No I didn't sell any, but felt good for 5 minutes.From the...

No I didn't sell any, but felt good for 5 minutes.

From the Roquefort 2023 annual report.
This is another deal last year that was not announced by AN1, Roquefort received the revenue and spent it on R&D but technically we were owed at least 4% upfront or 8,000,000 Stg.

Copies of the Annual Report and Financial Statements will be made available on the Company's website at: https://www.roquefortplc.com/results-centre

Highlights

· Signed exclusive worldwide license agreement (excluding Japan) with Randox Laboratories for 10 years to utilise Midkine antibodies in medical diagnostics

o Highly synergetic - deal will accelerate ability to diagnose patients and therefore reduce time and costs when it reaches clinical trials

The Group generated £200,000 (2022: £0) in revenue from an exclusive licence and royalty agreement, for its technology to be used in medical diagnostics. The revenue was recorded under IFRS 15 in which Group recognised milestone revenue upon the completion of certain milestones. The initial amount represents the £200,000 non-refundable deposit with the remainder of the revenue to be received subject to certain commercial and technical milestones.Some of the licensing potential liabilities, couldn't find the 4% or 8 % mentioned here.

25. Contingent Liabilities

The purchase agreement for Lyramid Pty Ltd in December 2021 included an additional contingent deferred consideration to the Seller to be satisfied in the form of Ordinary Shares as follows:

(a) if prior to fifth anniversary of Admission (on 21 December 2021), the Company's market capitalisation exceeds £25,000,000 for a period of 5 or more consecutive trading days the Company shall issue to the Seller (or its nominee) 5,000,000 Ordinary Shares; and

(b) if prior to fifth anniversary of Admission (on 21 December 2021) the Company's market capitalisation exceeds £50,000,000 for a period of 5 or more consecutive trading days the Company shall issue to the Seller (or its nominee) a further 5,000,000 Ordinary Share. The fair value of contingent deferred consideration was estimated to be nil at acquisition, at 31 December 2022 and at 31 December 2023.

As there is inherent uncertainty as to when, and if, the milestone will be achieved the Group has disclosed the amount as a contingent liability as at year end.

There were no other contingent liabilities at 31 December 2023 or 31 December 2022

Details of the license in the annual report.
Existing patents and licenses are subject to the terms and conditions of the relevant license agreement which could be terminated for non-compliance with the terms of such license agreement The Group's subsidiary Lyramid Pty Ltd operates its Midkine antibody research and development programs under a worldwide, license agreement with Anagenics Ltd, the owner of the Midkine patents. Similarly, the Group's subsidiary Oncogeni Ltd operates its MK Cell and siRNA programs under worldwide licensing agreements with Cell Therapy Limited and Sirna Limited respectively. Whilst the Group is currently compliant, there is a risk that the rights to these patents, as defined by the relevant licence agreement, will be forfeited by virtue of either party failing to meet licence conditions.The CEO has a good understanding of the details of the licence agreements and the Group's obligations under them. Should any areas of concern arise, legal counsel will be sought before further steps are taken.