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COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

NOTE 3 – COMMITMENTS AND CONTINGENCIES:

a.License Agreements

CRT Pioneer Fund License Agreement

There have been no material changes to the CRT Pioneer Fund License Agreement, as revised on March 31, 2022, (the “License Agreement”) as previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year

ended December 31, 2022 filed with the Securities and Exchange Commission on March 8, 2023 (see Note 5a in the Notes to the Financial Statements) except noted below.

In connection with the License Agreement described in the annual report, the Company agreed to provide Institute of Cancer Research in London, UK ("ICR”) with up to an additional $865,000 in research and development support to conduct additional scientific research and preclinical testing for certain indications that the Company selects in connection with the NXP800 Program. The Company recognized $0.4 million and $0.4 million in research and development expense during the three months and six months ended June 30, 2023.  The Company expects to expense the remaining $0.2 million related to this research and development support in the third quarter 2023.

Any potential milestone or royalty payment amounts have not been accrued as of June 30, 2023 and December 31, 2022 due to the uncertainty related to the achievement of these events or milestones.  

University of Edinburgh License Agreement

There have been no material changes to the University of Edinburgh (“UoE”) License Agreement as previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission on March 8, 2023 (see Note 5a in the Notes to the Financial Statements).  

Any potential future research support, milestone or royalty payment amounts have not been accrued as of June 30, 2023 and December 31, 2022 due to the uncertainty related to the achievement of these events, milestones or commitments to additional research.

b.Related Party Transactions

As for related party transactions, see Note 7.

c.Contingencies

As of June 30, 2023, and as of December 31, 2022, there are no contingent liabilities, therefore, no provision was made.