Fresh Tracks Therapeutics terminates exclusive license agreement with Carna Biosciences for STING inhibitors

Fresh Tracks Therapeutics, Inc.

Terminated Exclusive License Agreement with Carna Biosciences effective March 1, 2024, returning worldwide rights to STING inhibitors.
Initial $2.0M cash payment already made; all future contingent milestone payments (up to $258M) and royalties (up to 10%) are terminated.
Survival of certain provisions: indemnification, confidentiality, dispute resolution, audit rights, record retention, taxes, and ownership of inventions.
Company had acquired exclusive rights to research, develop, and commercialize Carna's STING inhibitor portfolio in February 2022.
No new financial terms or costs disclosed for the termination; the agreement is nullified except for surviving clauses.

item 1.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Fresh Tracks Therapeutics, Inc. terminated Termination Agreement with Carna Biosciences, Inc. (effective 2024-03-05).

Action: termination
Agreement: license
Counterparty: Carna Biosciences, Inc.
Effective: 2024-03-05

Exact text from the filing

On March 5, 2024, Fresh Tracks Therapeutics, Inc. (the “Company”) and Carna Biosciences, Inc. (“Carna”) entered into a Termination of License Agreement (the “Termination Agreement”), pursuant to which the parties agreed to terminate, effective as of March 1, 2024, that certain Exclusive License Agreement, dated as of February 2, 2022, by and between Carna and the Company (the “Carna License Agreement”), subject to the survival of certain provisions regarding indemnification, confidentiality, dispute resolution, record retention, audit rights, taxes and ownership of inventions.

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Source: SEC EDGAR

accession 0001628280-24-009548

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