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Related Party Transactions (Tables)

6 Months Ended

Dec. 31, 2023

Related Party Transactions

Summary of related party


Related Parties		Relationship
Dr. Anil R. Diwan		Chairman, President, CEO, significant stockholder through TheraCour, and Director

TheraCour Pharma, Inc. (“TheraCour”)		An entity owned and controlled by Dr. Anil R. Diwan

Karveer Meditech, Pvt., Ltd (“KMPL”)		An entity of which Dr. Anil R. Diwan is a passive investor and advisor without operating control.


		For the three months ended						For the six months ended
		December 31,			December 31,			December 31,			December 31,
		2023			2022			2023			2022
Property and Equipment

During the reporting period, TheraCour acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company		$	5,474		$	3,493		$	13,765		$	29,369


		As of
		December 31,			June 30,
		2023			2023
Account Payable – Related Party-TheraCour

Pursuant to an Exclusive License Agreement with TheraCour, the Company was granted exclusive licenses for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour. In consideration for obtaining these exclusive licenses, the Company agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of certain direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) the Company will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on the Company’s behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour and; (4) to pay an advance payment equal to twice the amount of the previous months invoice to be applied as a prepayment towards expenses. Accounts payable due TheraCour at December 31, 2023 and June 30, 2023 were $831,227 and $733,434, respectively, which were each offset by a two month advance of $500,000.		$	331,227		$	233,434


		December 31,			June 30,
		2023			2023
Accounts Payable- Related Party-KMPL

The Company has out-licensed NV-CoV-2 and NV-CoV-2-R for further clinical drug development and commercialization in the territory of India to KMPL, a company of which Dr. Anil Diwan is a passive investor and advisor. KMPL sponsored NV-CoV-2 for human clinical trials and obtained regulatory approvals in India. KMPL has retained a local clinical research organization (CRO) to conduct the clinical trials. The Phase1a/1b human clinical trial of NV-CoV-2 began in India on June 17, 2023. Under the agreement with KMPL, the Company agreed to pay for the expenses of the clinical trials, and in return will benefit from having the data and reports made available for regulatory filings in other territories of the world. Upon commercialization, the Company will receive royalties from KMPL equal to 70% of sales to unaffiliated third parties. Accounts payable to KMPL at December 31, 2023 and June 30, 2023 were:		$	172,812		$	—


		For the three months ended						For the six months ended
		December 31,			December 31,			December 31,			December 31,
		2023			2022			2023			2022
Research and Development Costs Related Party

Development fees and other costs charged by to TheraCour pursuant to the license agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at December 31, 2023 and June 30, 2023		$	682,258		$	633,247		$	1,321,335		$	1,245,958


		For the three months ended						For the six months ended
		December 31,			December 31,			December 31,			December 31,
		2023			2022			2023			2022
Clinical Trial Costs - Related Party

Clinical trial related and other costs charged by KMPL pursuant to the license between KMPL and the Company were approximately $150,000 and $365,000 for the three and six months ended December 31, 2023. As of December 31, 2023 and June 30, 2023 approximately $150,000 and $100,000 of such costs were accrued by the Company pursuant to the license agreement between the Company and KMPL. The amounts has been recorded within accrued expenses in the accompanying condensed balance sheets.		$	150,000		$	—		$	365,000		$	—