RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

9. RELATED PARTY TRANSACTIONS

Tiziana Life Sciences Limited (“Tiziana”) is a related party as it is under common control. The Company and Tiziana share directors, officers and significant shareholders. The Company has also been formed due to an acquisition of a subsidiary company from Tiziana. As of June 30, 2024, Tiziana owns approximately 11.8% of the Company.

Effective with the demerger agreement, the Company entered into a shared services agreement, where the Company outsources certain limited management and administrative services. The Company notes that the fees consist of payroll costs associated with time spent providing services for the Company and are based on actual time spent and the allocated payroll costs. In addition, the Company is charged, at cost, for utilization of certain office space. There was no mark-up associated with fees charged for these services. For the three months ended June 30, 2024 and 2023, the Company has incurred approximately $3,250   and $4,523, respectively.

As of June 30, 2024 and December 31, 2023, $1,878,158   and $1,322,986 respectively, was also due to Tiziana, as Tiziana had paid for expenses on behalf of the Company. Subsequent to June 30, 2024, Tiziana had paid for an additional $357,381 of expenses on behalf of the Company.

In January 2022, the Company and Gabriele Cerrone, who is the Chairman of the Board of Directors and the largest shareholder, entered into an agreement in which he will provide consulting ser vices to the Company for a monthly fee of $5,500. As of June 30, 2024, $165,000 was due to Gabriele Cerrone.