Related Party Transactions |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2022 | |||
| Related Party Transactions [Abstract] | |||
| Related Party Transactions |
Pre-Merger
Financing and Waiver Agreements
Five directors of Ocuphire Pharma, Inc., prior to the Merger, and one
director of Rexahn participated in the Pre-Merger Financing, investing an aggregate of $300,000. Following the closing of the
Merger, these directors received 17,729 converted initial shares of common stock, 53,189 converted shares of additional common stock, 80,366
Series A Warrants and 9,444 Series B Warrants. In connection with the Pre-Merger Financing, six directors of the Company signed Waiver Agreements, waiving certain reset provisions and financing restrictions. These directors did not
receive any of the additional Series B Warrants that were issued in connection with the Waiver Agreements. See Note 3 – Pre-Merger Financing.
On April 8, 2022, Ocuphire entered into a consulting agreement with a director of the Company. The consulting
agreement provides for $10,000 a month in cash payments, effective as of April 1, 2022. Additionally, on April 8, 2022, in
connection with the consulting arrangement, the director received a stock option grant for 50,000 options, 25% of which will vest on March 31, 2023, with the remainder vesting in equal monthly installments over 36 months. The Company incurred related consulting expenses of $30,000 during the three and six months ended June 30, 2022. There were no related
consulting expenses incurred during the three and six months ended June 30, 2021. $10,000 and none of the related consulting expenses were unpaid as of June 30, 2022 and December 31, 2021, respectively.
|