合衆国 州

証券取引委員会

ワシントンDC20549

FORM 10-K/A

修正案 第1号

☒1934年の証券取引法第13条または第15条に基づく年次報告書d1934年の証券取引法13条または15条の下の報告書

会計年度は2024年6月30日

☐取引所法第13条または第15条に基づく報告d1934年の証券取引法第15条

移行期間に関して

提出書類番号 001-38758

+1(305) 918-1980 

法律第12(b)条に基づき登録された証券:

法第12(g)条に基づき登録された証券：なし

証券法第405条に規定されたウェルノウンシーズンドエクスパへの企業を示すチェックマークで示します。☐ はい ☒いいえ

この登録主体が法律第13条または第15条(d)に基づく報告書を提出する必要がない場合は、チェックマークを付けてください。 ☐ はい ☒ いいえ

Indic過去12か月間（または登録者がこのような報告書を提出することが義務付けられていた短い期間）に取引所法第13条または第15条の規定により提出する必要のあるすべての報告書を提出しているかどうかに✓を付けてください。また、過去90日間、そのような報告書の提出義務を負っていましたか。 はい ☒ いいえ ☐

登録者が前の12か月間（または登録者がそのようなファイルを提出する必要があった短い期間）に、Regulation S-tのRule 405に基づいて提出が必要なすべての対話型データファイルを電子的に提出したかどうかをチェックマークで示してください。はい ☒ いいえ ☐

登録者が大型加速ファイラ、加速ファイラ、非加速ファイラ、小規模報告書会社、または新興成長企業かどうかは、マークにチェックを入れて示してください。 Exchange Actのルール120億2で「大型加速ファイラ」、「加速ファイラ」、「小規模報告書会社」、「新興成長企業」の定義を参照してください。

新しいまたは改訂された財務会計基準に準拠するための拡張移行期間を使用しないことを選択した場合、新興成長企業である場合は、エクスチェンジアクト第13(a)条に基づき提供された財務会計基準に遵守するための拡張移行期間を使用しないことを示すためにチェックマークを入れてください。 ☐

登録者が、金融報告の内部統制の有効性に関する経営陣の評価についての報告書と保証書を提出したかどうか、Sarbanes-oxley法（15 U.S.C.7262(b)の第404(b)条）に基づき、その監査報告を作成または発行した登録された公認会計士事務所によってチェックマークで示してください。 ☐

証券が法第12(b)条に基づいて登録されている場合、登録人の財務諸表に過去に発行された財務諸表の訂正が反映されているかをチェックマークで示してください。 ☐

それらのエラー訂正のうち、登録者の役員のいずれかが回復期間中に受け取った契約に基づく報酬の回復分析が必要とされるリステートメントであるかどうかをチェックマークで示してください。§240.10D-1(b)に従った ☐  

登録者が シェル会社であるかどうかをチェックマークで示してください（法令第120億2条で定義されている通りに）。 ☐ はい ☒ いいえ

2023年12月31日、非関係者が保有する議決権を有する普通株式および非議決権を合算した時の市場価値は57,193,356ドルでした。

2024年10月27日現在、登録者の普通株式の発行済み株式数は161,717,342株であり、1株当たりの帳簿価額は$0.0001（「普通株式」という）です。

参照によって取り入れられた文書

なし。

注記

Renovaro Inc.（以下「登録者」として、その完全所有子会社とともに、Renovaro Biosciences、Renovaro Biosciences Denmark ApS、Renovaro Technologies、Inc、およびRenovaro Cube。Renovaro Intl Ltd（以下「Renovaro Cube」）。Renovaro Cubeは、Renovaro Cube Intl. Ltd.およびその完全所有子会社GediCube億.V.およびGrace Systems b.V.を指します（以下「会社」、「私たち」、「私たち」）。この「修正第1号に関する情報」（この「修正」）は、2024年6月30日に終了した形式10-Kの年次報告書（以下「元のファイリング」）に関する訂正を提出しており、これは元々セキュリティ取引委員会（以下「SEC」）に2024年10月10日に提出されましたが、10-KのフォームIII（10から14号）で要求される情報を含めることだけを目的としています。さらに、我々は、Sarbanes-Oxley法案2002年のセクション302で要求される当社の最高経営責任者および最高財務責任者による新しい認証を含む（i）元のファイリングに添付されていなかった登録者の取り消しポリシーである展示97.1を含む、管理上のミスの結果として、および（ii）1934年の証券取引法の規制120億15に準拠して、修正は取引のエクスチェンジ法に修正されています。

特に記載されている以外は、元の提出書類に変更は加えられていません。元の提出書類に記載された内容の性質と特性を保持するために、この修正書類で特に議論された内容以外は、元の提出書類に記載された開示事項を修正または更新する試みは行われていません。元の提出書類提出後に発生した事象については修正も更新も行われていません。そのため、この修正書類はSECへの会社の続く提出書類と併せて読まれるべきです。元の提出書類において行われた予想を含む記述は、元の提出書類の提出後に発生した事象または私たちに知られた事実を反映するために修正されていません。そのような予想を含む記述は、その歴史的な文脈で読み取られるべきです。

第III部

取締役の特定

以下は、各ディレクターのビジネス経験、資格、スキル、学歴に関する説明です。各ディレクターの関連するビジネス経験も含まれています。

David Weinstein

On October 14, 2024, the board of directors of the Company appointed David Weinstein, age 64, Chief Executive Officer of the Company and a member of the Board. Immediately prior to joining the Company, Mr. Weinstein was a Managing Partner, Investment Banking at Dawson James Securities, Inc. where he has worked since 2005. While at Dawson James, Mr. Weinstein directly sourced over $300 million in investments for small-cap biotech and healthcare companies. He also spearheaded the merger of two healthcare companies in personalized cancer diagnostics and assisted in its uplisting on Nasdaq. Mr. Weinstein received his Bachelor of Arts in Liberal Arts from St. John’s College and a Masters in Public Management from the University of Maryland.

Maurice van Tilburg

Maurice van Tilburg has held several senior positions in the Financial Services industry and Tech enterprises combining general management, technology, operational service delivery, financial management, audit and product development. He is also an awarded artist that combines leadership roles in the industry with a successful series of art concepts. Mr. van Tilburg currently serves as the Director of the Dutch National Growth fund where he oversees the largest government investments in the area of innovation and technology. With this he builds on his role at Techleap.nl where he developed new and additional sources of funding for Dutch Tech scale ups in order to contribute to global challenges, economic growth, technology capabilities and employment in The Netherlands. Mr. van Tilburg brings with him his experience as CEO of Euronext Amsterdam where he was responsible for clients, product development, organization and P&L for the Dutch market as well as the operational running of all European stock markets of Euronext. Mr. van Tilburg’s ambition is to lead teams with a clear mission and positive impact, bringing his leadership skills and experience in areas of finance, tech and art. In that context Mr. van Tilburg has held also nonexecutive/advisory board member at several startup companies.

James A. McNulty

Mr. McNulty serves as CFO for MIRALOGX, LLC, a privately held incubator which develops and licenses pharmaceutical intellectual property to private and public entities. Mr. McNulty is currently Interim CFO for Inhibitor Therapeutics, Inc. (OTCQB: INTI), where he has served since 2022. After leaving public accounting in 1998 after a 26-year career in Tampa as founder of three CPA firms, he served as CFO in the biopharmaceutical industry, including 3 years with Star Scientific, Inc. (NASDAQ: STSI) and 15 years with BioDelivery Sciences International, Inc. (NASDAQ: BDSI). Mr. McNulty was CEO of MYMD Pharmaceuticals, Inc. (NASDAQ: TNFA) from its inception in 2014 until it became public in early 2020. He served as CFO of MIRA Pharmaceuticals, Inc. from inception in 2020 until it became public in late 2023 as well as Telomir Pharmaceuticals, Inc (NASDAQ: TELO) from inception in 2021 until shortly before it became public in 2023. He served five years on the board as Lead Director/Audit Committee Chair of CV Sciences, Inc (OTC: CVSI). He has extensive experience in privately held companies, including five years as a Director of Quantum Technology Sciences, Inc. until its acquisition by a public company, and since 2000 as CFO of Hopkins Capital Group, an affiliation of limited liability companies which engage in venture activities primarily in the development of pharmaceuticals, including as CFO of privately-owned Defender Pharmaceuticals, Inc. He is a partner in Perfect Golf Event, LLC, an online organizer of over 4,000 charity golf events annually. He co-authored with Pat Summerall and published Business Golf, the art of building relationships on the links. Mr. McNulty’s career in accounting and consulting/forensic services includes expert testimony as a Certified Public Accountant, primarily in construction litigation and personal injury cases. He is a 1972 graduate of University of South Florida.

Douglas W. Calder

Since 2015, Mr. Calder has served as president and a director of Vycellix, Inc and its subsidiaries and affiliates. He has also served as a member of the board of directors for Zevra Therapeutics, Inc. (NASDAQ: ZVRA) since April 2023; member of the board of directors for NextGenNK since June 2019; member of the board of directors of BioFlorida since January 2019, and a member of the Society for Natural Immunity since July 2018. Mr. Calder has more than 30 years of life science executive experience, having served in various senior executive roles for Florida-based biotechnology companies and research institutes including Viragen, Accentia Biopharmaceuticals, Biovest International and the Vaccine & Gene Therapy Institute of Florida, as well as having formerly served as a registered financial portfolio manager with a focus on life science equities with the New York Stock Exchange member firms, Gruntal & Co. and Dean Witter Reynolds. Mr. Calder received a BA from Florida State University.

Mark A. Collins, PhD

        Dr. Collins has dedicated his 40-year career to leveraging computers in drug discovery, blending biology, AI, and software. He has played key roles in biotech startups, large Pharma, and tech companies, leading several to successful exits. Dr. Collins is currently the Chief Scientific Officer at UndauntedBio Inc., where he has served since 2022, a company that takes a unique AI-driven clinically informed, network-medicine approach to repurposing existing drugs for acute and chronic neuropathic pain conditions. Prior that time, Dr. Collins was the VP Translational Services at Icometrix, where he led the strategy to drive the adoption of AI assisted MRI and digital health tools to help Pharma improve the translational success of CNS therapies for a range of neurodegenerative diseases, such as Multiple Sclerosis, Alzheimer’s, and Parkinson’s. Prior to Icometrix, from 2017 to 2021, Dr. Collins was at Helomics, Corp., most recently as its Chief Technology Officer, where he drove the commercial realization and go-to-market of AI-driven predictive models of tumor drug response and clinical outcome into the research and clinical decision support markets. Dr. Collins is also the founder and principal consultant of Purplebio Consulting, LLC, a life science consultancy, offering scientific, market, product strategy consulting as well as tactical execution. Dr. Collins holds a doctorate of Philosophy in Microbiology from the University of Guildford and a Bachelor of Science in Applied Sciences from University of Wolverhampton.

 Family Relationships

There are no family relationships, as defined in subparagraph (d) of Item 401 of Regulation S-K among any of our executive officers or directors.

Involvement in Certain Legal Proceedings

There are no material proceedings to which ay director or executive officer or any associate of any such director or officer is a party adverse to our Company or has a material interest adverse to our Company.

The Board and Board Committees

The Board. The Board met fifteen times for meetings during fiscal 2024, and also acts by written consent. Such meetings were regularly scheduled meetings and other special Board meetings and telephonic calls were held as needed. During fiscal year 2024, each incumbent director attended 75% or more of the Board meetings for the periods during which each such director served. Directors are not required to attend annual meetings of our stockholders.

Audit Committee and Audit Committee Financial Experts

The Audit Committee has been structured to comply with the requirements of Rule 10A-3(b)(1) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the listing standards of NASDAQ, and each member and former member of the Audit Committee complied with such requirements and standards. The members of the Audit Committee are James McNulty (Chaiman), Douglas Calder and Mark Collins.

The Audit Committee oversees and reports to our Board on various auditing and accounting-related matters, including, among other things, the maintenance of the integrity of our financial statements, reporting process, and internal controls; the selection, evaluation, compensation, and retention of our independent registered public accounting firm; legal and regulatory compliance, including our disclosure controls and procedures; and oversight over our risk management policies and procedures. The Audit Committee appoints and sets compensation for the independent registered public accounting firm annually and reviews and evaluates such auditor. This external auditor reports directly to the Audit Committee. The Audit Committee establishes our hiring policies regarding current and former partners and employees of the external auditor. In addition, the Audit Committee pre-approves all audit and non-audit services undertaken by the external auditor and any outside consultants engaged in work related to the Company’s financial reporting. The Audit Committee has direct responsibility for overseeing the work of the external auditor engaged for the purpose of preparing or issuing an auditor’s report or performing other audits, review or attest services, including the resolution of disagreements between the external auditor and management. The Audit Committee meets at least once per fiscal quarter to fulfill its responsibilities under its charter and in connection with the review of the Company’s quarterly and annual financial statements.

The Board has determined that each member of the Audit Committee has the appropriate level of financial understanding and industry-specific knowledge to be able to perform the duties of the position, and they are financially literate and have the requisite financial sophistication as required by the applicable listing standards of NASDAQ. The Board has determined that James McNulty is an “audit committee financial experts” as defined by applicable SEC and Nasdaq rules.

The Audit Committee met six times during fiscal 2024, where the committee members attended 75% or more of the meetings during his or her period of service, and the Committee also acts by written consent. The Audit Committee operates under a charter that was adopted by our Board and is posted on our website at www.renovarogroup.com.

Nominating and Corporate Governance Committee

 The members of the Nominating and Corporate Governance Committee are Maurice van Tilburg and Douglas Calder.

The Nominating and Corporate Governance Committee, as permitted by, and in accordance with, its charter, is responsible for matters related to the selection of directors for appointment and/or election to the Board. This includes establishing criteria for, identifying, and recommending potential candidates for nomination to serve on the Board, and establishing criteria to consider recommendations from the stockholders of the Company. The Nominating and Corporate Governance Committee considers and makes recommendations with respect to the independence of all directors.

The Nominating and Corporate Governance Committee is also responsible for maintaining compliance with applicable corporate governance requirements under the Exchange Act and the listing standards of NASDAQ. The Nominating and Corporate Governance Committee oversees the evaluation of the Board, including with respect to corporate governance, and develops and recommends to the Board corporate governance guidelines.

The Nominating and Corporate Governance Committee met one time during fiscal 2024, and the Committee also acted by written consent. The Nominating and Corporate Governance Committee operates under a charter that was adopted by our Board and is posted on our website at www.renovarogroup.com.

Compensation Committee

The members of the Compensation Committee are James McNulty and Douglas Calder.

The Compensation Committee, as permitted by, and in accordance with, its charter, is responsible for assisting the Board in fulfilling its responsibilities relating to matters of human resources and compensation, including equity compensation, and to establish a plan of continuity and development for our senior management. The Compensation Committee periodically assesses compensation of our executive officers in relation to companies of comparable size, industry, and complexity, taking the performance of the Company and other companies into consideration. All decisions with respect to the compensation of our principal executive officer are determined and approved solely by the Compensation Committee. All decisions with respect to other executive compensation, including incentive compensation and equity-based plans, are first approved by the Compensation Committee and then submitted, together with the Compensation Committee’s recommendation, to the members of the Board for final approval. In addition, the Compensation Committee will, as appropriate, review and approve public or regulatory disclosure relating to compensation, including the Compensation Disclosure and Analysis, and any metrics for performance measurements. The Compensation Committee has the authority to retain and compensate any outside adviser as it determines necessary to permit it to carry out its duties and engage such a consultant in connection with the Company’s compensation for the 2024 fiscal year.

The Board has determined that each member of the Compensation Committee is a “nonemployee director” as that term is defined under Rule 16b-3 of the Exchange Act and an “outside director” as that term is defined in Treasury Regulation Section 1.162-27(e)(3). The Compensation Committee meets periodically and at least annually in connection with determining the compensation of management for each fiscal year.

The Compensation Committee did not meet during fiscal year 2023 but did act by written consent. The Compensation Committee operates under a charter that was adopted by our Board and is posted on our website at www.renovarogroup.com.

The Compensation Committee has considered the potential risks arising from the Company’s compensation for all employees and does not believe the risks from those compensation practices are reasonably likely to have a material adverse effect on the Company.

Executive Officers Who Are Not Directors

Simon Tarsh

On March 11, 2024, the Company appointed Simon Tarsh, age 63, as Interim Chief Financial Officer of the Company. Mr. Tarsh most recently served at Deloitte Consulting LLP (“Deloitte”), where he was last a Senior Managing Director in the Finance and Enterprise Performance Practice, and served global clients since 2007. He led a growing global practice focused around operational transformation, including supporting carve out transactions, joint ventures and hybrid structures, both in the US and in international locations, such as India, China, Eastern Europe and Latin America. He supported high growth companies with their finance operations as they globalized, and was able to advise them on their expansion, while balancing growth with appropriate controls. Mr. Tarsh received a Bachelor of Science undergraduate degree in Business and Administration from the University of Salford, Manchester, UK and an MBA from City University Business School, London, UK. He is a Fellow of the Chartered Institute of Management Accountants (1984), which is considered as a CPA equivalent. Mr. Tarsh’s deep financial experience over the length of his career offers valuable insights to our Company, particularly given the enhanced accounting rules and regulations affecting public companies. Since leaving Deloitte, Mr. Tarsh has been providing consulting services through his consulting company, Tarsh PB Advisors LLC (“Tarsh PB Advisors”). Mr. Tarsh is presently a member of the board of directors and chair of the audit committee of Onconetix, Inc. (NASDAQ: BWV).

François Binette

The Company appointed Francois Binette PhD, age 60, as Chief Operating Officer of the Company on November 1, 2022. Dr. Binette has over 25 years of product development expertise in advanced therapies and regenerative medicine. From 2016 to just prior to joining the Company, Dr. Binette was at Lineage Cell Therapeutics, Inc (NYSE:LCTX), a leading company in the field of pluripotent stem cell therapy development with a global footprint focused on ophthalmology, cancer vaccines, and spinal cord injuries, where he served as the Senior Vice President R&D, Global Head of Product Development and led the CNS franchise as well as general pipeline development, contributing to one of the largest non-cancer cell therapy corporate partnership deals with Genentech worth over $650 million in upfront and milestone payments. During his first industry appointment at Genzyme Tissue Repair in Cambridge, he helped pioneer Carticel™ for cartilage repair, the first FDA BLA-approved cell therapy product for human use. He then led R&D for Biosyntech, a startup biomaterials company in Montreal applying its proprietary platform for various tissue engineering and drug delivery applications. Dr. Binette then joined the DePuy Franchise of Johnson and Johnson (NYSE:JNJ), the second largest orthopedic business worldwide where he led several innovative regenerative medicine combination product development initiatives from discovery to approved clinical trials in US and Europe. Dr. Binette received his PhD from Laval University in Québec City, followed with post-doctoral training at the Sanford-Burnham institute, and Harvard Medical School.

Delinquent Section 16(a) Reports

Section 16(a) of the Securities Exchange Act of 1934 requires executive officers, directors and persons who own more than 10% of a registered class of our equity securities to file reports of ownership with the Securities and Exchange Commission. Based solely on our review of the copies of such forms received by us, we believe that during the fiscal year ended June 30, 2024, all filing requirements were timely satisfied, except (i) Avram Miller filed a late Form 3 on November 14, 2023 and a late Form 4 on November 14, 2023; (ii) a late Form 4 filed by Carol Brosgart on February 28, 2024; (iii) a late Form 4 filed by Francois Binette on February 16, 2024; (iv) a late Form 4 filed by Gregg Alton on February 2, 2024; (v) a late Form 4 filed by Henrik Grønfeldt-Sørensen on October 19, 2023; (vi) a late Form 4 filed by James Sapirstein on March 19, 2024; (vii) a late Form 4 filed by Jayne McNicol on May 30, 2024; (viii) Leni Boeren filed a late Form 3 on October 24, 2023 and a late Form 4 on October 25, 2023; (ix) a late Form 4 filed by Luisa Puche on February 16, 2024; (x) a late Form 4 filed by Mark Dybul, M.D. on February 16, 2024; (xi) Ole Abildgaard filed a late Form 3 on October 6, 2023 and a late Form 4 on February 20, 2024; (xii) a late Form 4 filed by René Sindlev on September 12, 2023; and (xvii) Ruud Hendriks filed a late Form 3 on October 24, 2023 and a late Form 4 on October 27, 2023.

Code of Ethics

Our Board has adopted a Code of Ethics and Conduct (our “Code of Ethics”). Our Code of Ethics sets forth standards of conduct applicable to our employees, officers and directors to promote honest and ethical conduct, proper disclosure in our periodic filings, and compliance with applicable laws, rules and regulations. Our Code of Ethics is available to view at our website, www.renovarogroup.com by clicking on Investors/Media-Corporate Governance. We intend to provide disclosure of any amendments or waivers of our Code of Ethics on our website within four business days following the date of the amendment or waiver.

Board Diversity Matrix (As of October 28, 2024)

Item 11. Executive Compensation

 Arrangements with Named Executive Officers

During the fiscal year ended June 30, 2024, we had agreements in place with Dr. Dybul, Mr. Binette, Ms. Puche and Mr. Tarsh. A description of each agreement is set forth below.

Mark R. Dybul, M.D. Since January 7, 2019, when Dr. Dybul became our principal executive officer by virtue of his appointment as Executive Vice-Chair of the Board, Dr. Dybul received compensation as Executive Vice Chair of the Board under his Amended and Restated Director’s Agreement, as amended on May 1, 2019 (the “Director Agreement”), which called for cash compensation of $430,000 per annum, and the grant of options to purchase 300,000 shares of common stock, which was granted on November 21, 2018. The Director Agreement did not provide for any payments or other benefits upon a change in control. Dr. Dybul was given a one-time grant of options to purchase 450,000 shares of common stock at a strike price of $8.00 per share on June 11, 2020.

On October 30, 2019, the Compensation Committee approved and presented to the Board an employment agreement whereby Dr. Dybul would serve as the Company’s Chief Executive Officer (the “Employment Agreement”) which was recommended by the Board for approval by our stockholders. On October 31, 2019, our stockholders approved the Employment Agreement via written consent. Effective July 1, 2021, Dr. Dybul and the Company entered into the Executive Employment Agreement in connection with his appointment to Chief Executive Officer. The Employment Agreement was subsequently amended on December 12, 2022, effective January 1, 2023. The following is a summary of the Employment Terms and other material terms of the Employment Agreement, as amended.

Term. Dr. Dybul would serve as Chief Executive Officer for a term of three (3) years with automatic yearly renewal terms thereafter unless terminated at least 90 days before the expiry of a term.

Duties. Dr. Dybul would perform duties consistent with the position of Chief Executive Officer, as directed by and reporting to the Board, where he would remain a director but without further compensation for Board service. Dr. Dybul would devote a substantial majority of his business time and attention to the performance of his duties with the Company, but he would be able to hold positions with charitable organizations approved by the Board and serve on boards of up to five non-competitive entities, with prior approval by the Board required for publicly traded companies.

Place of Employment and Expenses. Dr. Dybul would work out of the Company’s headquarters in Los Angeles, commuting as needed. Dr. Dybul would be reimbursed for reasonable expenses for accommodations in Los Angeles and a company car.

Cash Compensation. Dr. Dybul would be entitled to a base salary of Five Hundred Fifty Thousand Dollars ($550,000) per year. Dr. Dybul would be eligible for a bonus of up to $800,000 per year in the sole discretion of the Compensation Committee and in accordance with any short-term incentive plan adopted by the Company.

Benefits. Dr. Dybul would receive benefits provided to similarly situated employees of the Company and five (5) weeks’ vacation per year.

Termination. The Employment Agreement could be terminated by the Company for “Cause” or by Dr. Dybul without “Good Reason” (each as defined therein), in which case Dr. Dybul would only receive accrued compensation and benefits. In the event the Company terminates the Employment Agreement without Cause or Dr. Dybul terminates the Agreement with Good Reason, Dr. Dybul would receive his base salary for one (1) year and vesting of one (1) years’ worth of unvested options.

Change in Control. Upon a change in control, the option grant described below would immediately vest, and Dr. Dybul would have the right to terminate the Employment Agreement for Good Reason.

Restrictive Covenants. Dr. Dybul would be subject to restrictive covenants set forth in that certain Confidential and Proprietary Information Agreement attached to the Employment Agreement, which are independent of the obligations set forth in the Employment Agreement. The restrictive covenants include non-compete, non-solicitation and non-disparagement obligations for one (1) year, provided that the Company would continue to pay his base salary for such one (1) year period.

 Description of the Option Grant. Upon appointment to Chief Executive Officer, Dr. Dybul was awarded an option to purchase 3,000,000 shares of the Company’s common stock at an exercise price equivalent to the closing price per share quoted on the NASDAQ Stock Market on the trading day prior to the grant date. The option has a ten-year term, subject to continued employment, and 2,000,000 of the shares will vest ratably on July 1, 2022, July 1, 2023, and July 1, 2024. One-third of the remaining 1,000,000 shares are subject to vesting at the end of each of the three years beginning with the year ending June 30, 2023, based upon the achievement by the Company of certain benchmarks. 333,333 shares that required achievement of certain benchmarks to vest were forfeited as of June 30, 2022, and the remaining balance of 666,667 shares were forfeited as of June 30, 2023.

Francois Binette. Pursuant to his offer letter from the Company, dated February 22, 2022, Mr. Binette was hired as the Company’s Executive VP for Research & Development starting April 2022 with an annual base salary of $375,000, and is eligible for a discretionary cash bonus, with a target of 40% of his base salary. Mr. Binette also received a grant of options to purchase 65,000 shares of Common Stock, vesting on the first anniversary of the date of hire. On October 18, 2022, Mr. Binette was appointed as Chief Operating Officer of the Company, effective November 1, 2022, and pursuant to an amendment to his offer letter, received an increase in base salary to $420,000 and 40,000 options, vesting in equal increments over three years.

Luisa Puche. Pursuant to her offer letter from the Company, dated December 28, 2018 (the “Offer Letter”), Ms. Puche received an annual base salary of $200,000, and was eligible for a discretionary cash bonus, with a target of 40% of her base salary. Ms. Puche also received a grant of options to purchase 60,000 shares of Common Stock and 15,000 restricted stock units, each vesting in equal increments over three years. The Offer Letter provides for at will employment; provided however, that upon termination of Ms. Puche’s employment by the Company without cause, or for a termination of employment by Ms. Puche for good reason, she would receive six months’ salary and COBRA eligibility. Additionally, if the termination without cause or for good reason occurs within 12 months of a change in control, Ms. Puche would also be entitled to a pro-rata bonus and immediate vesting of any unvested options or restricted stock units. Ms. Puche had a base salary of $300,000 for the fiscal year 2022. Effective October 18, 2022, Ms. Puche received an increase in base salary to $350,000 following the completion of the 2022 fiscal year and 80,000 options, vesting in equal increments over three years. Effective March 21, 2024, Ms. Puche resigned from the Company.

Simon Tarsh. Effective March 11, 2024, the Company entered into a consulting agreement (the “Consulting Agreement”) with Tarsh PB Advisors with respect to Mr. Tarsh’s service as the Company’s Interim Chief Financial Officer. Pursuant to the Consulting Agreement, in exchange for Mr. Tarsh’s full-time service as the Company’s Interim Chief Financial Officer, the Company will pay Tarsh PB Advisors $25,000 per month. In addition, Tarsh PB Advisors may be entitled to an additional payment in the amount of up to 30% of the consideration paid under the Consulting Agreement upon the achievement of certain milestones prior to the termination of the Consulting Agreement. In addition, Mr. Tarsh will receive 10,000 stock options that will vest upon the termination date if the Company hires a new CFO prior to such date. The Consulting Agreement has a term of six months from the date of the Agreement and may be renewed for successive one month terms. The Consulting Agreement may be terminated by any party upon thirty days advance written notice.

Outstanding Equity Awards as of June 30, 2024

The following table provides information concerning outstanding equity awards held by our named executive officers as of June 30, 2024.

Board Compensation

The table below sets forth the compensation earned by directors, all of whom are non-employees for services during the fiscal year ended June 30, 2024:

Narrative to Director’s Compensation Table

Our director compensation program reflects competitive practices for a NASDAQ listed company. The resulting compensation package for our directors and for committee service (for non-employee members) as of the date hereof is set forth in the table below. In addition, our directors are awarded annual options to purchase common stock valued at $75,000.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 The following sets forth information regarding the beneficial ownership of our common stock as of October 17, 2024 by:

Beneficial ownership of the Common Stock is determined in accordance with the rules of the SEC and includes any shares of Common Stock over which a person exercises sole or shared voting or investment power, or of which a person has a right to acquire ownership at any time within 60 days. Except as otherwise indicated, we believe that the persons named in this table have sole voting and investment power with respect to all shares of Common Stock held by them. Applicable percentage ownership in the following table is based on 159,066,874 shares of Common Stock outstanding as of October 25, 2024, excluding 3,094,876 shares of Common Stock issuable only upon the exercise of warrants by other warrant holders plus any securities that the individuals included in this table have the right to acquire within 60 days of October 25, 2024.

To our knowledge, except as indicated in the footnotes to this table and pursuant to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all shares of Common Stock beneficially owned by them. Unless indicated otherwise, the address for the beneficial holders is c/o Renovaro Inc. 2080 Century Park E, Suite 906, Los Angeles, CA, U.S.A.

 Equity Incentive Plan Information

The following table provides information, as of June 30, 2024, regarding the number of shares of Company common stock that may be issued pursuant to our 2019 Equity Incentive Plan and 2023 Equity Incentive Plan.

Item 13. Certain Relationships and Related Transactions and Director Independence

Transactions with Related Persons

Advisory Agreement with Avram Miller

On October 10, 2023, Avram Miller, a director, entered into an advisory agreement with the Company (the “Advisory Agreement”), pursuant to which Mr. Miller will provide advice to the Board and the Company on various matters including strategic opportunities, capital allocation, business development, minority investments, licensing arrangements, among others. As compensation for these services, on October 23, 2023, the Company issued Mr. Miller 1,000,000 shares of restricted stock, 166,667 of which will vest in 2024, 444,444 will vest in 2025, and 388,889 will vest in 2026, subject to Mr. Miller’s continued service through each applicable vesting date. On August 23, 2024, Mr. Miller agreed to forfeit the 833,333 unvested shares of restricted stock as consideration for a grant of 978,261 stock options.

Debt Agreements

On February 5, 2024, the Company entered into an agreement with RS Bio to issue a 5% Original Issue Discount Secured Promissory Note for the principal amount of $105,263. The Company received $100,000 in gross proceeds after taking into account the 5% original issue discount. The Note bears an interest rate of 12% per annum and matured on March 1, 2024 . The obligations under this Note are secured by the Amended and Restated Security Agreement. The Company is required to pay interest on the maturity date. For the year ended June 30, 2024, discount amortization of $5,263 was charged to interest expense. As of June 30, 2024, the Company accrued $6,316 of interest expense that is included in accrued expenses on the balance sheet. The Note balance, net of discount at June 30, 2024 is $105,263

On January 2, 2024, the Company entered into an agreement with RS Bio to issue a 5% Original Issue Discount Secured Promissory Note for the principal amount of $526,315 (the “January 2024 Note”). The Company received a total of $500,000 in gross proceeds after taking into account the 5% original issue discount. The January 2024 Note bears an interest rate of 12% per annum and shall mature on March 1, 2024 (the “Maturity Date”) is past due. The Company is required to pay interest on the maturity date. For the year ended June 30, 2024, discount amortization of $26,315 was charged to interest expense. As of June 30, 2024, the Company accrued $31,579 of interest expense that is included in accrued expenses on the balance sheet. The January 2024 Note balance, net of discount at June 30, 2024 is $526,315. In connection with the entry into the January 2024 Note, the Company and Paseco ApS agreed to amend and restate the Security Agreement to add the Company’s obligations under the November 2023 Note and the January 2024 Note to the Secured Obligations (as defined in the Amended and Restated Security Agreement).

On November 3, 2023, the Company entered into an agreement with RS Bio to issue a 5% Original Issue Discount Promissory Note for the principal amount of $1,000,000 (the “November 2023 Note”). The Company received a total of $950,000 in gross proceeds after taking into account the 5% original issue discount. The discount of $50,000 will be accreted over the life of the Note. The Note bears an interest rate of 12% per annum and shall mature on January 1, 2024 (the “Maturity Date”) is past due. The Company is required to pay interest on the maturity date.

Private Placements

On August 1, 2023, RS Bio, purchased in a Private Placement 70,126 of the Company’s Units at a price per Unit equal to $7.13 for aggregate proceeds to the Company of $500,000. The Board of Directors (excluding Mr. Sindlev) approved the participation of certain officers and directors of the Company in the Private Placement on identical terms as the other investors of the Private Placement.

On August 1, 2023, Paseco ApS, in connection with the Private Placement, converted $2,000,000 of its Promissory Note into 280,505 of the Company’s Units at a price per Unit equal to $7.13. In addition, Paseco ApS purchased in the Private Placement 63,114 of the Company’s Units at a price per Unit equal to $7.13 for aggregate proceeds to the Company of $450,000. As a result of participation in the Private Placement, Paseco ApS was deemed to be an affiliate of the Company.

Consulting Agreement with Paseco ApS

The Company currently has a consulting agreement with Paseco ApS for business advisory services since December of 2019. For the years ended June 30, 2023 and 2024 the Company issued zero and 1,000,000 restricted common shares, respectively, as payment for services rendered thereunder.

Compensation of Named Executive Officers and Directors

For information regarding compensation of named executive officers and directors, please see “Item 11. Executive Compensation.”

Except as otherwise indicated herein, there have been no other related party transactions, or any other transactions or relationships required to be disclosed pursuant to Item 404 and Item 407(a) of Regulation S-K.

Director Independence

The NASDAQ listing standards provide that an independent director is one who the Board affirmatively determines is free of any relationship that would interfere with that individual’s exercise of independent judgment. The Board has determined that Mr. van Tillberg, Mr.McNulty, Mr. Calder and Dr. Collins are each independent as defined in the listing standards of NASDAQ. In making such determinations, the Board has concluded that none of these directors has an employment, business, family, or other relationship, which, in the opinion of our Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

Item 14. Principal Accounting Fees and Services

The following information sets forth fees billed to us by Sadler, Gibb & Associates, LLC (“Sadler”) for the years ended June 30, 2024, and June 30, 2023, for (i) services rendered for the audit of our annual financial statements and the review of our quarterly financial statements (“Audit Fees”), (ii) services that were reasonably related to the performance of the audit or review of our financial statements and that are not reported as Audit Fees (“Audit-Related Fees”), (iii) services rendered in connection with tax compliance, tax advice and tax planning (“Tax Fees”), and (iv) services rendered by Sadler other than the foregoing (“Other Fees”).

Audit Fees

For the fiscal year ended June 30, 2024, Sadler billed an aggregate of $271,837 in Audit Fees. For the fiscal year ended June 30, 2023, Sadler billed an aggregate of $170,000 in Audit Fees.

Audit-Related Fees

For the fiscal year ended June 30, 2024, Sadler billed an aggregate of $28,000 in Audit-Related Fees. For the fiscal year ended June 30, 2023, Sadler billed an aggregate of $1,500 in Audit-Related Fees.

Tax and Other Fees

None.

Audit Committee’s Pre-Approval Process

The Audit Committee, which has been in place since March 28, 2018, pre-approves all audit and permissible non-audit services on a case-by-case basis. In its review of non-audit services, the Audit Committee considers whether the engagement could compromise the independence of our independent registered public accounting firm, and whether it is in our best interests to engage our independent registered public accounting firm to perform the services. The Audit Committee does not delegate its responsibilities to pre-approve services performed by our independent registered public accounting firm to management. The Audit Committee may delegate, and has delegated, pre-approval authority to one or more of its members. The member or members to whom such authority is delegated must report any pre-approval decisions to the Audit Committee at its next scheduled meeting.

During the year ended June 30, 2024, all services performed by Sadler were pre-approved by the Audit Committee.

Item 15. Exhibits and Financial Statement Schedules

ITEM 16. FORM 10-K SUMMARY

Not Applicable.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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