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RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 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 $39,832 and $0 in expenses related to these services during the three months ended September 30, 2024 and 2023, respectively. The Company incurred $57,481 and $150,000 in expenses related to these services during the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 and December 31, 2023, the outstanding balance owed to Agenus Inc. is $39,832 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 $0 in expenses related to these services during the three months ended September 30, 2024 and 2023, respectively. The Company incurred $0 and $106,755 in expenses related to these services during the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 and December 31, 2023, there is $80,409 and $80,409 owed to CTC in connection with this agreement, respectively.