoInScheduleOPartIIIInd>X</InfoInScheduleOPartIIIInd>
      <PrimaryExemptPurposeTxt>Panacetacea conducts marine research on whales and dolphins in Panamanian waters. Results from our data is made available to the public and government agencies to inform conservation measures.</PrimaryExemptPurposeTxt>
      <ProgramSrvcAccomplishmentGrp>
        <DescriptionProgramSrvcAccomTxt>Southern Humpback Whale Monitoring Project, Gulf of Chiriqui, Panama: In 2024 we conducted 25 surveys between 29 July and 29 August and covered 1,914km. We sighted 120 groups of humpback whales, for a total of 234 individuals, including 61 calves. We obtained 86 identification photographs of humpback whales, representing 83 individuals. We collected 116 humpback whale tissue samples to be used for genetic and hormone analysis. We also dedicated 7 days to Bryde's whales and made 6 Bryde's whale sightings and collected 1 Bryde's whale tissue sample. We conducted two community outreach talks to educate local naturalists and captains about best practices for whale watching, and one talk to a local community to educate them on marine conservation issues. The team included two biologists from the US, one from Mexico, one from Panama, and two student interns from the US.</DescriptionProgramSrvcAccomTxt>
        <GrantsAndAllocationsAmt>0</GrantsAndAllocationsAmt>
        <ProgramServiceExpensesAmt>31459</ProgramServiceExpensesAmt>
      </ProgramSrvcAccomplishmentGrp>
      <ProgramSrvcAccomplishmentGrp>
        <DescriptionProgramSrvcAccomTxt>Marine Mammal Tagging Project, Gulf of Chiriqui, Panama: In 2024 we initiated our tagging program using CATS (Customised Animal Tracking Solutions) tags. All necessary equipment was purchased, and protocols were established. In August 2024 we successfully attached a tag to a mother humpback whale for 2.5 hours. We also attempted to attach a tag to a Bryde's whale but were unsuccessful. In 2024 we also purchased equipment for Low Impact Minimally Percutaneous Electronic Transmitter (LIMPET) tags, although no field work with these tags was conducted.</DescriptionProgramSrvcAccomTxt>
        <GrantsAndAllocationsAmt>0</GrantsAndAllocationsAmt>
        <ProgramServiceExpensesAmt>19335</ProgramServiceExpensesAmt>
      </ProgramSrvcAccomplishmentGrp>
      <TotalProgramServiceExpensesAmt>50794</TotalProgramServiceExpensesAmt>
      <OfficerDirectorTrusteeEmplGrp>
        <PersonNm>Kristin Rasmussen</PersonNm>
        <TitleTxt>President</TitleTxt>
        <AverageHrsPerWkDevotedToPosRt>20.00</AverageHrsPerWkDevotedToPosRt>
        <CompensationAmt>0</CompensationAmt>
        <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
        <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
      </OfficerDirectorTrusteeEmplGrp>
      <OfficerDirectorTrusteeEmplGrp>
        <PersonNm>Laura May-Collado</PersonNm>
        <TitleTxt>Secretary/Treasurer</TitleTxt>
        <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
        <CompensationAmt>0</CompensationAmt>
        <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
        <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
      </OfficerDirectorTrusteeEmplGrp>
      <OfficerDirectorTrusteeEmplGrp>
        <PersonNm>Matthew Leslie</PersonNm>
        <TitleTxt>Vice President</TitleTxt>
        <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
        <CompensationAmt>0</CompensationAmt>
        <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
        <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
      </OfficerDirectorTrusteeEmplGrp>
      <InfoInScheduleOPartVInd>X</InfoInScheduleOPartVInd>
      <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
      <ChgMadeToOrgnzngDocNotRptInd>0</ChgMadeToOrgnzngDocNotRptInd>
      <OrganizationHadUBIInd>0</OrganizationHadUBIInd>
      <SubjectToProxyTaxInd>0</SubjectToProxyTaxInd>
      <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
      <DirectIndirectPltclExpendAmt>0</DirectIndirectPltclExpendAmt>
      <MadeLoansToFromOfficersInd>0</MadeLoansToFromOfficersInd>
      <TaxImposedUnderIRC4911Amt>0</TaxImposedUnderIRC4911Amt>
      <TaxImposedUnderIRC4912Amt>0</TaxImposedUnderIRC4912Amt>
      <TaxImposedUnderIRC4955Amt>0</TaxImposedUnderIRC4955Amt>
      <EngagedInExcessBenefitTransInd>0</EngagedInExcessBenefitTransInd>
      <TaxImposedOnOrganizationMgrAmt>0</TaxImposedOnOrganizationMgrAmt>
      <TaxReimbursedByOrganizationAmt>0</TaxReimbursedByOrganizationAmt>
      <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
      <StatesWhereCopyOfReturnIsFldCd>MN</StatesWhereCopyOfReturnIsFldCd>
      <BooksInCareOfDetail>
        <BusinessName>
          <BusinessNameLine1Txt>Kristin Rasmussen</BusinessNameLine1Txt>
        </BusinessName>
        <USAddress>
          <AddressLine1Txt>1554 Delaware Ave</AddressLine1Txt>
          <CityNm>Saint Paul</CityNm>
          <StateAbbreviationCd>MN</StateAbbreviationCd>
          <ZIPCd>55118</ZIPCd>
        </USAddress>
        <PhoneNum>3604814616</PhoneNum>
      </BooksInCareOfDetail>
      <ForeignFinancialAccountInd>0</ForeignFinancialAccountInd>
      <ForeignOfficeInd>0</ForeignOfficeInd>
      <DonorAdvisedFndsInd>0</DonorAdvisedFndsInd>
      <OperateHospitalInd>0</OperateHospitalInd>
      <TanningServicesProvidedInd>0</TanningServicesProvidedInd>
      <RelatedOrganizationCtrlEntInd>0</RelatedOrganizationCtrlEntInd>
      <PoliticalCampaignActyInd>0</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd>0</LobbyingActivitiesInd>
      <SchoolOperatingInd>0</SchoolOperatingInd>
      <TrnsfrExmptNonChrtblRltdOrgInd>0</TrnsfrExmptNonChrtblRltdOrgInd>
      <PartVIOfCompOfHghstPdEmplTxt>NONE</PartVIOfCompOfHghstPdEmplTxt>
      <PartVIHghstPdCntrctProfSrvcTxt>NONE</PartVIHghstPdCntrctProfSrvcTxt>
      <FiledScheduleAInd>1</FiledScheduleAInd>
    </IRS990EZ>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <PublicOrganization170Ind>X</PublicOrganization170Ind>
      <GiftsGrantsContriRcvd170Grp>
        <CurrentTaxYearMinus4YearsAmt>40792</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>42417</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>95047</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>75000</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>45010</CurrentTaxYearAmt>
        <TotalAmt>298266</TotalAmt>
      </GiftsGrantsContriRcvd170Grp>
      <TotalCalendarYear170Grp>
        <CurrentTaxYearMinus4YearsAmt>40792</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>42417</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>95047</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>75000</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>45010</CurrentTaxYearAmt>
        <TotalAmt>298266</TotalAmt>
      </TotalCalendarYear170Grp>
      <SubstantialContributorsTotAmt>249658</SubstantialContributorsTotAmt>
      <PublicSupportTotal170Amt>48608</PublicSupportTotal170Amt>
      <GrossInvestmentIncome170Grp>
        <CurrentTaxYearAmt>3024</CurrentTaxYearAmt>
        <TotalAmt>3024</TotalAmt>
      </GrossInvestmentIncome170Grp>
      <TotalSupportAmt>301290</TotalSupportAmt>
      <PublicSupportCY170Pct>0.16130</PublicSupportCY170Pct>
      <PublicSupportPY170Pct>0.12710</PublicSupportPY170Pct>
      <TenPctFactsCrcmstncsTestCYInd>X</TenPctFactsCrcmstncsTestCYInd>
      <FactsAndCircumstancesTestTxt>The organization is continuing its public charity status by meeting the 10% facts and circumstances test. While support is less than the 33 1/3%, the organization is working to increase public support. Panacetacea has a mission that is attractive to the public and should attract public interest in the organization. The Board is actively working to increase public support. The organization regularly publishes work in public journals which are widely read, shares data with public entities as a way to promote tis accomplishments. These organizations include the Panamanian government and the International Whaling Commission. The organization also participates in conservation efforts with ineternational organizations.</FactsAndCircumstancesTestTxt>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <ContributorInformationGrp>
        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>RESTRICTED</TotalContributionsAmt>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <IRS990ScheduleO documentId="RetDoc1051800001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990-EZ, Part I, Line 4 - Other Investment Income</FormAndLineReferenceDesc>
        <ExplanationTxt>Description: FIDELITY BROKERAGE SERVICES LLC. Amount: 3,024.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990-EZ, Part I, Line 16 - Other Expenses</FormAndLineReferenceDesc>
        <ExplanationTxt>Description: Operating Expenses. Amount: 2,150.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <TransferPrsnlBnftContractsDecl documentId="RetDoc2278000001">
      <DeclarationDesc>The organization did not, during the year, receive any funds, directly,or indirectly, to pay premiums on a personal benefit contract.The organization, did not, during the year, pay any premiums, directly,or indirectly, on a personal benefit contract.</DeclarationDesc>
    </TransferPrsnlBnftContractsDecl>
  </ReturnData>
</Return>