Related Party Transactions
|12 Months Ended|
Dec. 31, 2020
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Note 9. Related Party Transactions
The Company has obtained preclinical services from Biological Mimetics, Inc., which is also a stockholder in the Company. No expenses related to Biological Mimetics, Inc. were recorded during the year ended December 31, 2020 and nothing was owed to Biological Mimetics, Inc. at December 31, 2020. The Company recorded expenses of approximately $23,000 related to Biological Mimetics, Inc. during the year ended December 31, 2019, all of which is included in research and development. Approximately $2,000 was owed to Biological Mimetics, Inc. at December 31, 2019.
The Company has previously engaged Intuition Systems (“Intuition”) to provide services relating to development of the Company’s technology infrastructure and artificial intelligence platform, cloud computing, and computational biology. The chief executive officer of Intuition is the brother of Arun Asaithambi, the Company’s former Chief Executive Officer, President and Director. Nothing was expensed related to Intuition during the years ended December 31, 2020 and 2019. At December 31, 2020 and 2019, approximately $9,000 remained unpaid relating to Intuition and is included in accounts payable and accrued expenses in the accompanying consolidated balance sheet.
In January 2018, the Company entered into an Assignment Agreement (the “Assignment Agreement”) with BioNumerik Pharmaceuticals, Inc. (“BioNumerik”), pursuant to which the Company acquired rights to domestic and international patents, trademarks and related technology and data relating to LP-300 for human therapeutic treatment indications. Mr. Margrave, the Company’s Chief Financial Officer and Secretary, formerly served as the President, Chief Administrative Officer, General Counsel and Secretary of BioNumerik and has a minority ownership interest in BioNumerik. Nothing was expensed related to BioNumerik during the year ended December 31, 2020. The Company expensed less than $1,000 related to BioNumerik during the year ended December 31, 2019, which amount is included in general and administrative expenses in the accompanying consolidated statement of operations. No amounts are owed to BioNumerik as of December 31, 2020. Approximately $11,000 was owed and recorded in accounts payable to BioNumerik as of December 31, 2019.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef