Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 51

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 51
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 G-Tech Bio, LLC, a California limited liability company (“G-Tech”) to assist the Company
with the development of the gene therapy and cell therapy modalities for the prevention, treatment, and amelioration of HIV in humans,
and with the development of a genetically enhanced Dendritic Cell for use as a wide spectrum platform for various diseases (including
but not limited to cancers and infectious diseases) (the “G-Tech Agreement”). G-Tech was entitled to consulting fees for 20
months, with a monthly consulting fee of not greater than $130,000 per month. Upon the completion of the 20 months, the monthly consulting
fee of $25,000 continued for scientific consulting and knowledge transfer on existing HIV experiments until the services were no longer
being rendered or the G-Tech Agreement is terminated. As of May 25, 2022, the consultant was no longer able to render services; therefore,
no expense was incurred for the three and nine months ended March 31, 2024 and 2023.

On January 31, 2020, the Company
entered into a Statement of Work and License Agreement (the “HBV License Agreement”) by and among the Company, G-Tech, and
G Health Research Foundation, a not for profit entity organized under the laws of California doing business as Seraph Research Institute
(“SRI”) (collectively the “Licensors”), whereby the Company acquired a perpetual, sublicensable, exclusive license
(the “HBV License”) for a treatment under development (the “Treatment”) aimed to treat Hepatitis B Virus (HBV)
infections.

The HBV License Agreement states
that in consideration for the HBV License, the Company shall provide cash funding for research costs and equipment and certain other in-kind
funding related to the Treatment over a 24 month period, and provides for an up-front payment of $1.2 million within 7 days of January
31, 2020, along with additional payments upon the occurrence of certain benchmarks in the development of the technology set forth in the
HBV License Agreement, in each case subject to the terms of the HBV License Agreement. Additionally, the HBV License Agreement provides
for cooperation related to the development of intellectual property related to the Treatment and for a 2% royalty to G-Tech on any net
sales that may occur under the HBV License. On February 6, 2020, the Company paid the $1