04/03/2025 | Press release | Distributed by Public on 04/03/2025 14:15
Item 1.01 Entry into a Material Definitive Agreement.
On March 28, 2025, Arcadia Biosciences, Inc. (the "Company") entered into an agreement (the "Agreement") with a third party pursuant to which (i) the third party agreed to transfer to the Company all rights and materials relating to certain intellectual property rights and traits that were included in licenses previously granted by the Company to the third party, returning those rights to the Company; (ii) the third party agreed to pay a total of $750,000 to the Company; (iii) the Company agreed to transfer to the third party all of the Company's reduced gluten granted patents and pending applications and oxidative stability granted patents and pending applications, and related materials and documents; and (iv) the Company and the third party agreed to amend a previous agreement between the parties to eliminate any obligation to pay the Company future product royalties under the agreement.