SEC Form 10-K/A filed by Scopus BioPharma Inc. (Amendment)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Amendment No. 1)
(mark one)
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EXPLANATORY NOTE
Scopus BioPharma Inc. (“we,” “us,” “our,” “company,” or “Scopus”) is filing this Amendment No. 1 on Form 10-K/A (“10-K/A”), to amend our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Original 10-K”), originally filed with the U.S. Securities and Exchange Commission (“SEC”) on April 14, 2023 (“Original Filing Date”), solely to include the information required by Items 10 through 14 of Part III of Form 10-K. This information was previously omitted from the Original 10-K in reliance on General Instruction G(3) to Form 10-K, which permits the information in the above referenced items to be incorporated in the Original Form 10-K by reference from our definitive proxy statement if such proxy statement is filed no later than 120 days after our fiscal year-end. We are filing this 10-K/A to include the Part III information in the Original Form 10-K because we will not file a definitive proxy statement containing such information within 120 days after the end of the fiscal year covered by the Original 10-K.
Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended (“Exchange Act”), this 10-K/A also contains new certifications by the principal executive officer and the principal financial officer as required by Section 302 of the Sarbanes-Oxley Act of 2002. Accordingly, Item 15 of Part IV is amended to include the currently dated certifications as exhibits.
Except as expressly noted in this 10-K/A, this 10-K/A does not reflect events that may have occurred subsequent to the Original Filing Date or modify or otherwise update any other disclosures contained in the Original 10-K, including, without limitation, the financial statements. Accordingly, this 10-K/A should be read in conjunction with the Original 10-K. Defined terms used, but not defined, herein have the meanings ascribed to them in the Original 10-K.
TABLE OF CONTENTS
PART III
Item 10. Directors, Executive Officers and Corporate Governance.
The following table contains the name and age of our executive officers and directors as of April 28, 2023.
| Name | Age | Position Held | ||
| Joshua R. Lamstein | 53 | Chairman and Director | ||
| Robert J. Gibson, CFA | 43 | Vice Chairman, Secretary, Treasurer, and Director | ||
| Ira Scott Greenspan | 64 | Senior Advisor, Director and Executive Committee Chairman | ||
| David A. Buckel, CMA | 61 | Director | ||
| Raphael (“Rafi”) Hofstein, Ph.D. | 73 | Director | ||
| David Weild IV | 66 | Director |
Joshua R. Lamstein has been a Chairman and a director since our inception. Mr. Lamstein became sole Chairman in October 2020. Mr. Lamstein has also been our Principal Executive Officer since May 2020. Since 2014, Mr. Lamstein has also been Vice Chairman of HCFP and Co-Chairman and Co-Managing Partner of HCFP/Capital Partners. HCFP/Capital Partners is a co-founder of Scopus. Mr. Lamstein is also a senior officer and/or director of other portfolio companies of HCFP/Capital Partners. He also serves as a Venture Partner of a seed-stage venture fund with approximately $100 million of assets under management. Mr. Lamstein has worked in venture capital and private equity for over 20 years, including as a Managing Director of GF Capital Private Equity Fund, a $240 million middle market private equity fund, and as a Partner of LMS Capital, a FTSE 250 London Stock Exchange-listed investment trust. Mr. Lamstein initiated the trust’s presence in San Francisco and Silicon Valley. He began his career in private equity at Apollo Advisors, a global alternative investment manager now known as Apollo Global Management, Inc. Prior thereto he was an investment banker in New York and London at Lehman Brothers. Mr. Lamstein has been a member of the board of directors of numerous private and public companies. We believe Mr. Lamstein is well-qualified to be on our Board due to his broad experience in private equity, venture capital, and investing in and managing early-stage ventures, his widespread relationships in the private equity and venture capital communities and his knowledge of public healthcare. Mr. Lamstein received his B.A., with honors, from Colgate University and his M.B.A. from the MIT Sloan School of Management.
Robert J. Gibson, CFA has been Vice Chairman, Secretary and Treasurer and a director since our inception. Mr. Gibson has also been our Principal Accounting Officer and Principal Financial Officer since May 2020. Since May 2016, Mr. Gibson also has been an Executive Vice President of HCFP and Co-Chairman of HCFP/Capital Markets LLC, a middle-market investment bank. Until joining HCFP, Mr. Gibson was Senior Vice President — Investment Banking, specializing in biotechnology, biopharmaceutical and specialty pharmaceutical companies, at CRT Capital Group LLC, a middle market investment bank. Mr. Gibson rejoined CRT in 2014 after having been previously employed at such firm from 2003 to 2008, most recently as a Vice President — Investment Banking, specializing in healthcare. Mr. Gibson began his career in the Healthcare Investment Banking Group at Bear, Stearns & Co. Inc. From 2009 to 2014, Mr. Gibson was Senior Vice President, overseeing healthcare investments, at Balance Point Capital Partners, L.P., a middle market private equity fund, which, together with a related fund, then had approximately $150 million of assets under management. We believe Mr. Gibson is well-qualified to be on our Board due to his extensive experience in both investment banking and private equity, including advising, raising capital, and investing in biotechnology, biopharmaceutical specialty pharmaceutical and other healthcare companies. Mr. Gibson is a Chartered Financial Analyst, or CFA. Mr. Gibson received his B.A., magna cum laude, from Amherst College.
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Ira Scott Greenspan has been a Senior Advisor and director since our inception and Executive Committee Chairman since May 2019. Mr. Greenspan is Chairman and Chief Executive Officer of HCFP and Co-Chairman and Co-Managing Partner of HCFP/Capital Partners, and certain other affiliates of HCFP. Each of HCFP and Mr. Greenspan is a co-founder of Scopus. For more than 25 years, Mr. Greenspan has been a senior executive, partner and/or director of HCFP and its predecessors and related entities, including having served as Chairman and Co-Managing Partner of HCFP/Brenner Equity Partners, the indirect majority shareholder of HCFP/Brenner Securities LLC, a middle market investment bank originally founded by former senior executives and directors of leading Wall Street firms. For more than five years prior to entering the financial services industry, Mr. Greenspan was a corporate and securities lawyer at leading New York law firms, including as a Partner of the New York predecessor of Blank Rome. He began his law career at the New York predecessor of Sidley Austin. Mr. Greenspan has been chairman and/or a member of the boards of directors of numerous public and private companies, most recently including: PAVmed Inc., a publicly-traded multi-product medical device company (Nasdaq: “PAVM”), of which he was a co-founder and Senior Advisor and/or director from inception in 2014 until October 2018. Mr. Greenspan worked in the Branch of Small Issues of the Division of Corporation Finance in the New York Regional Office of the Securities and Exchange Commission during law school and advised family offices on the then increasing internationalization of securities markets and the evolving extraterritorial scope of the U.S. securities laws, resulting from both regulatory and judicial action. We believe Mr. Greenspan is well-qualified to be on our Board due to his significant experience advising entrepreneurial growth companies as both a financial services executive and corporate and securities lawyer, his pioneering role in numerous innovative corporate finance products and strategies, his role as a founder or founding advisor of numerous private and public companies, including biopharmaceutical, biotechnology and other medical technology companies, his investment experience with early-stage companies, his experience as a director of numerous private and publicly-traded companies, and his extensive relationships in the financial community. Mr. Greenspan received his B.A., with high distinction, from Harpur College/Binghamton University, where he was elected to Phi Beta Kappa and Pi Sigma Alpha and was the recipient of the University Foundation Award recognizing him as one of the top ranking students in his graduating class. Mr. Greenspan received his J.D. from New York University School of Law, where he was on the Editorial Board of the Annual Survey of American Law, an honorary law journal.
David A. Buckel, CMA joined us as a director in December 2020 in connection with our IPO. He was a Senior Advisor to us from November 2019 until his appointment as a director. Since 2007, Mr. Buckel has served as President and Managing Director of BVI Venture Services, an outsourced provider of financial, accounting, management, and other professional services to private and small public companies. From 2003 to 2007, Mr. Buckel served as Chief Financial Officer of Internap Network Services Corporation (Nasdaq: “INAP”), a publicly-traded IT infrastructure services company. Mr. Buckel previously served as an officer, Chief Financial Officer and/or director of numerous additional private and Nasdaq-listed public companies, including serving as a director, head of the audit committee, and member of the nominating and corporate governance committees of SharpSpring, Inc., a then publicly-traded cloud-based marketing technology company, which was acquired by Constant Contact in 2021. We believe Mr. Buckel is well-qualified to serve on our Board due to his broad experience as a board member and Chief Financial Officer of numerous private and publicly-traded emerging growth companies, his deep knowledge of public accounting and corporate governance, and his expertise in serving on board committees, especially as a member and/or head of public company audit committees. Mr. Buckel received his B.S. in Accounting from Canisius College and his M.B.A. from the Syracuse University Martin J. Whitman School of Management. Mr. Buckel is a Certified Management Accountant.
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Raphael (“Rafi”) Hofstein, Ph.D. joined us as a director in December 2020 in connection with our initial public offering (“IPO”) and served as a director until January 2022. Dr. Hofstein rejoined us as a director in April 2022. From 2009 to March 2020, Dr. Hofstein was President and Chief Executive Officer of Toronto Innovation Acceleration Partners, or TIAP. TIAP, formerly named MaRS Innovation, is a consortium of leading universities, teaching hospitals and other institutions and research institutes with the mandate of identifying life sciences and other technology research from within the consortium and investing in newly-created or other early-stage ventures organized to advance and commercialize scientific breakthroughs. Industry partners of TIAP include Amgen, Baxter, GlaxoSmithKlein, Johnson & Johnson, Merck, Pfizer, and Takeda. Over 50 new life sciences and other healthcare-related companies were launched and/or financed during Dr. Hofstein’s tenure with TIAP. Dr. Hofstein has been a founder, executive and/or director, including serving as chairman, with a number of TIAP biopharmaceutical, biotechnology and other healthcare-related portfolio companies, including: Fibrocor Therapeutics, Inc., a private biotechnology company targeting fibrotic diseases; Encycle Therapeutics Inc., a private biotechnology company which was acquired for consideration of up to approximately $80 million in 2019 by Zealand Pharma A/S (Nasdaq: “ZEAL”), a publicly-traded biotechnology company; Notch Therapeutics Inc., a private biotechnology company focused on gene-edited T cell therapies, which has a strategic partnership with Allogene Therapeutics, Inc. (Nasdaq: “ALLO”), a publicly-traded biotechnology company; and Triphase Accelerator, a private Toronto-based drug development company which entered into a strategic partnership with Celgene relating to early-stage oncology assets. From 1990 to 2009, Dr. Hofstein was President and Chief Executive Officer of Hadasit Ltd., the technology transfer company of Hadassah University Hospital, the teaching hospital of Hebrew University. Dr. Hofstein also founded and, from 2006 to 2011, was Chairman of Hadasit Bio-Holdings Ltd., a then publicly-traded holding company for biopharmaceutical and biotechnology companies (TASE: “HDST”). Dr. Hofstein has been a founder, executive and/or director, including serving as chairman, of subsidiaries and affiliates of Hadasit, including: BioLineRx Ltd. (Nasdaq: “BLRX”); Exalenz Bioscience Ltd., a TASE-listed company which was acquired by Meridian Bioscience, Inc. (Nasdaq: “VIVO”); and KAHR Medical Ltd., a private biotechnology company developing immune-oncology therapies. During this period, Dr. Hofstein was also a Venture Partner at Medica Venture Partners, a leading medical technology venture capital firm in Israel, and a director of Evogene Ltd., a publicly-traded company on Nasdaq (Nasdaq: “EVGN”), and LifeBond Limited Ltd., which was acquired by C.R. Bard. Previously, Dr. Hofstein was Vice President — Business Development for Ecogen Inc., a publicly-traded agricultural biotechnology company on Nasdaq until its acquisition by Monsanto, prior to which he was a Scientific Director for Ecogen in Israel. Dr. Hofstein has also been an officer, director and/or advisor of numerous not-for-profit life sciences-related entities, including: Centre for Commercialization of Regenerative Medicine, or CCRM, a public/private consortium supporting the development of gene and cell therapies and regenerative medicine; Life Sciences Ontario, an organization seeking to advance the life sciences sector in Ontario; and Clinical Trials Ontario, an independent organization established to advance patient care. Previously, Dr. Hofstein was Scientific Director of Biotechnological Applications Ltd. and Manager of Research and Development and Chief of Immunochemistry at the International Genetic Scientific Partnership, both pivotal organizations in the development of Israel’s biotechnology industry. Dr. Hofstein co-founded the Israel Life Science Industry Organization, or ILSI, and the Israel Tech Transfer Network, or ITTN, both private organizations seeking to advance the life sciences sector in Israel. We believe Dr. Hofstein is well-qualified to be on our board of directors due to his broad experience across multiple scientific and medical sectors for numerous public and private biopharmaceutical, biotechnology and pharmaceutical companies; his role as a founder or member of the founding team for many private and public biopharmaceutical, biotechnology and other medical technology companies, including in his capacities as Chairman and/or President and Chief Executive Officer of TIAP and Hadasit; his corporate governance experience gained by serving as a member of numerous board of directors, including as chairman, and various board committees and his widespread relationships throughout the biotechnology ecosystem, including entrepreneurs, managers and private equity and venture capital investors on a global basis. Dr. Hofstein received his B.Sc. in Chemistry and Physics from Hebrew University and his M.Sc. and Ph.D. in Life Sciences and Chemistry from the Weizmann Institute of Science. Dr. Hofstein was awarded the Chaim Weizmann Post-Doctoral Fellowship and the Hereditary Disease Foundation Fellowship while completing his post-doctoral training and research in the Department of Neurobiology at Harvard Medical School.
David Weild IV joined us as a director in December 2020 in connection with our IPO. He was a Senior Advisor to us from November 2019 until his appointment as a director. For more than 15 years, Mr. Weild has been Chairman and Chief Executive Officer of Weild & Co. (including its predecessors), a boutique investment bank focused on emerging growth companies. From 2008 to 2013, Mr. Weild also served concurrently as Senior Advisor — Capital Markets for Grant Thornton, a global public accounting firm. From 2000 to 2003, Mr. Weild was Vice Chairman of Nasdaq and served as a member of Nasdaq’s Executive Committee. For more than 13 years prior to joining Nasdaq, Mr. Weild was an executive of Prudential Securities Inc., including Head of Corporate Finance, Head of the Global Equities Transaction Group and President of Prudentialsecurities.com. Mr. Weild is chairman of INX LTD and a director of BioSig Technologies Inc. (Nasdaq: “BSGM”) and formerly a director of PAVmed Inc. (Nasdaq: “PAVM”), both BioSig and PAVmed being medical technology companies. Mr. Weild is a recognized expert on capital formation and capital markets structure and co-authored a number of definitive white papers that were key catalysts for new legislation and regulatory reforms, including the JOBS Act. We believe Mr. Weild is well-qualified to serve on our board our directors due to his experience serving on the boards of directors of multiple medical technology companies, including his service on audit committees, extensive expertise in corporate finance, his deep knowledge and recognized leadership in capital formation and capital markets structure and his widespread relationships in the financial community. Mr. Weild received his B.A. from Wesleyan University and M.B.A. from New York University Stern School of Business. Mr. Weild also studied at the Sorbonne, Ecoles des Hautes Etudes Commerciales (HEC Paris) and the Stockholm School of Economics.
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Set forth below is summary biographical information on certain of our key employees, officers and senior advisors.
Alan Horsager, Ph.D. is our President – Immuno-Oncology and President and Chief Executive Officer of Duet BioTherapeutics Inc. (“Duet”), our majority-owned subsidiary. Prior to joining the company, Dr. Horsager was Director of LA BioSpace, a life science incubator focused on developing and supporting early-stage biotech companies spinning out from regional research centers such as Caltech, City of Hope, and USC. During this time, Dr. Horsager also served as Interim CEO and Director of Duet (formerly Olimmune), which was acquired by Scopus in June 2021. Prior to this, Dr. Horsager was Founder, President, & CEO of Episona, a company that developed an epigenetic-based diagnostic test for infertility, which was sold into fertility clinics and direct-to-consumer, internationally. Prior to Episona, Dr. Horsager was the Co-founder & Chief Science Officer of Eos Neuroscience. Eos developed an optogenetic-based gene therapy for the treatment of retinitis pigmentosa (“RP”) through a collaborative effort between USC, MIT, and the University of Florida. Dr. Horsager’s doctoral thesis was focused on developing computational methods to improve vision in RP patients implanted with electrical retinal prostheses. This research was in collaboration with Second Sight Medical Products (Nasdaq: “EYES”). Dr. Horsager also worked as a Consultant at L.E.K. Consulting and has numerous scientific publications and patents. Dr. Horsager holds a bachelor’s degree in Psychology from the University of Washington and a doctorate in Neuroscience from the University of Southern California. He has received many awards for his academic work, including a Burroughs Wellcome Fund CASI award.
Aharon Schwartz, Ph.D. is a Senior Scientific Advisor to us and Executive Chairman of Scopus BioPharma Israel Ltd, or Scopus Israel. Since 2004, Dr. Schwartz has been the Chairman of the Board of BioLineRx Ltd. (Nasdaq: “BLRX”), and a director of Foamix Pharmaceuticals Ltd. (Nasdaq: “FOMX”) and Protalix BioTherapeutics, Inc. (NYSE American: “PLX”), all publicly-traded biopharmaceutical/specialty pharmaceutical companies. From 1975 to 2011, Dr. Schwartz served in various management positions at Teva Pharmaceutical Industries Limited (NYSE: “TEVA”), most recently as Vice President — Head of Teva Innovative Ventures. Dr. Schwartz’s prior positions at Teva included Vice President — Strategic Business Planning and New Ventures; Vice President — Global Products Division; Vice President — Copaxone Division; Vice President — Business Development; and Head of the Pharmaceuticals Division. Dr. Schwartz received his B.Sc. in Chemistry and Physics from Hebrew University, his M.Sc. in Organic Chemistry from the Technion and his Ph.D. from the Weizmann Institute of Science. Dr. Schwartz also holds an additional Ph.D. in history and philosophy of science from Hebrew University.
David Silberg has been a Senior Advisor to us and Scopus Israel since October 2018. Since 2000, Mr. Silberg has served as Managing Director of Mercator Research Ltd., a business, financial and strategic advisory firm. Until 2009, Mercator Research served as the representative in Israel for Mercator Capital, a cross-border private equity and investment banking firm. Mr. Silberg was responsible for developing Mercator’s principal and investment banking activities in Israel, including business development with Israel’s leading technology companies and venture capital firms. For more than 25 years prior to founding Mercator, Mr. Silberg held various positions in the Office of the Prime Minister of Israel, reaching the rank of Head of Directorate, a position equivalent to Brigadier General. While in the Prime Minister’s Office, Mr. Silberg was responsible for, among other things, high level legal, diplomatic, financial and defense assignments and played an active role in the peace negotiations between various Israeli Prime Ministers and the Heads of State of certain Arab countries, culminating in the 1994 Middle East peace agreements. In connection with these breakthrough achievements, Mr. Silberg was awarded a Distinction of Honor from the Israeli Prime Minister’s Office. Mr. Silberg received an LL.B. degree from Tel-Aviv University Law School and an M.A., with honors, from the Haifa University. Mr. Silberg is also a graduate of the IDF National Defense College and of the Advanced Management Program of the INSEAD Business School in Fontainebleau, France.
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Composition of our Board of Directors
Effective as of April 28, 2023, our Board is comprised of six members. In accordance with our certificate of incorporation, our Board is divided into three classes with staggered three-year terms. At each annual meeting of stockholders, the successors to the directors whose terms then expire will be elected to serve until the annual meeting that is three years following the election. The terms of the Class A, Class B and Class C directors expire at the 2024, 2022 and 2023 annual meetings of stockholders, respectively. Our directors are divided among the three classes as follows:
Class A: Raphael Hofstein, Ph.D.
Class B: Joshua R. Lamstein and David A. Buckel
Class C: Ira Scott Greenspan, Robert J. Gibson, and David Weild IV
Our certificate of incorporation provides that the authorized number of directors comprising our Board shall be fixed by a majority of the total number of directors. Any additional directorships resulting from an increase in the number of directors will be distributed among the classes as nearly equally as possible. Our directors hold office until their successors have been elected and qualified or until the earlier of their death, resignation or removal. There are no family relationships among any of our directors or executive officers.
Director Independence and Board Committees
Our Board is comprised of three independent directors as such term is defined or generally understood, including a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship, which, in the opinion of the company’s Board, would interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director. Our Board maintains audit, compensation and nominating committees, all of which are comprised solely of independent directors. Our Board also maintains an executive committee.
Audit Committee
Our Audit Committee is currently comprised of Messrs. Buckel and Weild and Dr. Hofstein, each of whom is an independent director. Mr. Buckel is the Chair of the Audit Committee. The Audit Committee’s duties, which are specified in our Audit Committee Charter, include, but are not limited to:
• reviewing and discussing with management and the independent auditor the annual audited financial statements, and recommending to the board whether the audited financial statements should be included in our Form 10-K;
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• discussing with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of our financial statements;
• discussing with management major risk assessment and risk management policies;
• monitoring the independence of the independent auditor;
• verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law;
• inquiring and discussing with management our compliance with applicable laws and regulations;
• pre-approving all audit services and permitted non-audit services to be performed by our independent auditor, including the fees and terms of the services to be performed;
• appointing or replacing the independent auditor;
• determining the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work;
• establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or reports which raise material issues regarding our financial statements or accounting policies;
• monitoring compliance with the company's Code of Business Conduct and Ethics (the “Code”), to investigate any alleged breach or violation of the Code, and to enforce the provisions of the Code; and
• reviewing, approving and overseeing any transaction between the company and any related person (as defined in Item 404 of Regulation S-K) and any other potential conflict of interest situations on an ongoing basis, in accordance with company policies and procedures, and developing policies and procedures for the Audit Committee's approval of related party transactions.
Financial Experts on Audit Committee
The Audit Committee will at all times be composed exclusively of directors who are “financially literate” as such term is defined or generally understood, including being able to read and understand fundamental financial statements, including a company’s balance sheet, income statement and cash flow statement. All of the members of the Audit Committee have employment experience in finance or accounting, requisite professional certification in accounting, or other comparable experience or background that results in the individual’s financial sophistication. Each of Messrs. Buckel and Weild and Dr. Hofstein qualifies as an “audit committee financial expert,” as defined under rules and regulations of the SEC.
Compensation Committee
Our Compensation Committee is currently comprised of Dr. Hofstein and Mr. Buckel, each of whom is an independent director. Dr. Hofstein is the Chair of the Compensation Committee. The Compensation Committee’s duties, which are specified in our Compensation Committee Charter, include, but are not limited to:
• reviewing and approving on an annual basis the corporate goals and objectives relevant to our executive officers and evaluating our executive officers’ performance in light of such goals and objectives;
• reviewing and approving the compensation of all of our executive officers (including through our management services agreements described below);
• reviewing our executive compensation policies and plans;
• implementing and administering our incentive compensation equity-based remuneration plans;
• assisting management in complying with our proxy statement and annual report disclosure requirements;
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• approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers and employees;
• if required, producing a report on executive compensation to be included in our annual proxy statement; and
• reviewing, evaluating, and recommending changes, if appropriate, to the remuneration for directors.
Nominating Committee
Our Nominating Committee is comprised of Mr. Weild and Dr. Hofstein, each of whom is an independent director. Mr. Weild is the Chair of the Nominating Committee. The Nominating Committee is responsible for overseeing the selection of persons to be nominated to serve on our Board. The Nominating Committee considers persons identified by its members, management, stockholders, investment bankers and others.
The guidelines for selecting nominees, which are specified in the Nominating Committee Charter, generally provide that persons to be nominated:
• should have demonstrated notable or significant achievements in business, education, or public service;
• should possess the requisite intelligence, education, and experience to make a significant contribution to the Board and bring a range of skills, diverse perspectives, and backgrounds to its deliberations; and
• should have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of the stockholders.
The Nominating Committee will consider a number of qualifications relating to management and leadership experience, background and integrity and professionalism in evaluating a person’s candidacy for membership on the Board. The Nominating Committee may require certain skills or attributes, such as financial or accounting experience, to meet specific board needs that arise from time to time and will also consider the overall experience and makeup of its members to obtain a broad and diverse mix of board members. The Nominating Committee does not distinguish among nominees recommended by stockholders and other persons.
Executive Committee
We maintain an Executive Committee of the Board, which consists of Messrs. Greenspan, Lamstein and Gibson. Mr. Greenspan is the Chair of the Executive Committee. The role of the executive committee includes, but is not limited to, implementing the Board’s fiduciary, strategic, and other plans, policies, and decisions consistent with the company’s vision, mission, and guiding principles. The Executive Committee assists the company in decision making between meetings of the Board or in circumstances where the full Board may not be immediately available, and any such decisions will be reviewed at the next regularly scheduled or special board meeting, as the case may be. The Executive Committee can act on behalf of the entire Board, except with respect to any matters that (1) are expressly delegated to other committees of the Board, (2) are under active review by the Board or another committee of the Board, unless the Board specifically authorizes such action, or (3) under General Corporation Law of the State of Delaware, the company’s certificate of incorporation or amended and restated by-laws (“By-laws”), cannot be delegated by the Board to a committee of the Board.
Code of Business Conduct and Ethics
We have adopted a code of business conduct and ethics that applies to all of our employees, officers, and directors, including those officers responsible for financial reporting. Our Code is available on our website www.scopusbiopharma.com. We expect that any amendments to the Code, or any waivers of its requirements, will be disclosed on our website.
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Deliquent Section 16(a) Reports
Section 16(a) of the Exchange Act requires our directors and executive officers and persons who own more than 10% of a registered class of our equity securities to file various reports with the SEC concerning their holdings of, and transactions in, securities we issued. Each such person is required to provide us with copies of the reports filed. Based on a review of the copies of such forms furnished to us and other information, we believe that our current officers and directors, including affiliates, (none of which is an owner of 10% of any class of our registered securities) reported transactions in such securities on a timely basis, other than relating to warrant exchanges previously disclosed and reflected in Item 12 hereof.
Item 11. Executive Compensation.
Summary Compensation Table
The following table sets forth the compensation paid or accrued during the fiscal years ended December 31, 2022 and 2021, respectively, to our named executive officers.
| Name and Principal Position | Year | Salary | Bonus | Awards | All Other Compensation(1) |
Total | ||||||||||||||||||
| Joshua R. Lamstein | 2022 | — | — | — | $ | 231,080 | $ | 231,080 | ||||||||||||||||
| Chairman (Principal Executive Officer) | 2021 | — | — | — | $ | 213,060 | $ | 213,060 | ||||||||||||||||
| Robert J. Gibson | 2021 | — | — | — | $ | 200,000 | $ | 200,000 | ||||||||||||||||
| Vice Chairman (Principal Financial and Accounting Officer) | 2020 | — | — | — | $ | 200,000 | $ | 200,000 | ||||||||||||||||
| Ashish P. Sanghrajka | 2022 | — | — | — | — | $ | — | |||||||||||||||||
| Former President(2) | 2021 | $ | 182,308 | — | — | — | $ | 182,308 | ||||||||||||||||
| Ira Scott Greenspan | 2022 | — | — | — | $ | 200,000 | $ | 200,000 | ||||||||||||||||
| Executive Committee Chairman | 2021 | — | — | — | $ | 200,000 | $ | 200,000 | ||||||||||||||||
| (1) | For additional information relating to compensation matters, see “Narrative to Summary Compensation Table,” below. |
| (2) | Mr. Sanghrajka was terminated in July 2021. |
Narrative to Summary Compensation Table
Employment Agreements, Arrangements or Plans
For 2021 and 2022, the services of Joshua R. Lamstein, Robert J. Gibson and Ira Scott Greenspan, our Chairman, Vice Chairman and Executive Committee Chairman, respectively, were provided pursuant to a management services agreement (“MSA”) with HCFP/Portfolio Services LLC (“Portfolio Services MSA”). Under the Portfolio Services MSA, we pay a monthly management services fee for executive management, financial and accounting management, general advisory and administrative and other services. We paid or accrued management services fees under the Portfolio Services MSA in the amounts of $600,000 in each of 2021 and 2022.
Ashish P. Sanghrajka was compensated pursuant to an amended and restated employment agreement. Pursuant to such agreement, Mr. Sanghrajka received the compensation as set forth in the table above until termination of his employment in July 2021. The amended agreement maintains in effect the confidentiality and restrictive covenants set forth in the initial employment agreement.
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Outstanding Equity Awards at Fiscal Year End
As of December 31, 2022, there were no outstanding equity awards to any executive officer.
Director Compensation
Each of our independent directors receives annual director fees of $40,000. Audit Committee, Compensation Committee and Nominating Committee members each receive an additional annual fee of $5,000. The chair of each of the Audit, Compensation and Nominating Committee receives an additional annual fee of $5,000. We also reimburse directors for costs incurred in attending board and committee meetings. The table below summarizes compensation paid and/or accrued for service as a director for the year ended December 31, 2022.
| Name |
Director Fees |
Stock Awards |
Option Awards |
All Other Compensation |
Total | |||||||||||||||
| David A. Buckel | $ | 55,000 | — | — | — | $ | 55,000 | |||||||||||||
| Raphael Hofstein, Ph.D. | $ | 41,333 | — | — | — | $ | 41,333 | |||||||||||||
| David Weild IV | $ | 55,000 | — | — | — | $ | 55,000 | |||||||||||||
2018 Equity Incentive Plan
On September 24, 2018, our Board and stockholders adopted our 2018 Equity Incentive Plan, or the stock plan. The stock plan is designed to enable us to offer our employees, officers, directors, and consultants whose past, present and/or potential contributions to us have been, are or will be important to our success, an opportunity to acquire a proprietary interest in us. The various types of incentive awards that may be provided under the stock plan are intended to enable us to respond to changes in compensation practices, tax laws, accounting regulations and the size and diversity of our business. The stock plan, as amended, authorizes the issuance of 2,400,000 shares of common stock in accordance with the stock plan’s terms. As of April 28, 2023, 600,000 shares of common stock are reserved for outstanding options under the stock plan. As a result of an insufficient number of authorized shares, no shares of common stock are currently reserved relating to the additional 1,800,000 shares authorized under the stock plan. Such shares were required to enable the company to effect certain financing transactions. Until any increase in the number of authorized shares of common stock is approved by the company’s stockholders, we will be constrained in our ability to issue shares of our common stock, including relating to the stock plan.
Subject to the foregoing, under the stock plan our officers, directors, employees, and consultants, as well as those of our subsidiaries, are eligible to be granted awards under the stock plan. An incentive stock option may be granted under the stock plan only to a person who, at the time of the grant, is an employee of ours or our subsidiaries. All awards are subject to approval by the Board.
Administration
The stock plan is administered by our Board. Subject to the provisions of the stock plan, the Board determines, among other things, the persons to whom from time to time awards may be granted, the specific type of awards to be granted, the number of shares subject to each award, share prices, any restrictions or limitations on the awards, and any vesting, exchange, deferral, surrender, cancellation, acceleration, termination, exercise or forfeiture provisions related to the awards.
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Stock Subject to the Plan
Shares of stock subject to other awards that are forfeited or terminated will be available for future award grants under the stock plan. Shares of common stock that are surrendered by a holder or withheld by the company as full or partial payment in connection with any award under the stock plan, as well as any shares of common stock surrendered by a holder or withheld by the company or one of its subsidiaries to satisfy the tax withholding obligations related to any award under the stock plan, shall not be available for subsequent awards under the stock plan.
Under the stock plan, on a change in the number of shares of common stock as a result of a dividend on shares of common stock payable in shares of common stock, common stock forward split or reverse split or other extraordinary or unusual event that results in a change in the shares of common stock as a whole, the terms of the outstanding award will be proportionately adjusted.
Eligibility
Awards may be granted under the stock plan to employees, officers, directors, and consultants who are deemed to have rendered, or to be able to render, significant services to us and who are deemed to have contributed, or to have the potential to contribute, to our success.
Types of Awards
Options. The stock plan provides both for “incentive” stock options as defined in Section 422 of the Internal Revenue Code (the “Code”) and for options not qualifying as incentive options, both of which may be granted with any other stock based award under the stock plan. The board determines the exercise price per share of common stock purchasable under an incentive or non-qualified stock option, which may not be less than 100% of the fair market value on the day of the grant or, if greater, the par value of a share of common stock. However, the exercise price of an incentive stock option granted to a person possessing more than 10% of the total combined voting power of all classes of stock may not be less than 110% of the fair market value on the date of grant. The aggregate fair market value of all shares of common stock with respect to which incentive stock options are exercisable by a participant for the first time during any calendar year, measured at the date of the grant, may not exceed $100,000 or such other amount as may be subsequently specified under the Code or the regulations thereunder. An incentive stock option may only be granted within a ten-year period commencing on September 24, 2018 and may only be exercised within ten years from the date of the grant, or within five years in the case of an incentive stock option granted to a person who, at the time of the grant, owns common stock possessing more than 10% of the total combined voting power of all classes of our stock. Subject to any limitations or conditions the board may impose, stock options may be exercised, in whole or in part, at any time during the term of the stock option by giving written notice of exercise to us specifying the number of shares of common stock to be purchased. The notice must be accompanied by payment in full of the purchase price, either in cash or, if provided in the agreement, in our securities or in combination of the two.
Generally, stock options granted under the stock plan may not be transferred other than by will or by the laws of descent and distribution and all stock options are exercisable during the holder’s lifetime, or in the event of legal incapacity or incompetency, the holder’s guardian, or legal representative. If the holder is an employee, no stock options granted under the stock plan may be exercised by the holder unless he or she is employed by us or a subsidiary of ours at the time of the exercise and has been so employed continuously from the time the stock options were granted. However, in the event the holder’s employment is terminated due to disability, the holder may still exercise his or her vested stock options for a period of 12 months or such other greater or lesser period as the board may determine, from the date of termination or until the expiration of the stated term of the stock option, whichever period is shorter. Similarly, should a holder die while employed by us or a subsidiary of ours, his or her legal representative or legatee under his or her will may exercise the decedent holder’s vested stock options for a period of 12 months from the date of his or her death, or such other greater or lesser period as the board may determine or until the expiration of the stated term of the stock option, whichever period is shorter. If the holder’s employment is terminated due to normal retirement, the holder may still exercise his or her vested stock options for a period of 12 months from the date of termination or until the expiration of the stated term of the stock option, whichever period is shorter. If the holder’s employment is terminated for any reason other than death, disability or normal retirement, the stock option will automatically terminate, except that if the holder’s employment is terminated without cause, then the portion of any stock option that is vested on the date of termination may be exercised for the lesser of three months after termination of employment, or such other greater or lesser period as the board may determine but not beyond the balance of the stock option’s term.
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Stock Appreciation Rights. Under the stock plan, stock appreciation rights may be granted to participants who have been, or are being, granted stock options under the stock plan as a means of allowing the participants to exercise their stock options without the need to pay the exercise price in cash or without regard to the grant of options. A stock appreciation right entitles the holder to receive an amount equal tote excess of the fair market value of a share of common stock over the grant price of the award which cannot be less than the fair market value of a share at the time of grant.
Restricted Stock. Under the stock plan, shares of restricted stock may be awarded either alone or in addition to other awards granted under the stock plan. The board determines the persons to whom grants of restricted stock are made, the number of shares to be awarded, the price if any to be paid for the restricted stock by the person receiving the stock from us, the time, or times within which awards of restricted stock may be subject to forfeiture, the vesting schedule, and rights to acceleration thereof, and all other terms and conditions of the restricted stock awards.
Restricted stock awarded under the stock plan may not be sold, exchanged, assigned, transferred, pledged, encumbered, or otherwise disposed of, other than to us, during the applicable restriction period. In order to enforce these restrictions, the stock plan provides that all shares of restricted stock awarded to the holder remain in our physical custody until the restrictions have terminated and all vesting requirements with respect to the restricted stock have been fulfilled. Except for the foregoing restrictions, the holder will, even during the restriction period, have all of the rights of a stockholder, including the right to receive and retain all regular cash dividends and other cash equivalent distributions as we may designate, pay, or distribute on the restricted stock and the right to vote the shares.
Other Stock-Based Awards. Under the stock plan, other stock-based awards may be granted, subject to limitations under applicable law, that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, shares of common stock, as deemed consistent with the purposes of the stock plan. These other stock-based awards may be in the form of deferred stock awards and stock issued in lieu of bonuses. These other stock-based awards may include performance shares or options, whose award is tied to specific performance criteria. These other stock-based awards may be awarded either alone, in addition to, or in tandem with any other awards under the stock plan.
Other Limitations. The board may not modify or amend any outstanding option or stock appreciation right to reduce the exercise price of such option or stock appreciation right, as applicable, below the exercise price as of the date of grant of such option or stock appreciation right.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Subject to information set forth in the footnotes to the table below and additional disclosure following such footnotes, set forth below, as of April 28, 2023, is information regarding the beneficial ownership of our common stock by each person known to us to be or, to the best of our knowledge is or claims to be, the beneficial owner of more than 5% of our outstanding shares; each of our executive officers and directors; and all of our executive officers and directors as a group. Except as may be otherwise indicated, beneficial ownership reflected in the table is determined in accordance with Rule 13d-3 promulgated under the Exchange Act.
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| Approximate | ||||||||
| Percentage of | ||||||||
| Number of | Outstanding | |||||||
| Beneficially | Shares of | |||||||
| Name and Address of Holder(1) | Owned Shares | Common Stock | ||||||
| Directors and Executive Officers | ||||||||
| Ira Scott Greenspan(2) | 1,520,424 | 3.8 | % | |||||
| Joshua R. Lamstein(3) | 1,469,997 | 3.7 | % | |||||
| Robert J. Gibson(4) | 212,352 | 0.5 | % | |||||
| David A. Buckel(5) | 82,372 | 0.2 | % | |||||
| David Weild IV(6) | 76,431 | 0.2 | % | |||||
| Raphael Hofstein, Ph.D. | - | * | ||||||
| All directors and executive officers as a group (6 individuals)(2)(3)(4)(5)(6) | 2,011,576 | 5.0 | % | |||||
| 5% Stockholders | ||||||||
| Morris C. Laster, M.D.(7) | 6,006,000 | 15.1 | % | |||||
| Armistice Capital, LLC(8) | 2,100,000 | 5.0 | % | |||||
* Indicates less than 1%.
| 1. | Unless otherwise specified, the business address of referenced holders is 420 Lexington Avenue, Suite 300, New York, New York 10170. |
| 2. | Includes: (i) 1,350,000 shares of common stock held by HCFP/Capital Partners 18B-1 LLC (“18B-1”), of which Mr. Greenspan is a member and co-manager; (ii) 73,334 shares of common stock held by HCP/Advest LLC (“HCP/Advest”), of which Mr. Greenspan is a member and sole manager; and (iii) 14,640 shares of common stock held by certain other HCFP-related entities (“HCFP”). Accordingly, Mr. Greenspan is deemed to have shared voting and dispositive power over the shares of common stock held by 18B-1 and HCFP and sole voting and dispositive power over shares of common stock held by HCP/Advest. Mr. Greenspan disclaims beneficial ownership of the shares of common stock held by these entities, except to the extent of his proportionate pecuniary interest therein. Unless and until a final resolution of the Intervention Complaint, as defined below, the 6,000,000 shares of common stock, the ownership of which is subject to dispute, are not included in Mr. Greenspan’s share ownership. |
| 3. | Includes: (i) 1,350,000 shares of common stock held by 18B-1, of which Mr. Lamstein is a member and co-manager. Accordingly, he is deemed to have shared voting and dispositive power over the shares of common stock held by 18B-1. Mr. Lamstein disclaims beneficial ownership of the shares of common stock held by 18B-1, except to the extent of his proportionate pecuniary interest therein. Also includes an aggregate of 3,000 shares of common stock held by Mr. Lamstein’s minor children. Unless and until a final resolution of the Intervention Complaint, as defined below, the 6,000,000 shares of common stock, the ownership of which is subject to dispute, are not included in Mr. Lamstein’s share ownership. |
| 4. | Includes 210,052 shares of common stock held by Dayber Snow LLC, of which Mr. Gibson is a member and co-manager. Accordingly, he is deemed to have shared voting and dispositive power over the shares of common stock held by this entity. Mr. Gibson disclaims beneficial ownership of the shares of common stock held by this entity, except to the extent of his proportionate pecuniary interest therein. Also includes an aggregate of 2,000 shares of common stock held by Mr. Gibson’s minor children. Unless and until a final resolution of the Intervention Complaint, as defined below, the 6,000,000 shares of common stock, the ownership of which is subject to dispute, are not included in Mr. Gibson’s share ownership. |
| 5. | Includes 76,431 shares of common stock issuable pursuant to outstanding stock options to purchase our common stock, which are currently exercisable, and 5,941 shares of common stock held by BVI Venture Services LLC (“BVI”), of which Mr. Buckel is the sole owner. Accordingly, he is deemed to have sole voting and dispositive power over the shares of common stock held by BVI. |
| 6. | Represents 76,431 shares of common stock issuable pursuant to outstanding stock options to purchase our common stock, which are currently exercisable. |
| 7. | Based solely on information and claims set forth in an amended Scheduled 13D filed by Laster on May 12, 2021 (“Amended 13D”), includes: (i) 4,926,000 shares of common stock over which Dr. Laster claims sole beneficial ownership and (ii) 360,000 shares of common stock over which each of Chen Laster, Gabriella Laster and Sara Laster, or 1,080,000 shares of common stock in the aggregate, claims beneficial ownership over which Dr. Laster claims shared beneficial ownership on account of Dr. Laster, Chen Laster, Gabriella Laster and Sara Laster constituting a group. The address for Dr. Laster provided in the Amended 13D is 11 Reuven Shari St., Jerusalem, Israel. As more fully set forth below, the aggregate number of shares of common stock in this footnote includes 6,000,000 shares of common stock, the ownership of which is disputed and is subject to final resolution of the Intervention Complaint, as defined below. |
| 8. | Based solely on information set forth in a Schedule 13G filed by Armistice Capital, LLC (“Armistice Capital”) on February 15, 2022 (the “13G”), Armistice Capital is the investment manager of Armistice Capital Master Fund Ltd. (the “Master Fund”), the direct holder of the shares of common stock, and pursuant to an Investment Management Agreement, Armistice Capital exercises voting and investment power over the securities of the company held by the Master Fund and thus may be deemed to beneficially own the securities of the company held by the Master Fund. Mr. Boyd, as the managing member of Armistice Capital, may be deemed to beneficially own the securities of the company held by the Master Fund. The Master Fund specifically disclaims beneficial ownership of the securities of the company directly held by it by virtue of its inability to vote or dispose of such securities as a result of its Investment Management Agreement with Armistice Capital. The address for Armistice Capital and Mr. Boyd is 510 Madison Avenue, 7th Floor, New York, New York 10022. |
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As set forth and described in the Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on April 15, 2022, on December 16, 2021, HCFP/Capital Partners VIB LLC (“VIB”), an affiliate of certain of our officers and directors, filed a Motion to Intervene and attached its Complaint in Intervention (the “Intervention Complaint”), which alleges, among other things, that although Laster claims to have acquired 6,000,000 shares of our common stock in June 2017, Laster never owned or acquired those shares because he did not sign or agree to VIB’s operating agreement, which is the only way he could have obtained such shares. If VIB prevails in its Intervention Complaint, then VIB would be the beneficial and record owner of all such 6,000,000 shares of our common stock.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
Other than compensation arrangements, we describe below transactions and series of similar transactions over the two most recently completed fiscal years, as well as the current fiscal year, to which we were a party or will be a party, in which:
• The amounts involved exceeded or will exceed the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two completed fiscal years; and
• Any of our directors, executive officers, or holders of more than 5% of our capital stock, or any member of the immediate family of the foregoing persons, had or will have a direct or indirect material interest.
The services of our Chairman, Vice Chairman and Executive Committee Chairman have been provided to us pursuant to the Portfolio Services MSA. These executives commit a significant portion of their business time to us. In connection with the services provided by our executive officers under the Portfolio Services MSA, our executive officers are supported by additional personnel of entities affiliated with Portfolio Services. The Portfolio Services MSA, as amended, provides for a monthly management services fee of $50,000 and a monthly fee for office space and facilities of $3,000. The aggregate management and office space and facilities fees paid or accrued under the Portfolio Services MSA were $636,000 in each of 2021 and 2022. We are also obligated to reimburse reasonable and properly documented out-of-pocket expenses. In July 2021, Portfolio Services converted a convertible note in the principal amount plus accrued and unpaid interest of approximately $223,278, in the aggregate, into warrants on the maturity date, on the same terms as unaffiliated investors. In November 2021, an affiliate of certain of our officers and directors, contributed 3,000,000 warrants to the company. In connection with such contribution, such warrants and a related note payable to the company were both cancelled. Such warrant contribution was made to make available authorized shares to enable the company to complete a financing in November 2021. At such time, the company’s ability to issue shares of common stock was impeded due to a lack of sufficient authorized shares. Increasing the number of authorized shares requires stockholder approval, which could not be obtained on a timely basis, or at all, and would have precluded the company from raising the capital required to sustain its operations. The company was subject to a proxy contest at the time it was seeking to execute the November 2021 financing. On September 26, 2021, the Board approved an indemnification agreement (the “Indemnification Agreement”), pursuant to which the company has agreed to indemnify each of the Executive Committee Directors, the employees of HCFP, and certain affiliates and related entities (collectively, the “Indemnified Parties”) from and against any losses, claims, damages or liabilities, including reasonable attorney’s fees, suffered or incurred by the Indemnified Parties in connection with any disputes, litigation or threatened litigation (whether existing prior to or commencing after the date of the Indemnification Agreement) involving certain current or former executives and directors of the company and arising or resulting from any Indemnified Party’s affiliation or involvement with the company, including in connection with the provision of additional services beyond those initially contemplated under the Portfolio Services management services agreement. The Indemnification Agreement also provides that the company will advance expenses to any Indemnified Party, including legal fees, incurred by such Indemnified Party in connection with any litigation or proceeding to which such Indemnified Party is entitled to indemnification under the Indemnification Agreement. The company incurred approximately $462,929 and $32,934 in legal fees in connection with this Indemnification Agreement in 2021 and 2022, respectively. As disclosed in prior filings, including the Original 10-K, in October 2022, in connection with exhanges of warrants, certain officers, directors, and/or affiliates thereof, exchanged warrants to purchase shares of the company’s common stock for an aggregate of 117,250 shares of common stock of Duet, a wholly-owned subsidiary of the company prior to such exchanges, on the same terms as independent third parties.
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In connection with a milestone relating to the acquisition of Bioscience Oncology Pty., Ltd. (“Bioscience Oncology”), we issued an aggregate of 706,333 shares of our common stock to Paul Hopper and an affiliated entity and 190,000 shares to Ashish Sanghrajka, including shares received by Mr. Sanghrajka’s minor children. Messrs. Hopper and Sanghrajka are former officers and/or directors of the company.
Transactions between us and any of our officers and directors or their respective affiliates are or will be on terms believed by us to be no less favorable to us than are available from unaffiliated third parties. Our Audit Committee Charter contains our related-party transaction policy, which provides for the Audit Committee to review, approve and oversee any transaction between the company and any related person and any other potential conflict of interest situations on an ongoing basis.
Item 14. Principal Accountant Fees and Services.
The following table sets forth the aggregate fees accrued and/or paid to Wolf & Company, P.C. during 2022 for audit services rendered in connection with the audits and reviews of our consolidated financial statements.
| Description of Fees | 2022 | |||
| Audit Fees | $ | 203,000 | ||
| Audit-Related Services Fees | - | |||
| Tax Fees | - | |||
| All Other Fees | - | |||
| Total | $ | 203,000 | ||
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Pre-Approval of Audit and Non-Audit Services
Prior to engagement of an independent accounting firm for the next year’s audit, the Audit Committee is responsible for pre-approving the engagement of the independent accounting firm, and the projected fees for audit services, as well as pre-approving any audit-related services and permissible non-audit services provided by our independent accounting firm that we will incur separate and apart from the audit engagement. The fee amounts approved for the audit and any audit-related services are updated to the extent necessary at meetings of the Audit Committee during the year. In the the year ended December 31, 2022, there were no fees paid to Wolf & Company, P.C. under a de minimis exception to the rules that waives pre-approval for certain non-audit services.
PART IV
Item 15. Exhibits, Financial Statement Schedules.
| (a) | Documents filed as part of this Annual Report. | |
| (1) | Financial Statements. See Index to Consolidated Financial Statements, which appears on page F-1 of Original 10-K. The consolidated financial statements listed in the accompanying Index to Consolidated Financial Statements are filed therewith in response to this Item. | |
| (2) | Financial Statements Schedules. All schedules are omitted because they are not applicable or because the required information is contained in the consolidated financial statements or notes included in this report. | |
| (b) | The exhibits listed in Part IV, Item 15(b) of the Original 10-K and the exhibits listed below are filed with, or incorporated by reference into, this report. |
| 31.3 | Certification of Chief Executive Officer required by Rule 13a-14(a) of the Exchange Act |
| 31.4 | Certification of Chief Financial Officer required by Rule 13a-14(a) of the Exchange Act |
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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.
| Date: April 28, 2023 | SCOPUS BIOPHARMA INC. | |
| By: | /s/ Joshua R. Lamstein | |
| Joshua R. Lamstein | ||
| Chairman and Director | ||
Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K/A has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated:
| Signature | Title | Date | ||
| /s/ Joshua R. Lamstein | Chairman and Director | April 28, 2023 | ||
| Joshua R. Lamstein | (Principal Executive Officer) | |||
| /s/ Robert J. Gibson | Vice Chairman, Secretary, Treasurer and Director | April 28, 2023 | ||
| Robert J. Gibson | (Principal Financial Officer and Principal Accounting Officer) | |||
| * | Director | April 28, 2023 | ||
| David A. Buckel | ||||
| * | Director | April 28, 2023 | ||
| Ira Scott Greenspan | ||||
| * | Director | April 28, 2023 | ||
| Raphael Hofstein | ||||
| * | Director | April 28, 2023 | ||
| David Weild IV |
| *By: | /s/ Joshua R. Lamstein | ||
| Joshua R. Lamstein | |||
| Attorney-in-Fact | |||
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