| INTANGIBLE ASSETS |
NOTE 4 — INTANGIBLE ASSETS
Intangible assets consisted of the following:
| Intangible Assets | |
June 30,
2025 | | |
December 31,
2024 | |
| Licenses | |
| | |
| |
| Non-Exclusive License Agreement | |
$ | 179,821 | | |
$ | 179,821 | |
| Various generic drugs | |
| 736,983 | | |
| 736,983 | |
| Four generic drugs (Encore) | |
| 1,308,270 | | |
| 1,308,270 | |
| Needleless Syringe License | |
| 26,060 | | |
| 26,060 | |
| Patents | |
| 48,420 | | |
| 48,420 | |
| Total intangible assets | |
$ | 2,299,554 | | |
$ | 2,299,554 | |
Intangible assets are as follows:
| | ● | Non-Exclusive License Agreement ($179,821) – On March 5, 2023, the Company signed a Non-Exclusive License Agreement with Heidelberg University to grant non-exclusive rights to various licenses owned and under development by the university. The licenses include the use of modified AAV capsid polypeptides for treatment of muscular diseases. The terms include a €50,000 ($56,325) fee for signing the agreement and €100,000 ($112,650) payment within 60 days of the anniversary of signing the agreement. The Company will pay €1,000,000 ($1,126,500) for each assignment of a right to a license owned by the university. For new licenses, the Company will make standard commercial development-based milestone payments for the various stages of license development and regulatory approval. The Company will make 2% royalty payments by January 31st each year during the term of the agreement for each licensed product for the proceeding calendar year. The value of the licenses was $179,821 at June 30, 2025 and December 31, 2024, respectively. |
| | ● | Various Generic Drugs ($736,983) - During 2015, the Company acquired two licenses for biosimilar biologic therapies to treat cancer and autoimmune diseases. The value of the licenses was $736,983 at June 30, 2025 and December 31, 2024, respectively. |
| | ● | Four Generic Drugs (Encore) ($1,308,270) – On September 12, 2022, the Company acquired four market-approved anti-cancer drugs approved for sale in Germany for $1,308,270. The purchase price represents the fair value of the intangible asset based on the net present value of the projected gross profit to be generated by the licenses. The value of the licenses was $1,308,270 at June 30, 2025 and December 31, 2024. |
| | ● | Needleless Syringe License ($26,060) – On December 1, 2023, the Company signed a license agreement with TransferTech Sherbooke for the rights to develop and commercialize the technology of a “Needleless Syringe.” Under the terms of the agreement, the Company paid a $26,060 upfront fee and royalty fees on the license income. The Company has not commenced developing the technology. The amount paid under the agreement is $26,060 at June 30, 2025 and December 31, 2024, respectively. |
| | ● | Patents ($48,420) – Through its licensing arrangements, the Company acquires the right to patents for Alzheimer, ALS, and other items. Once the patents are declared effective, patents are amortized using the straight-line method over their estimated useful lives or statutory lives, whichever is shorter, and will be reviewed for impairment upon any triggering event that may impact the assets’ ultimate recoverability as prescribed under the guidance related to impairment of long-lived assets. Costs incurred to acquire patents, including legal costs, are also capitalized as long-lived assets and amortized on a straight-line basis with the associated patent. The patent value, which is part of licenses in the accompanying condensed consolidated balance sheet, as of June 30, 2025 and December 31, 2024, was $48,420, respectively. |
| | ● | Exclusive World-wide License Agreement - On January 24, 2022, the Company signed an exclusive, world-wide License Agreement with the University of Barcelona for a cell and/or gene therapy that has shown compelling activity in animal models of human Alzheimer’s disease and amyotrophic lateral sclerosis (“ALS” or “Lou Gehrig’s disease”). The gene therapy will also be applied to age-related diseases and rare (“Orphan”) diseases. Beginning on December 15, 2022, the annual license fee is 10,000 Euros. In addition, the Company will pay a Royalty equal to 3% of net sales of finished products once the license is in use. As of June 30, 2025 and December 31, 2024, the Company owed $0 under the agreement. |
These licenses and patents are not currently in
use as the Company is in pre-revenue stage. Once these licenses are in use, the licenses will be amortized over its useful life.
The Company expects to utilize these licenses and patents later in the year.
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