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Commitments and Contingencies
 12 Months Ended
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.