Financial Position - The Company maintained $22.7 million in cash and cash equivalents as of June 30, 2022[23]. - Cash in bank decreased from €37.2 million at December 31, 2021, to €34.7 million at June 30, 2022[32]. - As of June 30, 2022, the total prepaid expenses and other current assets amounted to €2,737,108, an increase of 80.1% from €1,519,023 at December 31, 2021[81]. - The net property and equipment as of June 30, 2022, was €65,928, a significant increase from €23,090 at December 31, 2021[86]. - The retirement benefit obligation increased to €55,192 at June 30, 2022, from €30,618 at December 31, 2021[90]. Share Capital and Stock Options - The Company has 18,216,858 ordinary shares issued and outstanding as of June 30, 2022[36]. - The Company has authorized options on 1,821,685 ordinary shares, representing 10% of the current outstanding shares[51]. - The Company issued 23,502 warrants to underwriters at an exercise price of $14.375 per ADS, exercisable over a four and a half-year period[61]. - The company granted a nonqualified fully vested stock option to its chairman in April 2022, with an expense recorded of €240,043 for the six months ended June 30, 2022[97]. - The company granted 147,783 NSOs to Dr. Squinto on April 26, 2022, with a total recognized expense of €240,043 for the period ended June 30, 2022[102][105]. - The weighted average fair value of options granted during the six months ended June 30, 2022 was €1.62 per share, compared to €1,088 per quota B for the same period in 2021[105][111]. Research and Development - Research and development expenses include costs for salaries, share-based compensation, and external vendor services, with significant annual expenditures to meet business objectives[70][71]. - The cumulative total amount of expenses for the OSR clinical trial activity from inception amounted to approximately €9.0 million[146]. - The total research and development tax credit utilized for the six months ended June 30, 2022, was approximately €706,000, compared to €204,000 in the same period of 2021[84]. - Total research and development expenses for the six months ended June 30, 2022 amounted to €1,640,579, with €1,384,818 from third parties and €255,761 from related parties[114]. Taxation - The tax credit for eligible research and development activities is equal to 20% of eligible costs, with a maximum annual amount of €4.0 million[44]. - No income taxes were accrued for the six months ending June 30, 2022, and June 30, 2021, due to a tax loss position reported in both Italy and the United States[74]. - The Company has adopted ASU 2019-12 for income taxes, effective January 1, 2022, which did not have a material impact on its financial statements[67]. - The Company recognizes tax liabilities from uncertain tax positions only if it is more likely than not that the position will not be sustained upon examination[77]. Compensation and Benefits - Mr. Pierluigi Paracchi's annual gross salary is €420,000 with a 20% annual bonus subject to Board approval[118]. - For the six months ended June 30, 2022, the Company expensed €248,242 for Mr. Paracchi's compensation[119]. - The Company accrued approximately €14,000 for Mr. Paracchi's retirement benefit obligation for the same period[120]. - Dr. Carlo Russo's annual gross salary as Chief Medical Officer is $500,000 with a 30% annual bonus subject to Board approval[123]. - The Company expensed €215,761 related to Dr. Russo for the six months ended June 30, 2022[124]. Contracts and Obligations - The Company is obligated to pay OSR a milestone payment of €350,000 upon the first patient being dosed in a Phase III Clinical Trial in the US for GBM[148]. - The Company has a License Agreement with OSR that includes a royalty payment of 4% of net sales of each Licensed Product[136]. - The Company paid €1.25 million to OSR since inception under the License Agreement, with no milestone payments due as of June 30, 2022[143]. - The License Agreement with OSR includes total potential milestone payments of up to €10 million for lympho-hematopoietic indications and up to €53 million for each Solid Cancer indication[163]. Operational Stability - The Company is classified as an "emerging growth company" and may take advantage of certain exemptions from reporting requirements[38]. - The company had no significant events during the six months ended June 30, 2022, indicating stability in operations[97]. - The company has experienced minimal disruption due to the COVID-19 pandemic, but future clinical trial enrollments may be affected[175].

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------|----------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate Presentation Cell-based platform providing durable and safe treatments for solid tumors September, 2022 | | | | | | | | | | enta | science @ 2022 Genenta Science; all rights reserved worldwide FORWARD-LO ...