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AGREEMENT WITH ALTANISPAC | 9 Months Ended
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Mar. 31, 2026
Agreement With Altanispac |
AGREEMENT WITH ALTANISPAC |
(6) | AGREEMENT WITH ALTANISPAC
On January 8, 2026, the Company entered into a sublicense agreement (the “Altanispac Agreement”) with Altanispac Labs, LLC (“Altanispac”), granting an exclusive license to PL9643, an MC1R agonist for the treatment of dry eye disease. Under the terms of the Altanispac Agreement, Altanispac agreed to pay the Company a non-refundable upfront payment in the form of non-cash debt cancellation, plus future payments based on the sublicensing or the sale of PL9643, and tiered royalties on net sales of licensed products, if commercialized. The Company assigned certain patent rights and granted Altanispac a license to related intellectual property. The Company evaluated the Altanispac Agreement under ASC 606 and concluded that it contains one distinct performance obligation, the license of functional intellectual property. The transaction price consists of fixed consideration and variable consideration. Variable consideration associated with future payments is fully constrained, as the Company cannot conclude that it is probable that a significant reversal of cumulative revenue recognized will not occur due to the inherent uncertainty of achievement. Control of the intellectual property was transferred to Altanispac at contract inception, and accordingly, the Company recognized $3,751,122 as license revenue in the Consolidated Statements of Operations for the three months ended March 31, 2026. The $3,751,122 of license revenue was received in the form of non-cash debt cancellation. The cancelled debt was previously recorded in current liabilities as of December 31, 2025.

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