RELATED PARTY TRANSACTIONS |
9 Months Ended | ||
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Sep. 30, 2024 | |||
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| RELATED PARTY TRANSACTIONS |
UBC Collaborative Research Agreement In April 2016, the Company entered into a collaborative research agreement (“CRA”) with the University of British Columbia (“UBC”) and the Vancouver Coastal Health Authority in the amount of C$787,500, with the Company’s Chief Scientific Officer, as principal investigator at the UBC. In January 2022, the UBC CRA was amended to extend the project for an additional three years, and funding was increased to an aggregate total of C$5,030,000. This amendment, along with the November 2021 amendment extends the project for an additional three years, effective January 1, 2022. During the nine months ended September 30, 2024 and 2023, the Company made cash payments of $443,260 and $296,590 and incurred costs of $446,860 and $444,730, respectively, which are included in research and development expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). Neil Warma Milestone Award Following the completion of the July 2024 PIPE, in accordance with certain milestones in Mr. Neil Warma’s employment agreement, the Company’s Board of Directors awarded Mr. Warma a one-time cash bonus of $400,000 and the remaining unvested options under Mr. Warma’s January 2024 option grant of 200,000 options became fully vested. |
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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