Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1158

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 1158
---
”).
Upon the expiration of the Reduction Period, the bases salaries shall adjust to be 105% of their original base salary as set forth in
their original agreements.

As
of December 4, 2024, the base salaries was adjusted to 105% of the original base salaries and the Company started paying a 100% of
the salaries.

    F-24

JUPITER
NEUROSCIENCES, INC.

NOTES
TO FINANCIAL STATEMENTS

December
31, 2024 and 2023

Note
8 – Commitments and Contingencies, continued

Licensing
and Royalty Agreements - Aquanova AG

On
September 15, 2016, the Company entered into a Development, Collaboration and License Agreement (“License Agreement”) with
Aquanova AG, a German company in the field of development, manufacturing and selling of colloidal formulas. The License Agreement resulted
in the creation of the pharmaceutic product, JOTROL. The License Agreement is in effect until product launch, which is undeterminable
at this time. The Chief Scientific Officer of the Company and the CEO of Aquanova are the joint inventors of JOTROL. Aquanova is assignee
on the patents in the United States, the European Union, China and Japan whereas the Company is obligated to maintain the patents. The
agreement grants ownership to the Company for regulatory approvals and the sole and exclusive worldwide right to develop, manufacture
and commercialize all products, including JOTROL. Aquanova is granted the exclusive license to conduct formulation development and manufacturing.
The agreement also defines fees owed to Aquanova for product and formulation development and licensing of the products. The Company is
required to pay Aquanova an annual license fee of $75,000 upon acceptance of the product formulation by both parties, with the license
fee requirement ending in the year of marketing authorization approval (“MMA”) in a single territory. MMA has not yet been
received as of the period ended September 30, 2024. As of December 31, 2024 and 2023, $75,000 and $150,000 of accrued license
fees are included in accounts payable and accrued expenses on the balance sheet, respectively. Upon receipt of approval of the MMA in
each territory (e.g., United States, European Union, China, Japan), the Company will pay $200,000 to Aquanova per territory an MMA approval
is received, up to a max