Annual report pursuant to Section 13 and 15(d)

Note 19 - Subsequent Events

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Note 19 - Subsequent Events
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

19.

Subsequent Events

 

The Company has evaluated events and transactions subsequent to December 31, 2022 and through the date these consolidated financial statements were included in this Annual Report on Form 10-K and filed with the SEC.

 

 

a.

Amendment to NOL Rights Agreement: On January 10, 2023, the Company entered into the First Amendment to Section 382 Rights Agreement (“First Amendment”), which amended the NOL Rights Agreement. The First Amendment reduced the “exchange ratio”" from five shares of Common Stock per right to three shares of Common Stock per right.

 

 

b.

UCSD Amendment: On February 16, 2023, the Company and UCSD executed an amendment to the license agreement for the exclusive world-wide rights to all diagnostic and therapeutic uses of tilmanocept (other than Tc99m tilmanocept used in lymphatic mapping). The amendment released the Company from any and all obligations related to certain diligence requirements as defined in the license agreement. The amendment resulted in the reversal of approximately $1.2 million of accrued liabilities in the first quarter of 2023.