Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events

Subsequent Events

Note 4. Subsequent Events

On July 4, 2023, the office lease agreement for Epalinges has been terminated as of August 31, 2023, and the Company is leasing a shared office space on a three month’s lease basis.

On July 26, 2023, the Company decided to wind down its wholly owned subsidiary Bestewil Holding BV (“BH”) and Mymetics BV, which is the wholly owned subsidiary of BH. BH has a remaining patent, which the Company expects to acquire to partially compensate for the approximate Euro 6 million accumulated intercompany loans from Mymetics Corporation to BH. The Company is working with the appropriate accountants to ensure this wind down process follows the applicable tax and accounting regulations. The execution of the wind down is expected to take several months to complete and is subject to various risks and uncertainties that could impact the Company's ability to successfully complete the wind down or the costs associated with the wind down.