Shots:

• Lipocine to receive $11.0M up front- $5.0M as licensing fees in Jan’25 & $5.0M in Jan’26- ~$160.0M as sales-based commercial milestone based on Tlando net sales- if Antares exercises Tlando XR option & royalties on sales of Tlando
• Antares to get an option to license Tlando XR for TRT in the US on or before March 31- 2022. Upon exercise of Tlando XR option- Lipocine to receive $4.0M as license fees- clinical & regulatory milestone of ~$35.0M along with royalties
• Antares will lead all commercialization- post-marketing obligations & sourcing of Tlando in the US along with Tlando XR. Lipocine holds all rights for Ex-US territories & non-TRT indications for Tlando & Tlando XR

  | Ref: PR Newswire | Image: PR Newswire