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EARN-OUT MILESTONE LIABILITY | 12 Months Ended
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Dec. 31, 2023
Earn-out Milestone Liability |
EARN-OUT MILESTONE LIABILITY | 13. EARN-OUT MILESTONE LIABILITY The total aggregate purchase price for the EGEN Acquisition included potential future earn-out payments contingent upon achievement of certain milestones. The difference between the aggregate $30.4 million in future earn-out payments and the $13.9 million included in the fair value of the acquisition consideration at June 20, 2014 was based on the Company’s risk-adjusted assessment of each milestone (10% to 67%) and utilizing a discount rate based on the estimated time to achieve the milestone (1.5 to 2.5 years). The earn-out milestone liability is fair valued at the end of each quarter and any change in their value will be recognized in the Financial Statements. On March 28, 2019, the Company and EGWU, Inc., entered into the Amended Asset Purchase Agreement. Pursuant to the Amended Asset Purchase Agreement, payment of the earnout milestone liability related to the Ovarian Cancer Indication of $12.4 million has been modified. The Company had the option to make the payment upon achievement of the milestones as follows:
a) | $7.0 million in cash within 10 business days of achieving the milestone; or
b) | $12.4 million in cash, common stock of the Company, or a combination of either, within one year of achieving the milestone.
At December 31, 2022, the Company wrote off the earn-out milestone liability as a result of the requirements not being achieved and recognized a non-cash gain of $5.4 million during 2022 as a result of the change in the fair value of the earn-out milestone liability. The Company fair value of the milestone liability is zero at December 31, 2023. The following is a summary of the changes in the earn-out milestone liability for 2022: SCHEDULE OF CHANGES IN EARN-OUT MILESTONE LIABILITY
Balance at January 1, 2022 |  |  | 5,396,000 |
Non-cash gain from the adjustment for the change in fair value included in 2022 net loss |  |  | (5,396,000 | )
Balance at December 31, 2022 |  | $ | - |

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