Related party transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

Related party transactions

4. Related party transactions

Effective July 1, 2020, the Company entered into an agreement (the “License Agreement”) for certain intellectual property with a related party. On January 12, 2022, the Company amended the License Agreement to remove the running royalty, the sublicensing revenue royalty, and the payments related to the running royalties. No additional payments are required other than the $250,000 payable recorded on the consolidated balance sheets as of September 30, 2024 and December 31, 2023. See Notes 5 and 7 for additional related party transactions.

The above transactions and amounts are not necessarily indicative of what third parties would have agreed to.