Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions | |
| Related Party Transactions | 10. Related Party Transactions As previously reported, the Company entered into an agreement to acquire Advent on August 27, 2025, and closed on the acquisition on October 24, 2025. Prior to the acquisition, Advent was wholly owned by Toucan Holdings LLC (“Seller”). The Company’s Chairperson and Chief Executive Officer, Linda Powers, was the controlling member of the Seller. Following the acquisition, Advent is now a wholly owned subsidiary of the Company. The consideration for the acquisition will be paid in installments over two years, beginning 3 months after the closing of the acquisition, with potential acceleration after regulatory approval of the Company’s DCVax®-L product. The consideration includes a combination of a cash purchase price of approximately $1.9 million (£1.4 million) and cash payment of an amount equal to the net amount of accounts payable (“Net AP”) that was due from the Company to Advent prior to the acquisition for services already performed under the existing service contracts, totaling $6.0 million, which is net of $2.3 million buyer assumed liabilities, and Excluded Amounts (relating to non-Company matters prior to the acquisition date) were retained by the Seller, totaling approximately $0.7 million (collectively, the “Purchase Consideration”). The unpaid balance will accrue interest at 7.5% annually. During the three months ended March 31, 2026, the Company made aggregate payments of approximately $0.7 million to the Seller and accrued $0.1 million of interest expense. The unpaid balance as of was approximately $7.3 million. |