Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Related Party Transactions | |
| Related Party Transactions | 10. Related Party Transactions On July 14, 2026, the Company’s CEO loaned the Company an interest-free short-term advance of $0.2 million, which was on August 3, 2026. On September 29, 2026, the Company’s CEO loaned the Company an interest-free short-term advance of $0.8 million. 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 CEO was the controlling member of the Seller. Following the acquisition, through the Company’s purchase of all of the stock of Advent from the Seller, 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 for the stock purchase 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 nine months ended September 30, 2026, the Company made five of the nine monthly payments that were due under the acquisition agreement, totaling approximately $1.7 million, and accrued $0.4 million of interest expense. The unpaid balance as of was approximately $6.3 million. |