Note 17 - Related Party Transactions

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

Note 17. Related Party Transactions

License and Supply Agreements

In August 2018, we entered into a license agreement and exclusive supply agreement (collectively, the “4Life Agreement”) in conjunction with 4Life’s investment in our Series C preferred stock and warrants. Pursuant to the 4Life Agreement, we granted 4Life an exclusive license to sell certain dietary supplements. The term of the exclusive license is five years from the commencement of product sales under the 4Life Agreement, which was in April 2021, with options to renew for additional five-year terms. We provide non-pharmaceutical product to 4Life for development, and 4Life pays royalties of 3% of incremental sales. 4Life is subject to an annual minimum sales requirement. If the minimum sales are unmet, 4Life may pay us an additional fee to maintain exclusivity or have the license converted to non-exclusive. Total revenue under the 4Life Agreement for the years ended  December 31, 2022 and 2021 was as follows:

	Year Ended December 31,
(in thousands)	2022		2021
Product revenue from related parties	$	316	$	479
Royalty revenue from related parties		144		153
Total revenue from related parties	$	460	$	632

Registered Direct Offering

In October 2022, we entered into securities purchase agreements with certain affiliated stockholders in the Offering (see Note 15). The affiliated stockholders included directors of Clene Inc. and Clene Nanomedicine, to whom we sold 6,287,129 shares of Common Stock as a sale price of $1.01 per share, for gross aggregate proceeds of $6.4 million. As of  December 31, 2022, there were no amounts due from these affiliated stockholders.