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RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 8 – RELATED PARTY TRANSACTIONS

 

The Company is provided free office space consisting of a conference room by the Company Executive Chairman, Dr. Armen. The Company does not pay any rent for the use of this space. This space is used for quarterly board meetings and our annual shareholder meeting.

 

During the year ended December 31, 2021, the Company engaged Agenus Inc., a related party, to perform research and development services. Agenus Inc. is a related party due to the Company’s Director and Chairman of the Board being the CEO and Chairman of the Board for Agenus Inc. The Company incurred $17,649 and $0 in expenses related to these services during the three and six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, the outstanding balance owed to Agenus Inc. is $17,649 and $150,296, respectively.

 

During the year ended December 31, 2022, the Company engaged CTC North, GmbH (“CTC”) to perform research and development services. CTC is a related party due to the Company’s Director and Chairman of the Board being the CEO and Chairman of the Board for Agenus Inc, CTC’s parent company. The total commitment for this agreement is $1.3 million. The Company incurred $0 and $15,210 in expenses related to these services during the three months ended June 30, 2024 and 2023, respectively. The Company incurred $0 and $106,754 in expenses related to these services during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, there is $80,409 and $80,409 owed to CTC in connection with this agreement, respectively.