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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies [Abstart] |
COMMITMENTS AND CONTINGENCIES | 20. COMMITMENTS AND CONTINGENCIES Contingent Payment Obligations As of December 31, 2023, the Group does not have any non-cancellable purchase commitments. The Group has contingency payment obligations under each of the license agreements, such as milestone payments, royalties, research and development funding, if certain condition or milestone is met. Milestone payments are due upon achievements of specific conditions, such as Investigational New Drugs (“IND”) filing or U.S. Food and Drug Administration (“FDA”) approval, first commercial sale of the licensed products, or other achievements. The aggregate amounts of the contingent milestone payments that the Group is required to pay up to different achievements of conditions and milestones under all license agreements in effect as of December 31, 2023 are below:
|  | Amount |
Drug molecules: up to the conditions and milestones of |  |  |
Preclinical to IND filing |  | $ | 132,564 |
From entering phase 1 to before first commercial sale |  |  | 17,376,410 |
First commercial sale |  |  | 11,882,051 |
Net sales amount more than certain threshold in a year |  |  | 44,769,231 |
Subtotal |  | $ | 74,160,256 |
Diagnostics technology: up to the conditions and milestones of |  |  |  |
Before FDA approval |  | $ | 208,656 |
|  | $ | 74,368,912 |
For the years ended December 31, 2023, 2022 and 2021, the Group incurred $50,000, $nil and $nil milestone payments under license agreements, respectively. For the years ended December 31, 2023, 2022 and 2021, the Group did not incur any royalties or research and development funding, respectively.

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