Inhibikase Therapeutics Inc

Item 1. Legal Proceedings.

On April 26, 2024, the Company received a notice of a demand for arbitration with the American Arbitration Association from Pivot Holding LLC (“Pivot”), that alleges to be a successor in interest to Sphaera Pharma Pte. Ltd. (“Sphaera”), in connection with the Collaborative Research and Development Agreement dated February 29, 2012, as amended, between the Company and Sphaera (the "Agreement"). Pivot alleges breach of contract by the Company for failure to pay milestone payments and seeks damages of $1.625 million in milestone payments plus interest. The Company believes that Pivot’s claims are without merit and that the Company hasn’t owed and doesn’t owe any milestone payments to Pivot. The Company intends to vigorously dispute Pivot’s claims. The parties have agreed to mediate before arbitrating and a mediation is scheduled for September 6, 2024.

On June 17, 2024, the Company filed an answering statement and counterclaim, in which the Company disputed Pivot’s claims and counterclaimed that Sphaera had breached the Agreement by failing to complete properly the drug development work required by the Agreement, causing the Company over $900,000 in damages.