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RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS | 9 Months Ended
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Sep. 30, 2024
Research and Development [Abstract] |
RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS | 11. RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS: The Company has long-standing relationships with a number of academic institutions that undertake funded research projects, including Princeton University (Princeton) and the University of Southern California (USC). Under the current license agreement among the Company, Princeton and USC, the universities have granted the Company worldwide, exclusive license rights, with rights to sublicense, to make, have made, use, lease and/or sell products and to practice processes based on patent applications and issued patents arising out of research performed by the universities for the Company. The Company recorded royalty expense in connection with this agreement of $145,000 and $60,000 for the three months ended September 30, 2024 and 2023, respectively, and $1.9 million and $358,000 for the nine months ended September 30, 2024 and 2023, respectively. The Company also makes payments under the current research agreement with USC on a quarterly basis as actual expenses are incurred. As of September 30, 2024, the Company was obligated to pay USC up to $2.0 million for work to be performed during the remaining term. The Company recorded research and development expense in connection with work performed under the agreement of $490,000 and $251,000 for the three months ended September 30, 2024 and 2023, respectively, and $1.2 million and $666,000 for the nine months ended September 30, 2024 and 2023, respectively.

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- Definition The entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 730 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483041/730-20-50-1 + Details
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