0001838716 2021-01-01 2021-12-31 0001838716 dei:BusinessContactMember 2021-01-01 2021-12-31 0001838716 GNTA:AmericanDepositarySharesMember 2021-01-01 2021-12-31 0001838716 GNTA:OrdinarySharesParValue0.0001PerShareMember 2021-01-01 2021-12-31 0001838716 2022-04-26 0001838716 2020-01-01 2020-12-31 0001838716 2019-01-01 2019-12-31 0001838716 2021-12-31 0001838716 2020-12-31 0001838716 GNTA:CorporateCapitalMember 2018-12-31 0001838716 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001838716 us-gaap:CommonStockMember 2018-12-31 0001838716 us-gaap:RetainedEarningsMember 2018-12-31 0001838716 2018-12-31 0001838716 GNTA:CorporateCapitalMember 2019-12-31 0001838716 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001838716 us-gaap:CommonStockMember 2019-12-31 0001838716 us-gaap:RetainedEarningsMember 2019-12-31 0001838716 2019-12-31 0001838716 GNTA:CorporateCapitalMember 2020-12-31 0001838716 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001838716 us-gaap:CommonStockMember 2020-12-31 0001838716 us-gaap:RetainedEarningsMember 2020-12-31 0001838716 GNTA:CorporateCapitalMember 2019-01-01 2019-12-31 0001838716 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001838716 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001838716 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001838716 GNTA:CorporateCapitalMember 2020-01-01 2020-12-31 0001838716 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0001838716 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0001838716 us-gaap:RetainedEarningsMember 2020-01-01 2020-12-31 0001838716 GNTA:CorporateCapitalMember 2021-01-01 2021-12-31 0001838716 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-12-31 0001838716 us-gaap:CommonStockMember 2021-01-01 2021-12-31 0001838716 us-gaap:RetainedEarningsMember 2021-01-01 2021-12-31 0001838716 GNTA:CorporateCapitalMember 2021-12-31 0001838716 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001838716 us-gaap:CommonStockMember 2021-12-31 0001838716 us-gaap:RetainedEarningsMember 2021-12-31 0001838716 2021-05-19 2021-05-20 0001838716 us-gaap:IPOMember 2021-12-14 2021-12-15 0001838716 2021-12-15 0001838716 2021-12-14 2021-12-15 0001838716 us-gaap:OverAllotmentOptionMember 2021-12-26 2021-12-27 0001838716 us-gaap:IPOMember 2021-12-15 0001838716 GNTA:EquityIncentivePlanTwoThousandTwentyOneToTwoThousandTwentyFiveMember 2021-12-31 0001838716 srt:MaximumMember 2021-01-01 2021-12-31 0001838716 srt:MaximumMember 2020-01-01 2020-12-31 0001838716 GNTA:EquipmentAndFurnitureMember 2021-01-01 2021-12-31 0001838716 GNTA:ElectronicOfficeEquipmentMember 2021-01-01 2021-12-31 0001838716 us-gaap:LeaseholdImprovementsMember 2021-01-01 2021-12-31 0001838716 us-gaap:IPOMember 2021-01-01 2021-12-31 0001838716 us-gaap:IPOMember 2020-12-31 0001838716 us-gaap:IPOMember 2021-12-31 0001838716 GNTA:NoExpirationDateMember 2021-12-31 0001838716 GNTA:NoExpirationDateMember 2020-12-31 0001838716 GNTA:NoExpirationDateMember 2019-12-31 0001838716 GNTA:NoExpirationDateDlNinetyEightMember 2021-12-31 0001838716 GNTA:NoExpirationDateDlNinetyEightMember 2020-12-31 0001838716 GNTA:NoExpirationDateDlNinetyEightMember 2019-12-31 0001838716 GNTA:ResearchAndDevelopmentExpenseRelatedPartyMember 2021-01-01 2021-12-31 0001838716 GNTA:ResearchAndDevelopmentExpenseRelatedPartyMember 2020-01-01 2020-12-31 0001838716 GNTA:QuotaAMember 2020-12-31 0001838716 GNTA:QuotaBMember 2020-12-31 0001838716 GNTA:QuotaCMember 2020-12-31 0001838716 GNTA:QuotaDMember 2020-12-31 0001838716 GNTA:QuotaEMember 2020-12-31 0001838716 GNTA:QuotaAMember 2020-01-01 2020-12-31 0001838716 GNTA:QuotaBMember 2020-01-01 2020-12-31 0001838716 GNTA:QuotaCMember 2015-01-01 2015-12-31 0001838716 GNTA:QuotaDMember 2017-01-01 2017-12-31 0001838716 GNTA:QuotaEMember 2019-01-01 2019-12-31 0001838716 GNTA:QuotaEMember 2020-01-01 2020-12-31 0001838716 GNTA:QuotaBMember 2021-04-01 2021-04-01 0001838716 GNTA:QuotaBMember 2021-04-01 0001838716 GNTA:QuotaBMember 2020-12-31 0001838716 2021-05-20 0001838716 srt:MinimumMember 2021-01-01 2021-12-31 0001838716 us-gaap:EmployeeStockOptionMember 2021-04-01 2021-04-30 0001838716 2021-04-01 2021-04-30 0001838716 2021-04-30 0001838716 2021-05-01 2021-05-31 0001838716 us-gaap:ResearchAndDevelopmentExpenseMember 2021-01-01 2021-12-31 0001838716 us-gaap:ResearchAndDevelopmentExpenseMember 2020-01-01 2020-12-31 0001838716 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-12-31 0001838716 GNTA:ResearchAndDevelopmentExpenseRelatedPartyMember 2021-01-01 2021-12-31 0001838716 GNTA:ResearchAndDevelopmentExpenseRelatedPartyMember 2020-01-01 2020-12-31 0001838716 GNTA:ResearchAndDevelopmentExpenseRelatedPartyMember 2019-01-01 2019-12-31 0001838716 us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-12-31 0001838716 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-12-31 0001838716 us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-12-31 0001838716 GNTA:ConsultantsAndOtherThirdPartiesMember GNTA:ThirdPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:ConsultantsAndOtherThirdPartiesMember GNTA:RelatedPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:ConsultantsAndOtherThirdPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:MaterialsAndSuppliesMember GNTA:ThirdPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:MaterialsAndSuppliesMember GNTA:RelatedPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:MaterialsAndSuppliesMember 2021-01-01 2021-12-31 0001838716 GNTA:CompensationMember GNTA:ThirdPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:CompensationMember GNTA:RelatedPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:CompensationMember 2021-01-01 2021-12-31 0001838716 GNTA:TravelAndEntertainmentMember GNTA:ThirdPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:TravelAndEntertainmentMember GNTA:RelatedPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:TravelAndEntertainmentMember 2021-01-01 2021-12-31 0001838716 GNTA:OtherMember GNTA:ThirdPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:OtherMember GNTA:RelatedPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:OtherMember 2021-01-01 2021-12-31 0001838716 GNTA:ThirdPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:RelatedPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:ConsultantsAndOtherThirdPartiesMember GNTA:ThirdPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:ConsultantsAndOtherThirdPartiesMember GNTA:RelatedPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:ConsultantsAndOtherThirdPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:MaterialsAndSuppliesMember GNTA:ThirdPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:MaterialsAndSuppliesMember GNTA:RelatedPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:MaterialsAndSuppliesMember 2020-01-01 2020-12-31 0001838716 GNTA:CompensationMember GNTA:ThirdPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:CompensationMember GNTA:RelatedPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:CompensationMember 2020-01-01 2020-12-31 0001838716 GNTA:TravelAndEntertainmentMember GNTA:ThirdPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:TravelAndEntertainmentMember GNTA:RelatedPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:TravelAndEntertainmentMember 2020-01-01 2020-12-31 0001838716 GNTA:OtherMember GNTA:ThirdPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:OtherMember GNTA:RelatedPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:OtherMember 2020-01-01 2020-12-31 0001838716 GNTA:ThirdPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:RelatedPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:ConsultantsAndOtherThirdPartiesMember GNTA:ThirdPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:ConsultantsAndOtherThirdPartiesMember GNTA:RelatedPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:ConsultantsAndOtherThirdPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:CompensationMember GNTA:ThirdPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:CompensationMember GNTA:RelatedPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:CompensationMember 2019-01-01 2019-12-31 0001838716 GNTA:MaterialsAndSuppliesMember GNTA:ThirdPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:MaterialsAndSuppliesMember GNTA:RelatedPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:MaterialsAndSuppliesMember 2019-01-01 2019-12-31 0001838716 GNTA:TravelAndEntertainmentMember GNTA:ThirdPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:TravelAndEntertainmentMember GNTA:RelatedPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:TravelAndEntertainmentMember 2019-01-01 2019-12-31 0001838716 GNTA:OtherMember GNTA:ThirdPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:OtherMember GNTA:RelatedPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:OtherMember 2019-01-01 2019-12-31 0001838716 GNTA:ThirdPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:RelatedPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:SanRaffleHospitalMember 2021-01-01 2021-12-31 0001838716 GNTA:SanRaffleHospitalMember 2020-01-01 2020-12-31 0001838716 GNTA:SanRaffleHospitalMember 2019-01-01 2019-12-31 0001838716 GNTA:SpafidSPAMember 2021-12-31 0001838716 GNTA:FidimSrlMember 2021-12-31 0001838716 GNTA:PierluigiParacchiMember 2021-12-14 2021-12-17 0001838716 GNTA:PierluigiParacchiMember 2021-01-01 2021-12-31 0001838716 GNTA:PierluigiParacchiMember 2020-01-01 2020-12-31 0001838716 GNTA:PierluigiParacchiMember 2021-12-31 0001838716 srt:DirectorMember GNTA:PierluigiParacchiMember 2019-12-31 0001838716 GNTA:NaldiniMember 2021-01-01 2021-12-31 0001838716 GNTA:NaldiniMember 2019-01-01 2019-12-31 0001838716 srt:DirectorMember GNTA:NaldiniMember 2019-12-31 0001838716 GNTA:GentnerMember 2021-01-01 2021-12-31 0001838716 GNTA:GentnerMember 2020-01-01 2020-12-31 0001838716 GNTA:GentnerMember 2019-01-01 2019-12-31 0001838716 srt:DirectorMember GNTA:GentnerMember 2019-12-31 0001838716 GNTA:XDGBiomedLLCMember 2021-01-01 2021-12-31 0001838716 GNTA:XDGBiomedLLCMember 2021-12-31 0001838716 GNTA:XDGBiomedLLCMember 2021-04-01 2021-04-30 0001838716 GNTA:XDGBiomedLLCMember 2020-01-01 2020-12-31 0001838716 GNTA:XDGBiomedLLCMember 2019-01-01 2019-12-31 0001838716 srt:DirectorMember GNTA:XDGBiomedLLCMember 2019-12-31 0001838716 GNTA:XDGBiomedLLCMember 2019-12-31 0001838716 GNTA:RichardSlanskyMember 2021-12-31 0001838716 GNTA:RichardSlanskyMember 2021-10-29 2021-11-02 0001838716 GNTA:RichardSlanskyMember 2021-11-01 2021-12-31 0001838716 GNTA:RichardSlanskyMember 2021-01-01 2021-12-31 0001838716 GNTA:RichardSlanskyMember 2021-04-01 2021-04-30 0001838716 GNTA:RichardSlanskyMember 2020-01-01 2020-12-31 0001838716 GNTA:RichardSlanskyMember 2019-01-01 2019-12-31 0001838716 GNTA:SpafidSPAMember 2021-12-31 0001838716 GNTA:LicenseAgreementAmendmentOneMember 2015-01-01 2015-12-31 0001838716 GNTA:FirstIndicationMember 2021-01-01 2021-12-31 0001838716 GNTA:SecondIndicationMember 2021-01-01 2021-12-31 0001838716 GNTA:ThirdIndicationMember 2021-01-01 2021-12-31 0001838716 GNTA:LicenseAgreementAmendmentOneMember 2021-01-01 2021-12-31 0001838716 GNTA:LicenseAgreementAmendmentTwoMember 2021-01-01 2021-12-31 0001838716 GNTA:SanRaffaeleHospitalMember GNTA:LicenseAgreementAmendmentTwoMember 2021-01-01 2021-12-31 0001838716 GNTA:SanRaffaeleHospitalMember GNTA:LicenseAgreementAmendmentTwoMember 2020-01-01 2020-12-31 0001838716 GNTA:SanRaffaeleHospitalMember GNTA:LicenseAgreementAmendmentTwoMember 2019-01-01 2019-12-31 0001838716 GNTA:LicenseAgreementAmendmentThreeMember 2020-01-01 2020-12-31 0001838716 GNTA:FirstSolidCancerIndicationMember 2019-01-01 2019-12-31 0001838716 GNTA:SecondSolidCancerIndicationMember 2020-01-01 2020-12-31 0001838716 GNTA:LicenseAgreementAmendmentThreeMember 2021-01-01 2021-12-31 0001838716 GNTA:LicenseAgreementAmendmentFiveMember 2019-01-01 2019-12-31 0001838716 GNTA:FirstSolidCancerIndicationOptionFeeMember GNTA:LicenseAgreementAmendmentFiveMember 2021-01-01 2021-12-31 0001838716 GNTA:SecondSolidCancerIndicationOptionFeeMember GNTA:LicenseAgreementAmendmentFiveMember 2021-01-01 2021-12-31 0001838716 GNTA:ResearchFundingAgreementMember 2021-01-01 2021-12-31 0001838716 GNTA:ResearchFundingAgreementMember 2020-01-01 2020-12-31 0001838716 GNTA:SponsorResearchAgreementMember 2021-02-01 2021-02-28 0001838716 srt:MinimumMember GNTA:SponsorResearchAgreementMember 2021-02-01 2021-02-28 0001838716 srt:MaximumMember GNTA:SponsorResearchAgreementMember 2021-02-01 2021-02-28 0001838716 GNTA:SponsorResearchAgreementMember 2021-01-01 2021-12-31 0001838716 GNTA:AccountingLegalAndOtherProfessionalMember GNTA:ThirdPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:AccountingLegalAndOtherProfessionalMember GNTA:RelatedPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:AccountingLegalAndOtherProfessionalMember 2021-01-01 2021-12-31 0001838716 GNTA:CommunicationAndITRelatedMember GNTA:ThirdPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:CommunicationAndITRelatedMember GNTA:RelatedPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:CommunicationAndITRelatedMember 2021-01-01 2021-12-31 0001838716 GNTA:FacilityAndInsuranceRelatedMember GNTA:ThirdPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:FacilityAndInsuranceRelatedMember GNTA:RelatedPartiesMember 2021-01-01 2021-12-31 0001838716 GNTA:FacilityAndInsuranceRelatedMember 2021-01-01 2021-12-31 0001838716 GNTA:AccountingLegalAndOtherProfessionalMember GNTA:ThirdPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:AccountingLegalAndOtherProfessionalMember GNTA:RelatedPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:AccountingLegalAndOtherProfessionalMember 2020-01-01 2020-12-31 0001838716 GNTA:CommunicationAndITRelatedMember GNTA:ThirdPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:CommunicationAndITRelatedMember GNTA:RelatedPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:CommunicationAndITRelatedMember 2020-01-01 2020-12-31 0001838716 GNTA:FacilityAndInsuranceRelatedMember GNTA:ThirdPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:FacilityAndInsuranceRelatedMember GNTA:RelatedPartiesMember 2020-01-01 2020-12-31 0001838716 GNTA:FacilityAndInsuranceRelatedMember 2020-01-01 2020-12-31 0001838716 GNTA:AccountingLegalAndOtherProfessionalMember GNTA:ThirdPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:AccountingLegalAndOtherProfessionalMember GNTA:RelatedPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:AccountingLegalAndOtherProfessionalMember 2019-01-01 2019-12-31 0001838716 GNTA:CommunicationAndITRelatedMember GNTA:ThirdPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:CommunicationAndITRelatedMember GNTA:RelatedPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:CommunicationAndITRelatedMember 2019-01-01 2019-12-31 0001838716 GNTA:FacilityAndInsuranceRelatedMember GNTA:ThirdPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:FacilityAndInsuranceRelatedMember GNTA:RelatedPartiesMember 2019-01-01 2019-12-31 0001838716 GNTA:FacilityAndInsuranceRelatedMember 2019-01-01 2019-12-31 0001838716 GNTA:OSRSanRaffaeleHospitalMember 2021-12-31 0001838716 GNTA:OSRSanRaffaeleHospitalMember 2020-12-31 0001838716 GNTA:XDGBiomedLLCMember 2021-12-31 0001838716 GNTA:XDGBiomedLLCMember 2020-12-31 0001838716 GNTA:PierluigiParacchiMember 2021-12-31 0001838716 GNTA:PierluigiParacchiMember 2020-12-31 0001838716 GNTA:RichardSlanskyMember 2021-12-31 0001838716 GNTA:RichardSlanskyMember 2020-12-31 0001838716 GNTA:OSROperatingLeasesAndOfficeRentMember 2021-12-31 0001838716 GNTA:AGCManufacturingMember 2021-12-31 0001838716 GNTA:LVVBatchMember 2021-01-01 2021-12-31 0001838716 GNTA:PlasmidBatchMember 2021-01-01 2021-12-31 0001838716 GNTA:LymphoHematopoieticMember 2021-01-01 2021-12-31 0001838716 GNTA:SolidCancerMember 2021-01-01 2021-12-31 0001838716 GNTA:RelatedMilestoneOneMember 2021-01-01 2021-12-31 0001838716 GNTA:RelatedMilestoneTwoMember 2021-01-01 2021-12-31 0001838716 GNTA:OSRMember 2020-12-31 0001838716 srt:MinimumMember 2021-12-31 0001838716 srt:MaximumMember 2021-12-31 0001838716 GNTA:AGCBiologicsAgreementMember 2021-01-01 2021-12-31 0001838716 GNTA:AGCAgreementMember 2021-01-01 2021-12-31 0001838716 GNTA:AmendmentFourMember 2020-02-02 2020-02-29 0001838716 GNTA:AmendmentFiveMember 2020-03-02 2020-03-31 0001838716 GNTA:AmendmentSixMember 2020-03-02 2020-03-31 0001838716 GNTA:AmendmentSevenMember 2020-03-02 2020-03-31 0001838716 GNTA:AmendmentSixMember 2020-08-02 2020-08-31 0001838716 GNTA:AmendmentFourMember 2020-10-02 2020-10-31 0001838716 GNTA:GMPBatchMember 2020-10-02 2020-10-31 0001838716 GNTA:LVVBatchMember 2021-12-02 2021-12-31 0001838716 GNTA:ServiceAgreementMember 2020-01-01 2020-12-31 0001838716 GNTA:ServiceAgreementMember 2021-01-01 2021-12-31 0001838716 us-gaap:SubsequentEventMember 2023-01-03 2023-01-31 0001838716 us-gaap:SubsequentEventMember 2022-01-01 2022-01-31 0001838716 us-gaap:SubsequentEventMember GNTA:RothCapitalMember 2022-01-13 2022-01-31 0001838716 us-gaap:SubsequentEventMember 2022-03-13 2022-03-31 iso4217:EUR shares iso4217:EUR shares iso4217:USD iso4217:USD shares pure 0001838716 false FY -5592014 P1Y P3Y 20-F false true 2021-12-31 --12-31 2021 false false 001-41115 Genenta Science S.p.A. L6 Via Olgettina No. 58 20132 Milan IT Via Olgettina No. 58 20132 Milan IT Pierluigi Paracchi +39 02-2643-4681 Pierluigi.paracchi@genenta.com American Depositary Shares GNTA NASDAQ Ordinary Shares 18216858 No No Yes Yes Non-accelerated Filer true U.S. GAAP false false false 199 Mayer Hoffman McCann P.C. San Diego, California 3390677 4688461 3702982 2296596 901765 921520 5687273 5590226 4624502 -5687273 -5590226 -4624502 150000 19657 5966 36331 -11716 -7754 -9552 157941 -1788 26779 -5529332 -5592014 -4597723 -5529332 -5592014 -4597723 -5529332 -5592014 -4597723 -5529332 -5592014 -4597723 -0.37 15083825 37240162 15465243 1519023 947501 121432 38759185 16534176 23090 18971 3350 3350 1241215 945618 1267655 967939 40026840 17502115 164819 544988 25047 10027 712313 365969 132141 1359191 100719 53243 1135039 2333418 30618 17388 30618 17388 37056 36604728 0 0 59700000 59700000 18216858 18216858 18216858 18216858 65880990 -27019807 -21490475 38861183 15151309 40026840 17502115 29179 19202381 -11300738 7930822 6870 14761332 14768202 749512 749512 -4597723 -4597723 36049 34713225 -15898461 18850813 36049 34713225 -15898461 18850813 1007 1431309 1432316 460194 460194 -5592014 -5592014 37056 36604728 -21490475 15151309 37056 36604728 -21490475 15151309 715 715 497104 497104 172 172 -37599 11279700 37599 -12401 3720300 12401 -37089431 37089431 3216858 28741559 28741559 -5529332 -5529332 18216858 65880990 -27019807 38861183 18216858 65880990 -27019807 38861183 -5529332 -5592014 -4597723 4889 1900 13231 6056 4867 497104 460194 749512 450090 454082 -151091 295597 200287 588681 -380169 265289 190088 15020 -282714 -217670 346344 38263 133797 -1227050 -292429 1666295 47476 5243 18237 -6958174 -6044581 -2490187 9009 20871 -9009 -20871 28741559 543 1500436 15086708 68120 318506 43000 28742102 1389316 14768202 21774919 -4676136 12278015 15465243 20141379 7863364 37240162 15465243 20141379 170825 113733 <p id="xdx_803_eus-gaap--NatureOfOperations_zruuebfEMtte" style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"><b>1. <span id="xdx_821_zgLmMIMSbP8c">Nature of business and history</span></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Genenta Science S.p.A. (the “Company” or “Genenta” - formerly Genenta Science S.r.l. “società a responsabilità limitata,” similar to a Limited Liability Company in the United States) converted to an Italian corporation (“società per azioni”, or “S.p.A.”) in June 2021, which is similar to a C corporation in the United States. The Company was founded in Milan, Italy by San Raffaele Hospital (“OSR”), Pierluigi Paracchi, Luigi Naldini and Bernhard Gentner, and was incorporated in July 2014. On May 20, 2021, the quotaholders (owners of the Company) resolved that the Company convert from an S.r.l. to an S.p.A. and determined that the outstanding quota be converted to <span id="xdx_902_eus-gaap--ConversionOfStockSharesIssued1_pn6n6_c20210519__20210520_zXPJOEarEvce">15 </span></span><span style="font-family: Georgia; font-size: 10pt">million common shares at no par value. (See Note 10. Quotaholder’s and stockholder’s equity.) New Bylaws were adopted, two new Board members were appointed, and the existing Board of Directors and Board of Statutory Advisors were re-appointed. The registered office remained located in Milan, Italy. The Company’s reporting currency is Euros (“EUR”). In May 2021, the Company formed a wholly owned, Delaware incorporated subsidiary, Genenta Science, Inc., intended for future operations in the United States (“US Subsidiary”). The US Subsidiary operates in US Dollars (“USD”).</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">On December 15, 2021, the Company completed an initial public offering (“IPO”) of its shares and was listed on the Nasdaq Stock Capital Market. Through the IPO, <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211214__20211215__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zYYf92kvmsI7">3,120,114 </span></span><span style="font-family: Georgia; font-size: 10pt">new ordinary shares with no par value were issued. <span id="xdx_902_eus-gaap--CommonStockSharesSubscriptions_iI_c20211215_za1GtvU5HWge">720,114 </span></span><span style="font-family: Georgia; font-size: 10pt">ordinary shares were subscribed by the Company’s existing shareholders through a Reserved Offering, while <span id="xdx_90F_ecustom--AmericanDepositoryShares_c20211214__20211215_zd8I1fb2it69">2,400,000 </span></span><span style="font-family: Georgia; font-size: 10pt">American Depository Shares (“ADS”) were directly placed on the market. Subsequently, on December 27, 2021, the Company’s underwriter exercised a portion of its “green shoe” allotment for an additional <span id="xdx_90F_ecustom--AmericanDepositoryShares_c20211226__20211227__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zkEVRgwNXGng">96,744 </span></span><span style="font-family: Georgia; font-size: 10pt">ADS. The total number of shares outstanding resulting at December 31, 2021 was <span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_z25MTZQ773q2">18,216,858</span></span><span style="font-family: Georgia; font-size: 10pt">. Through the IPO, approximately €<span id="xdx_90C_ecustom--NetListingCosts_iI_pn6n6_c20211215__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zRgn6hNUIKjl">29 </span></span><span style="font-family: Georgia; font-size: 10pt">million was raised net of listing costs (approximately €<span id="xdx_904_ecustom--NetListingCosts_iI_pn5n6_c20211215_zhNJNjG8Hlia">3.9 </span></span><span style="font-family: Georgia; font-size: 10pt">million).</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Genenta is an early-stage company developing first-in-class cell and gene cancer therapies. The Company is initially developing its clinical leading product, Temferon™, to treat glioblastoma multiforme (“GBM”), a solid tumor affecting the brain. The Company intends to continue its clinical trials in Europe and eventually start a clinical trial in the United States to study Temferon™ in other cancers, possibly liver cancer.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company is subject to risks and uncertainties common to early-stage clinical companies in the life-science and biotechnology industries, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new competing products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. The clinical product candidates currently under development will require significant additional research and development efforts, including regulatory approval and clinical testing prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales and profit from operations.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i>Liquidity and risks</i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company has incurred losses since its inception, including a net loss of €<span id="xdx_901_eus-gaap--NetIncomeLoss_iN_pn5n6_di_c20210101__20211231_zryUakAgT6ih">5.5 million</span></span><span style="font-family: Georgia; font-size: 10pt">, €<span id="xdx_908_eus-gaap--NetIncomeLoss_iN_dixL_c20200101__20201231_zmsB63lkfMii" title="::XDX::5%2C592%2C014"><span style="-sec-ix-hidden: xdx2ixbrl0506">5.5 million</span></span></span> <span style="font-family: Georgia; font-size: 10pt">and €<span id="xdx_905_eus-gaap--NetIncomeLoss_iN_pn5n6_di_c20190101__20191231_zHxoaNxvsdzk">4.6 million </span></span><span style="font-family: Georgia; font-size: 10pt">for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. In addition, as of December 31, 2021, the Company had an accumulated deficit of €<span id="xdx_900_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20211231_zms3bquLo782">27.0 million</span></span><span style="font-family: Georgia; font-size: 10pt">. </span><span style="font-family: Georgia; font-size: 10pt">The Company has primarily funded these losses through the proceeds from sales of convertible debt and equity quotas, prior to the Company’s conversion into an S.p.A. and its IPO. Although the Company has incurred recurring losses and expects to continue to incur losses for the foreseeable future, the Company expects that its existing cash and cash equivalents on hand as of December 31, 2021 of €<span id="xdx_902_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn5n6_c20211231_zdmaT0SvcOs2">37.2 million</span> </span><span style="font-family: Georgia; font-size: 10pt">will be sufficient to fund current planned operations and capital expenditure requirements for at least the next twelve months from the filing date of these consolidated financial statements. However, the future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company has evaluated whether there are conditions and events considered in the aggregate that raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s business model, typical of biotechnology companies developing new therapeutic products that have not reached a balanced income and financial position, features negative cash flows. This is due to the fact that, at this stage, costs must be borne in relation to services and personnel, directly connected to research and development activities, and return for these activities is not certain and, in any case, it is expected in future years. Based on the accounting policies adopted, requiring full recognition of research and development costs in the statement of operations and comprehensive loss in the year they are incurred, the Company has reported a loss since its inception, and expects to continue to incur significant costs for research and development in the foreseeable future. There is no certainty that the Company will become profitable in the future.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company will require additional capital to meet its long-term operating requirements. It expects to raise additional capital through, among other things, the sale of equity or debt securities. If adequate funds are not available in the future, the Company may be forced to delay, reorganize, or cancel research and development programs, or to enter into financing, licensing or collaboration agreements with unfavorable conditions or waive rights to certain products which otherwise it would not have waived, resulting in negative effects on the activity and on the economic, patrimonial and /or financial situation of the Company.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">In February 2020, the COVID-19 pandemic commenced in Italy. Regulatory guidance was issued in March and updated in April 2020 relating to the management of clinical trials during the pandemic. As the global healthcare community continues to respond to the COVID-19 pandemic, many hospitals, including the Company’s clinical sites, temporarily paused elective medical procedures, including dosing of new patients in clinical trials of our investigational gene therapies. While dosing of new patients and data collection from enrolled patients has resumed at clinical sites, the extent to which clinical activities continue to be delayed or interrupted will depend on future developments that remain uncertain. The Company has not experienced significant interruptions related to COVID-19 or its variants. The Company may find it difficult to enroll patients in its clinical trials, which could delay or prevent the Company from proceeding with clinical trials of its product candidates. The Company continues to closely monitor this evolving situation and the potential impact on the Company.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b>Quantitative and qualitative disclosure about market risk</b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company is exposed to market risks in the ordinary course of its business. Market risk represents the risk of loss that may impact the Company’s financial position due to adverse changes in financial market prices and rates. The Company’s current investment policy is conservative due to the need to support operations and, therefore, the Company invests available cash mainly in bank deposits with reputable banks that have a credit rating of at least A-. Accordingly, a substantial majority of the Company’s cash and cash equivalents is held in deposits that bear a small amount of interest. Given the current low rates of interest the Company receives, the Company will not be adversely affected if such rates are reduced. The Company’s market risk exposure is primarily a result of foreign currency exchange rates, which is discussed in detail in the following paragraph.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b>Foreign currency exchange risk</b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company’s results of operations and cash flow may be subject to fluctuations due to changes in foreign currency exchange rates. A portion of the Company’s liquid assets and expenses are denominated in EUR; however, a portion are denominated in USD. (At December 31, 2021, the Company maintained USD<span id="xdx_90A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn5n6_uUSD_c20211231_zIDsUhXTgS7c" title="Cash and cash equivalents">25.7</span> million in cash and cash equivalents.) Changes in the USD/EUR exchange rate could increase/decrease our operating expenses, especially as more costs are incurred in the United States or, as USD are exchanged for EUR to cover European operating costs. As the Company continues to grow its business, the Company’s results of operations and cash flows might be subject to significant fluctuations due to changes in foreign currency exchange rates, which could adversely impact the Company’s results of operations.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Currently, the Company does not hedge its foreign currency exchange risk. In the future, the Company may enter into formal currency hedging transactions to decrease the risk of financial exposure from fluctuations in the exchange rates of its principal operating currencies. These measures, however, may not adequately protect the Company from the material adverse effects of such fluctuations.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"><b> </b></span></p> 15000000 3120114 720114 2400000 96744 18216858 29000000 3900000 -5500000 -4600000 -27000000.0 37200000 25700000 <p id="xdx_802_eus-gaap--SignificantAccountingPoliciesTextBlock_zJnM6eI1myHc" style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"><b>2. <span id="xdx_827_z73Ukr8q7jLk">Summary of significant accounting policies</span></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0 0pt 13.5pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z9U2p7Nq1ao6" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_867_zD8XPZQWlobi">Basis of presentation</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The accompanying consolidated financial statements have been prepared in accordance with U.S. accounting principles generally accepted in the United States of America (“U.S. GAAP”) for consolidated financial information and with the instructions to Form 20-F and Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”), unless otherwise stated.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">A summary of the significant accounting policies applied in the preparation of these consolidated financial statements is presented below, only for the categories and headings now applicable and that might be applicable in the future based on the Company’s business. These policies have been consistently applied, unless otherwise stated.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0 0pt 13.5pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_849_eus-gaap--ConsolidationPolicyTextBlock_z07cqmD4mqhj" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span id="xdx_869_zBWoRtBb7Z51" style="font-family: Georgia; font-size: 10pt"><b><i>Principles of consolidation</i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0 0pt 13.5pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--UseOfEstimates_zHSC41751ZQl" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_860_zq5Uu6RJ6WQa">Use of estimates</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts reported in the financial statements and the disclosures made in the accompanying notes. Estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses and related milestone payments, share-based compensation expense, valuation of Research &amp; Development (R&amp;D) tax credits, the valuation of equity and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Estimates are periodically reviewed considering changes in circumstances, facts and experience. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are recorded in the period in which they become known. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed below.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zesk6n6sQZlf" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_863_ztedsvEcYfP7">Cash and cash equivalents</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents, which amounts may at times exceed federally insured limits. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk. In the consolidated cash flow statements, cash and cash equivalents include: cash on hand, deposits held with banks, and other short-term highly liquid investments. In the consolidated balance sheets, bank overdrafts, if any, are shown in current liabilities. Cash and cash equivalents are detailed as follows:</span></p> <p id="xdx_898_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_zPVlYhCh0qsb" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> <span id="xdx_8BE_zzIo9jASzfx9" style="display: none">Schedule of cash and cash equivalents</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20211231_zf0KKuXz8g2a" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_490_20201231_zzFf1pbE2lE4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Georgia; margin: 0pt 0; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>At December 31,</b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: center"/> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin: 0">(in Euros)</p></td><td style="font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--DueFromBanks_iI_maCACEAzkgB_zBv5u9Ki1wE6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Cash in bank</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 18%; text-align: right">37,236,089</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 18%; text-align: right">15,462,805</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--Cash_iI_maCACEAzkgB_zeuzDcyFoRR2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Cash in hand &amp; prepaid cards</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,073</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,438</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iTI_mtCACEAzkgB_zRuR1xqph6zi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,240,162</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,465,243</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zsZ0DG7ApZz" style="font: 10pt Georgia; margin: 0pt 0; text-align: center"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_84C_ecustom--NetLossAndComprehensiveLossPolicyTextBlock_zbmRgxpOFtL9" style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"><b><i>Net loss and comprehensive loss</i></b></p> <p style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Georgia, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. ASC 220 Comprehensive Income requires that an entity records all components of comprehensive (loss) income, net of their related tax effects, in its financial statements in the period in which they are recognized. For the years ended December 31, 2021, 2020 and 2019, the comprehensive loss was equal to net loss.</p> <p style="font: 10pt Georgia, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--EarningsPerSharePolicyTextBlock_zwrnn4ca8jk7" style="font: 10pt Georgia; margin: 0pt; text-align: justify"><span id="xdx_862_zmQTSRNCEk18" style="font-family: Georgia; font-size: 10pt"><b><i>Net loss</i></b></span><span style="font-family: Georgia; font-size: 10pt"><b><i> per share</i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Net loss</span><span style="font-family: Georgia; font-size: 10pt"> per share (“EPS”) is computed in accordance with US GAAP. Basic EPS is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if all potential common shares had been issued and were dilutive. Historical EPS or QPS (quota per share) has not been included in prior year financial statements because the Company determined it is not a meaningful or material disclosure due to the Company’s capital structure at the time. Net loss per share has not been presented at December 31, 2020 and 2019, since the Company was an S.r.l. at the time, and maintained classes of quota (similar to membership interests in a limited liability company in the United States) rather than shares, which it now has post-conversion to an S.p.A., (similar to a C-corporation in the United States). The quotas represented percentage ownership in the Company and not actual shares. The Company did not believe that representing net loss per quota was a meaningful measurement.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The EPS</span><span style="font-family: Georgia; font-size: 10pt"> calculation was applied, after the increase in capital to €<span id="xdx_905_ecustom--IncreaseDecreaseInShareCapital_c20210101__20211231_zT8PSMekiO3k">50,000 </span></span><span style="font-family: Georgia; font-size: 10pt">required to be an S.p.A. by Italian law. The Company’s stockholders authorized <span id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_pn5n6_c20211231_z6qiWCugCgNb">59.7</span></span> <span style="font-family: Georgia; font-size: 10pt">million ordinary common shares. The Company has <span id="xdx_909_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_zOlpIMkWfQKi">18,216,858 </span></span><span style="font-family: Georgia; font-size: 10pt">common shares issued and outstanding at December 31, 2021 with <span id="xdx_907_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pn5n6_c20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanTwoThousandTwentyOneToTwoThousandTwentyFiveMember_zZE0p0xj7cX3">2.7 </span></span><span style="font-family: Georgia; font-size: 10pt">million common shares reserved for the Company’s Equity Incentive Plan 2021–2025. The Company has no outstanding options. Diluted EPS is not relevant at December 31, 2021, as the effect of common share equivalents, in the form of 23,502 underwriters’ common share warrants, would have been anti-dilutive. (See Note 10. Quotaholders’ and stockholders’ equity and Note 11. Share-based compensation.)</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zWfybP5WYKu9" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_867_zN35h1w6QeKg">Foreign currency translation</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The reporting and functional currency of the Company is Euros. All amounts are presented in Euros unless otherwise stated. All amounts disclosed in the consolidated financial statements and notes have been rounded to the nearest Euro unless otherwise stated. Foreign currency transactions, if any, are translated into Euros using the exchange rates prevailing at the date(s) of the transaction(s) or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of operations. For financial reporting purposes, the assets and liabilities of the US Subsidiary are translated into EUR using exchange rates in effect at the balance sheet date. The net loss of the US Subsidiary is translated into EUR using average exchange rates in effect during the reporting period. The resulting currency translation impact is recorded in Stockholders’ equity as a cumulative translation adjustment. For 2021, the currency translation impact was insignificant. During the periods ended December 31, 2021, and 2020, foreign exchange gains and losses were also insignificant.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--EmergingGrowthCompanyStatusPolicyTextBlock_zHvxl1Wn0vM4" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_868_zLTSw16F2Ufd">Emerging growth company status</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act, or JOBS Act, and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company may take advantage of these exemptions until the Company is no longer an “emerging growth company.” Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards and, because of this election, its consolidated financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of its initial public offering (“IPO”) or such earlier time that it is no longer an “emerging growth company.”</span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zYyDPxoO6E86" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_86F_zRFfAnE9bSm">Fair value measurements</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Certain assets and liabilities of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia; width: 100%"> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Level 1 — Quoted prices in active markets for identical assets or liabilities.</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia; text-align: justify"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.</span></td></tr> </table> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The carrying values of the Company’s research and development tax credits, VAT credits, accounts payable, accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zwIdcPQ5g356" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_866_z33vkBIT6Tqh">Segment information</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company and its chief operating decision-maker view the Company’s operations and manages its business in one operating segment, which is the research and development in the pharmaceutical sector with a focus on developing novel therapeutics to treat cancer.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_846_ecustom--TaxCreditOnInvestmentsInResearchAndDevelopmentPolicyTextBlock_zdAxlsaTfg1a" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_865_zQElu4Z4zn5c">Tax credit on investments in research and development</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In line with the legislation in force at December 31, 2021, companies in Italy that invest in eligible research and development activities, regardless of the legal form and economic sector in which they operate, can benefit from a tax credit which can be used in order to reduce most taxes payable, including income tax or regional tax on productive activities, as well as social security contributions and payroll withholding taxes. For eligible R&amp;D activities, the tax credit is equal to <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_c20210101__20211231_zmhL0uYEEXx5">20</span></span><span style="font-family: Georgia; font-size: 10pt">% in FY 2021 (<span id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_c20200101__20201231_zdgs2Pgohox8">12</span></span><span style="font-family: Georgia; font-size: 10pt">% in FY 2020) of the eligible costs incurred, with a maximum annual amount of €<span id="xdx_90D_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn5n6_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zXaa9IUV28W5">4.0 </span></span><span style="font-family: Georgia; font-size: 10pt">million in FY 2021 (€<span id="xdx_906_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn5n6_c20200101__20201231__srt--RangeAxis__srt--MaximumMember_z0UTwFzjtwY5">3.0 </span></span><span style="font-family: Georgia; font-size: 10pt">million for FY 2020).</span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The eligible activities consist of fundamental research, industrial research, and experimental development as defined respectively of the letters m), q) and j) of point 15, par. 1.3 of the Communication no. 198/2014 of the European Commission.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">To determine the cost basis of the benefit, the following expenses are eligible:</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia; width: 100%"> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Personnel costs;</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia; text-align: justify"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">Depreciation charges, costs of the financial or simple lease and other expenses related to movable tangible assets and software used in research and development projects;</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">Expenses for extra-euro research contracts concerning the direct execution of eligible research and development activities by the provider;</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Depreciation charges;</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia; text-align: justify"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">Expenses for consulting services and equivalent services related to eligible research and development activities; and,</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">Expenses for materials, supplies, and other similar products used in research and development projects.</span></td></tr> </table> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company, by analogy, accounts for this receivable in accordance with International Accounting Standards (IAS) 20, <i>Accounting for Government Grants and Disclosure of Government Assistance</i>. The receivable is recognized when there is reasonable assurance that: (1) the recipient will comply with the relevant conditions; and, (2) the grant will be received. The Company has elected to present it net of the related expenditure on the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">While these tax credits can be carried forward indefinitely, the Company recognized an amount which reflects management’s best estimate of the amount that is reasonably assured to be realized or utilized in the foreseeable future based on historical benefits realized, adjusted for expected changes, as applicable. The tax credits are recorded as an offset to research and development expenses in the Company’s consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_840_eus-gaap--ShareBasedCompensationForfeituresPolicyTextBlock_zBfzjQ48cnZc" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_864_znyzx7DUP3Nd">Share-based compensation</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">To reward the efforts of employees, directors, and certain consultants and to promote the growth of the Company, the Company’s Board of Directors has approved, prior to the Company’s conversion to an S.p.A., various share-based awards. All options have been awarded with an exercise price of €<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20211231_zkSyKim0Lekd">1 </span></span><span style="font-family: Georgia; font-size: 10pt">per quota and, when exercised, all options have been converted to Quota B. The options granted had the vesting condition that the individual must remain in his/her role at least one year or as otherwise specified for each person.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In May 2021, the Company’s shareholders adopted the Company’s Equity Incentive Plan 2021–2025; however, through December 31, 2021, no options has been granted and there were no outstanding options. (See Note 11. Share-based compensation.)</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company measures share-based awards granted to recipients based on the fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period(s), which is the vesting period of the respective award. Forfeitures were accounted for as they occurred. The measurement date for option awards was the date of the grant. The Company classifies share-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">With the adoption of ASU No. 2018-07, Compensation— Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) on January 1, 2019, the measurement date for non-employee awards is the date of the grant. The compensation expense for non-employees is recognized, without changes in the fair value of the award, over the requisite service period, which is the vesting period of the respective award.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0 0pt 5pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_84A_ecustom--RepresentativeWarrantsPolicyTextBlock_zkT2sAN2OWX3" style="font: 10pt Georgia; margin: 0pt 0"><span id="xdx_860_zvKwAA2ew4if" style="font-family: Georgia; font-size: 10pt"><b>Representative warrants</b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Upon the closing of the Company’s IPO, the Company agreed to issue warrants to the underwriters of the offering (“Warrants”) to purchase a number of ADSs up to 4% of the total number of ADSs sold in this public offering. The Warrants are exercisable at a per share exercise price equal to <span id="xdx_90F_ecustom--ClassOfWarrantOrRightExercisablePercentageOfWarrantsOrRights1_iI_pid_dp_c20211231_zbtLLUfKata5">125</span></span><span style="font-family: Georgia; font-size: 10pt">% of the public offering price (i.e., $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uUSDPshare_c20211231_z4KuCnFq48H8">14.375</span></span><span style="font-family: Georgia; font-size: 10pt">) per ADS sold in the IPO. The Warrants are exercisable at any time and from time to time, in whole or in part, during the four and one-half-year period commencing six months from the deemed effective date of the registration statement (i.e., June 13, 2022).</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Warrants will provide for adjustment in the number and price of the Warrants and the ADSs underlying such Warrants in the event of recapitalization, merger, stock split or other structural transaction, or a future financing undertaken by the Company. The Warrants were evaluated under applicable guidance and accordingly classified as equity in the consolidated financial statements.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zH3RUc7VUW4d" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_864_z0PFPjeUuMR7">Property and equipment</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Property and equipment are stated at cost, including any accessory and direct costs that are necessary to make the assets fit for use, and adjusted by the corresponding accumulated depreciation. The depreciation rates recorded in the consolidated financial statements have been calculated by taking into consideration the use, purpose, and financial-technical duration of the assets, on the basis of their estimated useful economic lives. The Company believes the above criteria to be represented by the following estimated useful lives:</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia; width: 100%"> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Equipment &amp; Furniture: <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--EquipmentAndFurnitureMember_zAGVeRKgaog" title="Equipment &amp; Furniture">15</span> years;</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia; text-align: justify"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Electronic office equipment: <span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicOfficeEquipmentMember_zXF3XadAGJv2" title="Useful life">10</span> years; and,</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia; text-align: justify"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Leasehold Improvements: <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zm3WNs5H6Yq8" title="Estimated useful lives">based on the shorter of the life of the leasehold improvement or the remaining term of the lease.</span></span></td></tr> </table> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Ordinary maintenance costs are expensed to the consolidated statements of operations and comprehensive loss in the year in which they are incurred. Extraordinary maintenance costs, the purpose of which is to extend the useful economic life of the asset, to technologically upgrade it and/or to increase its productivity or safety for the purpose of economic productivity of the Company, are attributed to the asset to which they refer and depreciated on the basis of its estimated useful economic life. Amortization of leasehold improvements is computed using the straight-line method based upon the terms of the applicable lease or estimated useful life of the improvements, whichever is less.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zKm6NvZg4sJ5" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_869_zVpYEjMsTFte">Impairment of long-lived assets</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In accordance with ASC Topic 360-10-20, ‘‘Property, Plant and Equipment,” the Company performs an impairment test whenever events or circumstances indicate that the carrying value of long- lived assets with finite lives may be impaired. Impairment is measured by comparing the carrying value of the long-lived assets to the estimated undiscounted pre-tax cash flows expected to result from the use of such assets and their ultimate disposition. In circumstances where impairment is determined to exist, the Company will write-down the asset to its fair value based on the present value of estimated cash flows. To date, no impairments have been identified for the periods ended December 31, 2021, and 2020.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--DeferredChargesPolicyTextBlock_zkX4lmwiCnc2" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span id="xdx_862_zd4NbKYkLkxe" style="font-family: Georgia; font-size: 10pt"><b><i>Deferred offering costs</i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Deferred public offering costs, which primarily consist of direct, incremental legal and accounting fees relating to fundraising activities (e.g., an IPO), were capitalized within prepaid expenses and other current assets prior to the IPO and netted or offset with the IPO proceeds upon closing of the IPO.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company incurred approximately €<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueOther_pn5n6_c20210101__20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zsEYNnvsStFe">3.9 </span></span><span style="font-family: Georgia; font-size: 10pt">million in qualifying offering costs that have been recorded as an offset to IPO proceeds at December 31, 2021, approximately <span id="xdx_90A_eus-gaap--DeferredOfferingCosts_iI_c20201231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zKHL68dpuref" title="Deferred offering costs">156,000</span> of these costs were recognized as deferred offering costs at December 31, 2020.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Set forth below is an itemization of the total expenses incurred in connection with the offer and sale of the Company’s ordinary shares and ADS and capitalized to offset the IPO proceeds recorded into equity at December 31, 2021 (in Euros):</span></p> <p id="xdx_896_ecustom--ScheduleOfDeferredOfferingCostsTableTextBlock_zNn2sEYjgKIa" style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font: normal 10pt Georgia"> <span id="xdx_8B8_zsaVtSxlCHy9" style="display: none">Schedule of deferred offering costs</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zHess6dubpql" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--SecuritiesAndExchangeCommissionRegistrationFee_iI_zKUUyj98stq3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">SEC registration fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 14%; text-align: right">3,261</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--DeferredNasdaqListingFee_iI_zgP7Zkv6lTt6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Nasdaq listing fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,990</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredFinraFilingFee_iI_ziNs4LVwRlYl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">FINRA filing fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,687</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredUnderwriterFeesAndCommissions_iI_zpQybeuZegQi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Underwriter fees and commissions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,614,978</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredLegalFeesAndExpenses_iI_zmD7MnGBOeXa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Legal fees and expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,705,945</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredAccountingFeesAndExpenses_iI_z0asx0vjUcOg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounting fees and expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284,087</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredAdvisoryFees_iI_z3sSSM0a0Msb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Advisory fees</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">273,609</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredOfferingCosts_iI_zAlhUWQXExMi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,931,557</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A6_z12jYczARrzb" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_844_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zvifFt8x6jdk" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_86E_zwqo8UUa98ee">Recently issued accounting pronouncements</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin: 0; text-indent: 35.95pt">In April 2012, the Jump-Start Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for an emerging growth company. As an emerging growth company, the Company may elect to adopt new or revised accounting standards when they become effective for non-public companies, which typically is later than when public companies must adopt the standards. The Company has elected to take advantage of the extended transition period afforded by the JOBS Act and, as a result, unless the Company elects early adoption of any standards, will adopt the new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public companies.</p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes. The new standard intended to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. For non-public entities, the standard is effective for annual periods beginning after December 15, 2021, with early adoption permitted. Adoption of the standard requires certain changes to primarily be made prospectively, with some changes to be made retrospectively. The Company is currently evaluating the impact that the adoption of ASU 2019-12 will have on its consolidated financial statements.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin: 0; text-indent: 35.95pt"> </p> <p style="font: 10pt Georgia; margin: 0; text-indent: 35.95pt">In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The aim of ASU 2021-10 is to increase the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistanc<span style="font-family: Georgia">e, and (3) the effect of the assistance on an entity’s financial statements. Diversity currently exists in the recognition, measurement, presentation, and disclosure of government assistance received by business entities because of the lack of specific authoritative guidance in GAAP. The ASU will be effective for annual reporting periods after December 15, 2021, and early adoption is permitted. Upon implementation, the Company may use either a prospective or retrospective method of adoption when adopting the ASU. The Company is evaluating the impact of adopting the new ASU.</span></p> <p style="font: 10pt Georgia; margin: 0; text-indent: 35.95pt"><span style="font-family: Georgia"> </span></p> <p style="font: 10pt Georgia; margin: 0; text-indent: 35.95pt"><span style="font-family: Georgia">In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU amends the guidance on convertible instruments and the derivatives scope exception for contracts in an entity’s own equity and improves and amends the related EPS guidance for both Subtopics. The ASU will be effective for annual reporting periods after December 15, 2023 and interim periods within those annual periods and early adoption is permitted in fiscal periods ending after December 15, 2020. Upon implementation, the Company may use either a modified retrospective or full retrospective method of adoption. The Company is evaluating the impact of adopting the new ASU.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z9U2p7Nq1ao6" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_867_zD8XPZQWlobi">Basis of presentation</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The accompanying consolidated financial statements have been prepared in accordance with U.S. accounting principles generally accepted in the United States of America (“U.S. GAAP”) for consolidated financial information and with the instructions to Form 20-F and Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”), unless otherwise stated.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">A summary of the significant accounting policies applied in the preparation of these consolidated financial statements is presented below, only for the categories and headings now applicable and that might be applicable in the future based on the Company’s business. These policies have been consistently applied, unless otherwise stated.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0 0pt 13.5pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_849_eus-gaap--ConsolidationPolicyTextBlock_z07cqmD4mqhj" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span id="xdx_869_zBWoRtBb7Z51" style="font-family: Georgia; font-size: 10pt"><b><i>Principles of consolidation</i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0 0pt 13.5pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--UseOfEstimates_zHSC41751ZQl" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_860_zq5Uu6RJ6WQa">Use of estimates</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts reported in the financial statements and the disclosures made in the accompanying notes. Estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses and related milestone payments, share-based compensation expense, valuation of Research &amp; Development (R&amp;D) tax credits, the valuation of equity and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Estimates are periodically reviewed considering changes in circumstances, facts and experience. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are recorded in the period in which they become known. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed below.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zesk6n6sQZlf" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_863_ztedsvEcYfP7">Cash and cash equivalents</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents, which amounts may at times exceed federally insured limits. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk. In the consolidated cash flow statements, cash and cash equivalents include: cash on hand, deposits held with banks, and other short-term highly liquid investments. In the consolidated balance sheets, bank overdrafts, if any, are shown in current liabilities. Cash and cash equivalents are detailed as follows:</span></p> <p id="xdx_898_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_zPVlYhCh0qsb" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> <span id="xdx_8BE_zzIo9jASzfx9" style="display: none">Schedule of cash and cash equivalents</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20211231_zf0KKuXz8g2a" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_490_20201231_zzFf1pbE2lE4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Georgia; margin: 0pt 0; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>At December 31,</b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: center"/> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin: 0">(in Euros)</p></td><td style="font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--DueFromBanks_iI_maCACEAzkgB_zBv5u9Ki1wE6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Cash in bank</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 18%; text-align: right">37,236,089</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 18%; text-align: right">15,462,805</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--Cash_iI_maCACEAzkgB_zeuzDcyFoRR2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Cash in hand &amp; prepaid cards</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,073</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,438</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iTI_mtCACEAzkgB_zRuR1xqph6zi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,240,162</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,465,243</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zsZ0DG7ApZz" style="font: 10pt Georgia; margin: 0pt 0; text-align: center"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_zPVlYhCh0qsb" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> <span id="xdx_8BE_zzIo9jASzfx9" style="display: none">Schedule of cash and cash equivalents</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20211231_zf0KKuXz8g2a" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_490_20201231_zzFf1pbE2lE4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Georgia; margin: 0pt 0; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>At December 31,</b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: center"/> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin: 0">(in Euros)</p></td><td style="font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--DueFromBanks_iI_maCACEAzkgB_zBv5u9Ki1wE6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Cash in bank</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 18%; text-align: right">37,236,089</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 18%; text-align: right">15,462,805</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--Cash_iI_maCACEAzkgB_zeuzDcyFoRR2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Cash in hand &amp; prepaid cards</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,073</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,438</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iTI_mtCACEAzkgB_zRuR1xqph6zi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,240,162</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,465,243</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 37236089 15462805 4073 2438 37240162 15465243 <p id="xdx_84C_ecustom--NetLossAndComprehensiveLossPolicyTextBlock_zbmRgxpOFtL9" style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"><b><i>Net loss and comprehensive loss</i></b></p> <p style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Georgia, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. ASC 220 Comprehensive Income requires that an entity records all components of comprehensive (loss) income, net of their related tax effects, in its financial statements in the period in which they are recognized. For the years ended December 31, 2021, 2020 and 2019, the comprehensive loss was equal to net loss.</p> <p style="font: 10pt Georgia, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--EarningsPerSharePolicyTextBlock_zwrnn4ca8jk7" style="font: 10pt Georgia; margin: 0pt; text-align: justify"><span id="xdx_862_zmQTSRNCEk18" style="font-family: Georgia; font-size: 10pt"><b><i>Net loss</i></b></span><span style="font-family: Georgia; font-size: 10pt"><b><i> per share</i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Net loss</span><span style="font-family: Georgia; font-size: 10pt"> per share (“EPS”) is computed in accordance with US GAAP. Basic EPS is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if all potential common shares had been issued and were dilutive. Historical EPS or QPS (quota per share) has not been included in prior year financial statements because the Company determined it is not a meaningful or material disclosure due to the Company’s capital structure at the time. Net loss per share has not been presented at December 31, 2020 and 2019, since the Company was an S.r.l. at the time, and maintained classes of quota (similar to membership interests in a limited liability company in the United States) rather than shares, which it now has post-conversion to an S.p.A., (similar to a C-corporation in the United States). The quotas represented percentage ownership in the Company and not actual shares. The Company did not believe that representing net loss per quota was a meaningful measurement.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The EPS</span><span style="font-family: Georgia; font-size: 10pt"> calculation was applied, after the increase in capital to €<span id="xdx_905_ecustom--IncreaseDecreaseInShareCapital_c20210101__20211231_zT8PSMekiO3k">50,000 </span></span><span style="font-family: Georgia; font-size: 10pt">required to be an S.p.A. by Italian law. The Company’s stockholders authorized <span id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_pn5n6_c20211231_z6qiWCugCgNb">59.7</span></span> <span style="font-family: Georgia; font-size: 10pt">million ordinary common shares. The Company has <span id="xdx_909_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_zOlpIMkWfQKi">18,216,858 </span></span><span style="font-family: Georgia; font-size: 10pt">common shares issued and outstanding at December 31, 2021 with <span id="xdx_907_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pn5n6_c20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanTwoThousandTwentyOneToTwoThousandTwentyFiveMember_zZE0p0xj7cX3">2.7 </span></span><span style="font-family: Georgia; font-size: 10pt">million common shares reserved for the Company’s Equity Incentive Plan 2021–2025. The Company has no outstanding options. Diluted EPS is not relevant at December 31, 2021, as the effect of common share equivalents, in the form of 23,502 underwriters’ common share warrants, would have been anti-dilutive. (See Note 10. Quotaholders’ and stockholders’ equity and Note 11. Share-based compensation.)</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> 50000 59700000 18216858 2700000 <p id="xdx_849_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zWfybP5WYKu9" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_867_zN35h1w6QeKg">Foreign currency translation</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The reporting and functional currency of the Company is Euros. All amounts are presented in Euros unless otherwise stated. All amounts disclosed in the consolidated financial statements and notes have been rounded to the nearest Euro unless otherwise stated. Foreign currency transactions, if any, are translated into Euros using the exchange rates prevailing at the date(s) of the transaction(s) or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of operations. For financial reporting purposes, the assets and liabilities of the US Subsidiary are translated into EUR using exchange rates in effect at the balance sheet date. The net loss of the US Subsidiary is translated into EUR using average exchange rates in effect during the reporting period. The resulting currency translation impact is recorded in Stockholders’ equity as a cumulative translation adjustment. For 2021, the currency translation impact was insignificant. During the periods ended December 31, 2021, and 2020, foreign exchange gains and losses were also insignificant.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--EmergingGrowthCompanyStatusPolicyTextBlock_zHvxl1Wn0vM4" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_868_zLTSw16F2Ufd">Emerging growth company status</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act, or JOBS Act, and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company may take advantage of these exemptions until the Company is no longer an “emerging growth company.” Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards and, because of this election, its consolidated financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of its initial public offering (“IPO”) or such earlier time that it is no longer an “emerging growth company.”</span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zYyDPxoO6E86" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_86F_zRFfAnE9bSm">Fair value measurements</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Certain assets and liabilities of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia; width: 100%"> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Level 1 — Quoted prices in active markets for identical assets or liabilities.</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia; text-align: justify"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.</span></td></tr> </table> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The carrying values of the Company’s research and development tax credits, VAT credits, accounts payable, accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zwIdcPQ5g356" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_866_z33vkBIT6Tqh">Segment information</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company and its chief operating decision-maker view the Company’s operations and manages its business in one operating segment, which is the research and development in the pharmaceutical sector with a focus on developing novel therapeutics to treat cancer.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_846_ecustom--TaxCreditOnInvestmentsInResearchAndDevelopmentPolicyTextBlock_zdAxlsaTfg1a" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_865_zQElu4Z4zn5c">Tax credit on investments in research and development</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In line with the legislation in force at December 31, 2021, companies in Italy that invest in eligible research and development activities, regardless of the legal form and economic sector in which they operate, can benefit from a tax credit which can be used in order to reduce most taxes payable, including income tax or regional tax on productive activities, as well as social security contributions and payroll withholding taxes. For eligible R&amp;D activities, the tax credit is equal to <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_c20210101__20211231_zmhL0uYEEXx5">20</span></span><span style="font-family: Georgia; font-size: 10pt">% in FY 2021 (<span id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_c20200101__20201231_zdgs2Pgohox8">12</span></span><span style="font-family: Georgia; font-size: 10pt">% in FY 2020) of the eligible costs incurred, with a maximum annual amount of €<span id="xdx_90D_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn5n6_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zXaa9IUV28W5">4.0 </span></span><span style="font-family: Georgia; font-size: 10pt">million in FY 2021 (€<span id="xdx_906_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn5n6_c20200101__20201231__srt--RangeAxis__srt--MaximumMember_z0UTwFzjtwY5">3.0 </span></span><span style="font-family: Georgia; font-size: 10pt">million for FY 2020).</span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The eligible activities consist of fundamental research, industrial research, and experimental development as defined respectively of the letters m), q) and j) of point 15, par. 1.3 of the Communication no. 198/2014 of the European Commission.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">To determine the cost basis of the benefit, the following expenses are eligible:</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia; width: 100%"> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Personnel costs;</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia; text-align: justify"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">Depreciation charges, costs of the financial or simple lease and other expenses related to movable tangible assets and software used in research and development projects;</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">Expenses for extra-euro research contracts concerning the direct execution of eligible research and development activities by the provider;</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Depreciation charges;</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia; text-align: justify"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">Expenses for consulting services and equivalent services related to eligible research and development activities; and,</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">Expenses for materials, supplies, and other similar products used in research and development projects.</span></td></tr> </table> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company, by analogy, accounts for this receivable in accordance with International Accounting Standards (IAS) 20, <i>Accounting for Government Grants and Disclosure of Government Assistance</i>. The receivable is recognized when there is reasonable assurance that: (1) the recipient will comply with the relevant conditions; and, (2) the grant will be received. The Company has elected to present it net of the related expenditure on the consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">While these tax credits can be carried forward indefinitely, the Company recognized an amount which reflects management’s best estimate of the amount that is reasonably assured to be realized or utilized in the foreseeable future based on historical benefits realized, adjusted for expected changes, as applicable. The tax credits are recorded as an offset to research and development expenses in the Company’s consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"><b><i> </i></b></span></p> 0.20 0.12 4000000.0 3000000.0 <p id="xdx_840_eus-gaap--ShareBasedCompensationForfeituresPolicyTextBlock_zBfzjQ48cnZc" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_864_znyzx7DUP3Nd">Share-based compensation</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">To reward the efforts of employees, directors, and certain consultants and to promote the growth of the Company, the Company’s Board of Directors has approved, prior to the Company’s conversion to an S.p.A., various share-based awards. All options have been awarded with an exercise price of €<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20211231_zkSyKim0Lekd">1 </span></span><span style="font-family: Georgia; font-size: 10pt">per quota and, when exercised, all options have been converted to Quota B. The options granted had the vesting condition that the individual must remain in his/her role at least one year or as otherwise specified for each person.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In May 2021, the Company’s shareholders adopted the Company’s Equity Incentive Plan 2021–2025; however, through December 31, 2021, no options has been granted and there were no outstanding options. (See Note 11. Share-based compensation.)</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company measures share-based awards granted to recipients based on the fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period(s), which is the vesting period of the respective award. Forfeitures were accounted for as they occurred. The measurement date for option awards was the date of the grant. The Company classifies share-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">With the adoption of ASU No. 2018-07, Compensation— Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) on January 1, 2019, the measurement date for non-employee awards is the date of the grant. The compensation expense for non-employees is recognized, without changes in the fair value of the award, over the requisite service period, which is the vesting period of the respective award.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0 0pt 5pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> 1 <p id="xdx_84A_ecustom--RepresentativeWarrantsPolicyTextBlock_zkT2sAN2OWX3" style="font: 10pt Georgia; margin: 0pt 0"><span id="xdx_860_zvKwAA2ew4if" style="font-family: Georgia; font-size: 10pt"><b>Representative warrants</b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Upon the closing of the Company’s IPO, the Company agreed to issue warrants to the underwriters of the offering (“Warrants”) to purchase a number of ADSs up to 4% of the total number of ADSs sold in this public offering. The Warrants are exercisable at a per share exercise price equal to <span id="xdx_90F_ecustom--ClassOfWarrantOrRightExercisablePercentageOfWarrantsOrRights1_iI_pid_dp_c20211231_zbtLLUfKata5">125</span></span><span style="font-family: Georgia; font-size: 10pt">% of the public offering price (i.e., $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uUSDPshare_c20211231_z4KuCnFq48H8">14.375</span></span><span style="font-family: Georgia; font-size: 10pt">) per ADS sold in the IPO. The Warrants are exercisable at any time and from time to time, in whole or in part, during the four and one-half-year period commencing six months from the deemed effective date of the registration statement (i.e., June 13, 2022).</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Warrants will provide for adjustment in the number and price of the Warrants and the ADSs underlying such Warrants in the event of recapitalization, merger, stock split or other structural transaction, or a future financing undertaken by the Company. The Warrants were evaluated under applicable guidance and accordingly classified as equity in the consolidated financial statements.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> 1.25 14.375 <p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zH3RUc7VUW4d" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_864_z0PFPjeUuMR7">Property and equipment</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Property and equipment are stated at cost, including any accessory and direct costs that are necessary to make the assets fit for use, and adjusted by the corresponding accumulated depreciation. The depreciation rates recorded in the consolidated financial statements have been calculated by taking into consideration the use, purpose, and financial-technical duration of the assets, on the basis of their estimated useful economic lives. The Company believes the above criteria to be represented by the following estimated useful lives:</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia; width: 100%"> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Equipment &amp; Furniture: <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--EquipmentAndFurnitureMember_zAGVeRKgaog" title="Equipment &amp; Furniture">15</span> years;</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia; text-align: justify"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Electronic office equipment: <span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicOfficeEquipmentMember_zXF3XadAGJv2" title="Useful life">10</span> years; and,</span></td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia"> </td> <td style="font: 10pt Georgia; text-align: justify"> </td></tr> <tr style="font: 10pt Georgia; vertical-align: top"> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Leasehold Improvements: <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zm3WNs5H6Yq8" title="Estimated useful lives">based on the shorter of the life of the leasehold improvement or the remaining term of the lease.</span></span></td></tr> </table> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Ordinary maintenance costs are expensed to the consolidated statements of operations and comprehensive loss in the year in which they are incurred. Extraordinary maintenance costs, the purpose of which is to extend the useful economic life of the asset, to technologically upgrade it and/or to increase its productivity or safety for the purpose of economic productivity of the Company, are attributed to the asset to which they refer and depreciated on the basis of its estimated useful economic life. Amortization of leasehold improvements is computed using the straight-line method based upon the terms of the applicable lease or estimated useful life of the improvements, whichever is less.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> P15Y P10Y based on the shorter of the life of the leasehold improvement or the remaining term of the lease. <p id="xdx_84A_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zKm6NvZg4sJ5" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_869_zVpYEjMsTFte">Impairment of long-lived assets</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In accordance with ASC Topic 360-10-20, ‘‘Property, Plant and Equipment,” the Company performs an impairment test whenever events or circumstances indicate that the carrying value of long- lived assets with finite lives may be impaired. Impairment is measured by comparing the carrying value of the long-lived assets to the estimated undiscounted pre-tax cash flows expected to result from the use of such assets and their ultimate disposition. In circumstances where impairment is determined to exist, the Company will write-down the asset to its fair value based on the present value of estimated cash flows. To date, no impairments have been identified for the periods ended December 31, 2021, and 2020.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--DeferredChargesPolicyTextBlock_zkX4lmwiCnc2" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span id="xdx_862_zd4NbKYkLkxe" style="font-family: Georgia; font-size: 10pt"><b><i>Deferred offering costs</i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Deferred public offering costs, which primarily consist of direct, incremental legal and accounting fees relating to fundraising activities (e.g., an IPO), were capitalized within prepaid expenses and other current assets prior to the IPO and netted or offset with the IPO proceeds upon closing of the IPO.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company incurred approximately €<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueOther_pn5n6_c20210101__20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zsEYNnvsStFe">3.9 </span></span><span style="font-family: Georgia; font-size: 10pt">million in qualifying offering costs that have been recorded as an offset to IPO proceeds at December 31, 2021, approximately <span id="xdx_90A_eus-gaap--DeferredOfferingCosts_iI_c20201231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zKHL68dpuref" title="Deferred offering costs">156,000</span> of these costs were recognized as deferred offering costs at December 31, 2020.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Set forth below is an itemization of the total expenses incurred in connection with the offer and sale of the Company’s ordinary shares and ADS and capitalized to offset the IPO proceeds recorded into equity at December 31, 2021 (in Euros):</span></p> <p id="xdx_896_ecustom--ScheduleOfDeferredOfferingCostsTableTextBlock_zNn2sEYjgKIa" style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font: normal 10pt Georgia"> <span id="xdx_8B8_zsaVtSxlCHy9" style="display: none">Schedule of deferred offering costs</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zHess6dubpql" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--SecuritiesAndExchangeCommissionRegistrationFee_iI_zKUUyj98stq3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">SEC registration fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 14%; text-align: right">3,261</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--DeferredNasdaqListingFee_iI_zgP7Zkv6lTt6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Nasdaq listing fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,990</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredFinraFilingFee_iI_ziNs4LVwRlYl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">FINRA filing fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,687</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredUnderwriterFeesAndCommissions_iI_zpQybeuZegQi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Underwriter fees and commissions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,614,978</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredLegalFeesAndExpenses_iI_zmD7MnGBOeXa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Legal fees and expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,705,945</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredAccountingFeesAndExpenses_iI_z0asx0vjUcOg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounting fees and expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284,087</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredAdvisoryFees_iI_z3sSSM0a0Msb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Advisory fees</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">273,609</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredOfferingCosts_iI_zAlhUWQXExMi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,931,557</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A6_z12jYczARrzb" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"><b><i> </i></b></span></p> 3900000 156000 <p id="xdx_896_ecustom--ScheduleOfDeferredOfferingCostsTableTextBlock_zNn2sEYjgKIa" style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font: normal 10pt Georgia"> <span id="xdx_8B8_zsaVtSxlCHy9" style="display: none">Schedule of deferred offering costs</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zHess6dubpql" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--SecuritiesAndExchangeCommissionRegistrationFee_iI_zKUUyj98stq3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">SEC registration fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 14%; text-align: right">3,261</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--DeferredNasdaqListingFee_iI_zgP7Zkv6lTt6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Nasdaq listing fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,990</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredFinraFilingFee_iI_ziNs4LVwRlYl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">FINRA filing fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,687</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredUnderwriterFeesAndCommissions_iI_zpQybeuZegQi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Underwriter fees and commissions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,614,978</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredLegalFeesAndExpenses_iI_zmD7MnGBOeXa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Legal fees and expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,705,945</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredAccountingFeesAndExpenses_iI_z0asx0vjUcOg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounting fees and expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284,087</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredAdvisoryFees_iI_z3sSSM0a0Msb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Advisory fees</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">273,609</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredOfferingCosts_iI_zAlhUWQXExMi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,931,557</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3261 43990 5687 1614978 1705945 284087 273609 3931557 <p id="xdx_844_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zvifFt8x6jdk" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b><i><span id="xdx_86E_zwqo8UUa98ee">Recently issued accounting pronouncements</span></i></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin: 0; text-indent: 35.95pt">In April 2012, the Jump-Start Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for an emerging growth company. As an emerging growth company, the Company may elect to adopt new or revised accounting standards when they become effective for non-public companies, which typically is later than when public companies must adopt the standards. The Company has elected to take advantage of the extended transition period afforded by the JOBS Act and, as a result, unless the Company elects early adoption of any standards, will adopt the new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public companies.</p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes. The new standard intended to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. For non-public entities, the standard is effective for annual periods beginning after December 15, 2021, with early adoption permitted. Adoption of the standard requires certain changes to primarily be made prospectively, with some changes to be made retrospectively. The Company is currently evaluating the impact that the adoption of ASU 2019-12 will have on its consolidated financial statements.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin: 0; text-indent: 35.95pt"> </p> <p style="font: 10pt Georgia; margin: 0; text-indent: 35.95pt">In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The aim of ASU 2021-10 is to increase the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistanc<span style="font-family: Georgia">e, and (3) the effect of the assistance on an entity’s financial statements. Diversity currently exists in the recognition, measurement, presentation, and disclosure of government assistance received by business entities because of the lack of specific authoritative guidance in GAAP. The ASU will be effective for annual reporting periods after December 15, 2021, and early adoption is permitted. Upon implementation, the Company may use either a prospective or retrospective method of adoption when adopting the ASU. The Company is evaluating the impact of adopting the new ASU.</span></p> <p style="font: 10pt Georgia; margin: 0; text-indent: 35.95pt"><span style="font-family: Georgia"> </span></p> <p style="font: 10pt Georgia; margin: 0; text-indent: 35.95pt"><span style="font-family: Georgia">In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU amends the guidance on convertible instruments and the derivatives scope exception for contracts in an entity’s own equity and improves and amends the related EPS guidance for both Subtopics. The ASU will be effective for annual reporting periods after December 15, 2023 and interim periods within those annual periods and early adoption is permitted in fiscal periods ending after December 15, 2020. Upon implementation, the Company may use either a modified retrospective or full retrospective method of adoption. The Company is evaluating the impact of adopting the new ASU.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_806_eus-gaap--ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock_zm8xfoWuzuEe" style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"><b>3. <span id="xdx_827_zW1II4EsMUz7">Research and development</span></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries, share- based compensation and benefits, facilities costs, third-party license fees, and external costs of outside vendors and consultants engaged to conduct clinical development activities and clinical trials, (e.g., contract research organizations [or “CROs”]), as well as costs to develop a manufacturing processes, perform analytical testing and manufacture clinical trial materials, (e.g., contract manufacturing organizations [or “CMOs”]). Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses. Such amounts are recognized as an expense as the goods are delivered or the related services are performed, or until it is no longer expected that the goods will be delivered, or the services rendered. In addition, funding from research grants, if any, is recognized as an offset to research and development expense based on costs incurred on the research program.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company annually sustains a significant amount of research costs to meet its business objectives. The Company has various research and development contracts, and the related costs are recorded as research and development expenses as incurred. When billing terms under these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of outstanding obligations at period end to those third parties. Any accrual estimates are based on several factors, including the Company’s knowledge of the progress towards completion of the research and development activities, invoicing to date under the contracts, communication from the research institution or other companies of any actual costs incurred during the period that have not yet been invoiced, and the costs included in the contracts. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made by the Company. The historical accrual estimates made by the Company have not been materially different from the actual costs. For further details, please refer to the Related Parties disclosures in Note 12 below.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0 0pt 5pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_808_ecustom--GeneralAndAdministrativeDisclosureTextBlock_zSeoLPOdYlzk" style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"><b>4. <span id="xdx_824_zeWCUc2Zjqe9">General and administrative</span></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">General and administrative costs consist primarily of salaries, share-based compensation, benefits and other related costs for personnel and consultants in the Company’s executive and finance functions, professional fees for legal, finance, accounting, auditing, tax and consulting services, travel expenses and facility-related expenses, which include rent and maintenance of facilities and other operating costs not otherwise included in research and development expense.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_802_eus-gaap--IncomeTaxDisclosureTextBlock_zGVrHxMdjmgk" style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"><b>5. <span id="xdx_823_zgaf2Ce4kHj7">Income taxes</span></b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company is subject to taxation in Italy, and with the addition of the Company’s wholly owned subsidiary in the United States, the Company is subject to taxation in the United States. Taxation in Italy includes the standard corporate income tax (“IRES”) and a regional business tax (“IRAP”). Taxation in the United States includes federal corporate income tax (“IRS”), as well as state and local taxes. Taxes are recorded on an accrual basis. They therefore represent the allowances for taxes paid or to be paid for the year, calculated according to the current enacted rates and applicable laws. In the future, the Company may be taxed in various other countries where it may have permanent establishments, as applicable. Due to the tax loss position reported, no income taxes were due for the periods ending December 31, 2021, and 2020 in Italy or the United States.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company uses the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities, measured at tax rates expected to be enacted at the time of their reversals. These temporary differences primarily relate to net operating losses carried forward available to offset future taxable income.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">At each reporting date, the Company considers existing evidence, both positive and negative, that could impact its view with regards to future realization of deferred tax assets. In consideration of the start-up status of the Company, a valuation allowance has been established to offset the deferred tax assets, as the related realization is currently uncertain. In the future, should the Company conclude that it is more likely than not that the deferred tax assets are partially or fully realizable, the valuation allowance will be reduced to the extent of such expected realization, and the corresponding amount will be recognized as income tax benefit in the Company’s consolidated statements of operations and comprehensive loss.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 38.75pt"><span style="font-family: Georgia; font-size: 10pt">The Company recognizes tax liabilities from an uncertain tax position if it is more likely than not that the tax position will not be sustained upon examination by the taxing authorities, based on the technical merits of the tax position. There are no uncertain tax positions that have been recognized in the accompanying consolidated financial statements. The prior five years of tax returns (2017-2021) are potentially subject to audit.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zpHxdIMidRb" style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">A reconciliation of the Company’s effective tax rate is summarized as follows:</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_8B3_zriAc5hNeqw8" style="display: none">Schedule of effective income tax rate reconciliation</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49C_20210101__20211231_z1865oVeUor" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49F_20200101__20201231_zvLz1BQSxyT6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49B_20190101__20191231_zr7yMgqtbx89" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in Euros)</td><td> </td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_zcUWZKGaPLyi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Income taxes at Italy statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">(1,296,797</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">(1,342,083</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">(1,103,454</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_zkuls82vWzc5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,189,844</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,370</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationOtherAdjustments_zWMxDn7t8UVf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(29,928</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-<span style="-sec-ix-hidden: xdx2ixbrl0615"> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-<span style="-sec-ix-hidden: xdx2ixbrl0616"> </span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalIncomeTaxRate_zvSuulnvayp3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Federal Income tax for Genenta INC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(26,462</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-<span style="-sec-ix-hidden: xdx2ixbrl0619"> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-<span style="-sec-ix-hidden: xdx2ixbrl0620"> </span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_zAUOY6aJl5u7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,543,031</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,338,333</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,092,084</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxExpenseBenefit_zO7hdByeqWA6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total provision expense for income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0626">€</span></td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0627">€</span></td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0628">€</span></td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: georgia; font-size: 10pt"/></p> <p id="xdx_8A9_zTjPHsuVwMW6" style="font: 10pt Georgia; margin: 0pt 0; text-align: center"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zm0ctLG1XhA8" style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Significant components of the Company’s net deferred tax assets are summarized as follows:</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_8B2_znVM5jnkCiGc" style="display: none; font-family: Georgia; font-size: 10pt">Schedule of deferred tax assets</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="3" id="xdx_499_20211231_zuSaE8j1J10l" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="3" id="xdx_491_20201231_zXSkcRNUSj8f" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="3" id="xdx_49C_20191231_zqC3UvQhdp75" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2019</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="11" style="border-bottom: Black 1.5pt solid; text-align: center"><b>At December 31,</b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="11" style="text-align: center">(in Euros)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_zDF3tmTSJqu2" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">7,125,174</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">4,692,845</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">3,192,643</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsOther_iI_z9KZWpLmCRrh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0637"> </span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--DeferredTaxAssetsAllowanceForCorporateEquity_iI_zbLjZiExB3R6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allowance for corporate equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">315,322</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210,620</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">178,972</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsGross_iI_zcx0GDXzPnii" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,446,496</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,903,464</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,515,615</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_zFegrMDeP8nj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left">Valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,446,496</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,903,464</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,515,615</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsNet_iI_zYKw9INmMqZi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0652">€</span></td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0653">€</span></td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0654">€</span></td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"><span style="display: none"/></span></p> <p id="xdx_8A2_zYqsIRvsvss8" style="font: 10pt Georgia; margin: 0pt 0; text-align: center"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_89E_ecustom--ScheduleOfTaxLossCarryforwardsExpireTableTextBlock_zZWd2I1QsQP1" style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Tax loss carryforwards expire as follows:</span></p> <p style="font: 10pt Georgia; display: none; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_8BF_zp4IXtVGoEY" style="font: normal 10pt Georgia, Times, Serif; display: none">Schedule of tax loss carryforwards expire</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font: normal 10pt Georgia, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20211231_z0mJ05KiUtqk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_497_20201231_ziW5TvjhoYR1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20191231_zWUp0bvI1h77" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in Euros)</td><td> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--IncomeTaxAuthorityAxis__custom--NoExpirationDateMember_zswKs6Ud3Z9l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">No expiration date</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">5,487,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">5,487,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">5,487,085</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--IncomeTaxAuthorityAxis__custom--NoExpirationDateDlNinetyEightMember_zN8MlkJPWIF5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">No expiration date - DL 98/2011</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,241,891</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,066,434</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,815,593</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingLossCarryforwards_iI_zhv5OgjLlHta" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,728,976</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,553,519</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,302,678</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font: normal 10pt Georgia, Times, Serif"/></p> <p id="xdx_8AB_zl8sROxaQFke" style="font: 10pt Georgia; margin: 0pt 0; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 38.75pt"><span style="font-family: Georgia; font-size: 10pt">At December 31, 2021 2020 and 2019, the Company believes there are no significant differences with regards to its deferred tax assets and its relevant components, compared to the computations of the preceding periods.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In 2011, the Italian tax authorities issued a set of rules that modified the previous treatment of tax loss carryforwards. According to the DL 98/2011, at the end of 2011, all existing tax loss carryforwards will never expire but they can off-set only 80% of the taxable income of the year. The rules do not affect the tax loss carryforward that refer to the start-up period, defined as the first three years of operations starting from the inception of the Company. The impact of the updated calculation of tax losses carryforward at December 31, 2021 and 2020 is deemed not significant with respect of the preceding periods.</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">At December 31, 2021, deferred tax liabilities of €<span id="xdx_903_eus-gaap--DeferredTaxLiabilities_iI_c20211231_zPnJa3RrAPC4">3,266</span></span> <span style="font-family: Georgia; font-size: 10pt">were accrued for foreign exchange gains recorded into the Company’s consolidated statements of operations and comprehensive loss, but taxable in future years at the time of actual realization.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 35.95pt"><span style="font-family: Georgia, Times, Serif; font-size: 10pt">The Company has analyzed its tax position by determining the amount of tax losses that can be carried forward indefinitely and has decided to accrue an allowance for related deferred tax assets as the Company is in a situation of pre-revenues that is destined to remain in the long run and there is no certainty of the future recoverability of such tax losses through tax relevant incomes. Future taxable profits for the Company depend on the manufacture of marketable drugs following the successful completion of the clinical trial. Since the clinical trial is still in Phase I/2A, the time frame and uncertainties regarding the outcome of the completion justify the full allowance of deferred tax assets.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zpHxdIMidRb" style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">A reconciliation of the Company’s effective tax rate is summarized as follows:</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_8B3_zriAc5hNeqw8" style="display: none">Schedule of effective income tax rate reconciliation</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49C_20210101__20211231_z1865oVeUor" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49F_20200101__20201231_zvLz1BQSxyT6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49B_20190101__20191231_zr7yMgqtbx89" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in Euros)</td><td> </td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_zcUWZKGaPLyi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Income taxes at Italy statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">(1,296,797</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">(1,342,083</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">(1,103,454</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_zkuls82vWzc5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,189,844</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,370</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationOtherAdjustments_zWMxDn7t8UVf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(29,928</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-<span style="-sec-ix-hidden: xdx2ixbrl0615"> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-<span style="-sec-ix-hidden: xdx2ixbrl0616"> </span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalIncomeTaxRate_zvSuulnvayp3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Federal Income tax for Genenta INC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(26,462</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-<span style="-sec-ix-hidden: xdx2ixbrl0619"> </span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-<span style="-sec-ix-hidden: xdx2ixbrl0620"> </span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_zAUOY6aJl5u7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,543,031</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,338,333</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,092,084</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxExpenseBenefit_zO7hdByeqWA6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total provision expense for income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0626">€</span></td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0627">€</span></td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0628">€</span></td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: georgia; font-size: 10pt"/></p> -1296797 -1342083 -1103454 -1189844 3750 11370 -29928 -26462 2543031 1338333 1092084 <p id="xdx_896_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zm0ctLG1XhA8" style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Significant components of the Company’s net deferred tax assets are summarized as follows:</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_8B2_znVM5jnkCiGc" style="display: none; font-family: Georgia; font-size: 10pt">Schedule of deferred tax assets</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="3" id="xdx_499_20211231_zuSaE8j1J10l" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="3" id="xdx_491_20201231_zXSkcRNUSj8f" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="3" id="xdx_49C_20191231_zqC3UvQhdp75" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2019</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="11" style="border-bottom: Black 1.5pt solid; text-align: center"><b>At December 31,</b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="11" style="text-align: center">(in Euros)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_zDF3tmTSJqu2" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">7,125,174</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">4,692,845</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">3,192,643</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsOther_iI_z9KZWpLmCRrh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0637"> </span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--DeferredTaxAssetsAllowanceForCorporateEquity_iI_zbLjZiExB3R6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allowance for corporate equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">315,322</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210,620</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">178,972</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsGross_iI_zcx0GDXzPnii" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,446,496</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,903,464</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,515,615</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_zFegrMDeP8nj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left">Valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,446,496</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,903,464</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,515,615</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsNet_iI_zYKw9INmMqZi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0652">€</span></td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0653">€</span></td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0654">€</span></td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"><span style="display: none"/></span></p> 7125174 4692845 3192643 6000 144000 315322 210620 178972 7446496 4903464 3515615 7446496 4903464 3515615 <p id="xdx_89E_ecustom--ScheduleOfTaxLossCarryforwardsExpireTableTextBlock_zZWd2I1QsQP1" style="font: 10pt Georgia; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Tax loss carryforwards expire as follows:</span></p> <p style="font: 10pt Georgia; display: none; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_8BF_zp4IXtVGoEY" style="font: normal 10pt Georgia, Times, Serif; display: none">Schedule of tax loss carryforwards expire</span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font: normal 10pt Georgia, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20211231_z0mJ05KiUtqk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_497_20201231_ziW5TvjhoYR1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20191231_zWUp0bvI1h77" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">At December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="10" style="text-align: center">(in Euros)</td><td> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--IncomeTaxAuthorityAxis__custom--NoExpirationDateMember_zswKs6Ud3Z9l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">No expiration date</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">5,487,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">5,487,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 12%; text-align: right">5,487,085</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--IncomeTaxAuthorityAxis__custom--NoExpirationDateDlNinetyEightMember_zN8MlkJPWIF5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">No expiration date - DL 98/2011</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,241,891</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,066,434</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,815,593</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingLossCarryforwards_iI_zhv5OgjLlHta" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,728,976</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,553,519</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,302,678</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font: normal 10pt Georgia, Times, Serif"/></p> 5487085 5487085 5487085 24241891 14066434 7815593 29728976 19553519 13302678 3266 <p id="xdx_808_eus-gaap--OtherCurrentAssetsTextBlock_zpcgMzmEFr2j" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b>6. <span id="xdx_82C_zvVlrHlJNk7a">Prepaid expenses and other current assets</span></b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_zqXQ0fl6TmS" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Prepaid expenses and other current assets consist of the following:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="xdx_8B8_zV2zRR8oAM12" style="display: none">Schedule of prepaid expenses and other current assets</span><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49C_20211231_zsrTymOXnn6b" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49C_20201231_zf0jjiOZAUhf" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>At December 31,</b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: center"/> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Georgia, Times, Serif"> </td> <td colspan="6" style="font: bold 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin: 0">(in Euros)</p></td><td style="font: bold 10pt Georgia, Times, Serif"> </td></tr> <tr id="xdx_401_eus-gaap--ValueAddedTaxReceivable_iI_maPECzw0D_zzdjs6tseeJ5" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 56%; text-align: left">Value Added Tax (VAT)</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right">820,780</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right">480,000</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ResearchAndDevelopmentTaxCredit_iI_maPECzw0D_zpt5GXQgLKMa" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Research and development tax credit</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">600,000</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">280,631</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredOfferingCosts_iI_maPECzw0D_z7J3oA1tPTvl" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Deferred offering costs</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0681"> </span></td><td style="font: 10pt Georgia, Times, Serif; text-align: right">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">156,261</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--OtherPrepaidExpenseCurrentRelatedParty_iI_maPECzw0D_zw2PYisb4Xeb" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Advances to suppliers- related party</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0684"> </span></td><td style="font: 10pt Georgia, Times, Serif; text-align: right">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">121,432</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DueFromRelatedParties_iI_maPECzw0D_zAyMgeTxZRyc" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Advances to suppliers</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">58,009</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0688"> </span></td><td style="font: 10pt Georgia, Times, Serif; text-align: right">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAssetsCurrent_iI_maPECzw0D_z85Xr5moAIO8" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Other current assets</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">21,987</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0691"> </span></td><td style="font: 10pt Georgia, Times, Serif; text-align: right">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherPrepaidExpenseCurrent_iI_maPECzw0D_zHwvI0kFEeu4" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">Other prepaids</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">18,247</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">30,609</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PrepaidExpenseCurrent_iTI_mtPECzw0D_zkOUeuqXXQCg" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">1,519,023</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">1,068,933</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zxEQjtM9K5Tf" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Value Added Tax (VAT) receivables are linked to purchases. Italian VAT (<i>Imposta sul Valore Aggiunto</i>) applies to the supply of goods and services carried out in Italy by entrepreneurs, professionals, or artists and on imports carried out by anyone. Intra-Community acquisitions are also subject to VAT under certain situations. The Italian standard VAT rate for 2021 and 2020 is <span id="xdx_908_ecustom--PercentageofValueAddedTax_iI_pid_dp_uPure_c20211231_zZCiRHTn1aHk" title="Percentage of value added tax"><span id="xdx_901_ecustom--PercentageofValueAddedTax_iI_pid_dp_uPure_c20201231_ztwTAm3FswUj" title="Percentage of value added tax">22%</span></span>. Reduced rates are provided for specifically listed supplies of goods and services. It is carried forward indefinitely and does not expire. The Company reclassified to other non-current assets a portion of the receivable which is expected to be realized beyond 12 months.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Tax credits on research and development represent a special tax relief offered to Italian companies operating in the research and development sector and can be used to offset most taxes payable. The Company has a total research and development tax credit available to be used of approximately €<span id="xdx_90E_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn5n6_c20210101__20211231_zO5oTXfscQp8" title="Research and development tax credit">4.1</span> million at December 31, 2021, and approximately €<span id="xdx_905_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn5n6_c20200101__20201231_zXVJ3fvKrNb" title="Research and development tax credit">3.9</span> million at December 31, 2020, which can be carried forward indefinitely and does not expire. However, given the start-up status of the Company, and the fact that it will not be profitable in the foreseeable future (which limits the utilization of the credit), the Company recognized a receivable balance that represents the Company’s best estimate of the amount of tax credit that can be used in offsetting taxes payable for 2022 and 2023.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">During the 12 months period ended December 31, 2021, the Company utilized approximately €<span id="xdx_909_eus-gaap--TaxesPayableCurrent_iI_c20211231_zghaWLIWcuI6">540,000 </span></span><span style="font-family: Georgia; font-size: 10pt">to offset certain social contributions and taxes payable, while during the financial year 2020, the Company utilized approximately €<span id="xdx_900_eus-gaap--TaxesPayableCurrent_iI_c20201231_zFWMmNs6dcUi">281,000</span></span><span style="font-family: Georgia; font-size: 10pt">. The benefit recorded for the 12 months ended December 31, 2021 and 2020, to offset research and development expenses was approximately €<span id="xdx_90D_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ResearchAndDevelopmentExpenseRelatedPartyMember_zAx2ZIDWlpnf">1,177,000 </span></span><span style="font-family: Georgia; font-size: 10pt">and €<span id="xdx_909_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ResearchAndDevelopmentExpenseRelatedPartyMember_z6j1cPitBNA4">266,000</span></span><span style="font-family: Georgia; font-size: 10pt">, respectively. The Company reclassified to other non-current assets a portion of the receivable, which is expected to be realized beyond 12 months (see Note 8). </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The amount of €<span id="xdx_903_eus-gaap--DueFromRelatedParties_iI_pdp0_c20211231_zXLn5qf2K3Yk">58,009</span></span> <span style="font-family: Georgia; font-size: 10pt">mainly relates to advance payment to suppliers for notary services of approximately €<span id="xdx_901_eus-gaap--LegalFees_c20210101__20211231_zqPtPzkYceSe">25,000</span> and other advance payments for operating services of approximately €</span><span id="xdx_900_ecustom--OtherAdvancePaymentsForOperatingServices_c20210101__20211231_zALCXUiaVPNf" style="font-family: Georgia; font-size: 10pt">32,000</span><span style="font-family: Georgia; font-size: 10pt">.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Other current assets and other prepaids include minor amounts.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b> </b></span></p> <p id="xdx_890_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_zqXQ0fl6TmS" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">Prepaid expenses and other current assets consist of the following:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="xdx_8B8_zV2zRR8oAM12" style="display: none">Schedule of prepaid expenses and other current assets</span><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49C_20211231_zsrTymOXnn6b" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49C_20201231_zf0jjiOZAUhf" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>At December 31,</b></span></p> <p style="font: 10pt Georgia; margin: 0pt 0; text-align: center"/> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Georgia, Times, Serif"> </td> <td colspan="6" style="font: bold 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin: 0">(in Euros)</p></td><td style="font: bold 10pt Georgia, Times, Serif"> </td></tr> <tr id="xdx_401_eus-gaap--ValueAddedTaxReceivable_iI_maPECzw0D_zzdjs6tseeJ5" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 56%; text-align: left">Value Added Tax (VAT)</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right">820,780</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right">480,000</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ResearchAndDevelopmentTaxCredit_iI_maPECzw0D_zpt5GXQgLKMa" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Research and development tax credit</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">600,000</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">280,631</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredOfferingCosts_iI_maPECzw0D_z7J3oA1tPTvl" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Deferred offering costs</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0681"> </span></td><td style="font: 10pt Georgia, Times, Serif; text-align: right">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">156,261</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--OtherPrepaidExpenseCurrentRelatedParty_iI_maPECzw0D_zw2PYisb4Xeb" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Advances to suppliers- related party</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0684"> </span></td><td style="font: 10pt Georgia, Times, Serif; text-align: right">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">121,432</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DueFromRelatedParties_iI_maPECzw0D_zAyMgeTxZRyc" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Advances to suppliers</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">58,009</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0688"> </span></td><td style="font: 10pt Georgia, Times, Serif; text-align: right">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAssetsCurrent_iI_maPECzw0D_z85Xr5moAIO8" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Other current assets</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">21,987</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0691"> </span></td><td style="font: 10pt Georgia, Times, Serif; text-align: right">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherPrepaidExpenseCurrent_iI_maPECzw0D_zHwvI0kFEeu4" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">Other prepaids</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">18,247</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">30,609</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PrepaidExpenseCurrent_iTI_mtPECzw0D_zkOUeuqXXQCg" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">1,519,023</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">1,068,933</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 820780 480000 600000 280631 156261 121432 58009 21987 18247 30609 1519023 1068933 0.22 0.22 4100000 3900000 540000 281000 1177000 266000 58009 25000 32000 <p id="xdx_80F_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zkLrdPFwnAGh" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b>7. <span id="xdx_82A_zIHx8n60qGv">Property and equipment, net</span></b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--PropertyPlantAndEquipmentTextBlock_zCEFwzT5HeP5" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Property and equipment consist of the following:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span id="xdx_8B8_za1aQLfiVpN6" style="display: none">Schedule of property and equipment net</span><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49F_20211231_zRwcJdrXtr07" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20201231_z6Uch8BZFwb3" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>At December 31,</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"/> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif"> </td> <td colspan="6" style="font: normal 10pt Georgia; text-align: center"><span style="font-family: Georgia; font-style: normal; font-weight: normal">(in Euros)</span></td><td style="font: bold 10pt Georgia, Times, Serif"> </td></tr> <tr id="xdx_40B_eus-gaap--MachineryAndEquipmentGross_iI_maPPAEGzU9t_zceIRWTKPEjg" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 56%">Computer</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right">24,869</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right">16,196</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FurnitureAndFixturesGross_iI_maPPAEGzU9t_znZKtLHyIAX" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 2.5pt">Furniture and fixtures</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">5,010</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">4,675</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iTI_mtPPAEGzU9t_maPPAENz4zN_zKJVMW2NJoVc" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Total property and equipment</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">29,879</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">20,871</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENz4zN_ztKrZ524O4fh" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">(6,789</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">(1,900</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz4zN_zQmbHMYuse9g" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">23,090</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">18,971</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_z57XAvPR0yal" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Property and equipment consist of computers and furniture and fixtures of our office space in Milan, Italy. There were no disposals, nor impairments during the periods. Depreciation has been calculated by taking into consideration the use, purpose and financial-technical duration of the assets, based on their estimated economic lives. No significant purchases occurred during the 12 months ended December 31, 2021.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Depreciation expense for the years ended December 31, 2021, and 2020 were €<span id="xdx_907_eus-gaap--Depreciation_c20210101__20211231_zbcg1qfGdpIg">4,889 </span></span><span style="font-family: Georgia; font-size: 10pt">and €<span id="xdx_908_eus-gaap--Depreciation_c20200101__20201231_zKJZVudRvmmi">1,900</span></span><span style="font-family: Georgia; font-size: 10pt">, respectively.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--PropertyPlantAndEquipmentTextBlock_zCEFwzT5HeP5" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Property and equipment consist of the following:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span id="xdx_8B8_za1aQLfiVpN6" style="display: none">Schedule of property and equipment net</span><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49F_20211231_zRwcJdrXtr07" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20201231_z6Uch8BZFwb3" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>At December 31,</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"/> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif"> </td> <td colspan="6" style="font: normal 10pt Georgia; text-align: center"><span style="font-family: Georgia; font-style: normal; font-weight: normal">(in Euros)</span></td><td style="font: bold 10pt Georgia, Times, Serif"> </td></tr> <tr id="xdx_40B_eus-gaap--MachineryAndEquipmentGross_iI_maPPAEGzU9t_zceIRWTKPEjg" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 56%">Computer</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right">24,869</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right">16,196</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FurnitureAndFixturesGross_iI_maPPAEGzU9t_znZKtLHyIAX" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 2.5pt">Furniture and fixtures</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">5,010</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">4,675</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iTI_mtPPAEGzU9t_maPPAENz4zN_zKJVMW2NJoVc" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Total property and equipment</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">29,879</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">20,871</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENz4zN_ztKrZ524O4fh" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">(6,789</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">(1,900</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz4zN_zQmbHMYuse9g" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">23,090</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">18,971</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 24869 16196 5010 4675 29879 20871 6789 1900 23090 18971 4889 1900 <p id="xdx_803_ecustom--OtherNonCurrentAssetsTextBlock_zWHadcQnGthi" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b>8. <span id="xdx_825_zN5GfFVZH2s1">Other non-current assets</span></b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleOfOtherAssetsNoncurrentTextBlock_zc0Jrclgnb8c" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Other non-current assets consist of the long-term portion of the VAT receivable and R&amp;D tax credit, as follows:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span id="xdx_8B2_zIcz08IMbA7h" style="display: none">Schedule of other non-current assets</span><span style="font-family: Georgia; font-size: 10pt"/></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="2" id="xdx_490_20211231_zQF0qlJJcAc4" style="font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>At</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>December 31,</b></span></p></td><td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="2" id="xdx_498_20201231_z67M0xaxV2v2" style="font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>At</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b>December 31,</b></span></p></td><td style="font: 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Georgia, Times, Serif"> </td> <td colspan="6" style="font: normal 10pt Georgia; text-align: center"><span style="font-family: Georgia; font-style: normal; font-weight: normal">(in Euros)</span></td><td style="font: bold 10pt Georgia, Times, Serif"> </td></tr> <tr id="xdx_40B_eus-gaap--ValueAddedTaxReceivableNoncurrent_iI_maOANzIoD_zzIhgkzqs7T9" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 56%; text-align: justify">Value Added Tax (VAT)</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right">641,215</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right">664,987</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--ResearchAndDevelopmentTaxCredit_iI_maOANzIoD_z6ppKTO63vKk" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: justify">Research and development tax credit</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">600,000</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">280,631</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAssetsNoncurrent_iTI_mtOANzIoD_zXVjO35DJlr9" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Total other non-current assets</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">1,241,215</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">945,618</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_z4fcngA2KDv1" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Research and development tax credit increased due to the increase in the utilization rate as explained above (See Note 6. Prepaid expenses and other current assets).</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In addition, other non-current</span><span style="font-family: Georgia; font-size: 10pt"> assets - related party includes a security deposit of €<span id="xdx_907_ecustom--OtherNonCurrentAssetsRelatedParty_iI_c20211231_zSmA36IcU0ye">3,350 </span></span><span style="font-family: Georgia; font-size: 10pt">paid to OSR - San Raffaele Hospital as security guarantee for the office lease contract. (See Note 13. Commitments and contingencies).</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleOfOtherAssetsNoncurrentTextBlock_zc0Jrclgnb8c" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Other non-current assets consist of the long-term portion of the VAT receivable and R&amp;D tax credit, as follows:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span id="xdx_8B2_zIcz08IMbA7h" style="display: none">Schedule of other non-current assets</span><span style="font-family: Georgia; font-size: 10pt"/></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="2" id="xdx_490_20211231_zQF0qlJJcAc4" style="font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>At</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>December 31,</b></span></p></td><td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="2" id="xdx_498_20201231_z67M0xaxV2v2" style="font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>At</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b>December 31,</b></span></p></td><td style="font: 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Georgia, Times, Serif"> </td> <td colspan="6" style="font: normal 10pt Georgia; text-align: center"><span style="font-family: Georgia; font-style: normal; font-weight: normal">(in Euros)</span></td><td style="font: bold 10pt Georgia, Times, Serif"> </td></tr> <tr id="xdx_40B_eus-gaap--ValueAddedTaxReceivableNoncurrent_iI_maOANzIoD_zzIhgkzqs7T9" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 56%; text-align: justify">Value Added Tax (VAT)</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right">641,215</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right">664,987</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--ResearchAndDevelopmentTaxCredit_iI_maOANzIoD_z6ppKTO63vKk" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: justify">Research and development tax credit</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">600,000</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">280,631</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAssetsNoncurrent_iTI_mtOANzIoD_zXVjO35DJlr9" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Total other non-current assets</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">1,241,215</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">945,618</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 641215 664987 600000 280631 1241215 945618 3350 <p id="xdx_80F_eus-gaap--PensionAndOtherPostretirementBenefitsDisclosureTextBlock_zZHpzScOWrc4" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b>9. <span id="xdx_82A_zkjuzZFZzAb6">Retirement benefit obligation</span></b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Employees in Italy are entitled to Trattamento di Fine Rapporto (“TFR”), commonly referred to as an employee leaving indemnity, which represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal). <span id="xdx_909_ecustom--DefinedContributionPlanMaximumAnnualContributionsPerEmployeeDescription_c20210101__20211231_zlahRvZbv1c8" title="Defined contribution plan maximum annual contributions per employee description">The annual accrual is approximately <span id="xdx_90B_eus-gaap--DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent_pid_dp_uPure_c20210101__20211231_zCPmYSEhSgz9" title="Defined contribution plan, maximum annual contributions per employee, percent">7%</span> of total pay, with no ceiling, and is revalued each year by applying a pre-established rate of return of 1.50%, plus 75% of the Consumer Price Index</span>, and is recorded by a book reserve. TFR is an unfunded plan. The costs of the retirement benefit obligation are accounted for under the provisions of ASC 715, <i>Compensation – Retirement Benefits</i>. The amount of the obligation at December 31, 2021 and 2020 was €<span id="xdx_907_ecustom--RetirementBenefitObligation_iI_c20211231_z9tgNFhmsD39" title="Retirement benefit obligation">30,618</span> and €<span id="xdx_908_ecustom--RetirementBenefitObligation_iI_c20201231_ziF2XibYiPel" title="Retirement benefit obligation">17,388</span>, respectively. </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> The annual accrual is approximately 7% of total pay, with no ceiling, and is revalued each year by applying a pre-established rate of return of 1.50%, plus 75% of the Consumer Price Index 0.07 30618 17388 <p id="xdx_80E_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z4e9Sq9OmB02" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b>10. <span id="xdx_82E_zLJbajOZEwvl">Quotaholders’ and stockholders’ equity</span></b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company was an S.r.l., which is an Italian limited liability company similar to a limited liability company in the United States. The Articles of Incorporation, Shareholders’ Agreement and the By-laws of the Company provided for different quotas, which represented the Company’s corporate capital, rather than shares of stock as ownership.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><i>Corporate capital</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">As an S.r.l., the Company’s ownership was called “corporate capital” and “quotas” rather than shares, stock or units.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_893_ecustom--ScheduleOfEquityMethodInvestmentsandOwnershipPecentageTableTextBlock_z0AYzaMeGAsc" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company’s capital was divided between the five quotas as summarized below at December 31, 2020:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span id="xdx_8B9_zQhLZXJN4h5j" style="display: none">schedule of equity method investment and ownership percentage</span> <span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Georgia, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Georgia, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">At</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31,</p></td><td style="font: bold 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Georgia, Times, Serif; text-align: center">Ownership</td><td style="font: bold 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif">Quota</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">%</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 56%; text-align: justify">A</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98F_eus-gaap--EquityMethodInvestments_iI_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaAMember_zxQZ8Mgr6m5h" style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right" title="Equity method investments">10,458</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right"><span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaAMember_zlg3mHXLDmZk" title="Equity method investment, ownership percentage">28</span></td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">B</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--EquityMethodInvestments_iI_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaBMember_zosyemyBzBnj" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Equity method investments">6,886</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaBMember_zVCtumqVYYD" title="Equity method investment, ownership percentage">19</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">C</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--EquityMethodInvestments_iI_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaCMember_zbeEM3gCBcH9" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Equity method investments">8,645</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right"><span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaCMember_zQ6NlQ50Ud4i" title="Equity method investment, ownership percentage">23</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">D</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--EquityMethodInvestments_iI_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaDMember_z0dU8DN0hMbh" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Equity method investments">4,034</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaDMember_z03a9EfWgcTa" title="Equity method investment, ownership percentage">11</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">E</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--EquityMethodInvestments_iI_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaEMember_zFA2gxz3IK3h" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Equity method investments">7,033</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaEMember_zrBTbmM3m0h" title="Equity method investment, ownership percentage">19</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98E_eus-gaap--EquityMethodInvestments_iI_c20201231_z2snOj9oEBPc" style="border-bottom: Black 2.5pt double; font: bold 10pt Georgia, Times, Serif; text-align: right" title="Total">37,056</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Georgia, Times, Serif; text-align: right"><span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201231_zvwdCvSSWOsi" title="Ownership percentage">100</span></td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p id="xdx_8A8_zJX7t118Oyh9" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company had five (5) quotas:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">Quota A. Quota A was reserved for certain founders. One of the founders had the right to appoint three (3) board members out of five (5), appoint the Chair from these three (3) persons and appoint one (1) member of the Board of Statutory Auditors. One other founder had the right to appoint two (2) board members out of five (5), appoint two (2) statutory auditors and appoint the Chair of the statutory auditors from the two (2) appointees. <span id="xdx_905_eus-gaap--CommonStockVotingRights_c20200101__20201231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaAMember_zRBRBzD6d0oh" title="Common stock, voting rights">Quota A had voting rights</span>.</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">Quota B. <span id="xdx_90F_eus-gaap--CommonStockVotingRights_c20200101__20201231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zdmDOWqeszs4" title="Common stock, voting rights">Quota B had no voting rights</span>, the same profit-sharing rights as Quota A and was priced at a nominal amount of €<span id="xdx_90E_ecustom--NominalAmount_c20200101__20201231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zsaxEeexPyQl" title="Nominal amount">1.00</span>. The Company had historically utilized Quota B for its share-based compensation program offered to board members, employees, and consultants. Quota B was also held by certain co-founders. The Company’s stock options were exercisable into Quota B for past and present board members, employees, and consultants.</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">Quota C. Quota C had the right to appoint one (1) member of the Board of Statutory Auditors; specifically, the one (1) that a founder had the right to appoint. Investors received Quota C in the Company’s first funding round (2014/2015) where approximately €<span id="xdx_906_ecustom--ProceedsFromCapitalFunding_pn6n6_c20150101__20151231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaCMember_zsP1lBVKZLh8" title="Proceeds from capital funding">10</span> million was raised.</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">Quota D. Investors received Quota D in the Company’s second funding round (2017) where approximately €<span id="xdx_905_ecustom--ProceedsFromCapitalFunding_pn6n6_c20170101__20171231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaDMember_zUnLWyMSlqqj" title="Proceeds from capital funding">7</span> million was raised.</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">Quota E. Investors received Quota E in the Company’s third funding round (through December 31, 2019) where approximately €<span id="xdx_903_ecustom--ProceedsFromCapitalFunding_pp5n6_c20190101__20191231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaEMember_zzZIw1Eydpug" title="Proceeds from capital funding">14.8</span> million was raised approximately (€<span id="xdx_90C_ecustom--FinancialFeesGross_pn5n6_c20190101__20191231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaEMember_znOOPL9UAYSf" title="Financial fees gross">15.1</span> million gross, net of approximately €<span id="xdx_90D_ecustom--FinancialFeesNet_pn5n6_c20190101__20191231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaEMember_zApjFTQMiZA1" title="Financial fees net">0.3</span> million of financing fees). Investors received Quota E in the Company’s second tranche of the third funding round (through December 31, 2020) where approximately €<span id="xdx_90A_ecustom--ProceedsFromCapitalFunding_pp5n6_c20200101__20201231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaEMember_zCZqYm24n5mi" title="Proceeds from capital funding">1.4</span> million was raised (approximately €<span id="xdx_90C_ecustom--FinancialFeesGross_pn5n6_c20200101__20201231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaEMember_zTCldILBZcj4" title="Financial fees gross">1.5</span> million gross, net of approximately €<span id="xdx_904_ecustom--FinancialFeesNet_pn5n6_c20200101__20201231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaEMember_zfNRfdamKTKi" title="Financial fees net">0.1</span> million of financing fees).</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">  </span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"><span style="font-family: Georgia; font-size: 10pt">Quotas A, C, D &amp; E. During a divestiture proceeding (meaning Quotas representing <span id="xdx_90E_ecustom--CorporateCapitalPercentage_iI_pid_dp_uPure_c20201231_zxgir7Umr9z9" title="Corporate capital, percentage">100%</span> of the corporate capital of the Company) or a dissolution of the Company, Quotas C, D &amp; E all had the same rights with respect to the proceeds of a divestiture, i.e., all three (3) quotas shared the divestiture consideration equally (on a pari passu basis) up to the amount of their investment. If there was any consideration remaining after payment to quotas C, D &amp; E, then quota A was entitled to the amount remaining up to the amount of their investment. If proceeds of a divestiture were less than or equal to €<span id="xdx_903_eus-gaap--ProceedsFromDivestitureOfBusinesses_pn6n6_c20200101__20201231_zqpfCBRlt0yj" title="Proceeds from divestiture of businesses">50</span> million, then any proceeds remaining after payment of quotas A, C, D &amp; E, were to be shared equally among quotas A, C, D &amp; E; however, if proceeds of a divestiture were greater than €50 million, then any proceeds remaining after payment of quotas A, C, D &amp; E, were to be distributed to each quota separately according to a detailed formula specified in the Company’s By-Laws, including quota B. Similar to a divestiture, net profits, if any, were to be distributed in the same manner to quotas A, B, C, D &amp; E, after deducting not less than five (5) percent for a legal reserve (up to where this reserve equals one-fifth of the quota capital). A, C, D, E had equal voting rights and the Company By-laws specify protective provisions for each class of quota for A, C, D &amp; E.</span></td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">During the year ended December 31, 2021, the following events occurred which together had a significant impact on the Company’s equity:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">On April 1, 2021, the Board of Directors resolved to grant to employees and non-employees stock options and accelerate the vesting of other stock options on €<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20210401__20210401__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zgQgPfQNmNJd">715 </span></span><span style="font-family: Georgia; font-size: 10pt">quota B and €<span id="xdx_90E_eus-gaap--StockRepurchasedDuringPeriodValue_c20210401__20210401__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zqlYyOiifiUg">172 </span></span><span style="font-family: Georgia; font-size: 10pt">quota B were repurchased at nominal value, cancelled, and allocated to the option plan as available for grant by Drs. Naldini and Gentner, leaving a net equity increase of €<span id="xdx_90F_eus-gaap--ProceedsFromStockOptionsExercised_c20210401__20210401__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zCpXBwWkKeX2">543 </span></span><span style="font-family: Georgia; font-size: 10pt">quota B. All quota B ownership has limited rights and carry a par value of €1 per quota. The Corporate Capital amount was €<span id="xdx_90E_eus-gaap--CapitalUnits_iI_c20210401__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zx8e0h8mGAA1">37,771 </span></span><span style="font-family: Georgia; font-size: 10pt">(€<span id="xdx_90C_eus-gaap--CapitalUnits_iI_c20201231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zh5Odne3FWvk">37,056 </span></span><span style="font-family: Georgia; font-size: 10pt">corporate capital at December 31, 2020 + €<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20200101__20201231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_z1NF14x4A181">715 </span></span><span style="font-family: Georgia; font-size: 10pt">exercise of Quota B options before the conversion).</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">On May 20, 2021, at a special Quotaholders’ meeting, the Quotaholders resolved to convert the Company from an S.r.l. to an S.p.A., which conversion became effective on June 18, 2021. As consequence of the conversion, the Corporate Capital was converted to ordinary common stock with no par value, and it was increased to €<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodValueConversionOfUnits_c20210519__20210520_zY7entcrqVil">50,000 </span></span><span style="font-family: Georgia; font-size: 10pt">to satisfy the minimum capital requirement to qualify as an S.p.A. in Italy. This increase was an adjustment from additional paid-in capital to common stock, no par value.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">As a result of the Company conversion, the corporate capital was reclassified as ordinary common stock, no par value, combining the minimum capital amount of €<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueConversionOfUnits_c20210519__20210520_zll9t5W4sPkd">50,000 </span></span><span style="font-family: Georgia; font-size: 10pt">with the additional paid-in capital for a total of €<span id="xdx_90F_eus-gaap--AdditionalPaidInCapital_iI_c20210520_zsXdtwFc7DCd">37,139,431</span></span><span style="font-family: Georgia; font-size: 10pt">. The outstanding quota of €<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueConversionOfUnits_c20210519__20210520_zTXBH0fMRhwa">50,000 </span></span><span style="font-family: Georgia; font-size: 10pt">before the conversion were all converted into <span id="xdx_90A_eus-gaap--ConversionOfStockSharesIssued1_pn6n6_c20210519__20210520_zgvWyiC7Ixmb">15 </span></span><span style="font-family: Georgia; font-size: 10pt">million shares of ordinary common stock, no par value, after the conversion at the same conversion rate of approximately <span id="xdx_90C_eus-gaap--DebtConversionConvertedInstrumentRate_pid_dp_uPure_c20210519__20210520_zTeNaLMLvqX4">300 </span></span><span style="font-family: Georgia; font-size: 10pt">quota per share of ownership. All preferences related to the quota classes were terminated and all stockholders held ordinary common stock, no par value. All of shares outstanding after the conversion are held in ledger form. The Company adopted new Articles of Association and Bylaws, appointed two new directors and re-appointed the existing members of the Board of Directors and the existing Board of Statutory Auditors.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">On December 15, 2021, the Company completed the IPO of its shares and was listed on the Nasdaq Stock Capital Market. Through the IPO, <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211214__20211215__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z4It2sJlnZL6">3,120,114 </span></span><span style="font-family: Georgia; font-size: 10pt">new ordinary shares with no par value were issued. <span id="xdx_909_eus-gaap--CommonStockSharesSubscriptions_iI_c20211215_zznRfpAaM8C6">720,114 </span></span><span style="font-family: Georgia; font-size: 10pt">ordinary shares were subscribed by the Company’s existing shareholders through a Reserved Offering, while <span id="xdx_909_ecustom--AmericanDepositoryShares_pn5n6_c20211214__20211215_z6w9I2RqtLN6">2.4</span></span> <span style="font-family: Georgia; font-size: 10pt">million ADS were directly placed on the market. Subsequently, on December 27, 2021, the Company’s underwriter exercised a portion of its “green shoe” allotment for an additional <span id="xdx_90E_ecustom--AmericanDepositoryShares_c20211226__20211227__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zDeaI4usxHia">96,744 </span></span><span style="font-family: Georgia; font-size: 10pt">ADS. The total number of shares outstanding resulting at December 31, 2021 was <span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_zmK3VEBrxku2">18,216,858</span></span><span style="font-family: Georgia; font-size: 10pt">. Through the IPO, approximately €<span id="xdx_904_ecustom--NetListingCosts_iI_pn6n6_c20211215__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zvhSgsAYP3K">29 </span></span><span style="font-family: Georgia; font-size: 10pt">million was raised net of listing costs (approximately €<span id="xdx_90F_ecustom--NetListingCosts_iI_pn5n6_c20211215_zPQkOLE1q9P">3.9 </span></span><span style="font-family: Georgia; font-size: 10pt">million). </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_893_ecustom--ScheduleOfEquityMethodInvestmentsandOwnershipPecentageTableTextBlock_z0AYzaMeGAsc" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company’s capital was divided between the five quotas as summarized below at December 31, 2020:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span id="xdx_8B9_zQhLZXJN4h5j" style="display: none">schedule of equity method investment and ownership percentage</span> <span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Georgia, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Georgia, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">At</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31,</p></td><td style="font: bold 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Georgia, Times, Serif; text-align: center">Ownership</td><td style="font: bold 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif">Quota</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">%</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 56%; text-align: justify">A</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98F_eus-gaap--EquityMethodInvestments_iI_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaAMember_zxQZ8Mgr6m5h" style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right" title="Equity method investments">10,458</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 18%; text-align: right"><span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaAMember_zlg3mHXLDmZk" title="Equity method investment, ownership percentage">28</span></td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">%</td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">B</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--EquityMethodInvestments_iI_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaBMember_zosyemyBzBnj" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Equity method investments">6,886</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaBMember_zVCtumqVYYD" title="Equity method investment, ownership percentage">19</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">C</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--EquityMethodInvestments_iI_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaCMember_zbeEM3gCBcH9" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Equity method investments">8,645</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right"><span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaCMember_zQ6NlQ50Ud4i" title="Equity method investment, ownership percentage">23</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">D</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--EquityMethodInvestments_iI_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaDMember_z0dU8DN0hMbh" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Equity method investments">4,034</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaDMember_z03a9EfWgcTa" title="Equity method investment, ownership percentage">11</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">E</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--EquityMethodInvestments_iI_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaEMember_zFA2gxz3IK3h" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Equity method investments">7,033</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaEMember_zrBTbmM3m0h" title="Equity method investment, ownership percentage">19</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98E_eus-gaap--EquityMethodInvestments_iI_c20201231_z2snOj9oEBPc" style="border-bottom: Black 2.5pt double; font: bold 10pt Georgia, Times, Serif; text-align: right" title="Total">37,056</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Georgia, Times, Serif; text-align: right"><span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201231_zvwdCvSSWOsi" title="Ownership percentage">100</span></td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> 10458 0.28 6886 0.19 8645 0.23 4034 0.11 7033 0.19 37056 1 Quota A had voting rights Quota B had no voting rights 1.00 10000000 7000000 14800000 15100000 300000 1400000 1500000 100000 1 50000000 715 172 543 37771 37056 715 50000 50000 37139431 50000 15000000 3 3120114 720114 2400000 96744 18216858 29000000 3900000 <p id="xdx_800_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zBMWdXQ0sO17" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b>11. <span id="xdx_822_ziUJF8YDR57j">Share-based compensation</span></b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company granted options on its corporate capital to certain directors, officers, employees, and consultants, as an incentive and as additional compensation prior to the Company’s conversion to an S.p.A. All options converted into Quota B when vested and exercised. All options had an exercise price of €<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased_iI_c20211231_zYE41sToHCuc" title="Exercise price">1.00</span> per quota. Options generally vested over a <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtYxL_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zQaVkV99HfW2" title="Vesting period::XDX::1"><span style="-sec-ix-hidden: xdx2ixbrl0836">one</span></span>-to-<span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtYxL_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zwkSbO0NmgM5" title="Vesting period::XDX::3"><span style="-sec-ix-hidden: xdx2ixbrl0838">three</span></span>-year period and have been exercised when vested.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">At December 31, 2019, there were no options available for grant, as all remaining authorized options were granted in 2019; therefore, no options were granted in 2020. However, in April 2021, €<span id="xdx_900_eus-gaap--StockRepurchasedDuringPeriodValue_c20210401__20210430__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zUnOq3bGPeLk">172 </span></span><span style="font-family: Georgia; font-size: 10pt">of quota B shares were repurchased, cancelled and allocated to the option plan as available for grant. The Board approved new option grants on €<span id="xdx_905_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationGross_c20210401__20210430_zbiOGQJfLPIc">169 </span></span><span style="font-family: Georgia; font-size: 10pt">of quota B and accelerated the vesting of options on €<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_c20210430_zLrwnRXJBQz1">546 </span></span><span style="font-family: Georgia; font-size: 10pt">quota B and all options were exercised. The total of €<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20210401__20210430_z9zQf73RB6H9">715 </span></span><span style="font-family: Georgia; font-size: 10pt">quota B were issued and exercised in April 2021 with no options remaining outstanding at that time.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In May 2021, in context of the corporate conversion from a limited liability company (società a responsabilità limitata, or S.r.l.) to a joint stock company (società per azioni, or an S.p.A.), the shareholders approved a capital increase to allow for issuance of up to <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pn5n6_c20210501__20210531_zT6HwRFZsr87">2.7</span></span> <span style="font-family: Georgia; font-size: 10pt">million ordinary shares, or <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum_pid_dp_uPure_c20210501__20210531_zhnEo0P0ALdc">10</span></span><span style="font-family: Georgia; font-size: 10pt">% of the total outstanding common shares of the Company after the IPO, in the service of a four-year employees’ share option plan, “Equity Incentive Plan 2021–2025,” (the “Plan”) to be adopted by the board of directors. The Plan is administered by the Board of Directors in consultation with the Compensation, Nomination and Governance Committee. No options have been granted under the Plan.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zmJV62vCSXKj" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">At June 18, 2021, the date of the Company’s conversion to an S.p.A., and at December 31, 2021, there were no outstanding stock options.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span id="xdx_8B7_ziyDb12PrJR" style="display: none">schedule of outstanding stock options</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>Number of Options on Quota</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>Weighted Average Exercise Price</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>Weighted Average Remaining Contractual Term (Years)</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>Aggregate Intrinsic Value</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 40%">Outstanding, vested and expected to vest as of December 31, 2019</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left; width: 1%"/><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20200101__20201231_z7jAa7yQvwZh" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right; width: 11%">982</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 1%"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left; width: 1%">€</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20200101__20201231_ze55Ne4JZjRc" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right; width: 11%">1</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 1%"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left; width: 1%"> </td><td id="xdx_980_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20200101__20201231_zIE2ixxbBzLi" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right; width: 11%" title="Weighted average remaining contractual term (years), beginning">2</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 1%"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left; width: 1%">€</td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iS_c20200101__20201231_zGimMd95nCZk" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right; width: 11%">1,056,316</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 1%"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif">Granted</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20200101__20201231_zOVncRTIz6I8" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0852">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20200101__20201231_zT5WvZZFDEHg" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0853">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueGranted_c20200101__20201231_zqta9FNeMNZ3" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0854">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Vested and exercised</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20200101__20201231_zP259CD5MF7j" style="font: 10pt Georgia, Times, Serif; text-align: right">436</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20200101__20201231_zHcv3NFoPGBb" style="font: 10pt Georgia, Times, Serif; text-align: right">1</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTermVestedAndExercised_dtY_c20200101__20201231_zUphQvgnRHd4" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">1</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested_c20200101__20201231_zuhGVFuUqEBb" style="font: 10pt Georgia, Times, Serif; text-align: right">472,184</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">Cancelled or forfeited</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations_c20200101__20201231_zrkOvgRuwLu8" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0860">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageForfeitedPrice_c20200101__20201231_zdM4FdINPpnh" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0861">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueForfeited_c20200101__20201231_zahOXjtBq1O5" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0862">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">Outstanding, vested and expected to vest as of December 31, 2020</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20210101__20211231_zJcXXbqLAa4g" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">546</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20210101__20211231_zEQvVRpSYeVb" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">1</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20210101__20211231_zG3hMZzYhZl5" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">1</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iS_c20210101__20211231_zyyfVjZ7WrBk" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">584,132</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif">Exercisable as of December 31, 2020</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisable_iS_c20210101__20211231_zsEmDh73Rrs9" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0868">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisablePrice_iS_c20210101__20211231_zijxLsv0iuQj" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0869">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueExercisable_iS_c20210101__20211231_zqVuGfSvYSK4" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0870">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif">Granted</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20210101__20211231_zHVodD4hak5i" style="font: 10pt Georgia, Times, Serif; text-align: right">169</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20210101__20211231_zhuigScffos6" style="font: 10pt Georgia, Times, Serif; text-align: right">1</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueGranted_c20210101__20211231_z8o3sSuwqjP2" style="font: 10pt Georgia, Times, Serif; text-align: right">183,831</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Vested and exercised</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20210101__20211231_zlavQqk2IoMh" style="font: 10pt Georgia, Times, Serif; text-align: right">715</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20210101__20211231_zqVW0wZGMhw1" style="font: 10pt Georgia, Times, Serif; text-align: right">1</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested_c20210101__20211231_z7cxoQCJcWIc" style="font: 10pt Georgia, Times, Serif; text-align: right">777,920</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">Outstanding, vested and expected to vest as of December 31, 2021</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20210101__20211231_z3l2uEciZfy6" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0877">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20210101__20211231_zMMe2s6Q9xa5" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0878">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueExercisable_iE_c20210101__20211231_zQS2Ji9XdX2b" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0879">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Exercisable as of December 31, 2021</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left"/><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisable_iE_c20210101__20211231_zBkkBcCq5Wda" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0880">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisablePrice_iE_c20210101__20211231_zM4QTUyHCZXf" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0881">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueExercisable_iE_c20210101__20211231_zMxBBvWmZGs1" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0882">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AC_z74VRShP1Gwe" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_z5KfgibEn7Q3" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company’s share-based compensation expense for the years ended December 31, 2021, 2020, and 2019 is represented by the following table:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.5in"><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zvQaXgNacTcc" style="display: none">schedule of share based compensation expenses</span></span><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Year Ended December,</td> <td style="font: 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>2019</b></td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 46%; text-align: left">Research &amp; development expense</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98D_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zmfa4WNOI9Xi" style="font: 10pt Georgia, Times, Serif; width: 14%; text-align: right" title="Total">82,669</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98F_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200101__20201231__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zxxHlRlUGX9i" style="font: 10pt Georgia, Times, Serif; width: 14%; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0888">-</span></td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%">€</td> <td id="xdx_987_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190101__20191231__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zBAEsgF1Woee" style="font: 10pt Georgia, Times, Serif; text-align: right; width: 14%">21,804</td> <td style="font: 10pt Georgia, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Research &amp; development expense - related party (Note 12)</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__custom--ResearchAndDevelopmentExpenseRelatedPartyMember_zgDDvS8HmXA3" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">179,480</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200101__20201231__us-gaap--IncomeStatementLocationAxis__custom--ResearchAndDevelopmentExpenseRelatedPartyMember_zxk1uXyRkEa3" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">326,400</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td> <td id="xdx_98D_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190101__20191231__us-gaap--IncomeStatementLocationAxis__custom--ResearchAndDevelopmentExpenseRelatedPartyMember_zPRqbxR6Vv8a" style="font: 10pt Georgia, Times, Serif; text-align: right">581,949</td> <td style="font: 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">General &amp; administrative expense</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zIodkVQn0ea" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">234,955</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200101__20201231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zbnGQFc6v5p2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">133,794</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif"> </td> <td id="xdx_987_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190101__20191231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_z5t2zIqgPGb4" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">137,057</td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231_zuVGh3CihDx1" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">497,104</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_988_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200101__20201231_zXgRFVMyBMoi" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">460,194</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif">€</td> <td id="xdx_98C_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190101__20191231_zr251q105eFg" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">740,810</td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Unrecognized expense</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pp0p0_c20211231_zsxzd7qN8rA7" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0906">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_982_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pp0p0_c20201231_z4ynGAQOeEf" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">313,273</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif">€</td> <td id="xdx_987_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pp0p0_c20191231_z0HcYo0nBu2" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Unrecognized expense">769,779</td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td></tr> </table> <p id="xdx_8AB_zXO01zilS8Wa" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The weighted average fair value of the options granted during 2021 and 2019 was €<span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_c20210101__20211231_zEYInKrbAXPa"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_c20190101__20191231_zi5BLuFal9Ak" title="Weighted average fair value of options granted">1,088</span> </span></span><span style="font-family: Georgia; font-size: 10pt">per quota B. There were <span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_do_c20200101__20201231_zWuqTvfT7Xe4">no</span> options granted in 2020.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">For the years ended December 31, 2021, 2020 and 2019, the Company recorded €<span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20210101__20211231_zXLd6HY84Vlc">497,104</span></span><span style="font-family: Georgia; font-size: 10pt">, </span><span style="font-family: Georgia; font-size: 10pt"> €<span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20200101__20201231_zuzT2Ilxbox">460,194 </span></span><span style="font-family: Georgia; font-size: 10pt">and €<span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20190101__20191231_z1A2OOcVz3fk">740,810</span></span><span style="font-family: Georgia; font-size: 10pt">, respectively,</span><span style="font-family: Georgia; font-size: 10pt"> as the fair value of the stock options granted. The Company awarded eight options to a consultant on September 30, 2019 for assistance in raising additional Quota E capital for the Company in 2019. The Company recorded the €<span id="xdx_907_eus-gaap--AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_c20210101__20211231_zx7fT6mY99P" title="Fair value of the option as a charge to additional paid-in capital">8,702</span>, which was the fair value of the option as a charge to additional paid-in capital. There was no amount of unrecognized expense at December 31, 2021, since there were no outstanding stock options.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><i>Quota B Valuations</i></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><i> </i></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The fair value of the Quota B underlying the Company’s share-based compensation grants has historically been determined by the Company’s board of directors, with input from management and third-party valuations. The Company believes that the board of directors has the relevant experience and expertise to determine the fair value of its Quota B, when also securing third-party assistance. Given the absence of a public trading market of the Company’s equity, and in accordance with the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately- Held Company Equity Securities Issued as Compensation, the board of directors exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of the Company’s equity at each grant date. These factors include:</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">● valuations of the Quota B equity performed by third-party specialists;</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">● the price of the Company’s equity to third-party, arms-length, sophisticated, and qualified investors, which was used in the OPM Backsolve Model;</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">● the prices, rights, preferences, and privileges of the Company’s Quota C, D, and E preferred equity classes relative to those of the Company’s equity;</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">● lack of marketability of the Quota B;</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">● lack of voting rights of the Quota B;</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">● current business conditions and projections;</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">● hiring of key personnel and the experience of management;</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">● the Company’s stage of development;</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">● the timing, progress and results of the Company’s pre-clinical studies and clinical trials for the Company’s programs and product candidates; including statements regarding the timing of initiation and completion of trials or studies and related preparatory work, the period during which the results of the trials will become available and the Company’s research and development programs;</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">● likelihood of achieving a liquidity event, such as an initial public offering, a merger or acquisition of the Company given prevailing market conditions, or other liquidation events;</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">● the market performance of comparable publicly traded companies; and</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">● the European, U.S. and global capital market conditions.</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"/> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">In valuing the Company’s Quota B class of options, the board of directors determined the equity value of the Company’s business using various valuation methods. The board of directors engaged a third-party valuation firm who performed analyses in accordance with the guidance outlined in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. The Company’s option valuations were prepared using an option pricing method (“OPM”), which used market approaches to estimate the Company’s enterprise value.</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The OPM treats each equity class as a call options on the total equity value of a company, with exercise prices (i.e., breakpoints) based on the value thresholds at which the allocation among the various holders of a company’s securities changes. A discount was considered for Lack of Marketability (“DLOM”), which is an amount or percentage that is deducted from the value in order to reflect the absence of a viable market. The DLOM was then applied to arrive at an indication of value for the option. Also, considered in the valuation was volatility and the fact that the Quota B class of equity did not carry voting rights. The expected volatility used in the OPM is based upon the historical volatility of a number of publicly traded companies in similar stages of clinical development.</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Application of the Company’s approach involved the use of estimates, judgment, and assumptions that are highly complex and subjective, such as those regarding the selection of comparable companies, and the expected timing of an initial public offering (“IPO”) or other liquidity event. Changes in any or all of these estimates and assumptions or the relationships between those assumptions impact the valuations at each valuation date and may have a material impact on the valuation of the Company’s Quota B equity class, and consequently, the Company’s share-based compensation expense could be materially different.</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><i>Weighted average shares</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">As a result of the Company’s conversion to an S.P.A. in June 2021, the Company converted all of its ownership to common stock. From that point forward, the Company was able to calculate both a weighted average and pro forma weighted average number of shares outstanding. The calculation was performed by taking the number of shares outstanding during a given period and weighting them for the number of days that number of shares were outstanding. Prior to June 2021, the Company was unable to convert quota to shares, in part due to the fact that quota carried different rights and privileges, so the Company was not sure how all quota would be treated in the conversion; however, shareholders agreed at the conversion in June 2021 that all classes of quota would be treated equally and all quota were exchanged for shares on a 1:1 basis and all the preferences were removed. Therefore, the Company was able to calculate a weighted average for the Company’s December 31, 2021 consolidated financial statement presentation. For the year ended December 31, 2021, there was a weighted average of <span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20210101__20211231_zjSXYRSaLh3c">15,083,825</span></span> <span style="font-family: Georgia; font-size: 10pt">shares of the Company’s common stock, <span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_do_c20211231_z5fNoi2ev6c4">no </span></span><span style="font-family: Georgia; font-size: 10pt">par value. No corresponding calculation was available at December 31, 2020.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> 1.00 172 169 546 715 2700000 0.10 <p id="xdx_89B_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zmJV62vCSXKj" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">At June 18, 2021, the date of the Company’s conversion to an S.p.A., and at December 31, 2021, there were no outstanding stock options.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span id="xdx_8B7_ziyDb12PrJR" style="display: none">schedule of outstanding stock options</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>Number of Options on Quota</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>Weighted Average Exercise Price</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>Weighted Average Remaining Contractual Term (Years)</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>Aggregate Intrinsic Value</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 40%">Outstanding, vested and expected to vest as of December 31, 2019</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left; width: 1%"/><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20200101__20201231_z7jAa7yQvwZh" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right; width: 11%">982</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 1%"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left; width: 1%">€</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20200101__20201231_ze55Ne4JZjRc" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right; width: 11%">1</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 1%"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left; width: 1%"> </td><td id="xdx_980_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20200101__20201231_zIE2ixxbBzLi" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right; width: 11%" title="Weighted average remaining contractual term (years), beginning">2</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 1%"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left; width: 1%">€</td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iS_c20200101__20201231_zGimMd95nCZk" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right; width: 11%">1,056,316</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 1%"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif">Granted</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20200101__20201231_zOVncRTIz6I8" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0852">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20200101__20201231_zT5WvZZFDEHg" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0853">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueGranted_c20200101__20201231_zqta9FNeMNZ3" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0854">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Vested and exercised</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20200101__20201231_zP259CD5MF7j" style="font: 10pt Georgia, Times, Serif; text-align: right">436</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20200101__20201231_zHcv3NFoPGBb" style="font: 10pt Georgia, Times, Serif; text-align: right">1</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTermVestedAndExercised_dtY_c20200101__20201231_zUphQvgnRHd4" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">1</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested_c20200101__20201231_zuhGVFuUqEBb" style="font: 10pt Georgia, Times, Serif; text-align: right">472,184</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">Cancelled or forfeited</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations_c20200101__20201231_zrkOvgRuwLu8" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0860">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageForfeitedPrice_c20200101__20201231_zdM4FdINPpnh" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0861">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueForfeited_c20200101__20201231_zahOXjtBq1O5" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0862">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">Outstanding, vested and expected to vest as of December 31, 2020</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20210101__20211231_zJcXXbqLAa4g" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">546</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20210101__20211231_zEQvVRpSYeVb" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">1</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20210101__20211231_zG3hMZzYhZl5" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">1</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iS_c20210101__20211231_zyyfVjZ7WrBk" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">584,132</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif">Exercisable as of December 31, 2020</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisable_iS_c20210101__20211231_zsEmDh73Rrs9" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0868">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisablePrice_iS_c20210101__20211231_zijxLsv0iuQj" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0869">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueExercisable_iS_c20210101__20211231_zqVuGfSvYSK4" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0870">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif">Granted</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20210101__20211231_zHVodD4hak5i" style="font: 10pt Georgia, Times, Serif; text-align: right">169</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20210101__20211231_zhuigScffos6" style="font: 10pt Georgia, Times, Serif; text-align: right">1</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueGranted_c20210101__20211231_z8o3sSuwqjP2" style="font: 10pt Georgia, Times, Serif; text-align: right">183,831</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Vested and exercised</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20210101__20211231_zlavQqk2IoMh" style="font: 10pt Georgia, Times, Serif; text-align: right">715</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20210101__20211231_zqVW0wZGMhw1" style="font: 10pt Georgia, Times, Serif; text-align: right">1</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested_c20210101__20211231_z7cxoQCJcWIc" style="font: 10pt Georgia, Times, Serif; text-align: right">777,920</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">Outstanding, vested and expected to vest as of December 31, 2021</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20210101__20211231_z3l2uEciZfy6" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0877">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20210101__20211231_zMMe2s6Q9xa5" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0878">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueExercisable_iE_c20210101__20211231_zQS2Ji9XdX2b" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0879">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Exercisable as of December 31, 2021</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left"/><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisable_iE_c20210101__20211231_zBkkBcCq5Wda" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0880">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisablePrice_iE_c20210101__20211231_zM4QTUyHCZXf" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0881">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Weighted average remaining contractual term (years), beginning">-</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueExercisable_iE_c20210101__20211231_zMxBBvWmZGs1" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0882">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 982 1 P2Y 1056316 436 1 P1Y 472184 546 1 P1Y 584132 169 1 183831 715 1 777920 <p id="xdx_89E_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_z5KfgibEn7Q3" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company’s share-based compensation expense for the years ended December 31, 2021, 2020, and 2019 is represented by the following table:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.5in"><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zvQaXgNacTcc" style="display: none">schedule of share based compensation expenses</span></span><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Year Ended December,</td> <td style="font: 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>2019</b></td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 46%; text-align: left">Research &amp; development expense</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98D_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zmfa4WNOI9Xi" style="font: 10pt Georgia, Times, Serif; width: 14%; text-align: right" title="Total">82,669</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98F_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200101__20201231__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zxxHlRlUGX9i" style="font: 10pt Georgia, Times, Serif; width: 14%; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0888">-</span></td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%">€</td> <td id="xdx_987_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190101__20191231__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zBAEsgF1Woee" style="font: 10pt Georgia, Times, Serif; text-align: right; width: 14%">21,804</td> <td style="font: 10pt Georgia, Times, Serif; width: 1%"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Research &amp; development expense - related party (Note 12)</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__custom--ResearchAndDevelopmentExpenseRelatedPartyMember_zgDDvS8HmXA3" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">179,480</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200101__20201231__us-gaap--IncomeStatementLocationAxis__custom--ResearchAndDevelopmentExpenseRelatedPartyMember_zxk1uXyRkEa3" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">326,400</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif"> </td> <td id="xdx_98D_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190101__20191231__us-gaap--IncomeStatementLocationAxis__custom--ResearchAndDevelopmentExpenseRelatedPartyMember_zPRqbxR6Vv8a" style="font: 10pt Georgia, Times, Serif; text-align: right">581,949</td> <td style="font: 10pt Georgia, Times, Serif"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">General &amp; administrative expense</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zIodkVQn0ea" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">234,955</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200101__20201231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zbnGQFc6v5p2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">133,794</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif"> </td> <td id="xdx_987_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190101__20191231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_z5t2zIqgPGb4" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">137,057</td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_983_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231_zuVGh3CihDx1" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">497,104</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_988_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200101__20201231_zXgRFVMyBMoi" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">460,194</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif">€</td> <td id="xdx_98C_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190101__20191231_zr251q105eFg" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">740,810</td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Unrecognized expense</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pp0p0_c20211231_zsxzd7qN8rA7" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0906">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_982_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pp0p0_c20201231_z4ynGAQOeEf" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">313,273</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif">€</td> <td id="xdx_987_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pp0p0_c20191231_z0HcYo0nBu2" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Unrecognized expense">769,779</td> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td></tr> </table> 82669 21804 179480 326400 581949 234955 133794 137057 497104 460194 740810 313273 769779 1088 1088 0 497104 460194 740810 8702 15083825 0 <p id="xdx_80B_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zCDNyHrRhr64" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.45pt"><span style="font-family: Georgia; font-size: 10pt"><b>12. <span id="xdx_82F_zPIWMhcQd1fb">Related parties</span></b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_hus-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_znrAIr28vSa1" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company’s research and development expenses are a combination of third-party expenses, and related party expenses, as detailed below:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.5pt"><span style="font-family: Georgia; font-size: 10pt"> </span><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zQOtHCKxSTF4" style="display: none">schedule of third party and related party expenses</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">For the Year Ended December 31, 2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="10" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 52%; text-align: left">Consultants &amp; other third parties</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98F_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zSEYtO9j65m4" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">946,156</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_980_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zTRVOKScNLIc" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">711,464</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20210101__20211231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zliAK5PYBTde" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">1,657,620</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Materials &amp; supplies</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">1,231,019</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0935">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">1,231,019</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">284,957</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">214,892</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">499,849</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Travel &amp; entertainment</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0945">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">596</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">596</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Other</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">1,593</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0953">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">1,593</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_989_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">2,463,725</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">926,952</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">3,390,677</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.5pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-size: 10pt"> </span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><span style="font-size: 10pt"> </span></td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>For the Year Ended December 31, 2020</b></span></p></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><span style="font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="10" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 52%; text-align: left">Consultants &amp; other third parties</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zTLZUkufHjq1" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">1,454,576</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98D_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zsmf37mYI6M5" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">2,009,884</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20200101__20201231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_z5ntI0csVGK9" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">3,464,460</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Materials &amp; supplies</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">709,183</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">3,124</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">712,307</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">145,700</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">326,400</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">472,100</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Travel &amp; entertainment</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">16,742</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">17,724</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">34,466</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Other</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">5,128</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0989">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">5,128</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">2,331,329</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">2,357,132</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">4,688,461</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"/><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>For the Year Ended December 31, 2019</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Third Parties</b></p></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Related Parties</b></p></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>Total</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td colspan="9" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 52%; text-align: left">Consultants &amp; other third parties</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zPlGc4gCxgsh" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right">74,518</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zV3t3XAddjjh" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right">2,036,870</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zFVGtKzdsf95" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right">2,111,388</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zKKuwq3xtXi7" style="font: 10pt Georgia, Times, Serif; text-align: right">171,289</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zdcYLI7q60M9" style="font: 10pt Georgia, Times, Serif; text-align: right">581,949</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--CompensationMember_zcjvz4rPDmfd" style="font: 10pt Georgia, Times, Serif; text-align: right">753,238</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Materials &amp; supplies</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_z2fyeJTVbSY5" style="font: 10pt Georgia, Times, Serif; text-align: right">649,574</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_zh4z2hXxoPEj" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1005">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_zk8hve0EuJO8" style="font: 10pt Georgia, Times, Serif; text-align: right">649,574</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Travel &amp; entertainment</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_zcqWh6HyeZI9" style="font: 10pt Georgia, Times, Serif; text-align: right">97,063</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_z6bd2pLtyzja" style="font: 10pt Georgia, Times, Serif; text-align: right">36,510</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_zwrQgWZg7mi4" style="font: 10pt Georgia, Times, Serif; text-align: right">133,573</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Other</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zgMDfaCto11e" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">55,209</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zlpsfQcZaEAk" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1011">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--OtherMember_zVR0dat0G8Og" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">55,209</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98D_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_zf13GKi76uAd" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">1,047,653</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_zEB2RQ7HtC5a" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">2,655,329</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231_zNlxj1kX5Drb" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">3,702,982</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"/> <p id="xdx_8A3_zCFbpK0i6Nr3" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">Research and development (related party) expenses during the years ended December 31, 2021, 2020 and 2019, mainly relate to the clinical trial activity done as per the agreement with the OSR - San Raffaele Hospital. The Company recorded a research and development expense of approximately €<span id="xdx_909_eus-gaap--ResearchAndDevelopmentExpense_pn5n6_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffleHospitalMember_zOj4J5tK40G6">3.4 </span></span><span style="font-family: Georgia; font-size: 10pt">million in 2021 (€<span id="xdx_901_ecustom--ResearchAndDevelopmentExpenseGross_pn5n6_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffleHospitalMember_zGxo7SyaNEdl">4.6 </span></span><span style="font-family: Georgia; font-size: 10pt">million less €<span id="xdx_90C_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn5n6_c20211231_zNQ9Z9Nhbrgi">1.2 </span></span><span style="font-family: Georgia; font-size: 10pt">million from the compensation effect of the tax credit benefit), €<span id="xdx_90A_eus-gaap--ResearchAndDevelopmentExpense_pn5n6_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffleHospitalMember_zt7WexDoAfnc">4.7 </span></span><span style="font-family: Georgia; font-size: 10pt">million in 2020 (€<span id="xdx_907_ecustom--ResearchAndDevelopmentExpenseGross_pn5n6_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffleHospitalMember_zAGuzJhpCwv9">5.0 </span></span><span style="font-family: Georgia; font-size: 10pt">million less €<span id="xdx_906_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn5n6_c20201231_zgwjIqIOX494">0.3 </span></span><span style="font-family: Georgia; font-size: 10pt">million from the compensation effect of the tax credit benefit) and €<span id="xdx_903_eus-gaap--ResearchAndDevelopmentExpense_pn5n6_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffleHospitalMember_zFwu5ISYN1Z5">3.7 </span></span><span style="font-family: Georgia; font-size: 10pt">million in 2019 (€<span id="xdx_903_ecustom--ResearchAndDevelopmentExpenseGross_pn5n6_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffleHospitalMember_zZmiRIVCyVnk">4.1 </span></span><span style="font-family: Georgia; font-size: 10pt">million less €<span id="xdx_908_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn5n6_c20191231_z4hIEOlnkHxf">0.4 </span></span><span style="font-family: Georgia; font-size: 10pt">million from the compensation effect of the tax credit benefit).</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zgvh1xf3PqD" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company’s general and administrative expenses are also a combination of third-party and related party expenses, as detailed below:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 35.95pt"><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zApx9gG7Kdad" style="display: none">schedule of third party and general and administrative expenses</span></span><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">For the Year Ended December, 2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="10" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 52%; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">353,177</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">567,624</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">920,801</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Accounting, legal &amp; other professional</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">390,134</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl1036">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">390,134</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Communication &amp; IT related</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">52,230</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1042">-</span></span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">52,230</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Facility &amp; insurance related</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">71,181</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">14,399</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">85,580</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Consultants &amp; other third parties</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">675,688</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl1054">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">675,688</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Other</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">164,468</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">7,695</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">172,163</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">1,706,878</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">589,718</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">2,296,596</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>For the Year Ended December 31, 2020</b></p></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="10" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 52%; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">191,998</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">298,628</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">490,626</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Accounting, legal &amp; other professional</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">239,861</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl1078">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">239,861</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Communication &amp; IT related</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">64,430</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl1084">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">64,430</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Facility &amp; insurance related</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">24,685</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">14,402</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">39,087</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Consultants &amp; other third parties</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">59,648</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">1,495</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">61,143</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Other</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">6,618</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl1102">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">6,618</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">587,240</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">314,525</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">901,765</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>For the Year Ended December 31, 2019</b></td><td style="font: 10pt Georgia, Times, Serif; text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Third</b></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Parties</b></p></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Related</b></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Parties</b></p></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>Total</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td> <td colspan="10" style="font: 10pt Georgia, Times, Serif; text-align: center">(In Euros) </td><td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 52%; text-align: left">Consultants &amp; other third parties</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zjJFj67vQEc3" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right">375,201</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zmKTMlELEJ23" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1112">-</span></td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zqWalnJEdDw" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right">375,201</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zmQAJmp56c5e" style="font: 10pt Georgia, Times, Serif; text-align: right">171,698</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zzsO2OO3jdcc" style="font: 10pt Georgia, Times, Serif; text-align: right">277,849</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--CompensationMember_zhxOjRaf5BQh" style="font: 10pt Georgia, Times, Serif; text-align: right">449,547</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Accounting, legal &amp; other professional</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zC2JnWdHnTTf" style="font: 10pt Georgia, Times, Serif; text-align: right">40,745</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zKAtKV8MhF63" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1118">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zNQKdImMZbNk" style="font: 10pt Georgia, Times, Serif; text-align: right">40,745</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Communication &amp; IT related</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zSRzCCXcEybl" style="font: 10pt Georgia, Times, Serif; text-align: right">14,759</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zQGIu05oiGWb" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1121">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_ze1BLY92GWtc" style="font: 10pt Georgia, Times, Serif; text-align: right">14,759</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Facility &amp; insurance related</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zoGMuo9zRpgc" style="font: 10pt Georgia, Times, Serif; text-align: right">13,630</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zYGpfxQsK61" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1124">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zGMkGAIChRUj" style="font: 10pt Georgia, Times, Serif; text-align: right">13,630</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Other</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_ztCECARf05R2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">22,336</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zXwWmNxXhOb5" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">5,302</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--OtherMember_zldr8bB65D13" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">27,638</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_zpqSeMAyWiya" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">638,369</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_zQPwQkm0BU5b" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">283,151</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231_zrEUA9YD1Uka" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">921,520</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A6_ziLakirjEV97" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_894_ecustom--ScheduleOfAccountsPayableToRelatedPartiesTableTextBlock_zgKkg6Tu2RN4" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company’s accounts payable to related parties are comprised as follows:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zzAdDCNnvxc7" style="display: none">schedule of accounts payable to related parties</span></span><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20211231_zWKNcPtXEou8" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_493_20201231_zru2IjsElJ4j" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">At December 31, </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="6" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--OSRSanRaffaeleHospitalMember_zM2AfwEVeG3k" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 48%; text-align: left">OSR - San Raffaele Hospital</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 22%; text-align: right">25,047</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 22%; text-align: right">4,085</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--XDGBiomedLLCMember_zKw2CSRQzlL6" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">XDG Biomed</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1138"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">-</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">5,942</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_zp75RHZXVOIb" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">25,047</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">10,027</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zYms7tND06Xa" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_899_ecustom--ScheduleOfAccruedExpenseToRelatedPartiesTableTextBlock_zGscLuEzH0y1" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company’s accrued expenses to related parties are comprised as follows:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zhxHp7p2NpKg" style="display: none">schedule of accrued expenses to related parties</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_495_20211231_z9OMSSrsbEE5" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_499_20201231_zoH2pSsKiNYi" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">At December 31, </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="6" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--AccruedLiabilitiesRelatedParty_iI_hus-gaap--RelatedPartyTransactionAxis__custom--OSRSanRaffaeleHospitalMember_zeJ1xKm018Pg" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 48%; text-align: left">OSR - San Raffaele Hospital</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 22%; text-align: right">19,201</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 22%; text-align: right">1,309,191</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--AccruedLiabilitiesRelatedParty_iI_hus-gaap--RelatedPartyTransactionAxis__custom--PierluigiParacchiMember_zsI1Ngfh8ZL8" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Pierluigi Paracchi</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">25,000</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">25,000</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--AccruedLiabilitiesRelatedParty_iI_hus-gaap--RelatedPartyTransactionAxis__custom--RichardSlanskyMember_zHWMgcKnQGCh" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Richard Slansky</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">53,502</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1153"> </span></td><td style="font: 10pt Georgia, Times, Serif; text-align: right">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--AccruedLiabilitiesRelatedParty_iI_hus-gaap--RelatedPartyTransactionAxis__custom--XDGBiomedLLCMember_zOz4hCZnkqhi" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">XDG Biomed</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">34,438</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">25,000</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--AccruedLiabilitiesRelatedParty_iI_zQ8lyUTVbwXh" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">132,141</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">1,359,191</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zlXEOGGNiOZ7" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company has identified the following related parties:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><span style="text-decoration: underline">Pierluigi Paracchi</span> (director and co-founder of the Company);</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><span style="text-decoration: underline">Luigi Naldini</span> (co-founder of the Company and chair of the scientific advisory board);</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><span style="text-decoration: underline">Bernhard</span></span><span style="font-family: Georgia; font-size: 10pt"><span style="text-decoration: underline"> Rudolph Gentner </span><span style="text-decoration: none">(co- founders of the Company and member of the scientific advisory board);</span></span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><span style="text-decoration: underline">XDG Biomed/Carlo </span></span><span style="font-family: Georgia; font-size: 10pt"><span style="text-decoration: underline">Russo (</span>chief medical officer, operating by his company, XDG Biomed LLC); and,</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><span style="text-decoration: underline">Richard Slansky </span>(chief financial officer; prior to his employment on November 1, 2021, Mr. Slansky was under a consulting agreement);</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><span style="text-decoration: underline">Spafid S.pA. (</span>shareholder ownership &gt; <span id="xdx_908_ecustom--ShareholderOwnershipPercentage_iI_pid_dp_uPure_c20211231__us-gaap--RelatedPartyTransactionAxis__custom--SpafidSPAMember_zfSuNDPlpQC6" title="Shareholder ownership, percentage">5</span>%)</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><span style="text-decoration: underline">Fidim Srl (</span>shareholder ownership &gt; <span id="xdx_90E_ecustom--ShareholderOwnershipPercentage_iI_pid_dp_uPure_c20211231__us-gaap--RelatedPartyTransactionAxis__custom--FidimSrlMember_zj0oFKdHDok9" title="Shareholder ownership, percentage">5</span>%)</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Georgia, Times, Serif; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><span style="text-decoration: underline">OSR - </span></span><span style="font-family: Georgia; font-size: 10pt"><span style="text-decoration: underline">San Raffaele Hospital</span> (co-founder of the Company, shareholder, main service provider for clinical activity and licensor of brands of any product that can be obtained through research).</span></td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The following is a description of the nature of the transactions between the Company and these related parties:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b>Pierluigi Paracchi</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Pierluigi Paracchi, President and Chairman of the Company prior to the conversion, is the Chief Executive Officer as well as co-founder. His annual compensation, until December 16, 2021, amounted to €<span id="xdx_900_eus-gaap--OfficersCompensation_c20211214__20211217__srt--TitleOfIndividualAxis__custom--PierluigiParacchiMember_zQIdDTBOibVc">250,000 </span></span><span style="font-family: Georgia; font-size: 10pt">per year</span><span style="font-family: Georgia; font-size: 10pt"> plus an annual performance bonus of €<span id="xdx_90C_ecustom--AnnualPerformanceBonus_c20211214__20211217__srt--TitleOfIndividualAxis__custom--PierluigiParacchiMember_z54o3gjCqXWf">50,000</span></span><span style="font-family: Georgia; font-size: 10pt">, maturing in the period July-June of each year payable after Board of Directors approval. On December 17, 2021, he was employed by the Company as chief executive officer (aka general manager in Italy), with an annual gross salary of €<span id="xdx_909_eus-gaap--SalariesWagesAndOfficersCompensation_c20211214__20211217__srt--TitleOfIndividualAxis__custom--PierluigiParacchiMember_z4GJbkBCpJO">420,000 </span></span><span style="font-family: Georgia; font-size: 10pt">plus a <span id="xdx_904_ecustom--PercentageOfAnnualBonus_pid_dp_uPure_c20211214__20211217__srt--TitleOfIndividualAxis__custom--PierluigiParacchiMember_zU3FuGfreaO6">20</span></span><span style="font-family: Georgia; font-size: 10pt">% of annual bonus subject to Board of Directors approval. For the year ended December 31, 2021, and 2020, the Company expensed approximately €<span id="xdx_90B_eus-gaap--InterestExpenseRelatedParty_c20210101__20211231__srt--TitleOfIndividualAxis__custom--PierluigiParacchiMember_zvi36M0BBw11">307,000 </span></span><span style="font-family: Georgia; font-size: 10pt">and €<span id="xdx_901_eus-gaap--InterestExpenseRelatedParty_c20200101__20201231__srt--TitleOfIndividualAxis__custom--PierluigiParacchiMember_zXBeGSeRsE46">275,000</span></span><span style="font-family: Georgia; font-size: 10pt">, respectively, related to compensation for Mr. Paracchi. At December 31, 2021 and the year ended December 31, 2020, the Company accrued €<span id="xdx_903_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_c20211231__srt--TitleOfIndividualAxis__custom--PierluigiParacchiMember_zP73DNGstsEk">25,000 </span></span><span style="font-family: Georgia; font-size: 10pt">for Mr. Paracchi’s bonuses accruing from July to December. At December 31, 2019, the Company accrued a bonus of €<span id="xdx_906_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_c20191231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember_zKFPafCtwzUh">50,000 </span></span><span style="font-family: Georgia; font-size: 10pt">as approved by the Board of Directors.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b>Luigi Naldini/Bernhard Rudolph Gentner</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Drs. Naldini and Gentner are co-founders of Genenta and part of the SAB – Scientific Advisory Board, with Dr. Naldini as Chairman, and Dr. Gentner as a member. Dr. Naldini has an advisory agreement approved by the Board of Directors and performs the pre-clinical studies for the Company. In particular, the pre- clinical experiments are in solid tumor indications. The last agreement with Dr. Naldini was signed in 2019 and it is still in force. The annual fee is €<span id="xdx_90F_ecustom--AnnualFee_c20210101__20211231__srt--TitleOfIndividualAxis__custom--NaldiniMember_zVrHijTPJV28">50,000 </span></span><span style="font-family: Georgia; font-size: 10pt">expensed for the year ended December 31, 2021, 2020 and 2019. While for the year ended December 31, 2020, he billed additional fees for €<span id="xdx_90D_ecustom--AdditionalFees_c20210101__20211231__srt--TitleOfIndividualAxis__custom--NaldiniMember_zIessZjUrx81">6,250</span></span><span style="font-family: Georgia; font-size: 10pt">. At December 31, 2021 and the year ended December 31, 2020, the Company did not accrue anything related to Dr. Naldini. In the 2019 fiscal year, Dr. Naldini’s compensation amounted to €<span id="xdx_906_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20190101__20191231__srt--TitleOfIndividualAxis__custom--NaldiniMember_zmvYStrCZInj">8,750 </span></span><span style="font-family: Georgia; font-size: 10pt">each quarter and a year-end bonus of €<span id="xdx_906_eus-gaap--EmployeeRelatedLiabilitiesCurrentAndNoncurrent_iI_c20191231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionAxis__custom--NaldiniMember_zEVIZzqyFPyc">20,500 </span></span><span style="font-family: Georgia; font-size: 10pt">which was approved by the Company’s Board of Directors.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Dr. Gentner, like Dr. Naldini, oversees pre-clinical research related to the platform technology. In addition, he analyzes clinical biological data. The last agreement with Dr. Gentner, which is still in force, was signed in 2017. His annual fee is €<span id="xdx_908_ecustom--AnnualFee_c20210101__20211231__srt--TitleOfIndividualAxis__custom--GentnerMember_z86Zq0DXV6Ed"><span id="xdx_90E_ecustom--AnnualFee_c20200101__20201231__srt--TitleOfIndividualAxis__custom--GentnerMember_z44rZMoucLD"><span id="xdx_905_ecustom--AnnualFee_c20190101__20191231__srt--TitleOfIndividualAxis__custom--GentnerMember_zCrrm8cQDuM2">30,000</span></span></span>, which was expensed in 2021, 2020 and 2019</span><span style="font-family: Georgia; font-size: 10pt">.</span><span style="font-family: Georgia; font-size: 10pt"> At December 31, 2021, and 2020, no amounts were accrued related to Drs. Naldini and Gentner. In the 2019 fiscal year, Dr. Gentner’s compensation was €<span id="xdx_90E_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20210101__20211231__srt--TitleOfIndividualAxis__custom--GentnerMember_zuIkipvbzRM2">7,800 </span></span><span style="font-family: Georgia; font-size: 10pt">each quarter and a year-end bonus of €<span id="xdx_904_eus-gaap--EmployeeRelatedLiabilitiesCurrentAndNoncurrent_iI_c20191231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionAxis__custom--GentnerMember_zea8EuU9t9d3">13,150 </span></span><span style="font-family: Georgia; font-size: 10pt">as approved by the Company’s Board of Directors. No amounts were owed at the year end.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b>XDG Biomed LLC</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">XDG Biomed is the LLC of Dr. Carlo Russo. Dr. Russo has a single contract signed by XDG and the Company that has been approved by the Board of Directors and was subject to multiple amendments. In particular, Dr. Russo, via XDG, served as the Company’s Chief Medical Officer and Head of Development. Dr. Russo is responsible for the clinical development of Temferon™, the Company’s gene therapy platform. The applicable recurring fees until the IPO date was €<span id="xdx_902_ecustom--RecurringFees_c20210101__20211231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zakADKGoFBLd">300,000 </span></span><span style="font-family: Georgia; font-size: 10pt">per year, plus a performance bonus of €<span id="xdx_904_eus-gaap--EmployeeRelatedLiabilitiesCurrentAndNoncurrent_iI_c20211231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zRwv9klMV43h">50,000 </span></span><span style="font-family: Georgia; font-size: 10pt">maturing for the period July-June of each year and payable after Board of Directors approval. From the IPO date, December 15, 2021, Dr. Russo has been employed by Genenta Science Inc. with the same role and responsibilities under a new employment agreement. The annual gross salary of Dr. Russo as an employee amounts to $<span id="xdx_903_eus-gaap--SalariesAndWages_uUSD_c20210101__20211231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zN7nUWBmAT21">500,000 </span></span><span style="font-family: Georgia; font-size: 10pt">per year (approximately €<span id="xdx_907_eus-gaap--SalariesAndWages_c20210101__20211231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zWytM7ozPVpi">442,000</span> per year at December 31, 2021) + <span id="xdx_909_ecustom--PercentageOfAnnualBonus_pid_dp_uPure_c20210101__20211231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zu1SghGJCHm8">30</span></span><span style="font-family: Georgia; font-size: 10pt">% annual bonus subject to Board of Director approval. For the year ended December 31, 2021, Dr. Russo invoiced the Company for €<span id="xdx_90A_eus-gaap--DueFromRelatedParties_iI_c20211231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zOUmlWS6f7O6">313,181</span></span><span style="font-family: Georgia; font-size: 10pt">. At year end, €<span id="xdx_90B_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_c20211231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zm3lUv1Nrrsi">25,000 </span></span><span style="font-family: Georgia; font-size: 10pt">was accrued for the bonus, maturing from July to December 2021. From December 15 to December 31, 2021, the cost recorded for Dr. Russo as a Genenta Science Inc. employee, amounts to €<span id="xdx_903_eus-gaap--DueFromEmployees_iI_c20211231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_z9E02SgT63Ql">14,140</span></span><span style="font-family: Georgia; font-size: 10pt">. For the year ended December 31, 2021, the Company recorded a total cost for Dr. Russo amounting to €<span id="xdx_906_eus-gaap--ContributionOfProperty_c20210101__20211231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zAXX8q963Qqb">352,321 </span></span><span style="font-family: Georgia; font-size: 10pt">excluding social contribution. In addition, in April 2021, Dr. Russo was awarded a stock option grant and it was immediately vested, with a value accrued in the Company’s consolidated statements of operations and comprehensive loss of €<span id="xdx_907_eus-gaap--OtherComprehensiveIncomeLossTax_c20210401__20210430__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zNCSi4hFr6Nc">179,480</span></span><span style="font-family: Georgia; font-size: 10pt">. In 2020 and 2019, XDG related expenses amounted to €<span id="xdx_90D_eus-gaap--LaborAndRelatedExpense_c20200101__20201231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zHUCKwQ4wi3h">325,000</span> and €<span id="xdx_90F_eus-gaap--LaborAndRelatedExpense_c20190101__20191231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zuxhg7HUmBF1">283,610</span>, respectively, </span><span style="font-family: Georgia; font-size: 10pt">and an accrual of €<span id="xdx_90D_ecustom--AccruedLiabilitiesRelatedParty_iI_c20191231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionAxis__custom--XDGBiomedLLCMember_zQgnssXRUILc">50,000 </span></span><span style="font-family: Georgia; font-size: 10pt">was made at the year-end 2019 to take into account the above reported variable compensation that was approved by the Board of Directors. The amount owed at December 31, 2019 was €<span id="xdx_909_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20191231__us-gaap--RelatedPartyTransactionAxis__custom--XDGBiomedLLCMember_zdhjMg6yqXx4">59,626</span></span><span style="font-family: Georgia; font-size: 10pt">.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b>Richard Slansky</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Mr. Slansky is the Chief Financial Officer of the Company. He was engaged in late 2020 by the Company to assist with financial, accounting and audit support under an advisory agreement until the end of October 2021. On November 1, 2021, he joined the Company full time and has been employed as Chief Financial Officer. In 2021, by the advisory agreement, Mr. Slansky invoiced Genenta for €<span id="xdx_905_eus-gaap--DueFromRelatedParties_iI_c20211231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zkdEFC2LBwMh">72,248</span></span><span style="font-family: Georgia; font-size: 10pt">. Under the new employment agreement started on November 1, 2021, Mr. Slansky is entitled to receive a gross annual compensation of $<span id="xdx_90F_eus-gaap--DeferredCompensationArrangementWithIndividualCompensationExpense_uUSD_c20211029__20211102__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zDN4GTajPi3g">300,000 </span></span><span style="font-family: Georgia; font-size: 10pt">per year + <span id="xdx_90B_ecustom--PercentageOfAnnualBonus_pid_dp_uPure_c20211029__20211102__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_z4DMr366893b">30</span></span><span style="font-family: Georgia; font-size: 10pt">% annual bonus subject to Board of Director approval. The personnel cost of Mr. Slansky from November 1 to December 31, 2021, amounts to €<span id="xdx_905_eus-gaap--ContributionOfProperty_c20211101__20211231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zclNE48dWfQh">66,812 </span></span><span style="font-family: Georgia; font-size: 10pt">(social contribution excluded). This amount includes a bonus of $<span id="xdx_90C_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_uUSD_c20211231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_z2aTQDiAX6p3">50,000 </span></span><span style="font-family: Georgia; font-size: 10pt">accrued at year end and paid in 2022, related to 2021 performance. For the year ended December 31, 2021, the Company recorded a total cost for Mr. Slansky amounting to €<span id="xdx_906_eus-gaap--ContributionOfProperty_c20210101__20211231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zqsfgWXfAEmd">139,060 </span></span><span style="font-family: Georgia; font-size: 10pt">(excluding social contribution). In April 2021, Mr. Slansky was awarded a stock option grant and it was immediately vested, with value accrued into the Company’s consolidated statements of operations and comprehensive loss of €<span id="xdx_90D_eus-gaap--OtherComprehensiveIncomeLossTax_c20210401__20210430__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zLA8SBidBKue">54,388</span></span><span style="font-family: Georgia; font-size: 10pt">. In 2020 and 2019, related expenses of Mr. Slansky amounted to €<span id="xdx_905_eus-gaap--LaborAndRelatedExpense_c20200101__20201231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zorIBpprRMy2" title="Related expense">4,000</span> and €<span id="xdx_903_eus-gaap--LaborAndRelatedExpense_c20190101__20191231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zaxbiCvah1b9">0</span>, respectively.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b>Spafid S.p.A.</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Spafid S.p.A. (“Spafid”) is a Genenta shareholder with an ownership of &gt; <span id="xdx_905_ecustom--ShareholderOwnershipPercentage_iI_dp_uPure_c20211231__us-gaap--RelatedPartyTransactionAxis__custom--SpafidSPAMember_z5R78sVA2Fhf">5</span></span><span style="font-family: Georgia; font-size: 10pt">%. Spafid is also a service provider for Genenta. The engagement started on May 20, 2021, and relates to several services concerning corporate governance activities, such as shareholders book and shareholders meeting management, shares dematerialization and centralization, etc.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">For the year ended December 31, 2021, Spafid invoiced the Company €<span id="xdx_90E_eus-gaap--DueFromRelatedParties_iI_c20211231__srt--TitleOfIndividualAxis__custom--SpafidSPAMember_zElOfliC4Eg">7,695 </span></span><span style="font-family: Georgia; font-size: 10pt">for services provided, which were paid at year end.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><b>OSR – San Raffaele Hospital</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt">OSR - <span style="font-family: Georgia; font-size: 10pt">San Raffaele Hospital is a co-founder of the Company, and the Company is a corporate and research spin-off of OSR. OSR is one of the leading biomedical research institutions in Italy and Europe, with a 45-year history of developing innovative therapies and procedures. The Company has agreements to license technology, to perform research, pre-clinical and clinical activities, as well as to lease facilities and obtain certain other support functions. The Company’s headquarters is currently in an OSR facility.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><i>License Agreement</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company has a License Agreement with OSR entered in December 2014, for the exclusive use of different patents. In particular, OSR granted the Company an exclusive, world-wide, royalty bearing license under certain technology to conduct research and develop, make, use, import and sell licensed products. The license agreement covers patents and patent applications, as well as proprietary technologies. The Company’s rights to use these patents and patent applications and to utilize the inventions claimed in these licensed patents are subject to the continuation of, and the Company’s compliance with, the terms of the license agreement.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Based on the preclinical studies carried out by OSR, in particular by its SR-TIGET Institute (San Raffaele Telethon Institute for Gene Therapy), on a specific gene therapy strategy with respect to lympho-hematopoietic indication and/or solid cancer indication, the Company decided to develop a new therapy to treat cancer through a cell and gene therapy strategy. The “Field of Use” as defined in the License Agreement is:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; width: 0.75in"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt">a)</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">Lympho-Hematopoietic Indication¹; and,</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">b)</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">Solid Cancer Indication.</span></td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The agreement provided for an upfront fee of €<span id="xdx_90A_ecustom--UpfrontFee_c20150101__20151231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementAmendmentOneMember_zD0xwIVXZ581" title="Upfront fee">250,000</span> (which was paid in 2015), future option fees are as follows:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; width: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">option fee on the first indication = €<span id="xdx_903_ecustom--FutureOptionFees_pn5n6_c20210101__20211231__srt--StatementScenarioAxis__custom--FirstIndicationMember_zFfNZwTnAXaf" title="Future option fees">1.0</span> million (subsequently reduced to €<span id="xdx_908_ecustom--DecreasedFutureOptionFees_pn5n6_c20210101__20211231__srt--StatementScenarioAxis__custom--FirstIndicationMember_zrBdZEox275c" title="Decreased future option fees">0.5</span> million);</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">option fee on the second indication = €<span id="xdx_90A_ecustom--FutureOptionFees_pn5n6_c20210101__20211231__srt--StatementScenarioAxis__custom--SecondIndicationMember_zhCud7UaFii4" title="Future option fees">0.5</span> million;</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">option fee on the third indication = €<span id="xdx_907_ecustom--FutureOptionFees_pn5n6_c20210101__20211231__srt--StatementScenarioAxis__custom--ThirdIndicationMember_zbqlouYdeRAb" title="Future option fees">0.3</span> million; and,</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">option fee on any additional indications = no license fee.</span></td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">¹The Company later amended the License agreement focusing on GBM options. The TEM-MM option fee has never been exercised and instead the related research was abandoned in early 2021.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In addition, the Company would be obligated make payments on milestones depending on the Field of Use (as defined in the agreement) and pay royalties of <span id="xdx_901_ecustom--RoyaltyFeePercentage_pid_dp_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementAmendmentOneMember_z9yS7JZsrFu6">4</span>% of net sales of each Licensed Product (as defined in the agreement).</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In connection to the License Agreement, the Company engaged OSR to provide certain research activities regarding the Licensed Products in the Field of Use, based on a mutually agreed study plan and utilizing the extensive resources at OSR. (See Note 13. Commitments and contingencies.) In consideration of the research activities provided by OSR, the Company agreed to pay scientific collaboration research fees in advance. In December 2014, the Company and OSR signed a Scientific Collaboration Agreement and subsequently modified the Agreement with Research Addenda 1, 2 and 3 in 2016, 2017 and 2018, respectively. During the year ended December 31, 2021, 2020 and 2019, there were no costs incurred for the above activities.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The protocol TEM-GBM_001 received approval by national Competent Authorities in September 2018 and recruited the first patient in April 2019.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.25in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.25in"><span style="font-family: Georgia; font-size: 10pt"><i>License Agreement Amendment #2</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In February 2019, the Company and OSR entered into Amendment #2 of the License Agreement to conduct a clinical trial according to the protocol TEM-GBM_001 and EudraCT 2018-001404-11 entitled: “A phase I/IIa dose escalation study evaluating the safety and efficacy of autologous CD34+ enriched hematopoietic progenitor cells genetically modified with a lentiviral vector encoding for the human interferon-α2 in patients with GBM who have an unmethylated O-6-methylguanine-DNA methyltransferase gene promoter.” In Amendment #2, the Company and OSR also revised the license fee requirement for the first Solid Cancer indication (GBM). In relation to the GBM trial, the Company and OSR agreed that the Company would be obligated to pay OSR the €<span id="xdx_90D_eus-gaap--RepaymentsOfRelatedPartyDebt_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementAmendmentTwoMember_zSg4wDAJiSGj">1.0 </span></span><span style="font-family: Georgia; font-size: 10pt">million Option Fee only in the event that the Company was able to dose its tenth patient. Under this Amendment, the Company is also obligated to pay for the costs of the study-related procedures performed on the patients recruited in the trial, according to periodic study reports delivered by OSR. The first GBM patient was recruited in April 2019 and related clinical activity costs were recorded by the Company. During the years ended December 31, 2021, 2020 and 2019, the comparable costs incurred and expensed for the GBM program were approximately €<span id="xdx_901_eus-gaap--CostsAndExpensesRelatedParty_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementAmendmentTwoMember__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffaeleHospitalMember_z99NAHRcsQ3c">1.0 </span></span><span style="font-family: Georgia; font-size: 10pt">million, €<span id="xdx_904_eus-gaap--CostsAndExpensesRelatedParty_pn5n6_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementAmendmentTwoMember__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffaeleHospitalMember_z7eI6zNGWXp2">1.0 </span></span><span style="font-family: Georgia; font-size: 10pt">million and €<span id="xdx_90A_eus-gaap--CostsAndExpensesRelatedParty_pn5n6_c20190101__20191231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementAmendmentTwoMember__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffaeleHospitalMember_zV3f88ElWSS3">0.6 </span></span><span style="font-family: Georgia; font-size: 10pt">million, respectively.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">Under this Amendment, the Company is obligated to cover the costs of the study-related procedures performed on the patients recruited in the Trial, according to periodic study reports delivered by OSR.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.25in"><span style="font-family: Georgia; font-size: 10pt"><i>License Agreement Amendment #3</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In December 2020, the Company and OSR entered into Amendment #3 of the License Agreement: The initial €<span id="xdx_907_eus-gaap--PaymentsForMergerRelatedCosts_pn5n6_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementAmendmentThreeMember_zcaN1MQvk9B7" title="Payments for merger related costs">1.0</span> million payment in the event of the tenth patient dosed in the GBM trial was reduced to €<span id="xdx_904_ecustom--PaymentsForMergerRelatedCostsGross_pn5n6_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementAmendmentThreeMember_zPmgYNK3mT6" title="Payments for merger related costs gross">0.5</span> million, in exchange for the Company’s agreement to exercise a second option for an additional Solid Cancer indication (possibly Liver Cancer) and an agreement to execute a Sponsored Research Agreement in February 2021. Note: If the Company is not be able to obtain approval from the competent authorities to initiate a human clinical trial on or before the expiration of nine months (from December 2020), the Company has the right, at no additional costs, to convert this second solid cancer option to an “Alternate Indication,” i.e., an indication other than liver cancer.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In summary, the Amendment #3 formalized the new arrangement as follows:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; width: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt">-</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">exercise of option fee on the first solid cancer indication = €<span id="xdx_90B_ecustom--PaymentForExerciseOptionFee_pn5n6_c20190101__20191231__srt--StatementScenarioAxis__custom--FirstSolidCancerIndicationMember_zr3kfLrunwj6" title="Option fee">0.5</span> million (accrued in 2019, since it was considered probable, and paid in December 2020); plus,</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">-</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">commitment to enter into a Sponsored Research Agreement by February 2021; and,</span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">-</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">exercise of option fee on the second indication = €<span id="xdx_909_ecustom--PaymentForExerciseOptionFee_pn5n6_c20200101__20201231__srt--StatementScenarioAxis__custom--SecondSolidCancerIndicationMember_zoNvVTDqVGxg">0.5</span> million (accrued at December 31, 2020 and was paid on June 30, 2021).</span></td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">At December 31, 2021, no milestones were achieved related to any indication, as provided by License Agreement and subsequent amendments, therefore, no such payments were due to OSR. The Company has paid €<span id="xdx_90F_eus-gaap--RepaymentsOfRelatedPartyDebt_pn4n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementAmendmentThreeMember_zKTdQqRAUn5g">1.25 </span></span><span style="font-family: Georgia; font-size: 10pt">million to OSR, since inception under the license agreement. No events have occurred or have been achieved (and none are considered probable) to trigger any contingent payments under the license agreement at December 31, 2021. For information relating to the contingency payments or future milestones for these indications, please refer to Note 13 - Commitments and Contingencies.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">OSR may terminate the Company’s rights as to certain fields of use for the Company’s failure to develop (a) with respect to a solid cancer indication, upon third anniversary of the date the Company exercised such option, if the Company has not filed an IND with respect to such optioned solid cancer indication specifically, as to GBM, the Company is required to file an IND regarding Temferon for GBM prior to February 2022, or (b) with respect to a lympho-hematopoietic indication, on the earlier of (i) the fifth anniversary of the initiation (first patient dosed) of the first human clinical trial for a licensed product in any lympho hematopoietic indication or solid cancer indication if a patient has not been dosed with a licensed product in a Phase 3 clinical trial and (ii) September 1, 2025.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"><i>License Agreement Amendment #4</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">On September 28, 2021, the fourth amendment to the License Agreement was signed with the aim to extend the deadline for the definition of the second Solid Cancer Indication. If the Company is not able to obtain approval of the Regulatory Authorities to initiate a human clinical trial in any country with respect to solid liver cancer on or before September 30, 2022, then the Company shall have the right, at no additional cost, to convert the option exercise for the second Solid Cancer Indication to an indication (the “Alternate Indication”) other than solid liver cancer, upon written notice to OSR, such notice to be delivered to OSR within September 30, 2022. Under the amendment, the Company will be entitled to exercise the Option set forth above with respect to any other Solid Cancer Indication for the remainder of the Option Period that will expire on December 23, 2022 and shall not be subject to further extensions.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">During the years ended December 31, 2021, 2020 and 2019, the Company recorded expenses for OSR for clinical trials in the amount of approximately €<span id="xdx_90D_eus-gaap--InterestExpenseRelatedParty_pn5n6_c20190101__20191231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementAmendmentFiveMember_zhqME9FvvXgl">1.0 </span></span><span style="font-family: Georgia; font-size: 10pt">million, respectively.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.25in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">At December 31, 2021, the cumulative total amount of expenses for the OSR clinical trial activity from inception amounted to €<span id="xdx_90B_eus-gaap--InterestExpense_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementAmendmentFiveMember__us-gaap--AwardTypeAxis__custom--FirstSolidCancerIndicationOptionFeeMember_zPud840FG4ug">8.3 </span></span><span style="font-family: Georgia; font-size: 10pt">million and it includes the cost for the exercise of the first and the second Solid Cancer indication Option fee of €<span id="xdx_90A_eus-gaap--InterestExpense_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementAmendmentFiveMember__us-gaap--AwardTypeAxis__custom--SecondSolidCancerIndicationOptionFeeMember_zbrTyXAOmnub">1.0</span> million.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.25in"><span style="font-family: Georgia; font-size: 10pt"><i>Research Funding Agreement</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In March 2019, the Company and OSR entered a Research Funding Agreement to conduct a clinical trial according to the multiple myeloma protocol, TEM-MM-101 and EudraCT 2018-001741-14, entitled “A Phase I/II dose escalation study evaluating safety and activity of autologous CD34+ enriched hematopoietic progenitor cells genetically modified with a lentiviral vector encoding for the human interferon-α2 in multiple myeloma patients with early relapse after intensive front-line therapy.” This agreement required OSR to perform certain clinical procedures and exploratory analyses on the study population, as per the protocol approved by the relevant competent authorities. The Company was required to fund the costs of the study-related procedures performed on patients recruited in the Trial, according to periodic study reports delivered by OSR. TEM-MM-101 received approval by national Competent Authorities in November 2018 and the first TEM-MM-101 trial patient was enrolled in August 2019.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">For years ended December 2021 and 2020, the Company expensed €<span id="xdx_90C_eus-gaap--InterestExpenseRelatedParty_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ResearchFundingAgreementMember_zXpYUXTot83b">0 </span></span><span style="font-family: Georgia; font-size: 10pt">and approximately €<span id="xdx_901_eus-gaap--InterestExpenseRelatedParty_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--ResearchFundingAgreementMember_zfiUfgKY5PUk">105,000</span></span><span style="font-family: Georgia; font-size: 10pt">, respectively, for the analysis performed by OSR for multiple myeloma and there were no clinical procedures performed by OSR’s Hematology and Bone Transplant Unit for multiple myeloma. The Company discontinued the multiple myeloma program in early 2021 due to the relatively small number of eligible patients, and the highly competitive MM landscape. (See Note 13.)</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.25in"><span style="font-family: Georgia; font-size: 10pt"><i>Sponsor Research Agreement (SRA)</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">As stated above, in exchange for a reduction in the first Solid Cancer indication option fee from €<span id="xdx_903_ecustom--PaymentForExerciseOptionFee_pn5n6_c20210201__20210228__us-gaap--TypeOfArrangementAxis__custom--SponsorResearchAgreementMember_zZBeLljSgdZ7" title="Option fee">1.0</span> million to €<span id="xdx_90A_ecustom--IncreaseInPaymentForExerciseOptionFee_pn5n6_c20210201__20210228__us-gaap--TypeOfArrangementAxis__custom--SponsorResearchAgreementMember_zTqS8PATVX55" title="Option fee">0.5</span> million, the Company agreed to enter into a Sponsored Research Agreement (SRA). The Company and OSR executed the agreement in February 2021. Under the SRA, sponsored research activities will be conducted for between €<span id="xdx_901_ecustom--SponsorResearchActivities_pn5n6_c20210201__20210228__us-gaap--TypeOfArrangementAxis__custom--SponsorResearchAgreementMember__srt--RangeAxis__srt--MinimumMember_znpp6DNNijY2" title="Sponsored research activities">0.5</span> million and €<span id="xdx_903_ecustom--SponsorResearchActivities_pn5n6_c20210201__20210228__us-gaap--TypeOfArrangementAxis__custom--SponsorResearchAgreementMember__srt--RangeAxis__srt--MaximumMember_z4SVvFVsbcyf" title="Sponsored research activities">1.0</span> million (minimum commitment €<span id="xdx_90C_ecustom--SponsorResearchActivities_pn5n6_c20210201__20210228__us-gaap--TypeOfArrangementAxis__custom--SponsorResearchAgreementMember__srt--RangeAxis__srt--MinimumMember_zCr8hXx9DUQc" title="Sponsored research activities">0.5</span> million). The activities relate to:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; width: 1in"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">Research 1: Additional preclinical mouse model studies directed to identify Temferon effectors cells (transduced Tie2-expressing cells) and to test Temferon in combination with CAR-T in a GBM mouse model; and,</span></td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: top"> <td style="font: 10pt Georgia, Times, Serif; width: 1in"><span style="font-family: Georgia; font-size: 10pt"> </span></td> <td style="font: 10pt Georgia, Times, Serif; width: 0.25in"><span style="font-family: Georgia; font-size: 10pt">●</span></td> <td style="font: 10pt Georgia, Times, Serif"><span style="font-family: Georgia; font-size: 10pt">Research 2: Additional exploratory analyses, including single cell sequencing, to be conducted on samples collected from patients belonging to TEM-GBM_001 clinical trial aimed to deepen Temferon mechanism of action and get a broader insight on its biological activity in humans.</span></td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">For the year ended December 31, 2021, the Company paid and expensed €<span id="xdx_90A_eus-gaap--InterestExpenseRelatedParty_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SponsorResearchAgreementMember_zRXmkfoIedSc" title="Interest expense, related party">500,000</span> related to the SRA.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><i>Operating leases</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt">The Company entered into a non-cancelable lease agreement for office space in January 2020 (see Note 13).</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_hus-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_znrAIr28vSa1" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company’s research and development expenses are a combination of third-party expenses, and related party expenses, as detailed below:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.5pt"><span style="font-family: Georgia; font-size: 10pt"> </span><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zQOtHCKxSTF4" style="display: none">schedule of third party and related party expenses</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">For the Year Ended December 31, 2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="10" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 52%; text-align: left">Consultants &amp; other third parties</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98F_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zSEYtO9j65m4" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">946,156</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_980_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zTRVOKScNLIc" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">711,464</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20210101__20211231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zliAK5PYBTde" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">1,657,620</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Materials &amp; supplies</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">1,231,019</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0935">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">1,231,019</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">284,957</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">214,892</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">499,849</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Travel &amp; entertainment</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0945">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">596</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">596</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Other</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">1,593</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0953">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">1,593</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_989_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">2,463,725</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">926,952</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">3,390,677</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.5pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"><span style="font-size: 10pt"> </span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><span style="font-size: 10pt"> </span></td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia; font-size: 10pt"><b>For the Year Ended December 31, 2020</b></span></p></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><span style="font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="10" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 52%; text-align: left">Consultants &amp; other third parties</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zTLZUkufHjq1" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">1,454,576</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98D_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zsmf37mYI6M5" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">2,009,884</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20200101__20201231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_z5ntI0csVGK9" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">3,464,460</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Materials &amp; supplies</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">709,183</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">3,124</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">712,307</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">145,700</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">326,400</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">472,100</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Travel &amp; entertainment</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">16,742</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">17,724</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">34,466</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Other</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">5,128</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0989">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">5,128</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">2,331,329</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">2,357,132</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">4,688,461</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"/><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>For the Year Ended December 31, 2019</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"><b> </b></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Third Parties</b></p></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Related Parties</b></p></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>Total</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td colspan="9" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 52%; text-align: left">Consultants &amp; other third parties</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zPlGc4gCxgsh" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right">74,518</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zV3t3XAddjjh" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right">2,036,870</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zFVGtKzdsf95" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right">2,111,388</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zKKuwq3xtXi7" style="font: 10pt Georgia, Times, Serif; text-align: right">171,289</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zdcYLI7q60M9" style="font: 10pt Georgia, Times, Serif; text-align: right">581,949</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--CompensationMember_zcjvz4rPDmfd" style="font: 10pt Georgia, Times, Serif; text-align: right">753,238</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Materials &amp; supplies</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_z2fyeJTVbSY5" style="font: 10pt Georgia, Times, Serif; text-align: right">649,574</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_zh4z2hXxoPEj" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1005">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--MaterialsAndSuppliesMember_zk8hve0EuJO8" style="font: 10pt Georgia, Times, Serif; text-align: right">649,574</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Travel &amp; entertainment</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_zcqWh6HyeZI9" style="font: 10pt Georgia, Times, Serif; text-align: right">97,063</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_z6bd2pLtyzja" style="font: 10pt Georgia, Times, Serif; text-align: right">36,510</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--TravelAndEntertainmentMember_zwrQgWZg7mi4" style="font: 10pt Georgia, Times, Serif; text-align: right">133,573</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Other</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zgMDfaCto11e" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">55,209</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zlpsfQcZaEAk" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1011">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--OtherMember_zVR0dat0G8Og" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">55,209</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98D_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_zf13GKi76uAd" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">1,047,653</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_zEB2RQ7HtC5a" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">2,655,329</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20190101__20191231_zNlxj1kX5Drb" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">3,702,982</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"/> 946156 711464 1657620 1231019 1231019 284957 214892 499849 596 596 1593 1593 2463725 926952 3390677 1454576 2009884 3464460 709183 3124 712307 145700 326400 472100 16742 17724 34466 5128 5128 2331329 2357132 4688461 74518 2036870 2111388 171289 581949 753238 649574 649574 97063 36510 133573 55209 55209 1047653 2655329 3702982 3400000 4600000 1200000 4700000 5000000.0 300000 3700000 4100000 400000 <p id="xdx_891_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zgvh1xf3PqD" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company’s general and administrative expenses are also a combination of third-party and related party expenses, as detailed below:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 35.95pt"><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zApx9gG7Kdad" style="display: none">schedule of third party and general and administrative expenses</span></span><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">For the Year Ended December, 2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="10" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 52%; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">353,177</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">567,624</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">920,801</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Accounting, legal &amp; other professional</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">390,134</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl1036">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">390,134</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Communication &amp; IT related</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">52,230</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1042">-</span></span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">52,230</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Facility &amp; insurance related</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">71,181</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">14,399</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">85,580</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Consultants &amp; other third parties</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">675,688</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl1054">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">675,688</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Other</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">164,468</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">7,695</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">172,163</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">1,706,878</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">589,718</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20211231_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">2,296,596</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>For the Year Ended December 31, 2020</b></p></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Third Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Related Parties</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="10" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 52%; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">191,998</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">298,628</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--CompensationMember_pp0p0" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right" title="Total">490,626</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Accounting, legal &amp; other professional</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">239,861</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl1078">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">239,861</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Communication &amp; IT related</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">64,430</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl1084">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">64,430</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Facility &amp; insurance related</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">24,685</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">14,402</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">39,087</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Consultants &amp; other third parties</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">59,648</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">1,495</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_pp0p0" style="font: 10pt Georgia, Times, Serif; text-align: right" title="Total">61,143</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Other</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">6,618</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl1102">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">6,618</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">587,240</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">314,525</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_984_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20201231_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">901,765</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>For the Year Ended December 31, 2019</b></td><td style="font: 10pt Georgia, Times, Serif; text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Third</b></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Parties</b></p></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Related</b></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Parties</b></p></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: center"><b>Total</b></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: center"><b> </b></td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td> <td colspan="10" style="font: 10pt Georgia, Times, Serif; text-align: center">(In Euros) </td><td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 52%; text-align: left">Consultants &amp; other third parties</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zjJFj67vQEc3" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right">375,201</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zmKTMlELEJ23" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1112">-</span></td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zqWalnJEdDw" style="font: 10pt Georgia, Times, Serif; width: 12%; text-align: right">375,201</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Compensation (including share-based)</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zmQAJmp56c5e" style="font: 10pt Georgia, Times, Serif; text-align: right">171,698</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zzsO2OO3jdcc" style="font: 10pt Georgia, Times, Serif; text-align: right">277,849</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--CompensationMember_zhxOjRaf5BQh" style="font: 10pt Georgia, Times, Serif; text-align: right">449,547</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Accounting, legal &amp; other professional</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zC2JnWdHnTTf" style="font: 10pt Georgia, Times, Serif; text-align: right">40,745</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zKAtKV8MhF63" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1118">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zNQKdImMZbNk" style="font: 10pt Georgia, Times, Serif; text-align: right">40,745</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Communication &amp; IT related</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zSRzCCXcEybl" style="font: 10pt Georgia, Times, Serif; text-align: right">14,759</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zQGIu05oiGWb" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1121">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_ze1BLY92GWtc" style="font: 10pt Georgia, Times, Serif; text-align: right">14,759</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Facility &amp; insurance related</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zoGMuo9zRpgc" style="font: 10pt Georgia, Times, Serif; text-align: right">13,630</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zYGpfxQsK61" style="font: 10pt Georgia, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1124">-</span></td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zGMkGAIChRUj" style="font: 10pt Georgia, Times, Serif; text-align: right">13,630</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Other</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_ztCECARf05R2" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">22,336</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zXwWmNxXhOb5" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">5,302</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__srt--ProductOrServiceAxis__custom--OtherMember_zldr8bB65D13" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">27,638</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember_zpqSeMAyWiya" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">638,369</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_zQPwQkm0BU5b" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">283,151</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20190101__20191231_zrEUA9YD1Uka" style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">921,520</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 353177 567624 920801 390134 390134 52230 52230 71181 14399 85580 675688 675688 164468 7695 172163 1706878 589718 2296596 191998 298628 490626 239861 239861 64430 64430 24685 14402 39087 59648 1495 61143 6618 6618 587240 314525 901765 375201 375201 171698 277849 449547 40745 40745 14759 14759 13630 13630 22336 5302 27638 638369 283151 921520 <p id="xdx_894_ecustom--ScheduleOfAccountsPayableToRelatedPartiesTableTextBlock_zgKkg6Tu2RN4" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company’s accounts payable to related parties are comprised as follows:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zzAdDCNnvxc7" style="display: none">schedule of accounts payable to related parties</span></span><span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20211231_zWKNcPtXEou8" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_493_20201231_zru2IjsElJ4j" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">At December 31, </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="6" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--OSRSanRaffaeleHospitalMember_zM2AfwEVeG3k" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 48%; text-align: left">OSR - San Raffaele Hospital</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 22%; text-align: right">25,047</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 22%; text-align: right">4,085</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--XDGBiomedLLCMember_zKw2CSRQzlL6" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">XDG Biomed</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1138"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">-</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">5,942</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_zp75RHZXVOIb" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">25,047</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">10,027</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 25047 4085 5942 25047 10027 <p id="xdx_899_ecustom--ScheduleOfAccruedExpenseToRelatedPartiesTableTextBlock_zGscLuEzH0y1" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The Company’s accrued expenses to related parties are comprised as follows:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span><span style="font-family: Georgia, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zhxHp7p2NpKg" style="display: none">schedule of accrued expenses to related parties</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Georgia, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_495_20211231_z9OMSSrsbEE5" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_499_20201231_zoH2pSsKiNYi" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">At December 31, </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="6" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--AccruedLiabilitiesRelatedParty_iI_hus-gaap--RelatedPartyTransactionAxis__custom--OSRSanRaffaeleHospitalMember_zeJ1xKm018Pg" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 48%; text-align: left">OSR - San Raffaele Hospital</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 22%; text-align: right">19,201</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td style="font: 10pt Georgia, Times, Serif; width: 22%; text-align: right">1,309,191</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--AccruedLiabilitiesRelatedParty_iI_hus-gaap--RelatedPartyTransactionAxis__custom--PierluigiParacchiMember_zsI1Ngfh8ZL8" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Pierluigi Paracchi</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">25,000</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">25,000</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--AccruedLiabilitiesRelatedParty_iI_hus-gaap--RelatedPartyTransactionAxis__custom--RichardSlanskyMember_zHWMgcKnQGCh" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; text-align: left">Richard Slansky</td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; text-align: right">53,502</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td style="font: 10pt Georgia, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1153"> </span></td><td style="font: 10pt Georgia, Times, Serif; text-align: right">-</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--AccruedLiabilitiesRelatedParty_iI_hus-gaap--RelatedPartyTransactionAxis__custom--XDGBiomedLLCMember_zOz4hCZnkqhi" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">XDG Biomed</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">34,438</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right">25,000</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--AccruedLiabilitiesRelatedParty_iI_zQ8lyUTVbwXh" style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">132,141</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td style="border-bottom: Black 2.5pt double; font: 10pt Georgia, Times, Serif; text-align: right">1,359,191</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 19201 1309191 25000 25000 53502 34438 25000 132141 1359191 0.05 0.05 250000 50000 420000 0.20 307000 275000 25000 50000 50000 6250 8750 20500 30000 30000 30000 7800 13150 300000 50000 500000 442000 0.30 313181 25000 14140 352321 179480 325000 283610 50000 59626 72248 300000 0.30 66812 50000 139060 54388 4000 0 0.05 7695 250000 1000000.0 500000 500000 300000 0.04 1000000.0 1000000.0 1000000.0 600000 1000000.0 500000 500000 500000 1250000 1000000.0 8300000 1000000.0 0 105000 1000000.0 500000 500000 1000000.0 500000 500000 <p id="xdx_80D_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zXlZXhPle2Qh" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1.4pt"><span style="font-family: Georgia; font-size: 10pt"><b>13. <span id="xdx_82D_zchVChw4I828">Commitments and contingencies</span></b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company exercises considerable judgment in determining the exposure to risks and recognizing provisions or providing disclosure for contingent liabilities related to pending litigations or other outstanding claims and liabilities. Judgment is necessary in assessing the likelihood that a pending claim will succeed, or a liability will arise and to quantify the possible range of the final settlement. Provisions are recorded for liabilities when losses are considered probable and can be reasonably estimated. Because of the inherent uncertainties in making such judgments, actual losses may be different from the originally estimated provision. Estimates are subject to change as new information becomes available, primarily with the support of internal specialists or outside consultants, such as actuaries or legal counsel. Adjustments to provisions may significantly affect future operating results.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_894_esrt--ContractualObligationFiscalYearMaturityScheduleTableTextBlock_zwCyqfyxRtSd" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The following table summarizes the Company obligations by contractual maturity at December 31, 2021:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="xdx_8B0_zW3tKAeSNQgh" style="display: none">schedule of company obligations by contractual maturity</span> <span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="18" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Payments by period</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Less than a year</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">1 to 3 years</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">4 to 5 years</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">More than 5 years</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="18" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 38%; text-align: left">OSR operating leases and office rent</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--ContractualObligation_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zH8Nni75574f" style="font: 10pt Georgia, Times, Serif; width: 8%; text-align: right" title="Total">40,200</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zak0YYKGayye" style="font: 10pt Georgia, Times, Serif; width: 10%; text-align: right" title="Payments by period, less than a year">13,400</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zeDLdLKsCpG6" style="font: 10pt Georgia, Times, Serif; width: 8%; text-align: right" title="Payments by period, one to three years">26,800</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_982_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zE7TltvpSmr2" style="font: 10pt Georgia, Times, Serif; width: 8%; text-align: right" title="Payments by period, four to five years"><span style="-sec-ix-hidden: xdx2ixbrl1258">-</span></td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zSMgQFiDMR23" style="font: 10pt Georgia, Times, Serif; width: 8%; text-align: right" title="Payments by period, more than five years"><span style="-sec-ix-hidden: xdx2ixbrl1260">-</span></td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">AGC manufacturing</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--ContractualObligation_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_zvb9WrPbeg7l" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">383,368</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_zjTDl15Lpomf" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, less than a year">308,218</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_zLmdN37WVDQ4" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, one to three years">58,150</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_z43aN2N78U38" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, four to five years">17,000</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_zklo1vrwL1Wb" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, more than five years"><span style="-sec-ix-hidden: xdx2ixbrl1270">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--ContractualObligation_iI_c20211231_z05Yv8hlg4d4" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">423,568</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98F_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20211231_zAnDu506VSi4" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, less than a year">321,618</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98B_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20211231_zv08oN1exIQ6" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, one to three years">84,950</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_984_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20211231_zviVfXuPlTf6" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, four to five years">17,000</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20211231_zzQYjWBsMwDh" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, more than five years"><span style="-sec-ix-hidden: xdx2ixbrl1280">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zr6W2mxF8Hq7" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">The commitments with OSR relate to the office rent agreement while the commitments with AGC Biologic relate to production slots reserved on December 2021, to manufacture LVV batch in 2022 for approximately €<span id="xdx_90C_eus-gaap--ProductionCosts_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LVVBatchMember_zHOdTwRTPlk6">300,000 </span></span><span style="font-family: Georgia; font-size: 10pt">and stability studies on plasmid batch for approximately €<span id="xdx_905_eus-gaap--ProductionCosts_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--PlasmidBatchMember_zDmnxscMSjcl">83,000</span></span><span style="font-family: Georgia; font-size: 10pt">.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt">The Company has not included future milestone and royalty payments in the table above because the payment obligations under these agreements are contingent upon future events, such as the Company’s achievement of specified milestones or generating product sales, and the amount, timing and likelihood of such payments are unknown and are not yet considered probable.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><i>CMOs and CROs agreements</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company enters into contracts in the normal course of business with CMOs, CROs and other third parties for exploratory studies, manufacturing, clinical trials, testing, and services (shipments, travel logistics, etc.). These contracts do not contain minimum purchase commitments and, except as discussed below, are cancelable by the Company upon prior written notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including non- cancelable obligations of the Company’s vendors or third-party service providers, up to the date of cancellation. These payments are not included in the table above as the amount and timing of such payments are not known.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><i>OSR - San Raffaele Hospital</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The license agreement in place with OSR provides milestone payments and royalties. The OSR agreements are non-cancelable, except in the case of breach of contract, and include total potential milestone payments of up to €<span id="xdx_90E_ecustom--PotentialMilestone_pn6n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LymphoHematopoieticMember_zclTRfAQi44i" title="Potential milestone payments">10</span> million related to the Lympho-Hematopoietic Indication of each Licensed Product, and up to €<span id="xdx_90F_eus-gaap--DebtInstrumentPeriodicPayment_pn6n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SolidCancerMember_zlOyaViB5Cl2" title="Debt instrument, periodic payment">53</span> million related to each Solid Cancer indication (as defined in the agreement); however, starting with the fifth Solid Cancer indication, the first two related milestone payments totaling €<span id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20210101__20211231__srt--StatementScenarioAxis__custom--RelatedMilestoneOneMember_zA1Po5UuuHD7" title="Debt instrument, periodic payment">7.0</span> million, are reduced to €<span id="xdx_900_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20210101__20211231__srt--StatementScenarioAxis__custom--RelatedMilestoneTwoMember_zHMGzz2ulhn6" title="Debt instrument, periodic payment">3.5</span> million. The milestones relate to certain events such as, dosing of the first patient with a licensed product in Phase II and III of the trial, MAA (marketing authorization application) and NDA (new-drug application) approval of the licensed product, the first commercial sale of the product in the US and major European countries, and annual sales for the licensed product exceeding a certain amount in different territories.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"><i>Multiple myeloma (MM)</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">As discussed in Note 12, the Company’s MM program was discontinued in early 2021 due to the relatively small number of eligible patients, and the highly competitive MM landscape. No milestones were achieved with respect to the MM program, and as such no contingent payments were due under the agreement.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"><i>Glioblastoma multiforme (GBM)</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">As discussed in Note 12, in December 2020, the Company had one indication ongoing, GBM. The Company’s contingent liability for this first solid cancer indication potentially payable to OSR was €<span id="xdx_90D_eus-gaap--AssetAcquisitionContingentConsiderationLiability_iI_pn6n6_c20201231__dei--LegalEntityAxis__custom--OSRMember_zNNUbWsTjKU8">53 </span></span><span style="font-family: Georgia; font-size: 10pt">million, as explained above.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"><i>Liver cancer (LC)</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In relation to the option exercised by the Company for the second solid cancer indication, the Company and OSR agreed that the payment due in relation to the “First patient dosed with a Licensed Product in Phase I/II Clinical Trial,” as stated in the agreement, was reduced to €<span id="xdx_907_eus-gaap--LossContingencyRangeOfPossibleLossPortionNotAccrued_iI_pn5n6_c20211231__srt--RangeAxis__srt--MinimumMember_zONCKQ8igrp5" title="Loss contingency">0.5</span> million rather than €<span id="xdx_906_eus-gaap--LossContingencyRangeOfPossibleLossPortionNotAccrued_iI_pn5n6_c20211231__srt--RangeAxis__srt--MaximumMember_zLiALKt00Jwi" title="Loss contingency">1.0</span> million. The reduction applied to the first license fee payment only. All the additional contingent payments, other than the last contingent payment of €<span id="xdx_902_eus-gaap--PaymentForManagementFee_pn5n6_c20210101__20211231_z5bkKoWlo4Mk" title="Payment for license fee">5.0</span> million, remained a contingent liability of the Company and potentially payable to OSR. Therefore, for the second solid cancer indication (liver cancer), the total potential commitment of possible contingent payments could amount to €<span id="xdx_908_ecustom--ContingentPayments_pn5n6_c20210101__20211231_zb9gemUi9dK6" title="Contingent payments">47.5</span> million.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The agreements also include a €<span id="xdx_90B_eus-gaap--DebtRelatedCommitmentFeesAndDebtIssuanceCosts_pn5n6_c20210101__20211231_z3rdLeFtlpta">7.8 </span></span><span style="font-family: Georgia; font-size: 10pt">million commitment related to the development and manufacturing of licensed products, of which the Company had incurred €<span id="xdx_902_ecustom--CumulativeExpense_pn5n6_c20210101__20211231_ztUMvNysDPn3">1.2 </span></span><span style="font-family: Georgia; font-size: 10pt">million, €<span id="xdx_90E_ecustom--CumulativeExpense_pn5n6_c20200101__20201231_zeGe0bWpPOok">1.5</span> million and €<span id="xdx_906_ecustom--CumulativeExpense_pn5n6_c20190101__20191231_zOgoYmQHqAzf">0.7</span> million</span><span style="font-family: Georgia; font-size: 10pt"> of expense during the years ended December 31, 2021, 2020 and 2019. The cumulative expense to date is €<span id="xdx_907_eus-gaap--ManufacturingCosts_pn5n6_c20210101__20211231_zHQCHU9bj2Ka" title="Cumulative manufacturing expense">5.4</span> million.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"><i>AGC Biologics (formerly MolMed)</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">The AGC Biologics agreement is non-cancelable, except in the case of breach of contract, and includes a potential milestone of €<span id="xdx_90E_ecustom--PotentialMilestone_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AGCBiologicsAgreementMember_zzzmaYw3HcIi">0.3 </span></span><span style="font-family: Georgia; font-size: 10pt">million if a phase 3 study is approved by the relevant authority, as well as potential royalty fees between <span id="xdx_901_ecustom--RoyaltyFeePercentage_pid_dp_uPure_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zFJ7db1BiRi9">0.5</span></span><span style="font-family: Georgia; font-size: 10pt">% and <span id="xdx_90D_ecustom--RoyaltyFeePercentage_pid_dp_uPure_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zuX87toXZ2B5">1.0</span></span><span style="font-family: Georgia; font-size: 10pt">% depending on the volume of annual net sales of the first commercial and named patient sale of the product. In the AGC Agreement, the Company entrusts AGC with certain development activities that will allow the Company to carry out activities related to its clinical research and manufacturing. The AGC agreement also includes a technology transfer fee of €<span id="xdx_90A_ecustom--TechnologyTransferFee_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AGCAgreementMember_zi1Oyap1Sxf4">0.5 </span></span><span style="font-family: Georgia; font-size: 10pt">million related to the transfer of the manufacturing know-how and €<span id="xdx_90A_eus-gaap--ManufacturingCosts_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AGCAgreementMember_zoX5IrT6qaal">1.0 </span></span><span style="font-family: Georgia; font-size: 10pt">million related to the marketability approval by regulatory authorities. The agreement is a “pay-as-you-go” type arrangement with all services expensed in the period the services were performed. In February 2020, the Company entered into Amendment 4 to the Framework Service Agreement with AGC Biologics related to production and testing of the Company’s GBM trials, for a total amount of €<span id="xdx_906_eus-gaap--ProductionCosts_c20200202__20200229__us-gaap--TypeOfArrangementAxis__custom--AmendmentFourMember_z2abOqIfks">360,000</span></span><span style="font-family: Georgia; font-size: 10pt">. In March 2020, the Company entered into Amendment 5 to the Framework Service Agreement with AGC Biologics related to production and testing of the Company’s GBM trials, for a total amount of €<span id="xdx_906_eus-gaap--ProductionCosts_c20200302__20200331__us-gaap--TypeOfArrangementAxis__custom--AmendmentFiveMember_zcrMdkC26Waj">259,000</span></span><span style="font-family: Georgia; font-size: 10pt">. In March 2020, the Company entered into Amendment 6 to the Framework Service Agreement with ACG Biologics related to production and testing of the Company’s GBM trials, for a total amount of €<span id="xdx_901_eus-gaap--ProductionCosts_c20200302__20200331__us-gaap--TypeOfArrangementAxis__custom--AmendmentSixMember_zn2MPR6saaf2">41,000</span></span><span style="font-family: Georgia; font-size: 10pt">. In August 2020, the Company entered into Amendment 7 to the Framework Service Agreement with ACG Biologics related to production and testing of the Company’s GBM trials for a total amount of €<span id="xdx_904_eus-gaap--ProductionCosts_c20200302__20200331__us-gaap--TypeOfArrangementAxis__custom--AmendmentSevenMember_zxe7tGl51NZb">259,000</span></span><span style="font-family: Georgia; font-size: 10pt">, </span><span style="font-family: Georgia; font-size: 10pt">which provides the Company with an option to accelerate GBM production as stated in Amendment 5 at a <span id="xdx_901_ecustom--ProductionCostsPercentage_pid_dp_uPure_c20200802__20200831__us-gaap--TypeOfArrangementAxis__custom--AmendmentSixMember_zU4uHaeVhN4e">20</span></span><span style="font-family: Georgia; font-size: 10pt">% cost increase. In October 2020, the Company entered into Amendment 8 to the Framework Service Agreement with ACG Biologics related to production and testing of the Company’s GBM trials, for a total amount of €<span id="xdx_907_eus-gaap--ProductionCosts_c20201002__20201031__us-gaap--TypeOfArrangementAxis__custom--AmendmentFourMember_zzZUIr7bsAN">17,000</span></span><span style="font-family: Georgia; font-size: 10pt">. In October 2021 the Company entered into Side Letter to the Framework Service Agreement with ACG Biologics to perform the manufacture of one (1) additional <i>GMP </i>batch of 24L INFa LV vector (TIA-126 LV) in 2021 (the “LVV Batch”) in connection with the Study TEM-GBM001, Genenta is in the process of completing, for a total amount of €<span id="xdx_90D_eus-gaap--ManufacturingCosts_c20201002__20201031__us-gaap--TypeOfArrangementAxis__custom--GMPBatchMember_zSt3ksrvEWLb">311,280</span></span><span style="font-family: Georgia; font-size: 10pt">. In December 2021 the Company entered into Side Letter to the Framework Service Agreement with ACG Biologics to perform the manufacture of one (1) additional <i>GMP </i>batch of 24L INFa LV vector (TIA-126 LV) in 2022 (the “LVV Batch”) in connection with the Study TEM-GBM001, Genenta is in the process of completing, for a total amount of €<span id="xdx_909_eus-gaap--ManufacturingCosts_c20211202__20211231__us-gaap--TypeOfArrangementAxis__custom--LVVBatchMember_zy7thU8usc8g">311,280</span></span><span style="font-family: Georgia; font-size: 10pt">.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In the early 2020, the Company and AGC amended the Master Service Agreement for the fourth time to regulate some new production activities for which the total estimated budget amounts to €<span id="xdx_903_eus-gaap--ProductionCosts_pn5n6_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--ServiceAgreementMember_znGHkYP8Hu1k">0.3 </span></span><span style="font-family: Georgia; font-size: 10pt">million. At December 31, 2021, the Company is committed to pay a total of €<span id="xdx_90C_ecustom--PaymentOfServiceCosts_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ServiceAgreementMember_zLw0fCsCV1Rf">32,200 </span></span><span style="font-family: Georgia; font-size: 10pt">relating to various stability timepoints, which will be realized and come due at different times through 2025. </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"> </p> <p style="font: 10pt Georgia; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt">In September 2021, the Company extended the stability studies on the plasmid batch pIFNa 16024 (p906) up to nine (9) years and for the year ended December 31, 2021, the Company is committed to pay a total of €<span id="xdx_904_ecustom--PaymentForCommitment_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AGCBiologicsAgreementMember_zC7NMLkWUYr" title="Total commitment amount">51,000</span> relating to various stability timepoints which will be realized in the future. At December 31, 2021, the total commitment of the Company for stability endpoints to be realized in the future, amounts to approximately €<span id="xdx_908_eus-gaap--LossContingencyDamagesSoughtValue_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AGCBiologicsAgreementMember_zsAvuaEWFus2" title="Total commitment">83,000</span>.</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"> </p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><i>Operating leases</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">On January 1, 2020, the Company began a six-year non-cancelable lease agreement for office space with OSR. Withdrawal is allowed from the fourth year with a notice of 12 months. Since the annual rent amounts to €<span id="xdx_903_eus-gaap--PaymentsForRent_c20210101__20211231_zD43fMrPPh5b">13,400</span></span><span style="font-family: Georgia; font-size: 10pt">, at December 31, 2021, outstanding minimum payments amount to €<span id="xdx_90A_eus-gaap--LeaseCost_c20230103__20230131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zb9K6AuFEAQa">26,800 </span></span><span style="font-family: Georgia; font-size: 10pt">until January 1, 2023.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><i>Legal proceedings</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of ASC 450, Contingencies. The Company was notified by Theravectys of the possible infringement by the Company of Theravectys’ exclusive license to patents no. EP 1071804, EP 1224314, and EP 1222300 granted from the owner of the patents Institut Pasteur. Each of these patents is now expired, having each reached the end of it its patent term on April 23, 2019 for EP 1071804 and October 10, 2020 for EP 1224314, and EP 1222300. The Company considered the situation and determined that the likelihood of a material adverse effect on its business is remote. To date, the Company has not engaged in any such discussions with Theravectys nor has the Company received any further communication from Theravectys. The Company expenses, as incurred, the costs related to its legal proceedings, if any.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"><i>Coronavirus Pandemic</i></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">On March 11, 2020, the World health Organization declared the outbreak of a coronavirus (COVID-19) pandemic. Significant uncertainties may arise with respect to potential shutdowns of operations or government orders to cease activities due to emergency declarations, inability to operate, or employee shortages, claims for business interruption insurance, etc. Although the Company has experienced minimal disruption to date and still has staff working remotely from home, the Company may find it difficult to enroll patients in its clinical trials, which could delay or prevent the Company from proceeding with the clinical trials of its product candidates; therefore, the coronavirus pandemic may still have a significant impact on the future results of the Company.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p id="xdx_894_esrt--ContractualObligationFiscalYearMaturityScheduleTableTextBlock_zwCyqfyxRtSd" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">The following table summarizes the Company obligations by contractual maturity at December 31, 2021:</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="xdx_8B0_zW3tKAeSNQgh" style="display: none">schedule of company obligations by contractual maturity</span> <span style="font-family: Georgia; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Georgia, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="18" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Payments by period</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Georgia, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">Less than a year</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">1 to 3 years</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">4 to 5 years</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Georgia, Times, Serif; text-align: center">More than 5 years</td><td style="font: bold 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif"> </td> <td colspan="18" style="font: 10pt Georgia, Times, Serif; text-align: center">(in Euros)</td><td style="font: 10pt Georgia, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; width: 38%; text-align: left">OSR operating leases and office rent</td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--ContractualObligation_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zH8Nni75574f" style="font: 10pt Georgia, Times, Serif; width: 8%; text-align: right" title="Total">40,200</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zak0YYKGayye" style="font: 10pt Georgia, Times, Serif; width: 10%; text-align: right" title="Payments by period, less than a year">13,400</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zeDLdLKsCpG6" style="font: 10pt Georgia, Times, Serif; width: 8%; text-align: right" title="Payments by period, one to three years">26,800</td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_982_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zE7TltvpSmr2" style="font: 10pt Georgia, Times, Serif; width: 8%; text-align: right" title="Payments by period, four to five years"><span style="-sec-ix-hidden: xdx2ixbrl1258">-</span></td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; width: 2%"> </td> <td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left">€</td><td id="xdx_989_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--OSROperatingLeasesAndOfficeRentMember_zSMgQFiDMR23" style="font: 10pt Georgia, Times, Serif; width: 8%; text-align: right" title="Payments by period, more than five years"><span style="-sec-ix-hidden: xdx2ixbrl1260">-</span></td><td style="font: 10pt Georgia, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Georgia, Times, Serif; text-align: left; padding-bottom: 1.5pt">AGC manufacturing</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--ContractualObligation_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_zvb9WrPbeg7l" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">383,368</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_zjTDl15Lpomf" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, less than a year">308,218</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_985_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_zLmdN37WVDQ4" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, one to three years">58,150</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_z43aN2N78U38" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, four to five years">17,000</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left"> </td><td id="xdx_988_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--AGCManufacturingMember_zklo1vrwL1Wb" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, more than five years"><span style="-sec-ix-hidden: xdx2ixbrl1270">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Georgia, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt">Total</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98C_eus-gaap--ContractualObligation_iI_c20211231_z05Yv8hlg4d4" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Total">423,568</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98F_ecustom--ContractualObligationDueInPaymentsByPeriodLessThanYear_iI_c20211231_zAnDu506VSi4" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, less than a year">321,618</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98B_ecustom--ContractualObligationDueInOneToThirdYear_iI_c20211231_zv08oN1exIQ6" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, one to three years">84,950</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_984_eus-gaap--ContractualObligationDueInFourthAndFifthYear_iI_c20211231_zviVfXuPlTf6" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, four to five years">17,000</td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: left">€</td><td id="xdx_98A_eus-gaap--ContractualObligationDueAfterFifthYear_iI_c20211231_zzQYjWBsMwDh" style="border-bottom: Black 1.5pt solid; font: 10pt Georgia, Times, Serif; text-align: right" title="Payments by period, more than five years"><span style="-sec-ix-hidden: xdx2ixbrl1280">-</span></td><td style="font: 10pt Georgia, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 40200 13400 26800 383368 308218 58150 17000 423568 321618 84950 17000 300000 83000 10000000 53000000 7000000.0 3500000 53000000 500000 1000000.0 5000000.0 47500000 7800000 1200000 1500000 700000 5400000 300000 0.005 0.010 500000 1000000.0 360000 259000 41000 259000 0.20 17000 311280 311280 300000 32200 51000 83000 13400 26800 <p id="xdx_805_eus-gaap--SubsequentEventsTextBlock_zbcA3n0dX9w4" style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Georgia; font-size: 10pt"><b>14. <span id="xdx_82A_zYzCM3SgQlmj">Subsequent events</span>.</b></span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">In January 2022, the fifth amendment to the License Agreement with OSR was signed with the aim to clarify certain terms. In addition, with respect to Licensed Products for GBM, the Company will commit to carry out a Phase III Clinical Trial in US. With respect to GBM, the Company shall pay to OSR an additional Milestone Payment equal to €<span id="xdx_90B_ecustom--MilestonePayment_c20220101__20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zgT6MXqFvpXh" title="Milestone payment">350,000</span> upon the first patient being dosed in a Phase III Clinical Trial in the US with respect to a Licensed Product for GBM. More over with regards to termination rights, if the Company has not filed an IND with respect to such Solid Cancer Indication within three (3) years from the date of the exercise of the option (or, in relation to GBM, has not dosed the first patient with a Licensed Product for GBM in a Phase III Clinical Trial started in the US within 72 months from the first patient being dosed in the first in human clinical trial of such applicable Licensed Product for GBM), the termination rights shall be limited to such Licensed Product in the Terminated Solid Cancer Indication.</p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">In January 2022, the Company signed a financial advisory agreement with Roth Capital for advisory services amounting to $<span id="xdx_906_eus-gaap--ProfessionalFees_uUSD_c20220113__20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--RothCapitalMember_z6ctAB18kEuk">200,000 </span></span><span style="font-family: Georgia; font-size: 10pt">(approximately €<span id="xdx_90C_eus-gaap--ProfessionalFees_c20220113__20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--RothCapitalMember_z5XKhKrW8wOe">177,000</span>)</span><span style="font-family: Georgia; font-size: 10pt"> to be provided by June 30, 2022.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt">In January 2022, the Company entered a new Service Level Agreement with Genenta Science Inc. for the provision of several management services. The Company committed to pay Genenta Science Inc. for all the activities provided and on quarterly basis, a Net Cost + a mark-up of 10%.</span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt"><span style="font-family: Georgia; font-size: 10pt"> </span></p> <p style="font: 10pt Georgia, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Georgia; font-size: 10pt">In March 2022, the Company entered into a Side Letter to the Framework Service Agreement with ACG Biologics to perform the manufacture of one (1) additional <i>GMP </i>batch of 24L INFa LV vector (TIA-126 LV) in 2022 in connection with the Study TEM-GBM001. The total amount of the additional batch is €<span id="xdx_905_eus-gaap--ProductionCosts_c20220313__20220331__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPRuCqEBhr3d">272,880</span></span><span style="font-family: Georgia; font-size: 10pt">.</span></p> 350000 200000 177000 272880