On August 1, 2021, Ainos, Inc. entered into a five-year Product Development Agreement with Taiwan Carbon Nano Technology Corporation. Pursuant to the Original Agreement, the parties will co-develop pharmaceutical, medical device and other products defined in the agreement. On January 9, 2024, the Company and TCNT entered into an addendum to the Product Development Agreement in connection with the scope of co-development and certain terms. For products defined in the Addendum agreement, TCNT will provide facilities, equipment, mass production process technology, ISO9001 and ISO13485 related management, as well as mass production support.

The procurement of parts and raw materials, rental fees, and utility expenses are excluded. The Company will pay a total fee of TWD 5 million (approximately USD 161,000) for five-years of development commencing from 2024. For six months commencing from January 2024, TCNT will provide non-exclusive use of certain patents related to VOC and POCT technologies for a monthly fee of USD 95,000 (plus 5% sales tax), with negotiable payment terms. The parties can discuss subsequent use of the patents at later dates.

The Company's audit committee ratified the Original Agreement and approved the Addendum Agreement on January 8, 2024.