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Related Party Transactions
12 Months Ended
Dec. 31, 2022
Related Party Transactions  
Related Party Transactions

Note 10. Related party transactions

Patagonia

Patagonia is a private, family-owned company founded in 2013 to address the medical needs of people with rare and serious dermatological conditions. On February 28, 2019 and June 26, 2019, the Company acquired the TMB-001 and TMB-003 licenses from Patagonia (see Note 3 for the payment terms and more details), respectively. The former Chief Operating Officer, Executive Vice-President and Secretary of the Company is also the President of Patagonia. As of December 31, 2022 and 2021, respectively, Patagonia owns no shares and 1 share of the Company’s common stock.

TardiMed

The former Chairman of the Board of the Company is a Managing Member of TardiMed. Our former  Chief Operating Officer, Executive Vice President and Secretary is a partner of TardiMed.  Our  Chief Financial Officer and Executive Vice President of the Company was  also a former partner of TardiMed. As of December 31, 2022 and December 31, 2021, TardiMed holds 62,181 and 108,750 shares of common stock, respectively. Such shares represented less than 5% of the total voting shares outstanding at December 31, 2022 and 20% of the total voting shares outstanding at December 31, 2021. The Company reimbursed TardiMed $99,569 for management fees and reimbursed expenses for the year ended December 31, 2021. There were no payments made to TardiMed for the year ended December 31, 2022.

On March 4, 2022, Zachary Rome stepped down from his positions as the Chief Operating Officer and Executive Vice-President of the Company. As a result of his resignation, Mr. Rome (i) was entitled to 1,587 shares of common stock underlying vested VARs, or $22,528, at the Company’s election, and (ii) forfeited 1,058 VARs. Mr. Rome no longer serves on the Company’s Board of Directors.  On March 4, 2022, Mr. Rome received 1,194 shares of common stock net upon exercise of the VARs after tax withholding.