2025-11-04T11:52:08-06:00 2024-12-31 PWC US TAX LLP 655 NEW YORK AVE NW STE 1100 WASHINGTON DC 20001 990 2024-01-01 237121131 Ludwig Institute for Cancer Research Ltd % URS KUNZ LUDW 2124501500 600 Third Avenue 32nd Floor New York NY 10016 Jonathan Skipper President 2124501500 2025-11-04 true true ERIC M MCNEIL P00460263 2024141000 2025-11-03 2024 2025-03-06 01:10:19Z Jonathan Skipper 600 Third Avenue 32nd Floor New York NY 10016 63043209 false X www.ludwigcancerresearch.org X 1971 SZ The Ludwig Institute for Cancer Research Ltd is a global non-profit institute committed to improving the under- standing & control of cancer through laboratory and clinical research. 10 7 31 0 0 0 70226776 61015700 0 0 12667 42664 2654509 1984845 72893952 63043209 0 0 0 0 16640017 9935499 0 0 0 54713252 54335530 71353269 64271029 1540683 -1227820 19252124 15647314 16568652 14569359 2683472 1077955 X THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD IS AN INTERNATIONAL NOT-FOR-PROFIT ORGANIZATION COMMITTED TO PREVENTING AND CONTROLLING CANCER THROUGH INTEGRATED LABORATORY AND CLINICAL RESEARCH. false true 53851321 LINE 4A - LABORATORY AND CLINICAL RESEARCH LEADING TO CLINICAL APPLICATIONS THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD WAS FOUNDED IN 1971 AS AN INTERNATIONAL NOT-FOR-PROFIT RESEARCH INSTITUTE DEDICATED TO IMPROVING THE UNDERSTANDING, PREVENTION, DETECTION AND TREATMENT OF CANCER. THE LUDWIG INSTITUTE TAKES RESPONSIBILITY FOR THE DISCOVERY CONTINUUM FROM CONDUCT OF INNOVATIVE LABORATORY AND CLINICAL RESEARCH AND EXTENDING TO EXPLORING THE CLINICAL POTENTIAL OF NEW DISCOVERIES IN CLINICAL STUDIES, TO FACILITATE THE TRANSLATION OF PROMISING DISCOVERIES RELATED TO CANCER INTO APPLICATIONS FOR HUMAN BENEFIT. MAKING MEANINGFUL ADVANCES THAT WILL ULTIMATELY TRANSFORM CARE FOR CANCER PATIENTS IS CENTRAL TO THE LUDWIG INSTITUTE'S MISSION. THE LUDWIG INSTITUTE ENGAGES LEADING CANCER SCIENTISTS AND CLINICIANS IN AN INTEGRATED LABORATORY AND CLINICAL RESEARCH EFFORT TO CONFRONT THE GLOBAL CHALLENGE OF CANCER. ALL LABORATORY AND CLINICAL RESEARCH FINANCED BY THE LUDWIG INSTITUTE IS CARRIED OUT BY ITS IN-HOUSE RESEARCH STAFF OR THROUGH RESEARCH COLLABORATIONS INVOLVING INSTITUTE STAFF AND EXTERNAL INVESTIGATORS. CLINICAL STUDIES ARE IMPLEMENTED THROUGH LOCALLY SPONSORED, INVESTIGATOR-INITIATED CLINICAL TRIALS MANAGED THROUGH ITS BRANCH'S HOSPITAL AFFILIATIONS OR THROUGH NON-PROFIT CLINICAL TRIAL NETWORKS. THE LUDWIG INSTITUTE HAS A STAFF OF AROUND 485 FULL TIME EQUIVALENTS SCIENTISTS, CLINICIANS AND SUPPORT PERSONNEL AS OF DECEMBER 31, 2024, LOCATED IN FOUR COUNTRIES AND FOCUSED ON MULTIPLE ASPECTS OF CANCER RESEARCH. MORE THAN 99% OF THE TOTAL COST OF THE LUDWIG INSTITUTE IS FUNDED BY OWN RESOURCES. IN ADDITION TO SELF-GENERATED INCOME FROM INTELLECTUAL PROPERTY, A SIGNIFICANT AMOUNT IS RECEIVED FROM THE LICR FUND, INC., A DELAWARE SUPPORTING ORGANIZATION DEDICATED TO MAINTAINING AN INVESTMENT PORTFOLIO FOR THIS PURPOSE. THIS FUNDING SETUP GIVES LUDWIG INSTITUTE INVESTIGATORS THE FREEDOM TO TACKLE INNOVATIVE LONG-TERM RESEARCH AND ENCOURAGES AND ENABLES MULTIDISCIPLINARY TEAMS OF INVESTIGATORS TO ADDRESS SIGNIFICANT AND RELATIVELY COMPLEX CHALLENGES POSED BY CANCER. THE RESEARCH ACTIVITIES OF THE LUDWIG INSTITUTE, TOGETHER WITH THOSE OF THE LUDWIG CENTERS ESTABLISHED AT SIX U.S. ACADEMIC INSTITUTIONS WITH FUNDING FROM A TRUST UNDER THE WILL OF DANIEL K. LUDWIG ARE DESIGNATED COLLECTIVELY AS "LUDWIG CANCER RESEARCH," AN INTERNATIONAL COMMUNITY OF DISTINGUISHED SCIENTISTS DEDICATED TO STUDYING CANCER AND ADVANCING ITS PREVENTION, DIAGNOSIS AND TREATMENT. THE DEVELOPMENT, PROTECTION AND LICENSING OF INTELLECTUAL PROPERTY GENERATED BY RESEARCH AND TECHNOLOGY DEVELOPMENT IS FUNDAMENTAL TO THE LUDWIG INSTITUTE'S COMMITMENT TO TRANSLATE ITS DISCOVERIES FOR PATIENT BENEFIT. INCOME FROM THESE ACTIVITIES FINANCED RESEARCH EXPENDITURES AMOUNTING TO USD 2.0 MILLION IN 2024. THE LUDWIG INSTITUTE ALSO MANAGES ITS IP AND PATENTS FOR PUBLIC BENEFIT. THIS MEANS THAT THE IP IS MADE FREELY AVAILABLE TO THE ACADEMIC RESEARCH COMMUNITY. IN 2024, LUDWIG INSTITUTE INVESTIGATORS PUBLISHED 227 PRIMARY RESEARCH ARTICLES AND 52 REVIEWS, BOOK CHAPTERS AND COMMENTARIES. PROGRESS WAS MADE IN THE STUDY OF TUMOR BIOLOGY, CANCER GENOMICS, CANCER PREVENTION, THE TUMOR MICRO-ENVIRONMENT AND TUMOR IMMUNOLOGY. IN 2024, TEN NEW U.S. PATENTS AND THREE NEW EUROPEAN PATENTS WERE ISSUED. NINE NEW U.S. APPLICATIONS AND A FURTHER SIX NEW INTERNATIONAL PATENT APPLICATIONS WERE ALSO FILED. 53851321 true true false true false false false false false false false true false true true false true true false true true false false false false false false false false true false false false false false false false false false false false false false true true true false false true 43 0 true 31 true false true UK SZ false false false false false false false false true false X 10 7 true true false false true true true true true false true true true true true true true true true true false CA NY X URS KUNZ 1442676277 LICR LTD STADELHOFERSTR 22 ZURICH SZ CH-8001 X Xing Chen Director (From 7/24) 1.0 39.0 X 0 1010543 186454 Dr Chi Van Dang Dir, Sci. Dir, CEO (From 7/24) 50.0 2.0 X X 1106568 0 73583 Dr Jonathan Skipper President (From 7/24) 45.0 0.0 X 789223 0 73583 Edward A McDermott Jr Dir, Board Chair (From 7/24) 44.0 4.0 X X 14794 604133 51800 Thomas Baenninger Chief Financial Officer 40.0 0.0 X 546105 0 116742 Yang Shi Group Leader 10.0 0.0 X 467668 0 62934 George Coukos Branch Director 40.0 0.0 X 416454 0 85341 Patrice Morin Deputy Scient. Dir. 45.0 0.0 X 406205 0 75269 Xin Lu Branch Director 10.0 0.0 X 408289 0 54740 Michael Macaranas BRANCH ADMINISTRATOR(END 4/24) 40.0 0.0 X 387157 0 23091 Alexander Borissov SEC. TO BOARD, INTERNAL AUDIT 37.0 3.0 X 287353 0 76191 Richard White Group Leader 10.0 0.0 X 272355 0 78038 Gerd Ritter TECHNOLOGY DEVELOPMENT MANAGER 40.0 0.0 X 267969 0 65638 John L Notter Dir, Board Chair (End 6/24) 8.0 3.0 X 15357 99960 0 John D Gordan III Director 2.0 2.0 X 11271 84960 0 Jedd Wolchok DIRECTOR 2.0 3.0 X 11271 84960 0 Dr Nancy Ellen Davidson Director 2.0 2.0 X 11271 30000 0 Judge Barbara S Jones Director 2.0 2.0 X 11271 30000 0 Alexandra Johnson Director 2.0 2.0 X 11271 30000 0 Nicolas Killen Director 2.0 2.0 X 11271 30000 0 5453123 2004556 1023404 28 false true false University of Lausanne BATIMENT UNICENTRE LAUSANNE 0 SZ CH-1015 Research Services 14359942 University of Oxford WELLINGTON SQUARE OXFORD 0 UK OX1 2JD Research Services 12616267 Princeton University 701 Carnegie Center PRINCETON NJ 08540 RESEARCH SERVICES 11336468 de Duve Institute AVENUE HIPPOCRATE 75 BRUXELLES 0 BE 1200 RESEARCH SERVICES 3223460 The Ludwig Group Inc 600 Third Avenue 32nd Floor NEW YORK NY 10016 Management services 2600820 12 61000000 15700 61015700 0 42664 42664 0 1957672 1957672 0 0 0 0 0 0 0 0 0 0 0 0 0 REIMBURSEMENT OF INSURANCE COSTS 900099 27173 27173 27173 63043209 0 2027509 0 0 0 0 4272142 1428309 2843833 0 3940114 2034075 1906039 240694 36887 203807 914831 228481 686350 567718 330626 237092 2600820 401049 2199771 275666 68324 207342 129518 129518 0 0 0 730347 290293 440054 0 94742 2613 92129 298739 59040 239699 344664 344664 793464 12867 780597 556560 253321 303239 0 24537 19929 4608 200 200 0 0 201946 105191 96755 COLLABORATIVE PROGRAMS 47062432 47062432 PATIENT AGENT FEES 965671 965671 LABORATORY EXPENSES 172132 172132 HUMAN RESOURCES 20741 37 20704 63351 35380 27971 64271029 53851321 10419708 0 3717893 2890499 3000722 0 361800 0 4462225 5118776 0 0 0 0 520000 520000 0 0 484684 373153 0 0 33 33 5290937 5281937 0 0 0 0 1413830 1462916 19252124 15647314 15401322 13501694 0 0 13628 0 0 0 0 0 0 0 0 0 0 0 1153702 1067665 16568652 14569359 X 59542 74427 0 0 2623930 1003528 2683472 1077955 19252124 15647314 X -1227820 -79000 -298697 X X false true X true false X UNIVERSITY HOSPITAL CENTRE OF CANTON VAUD Lausanne SZ UNIVERSITY CLINIC OF ST LUC Brussels BE OXFORD UNIVERSITY HOSPITAL OXFORD UK RWJ BARNABAS HEALTH PRINCETON NJ RUTGERS CANCER INSTITUTE OF NEW JERSEY NEW BRUNSWICK NJ WEILL CORNELL MEDICAL COLLEGE NEW YORK NY JOHNS HOPKINS UNIVERSITY BALTIMORE MD RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 64271029 64271029 1000000 250000 1000000 1000000 1000000 1000000 4000000 6000000 250000 250000 250000 250000 1000000 1500000 SCHEDULE C, PART II-A THE ORGANIZATION MADE NO LOBBYING EXPENDITURES IN 2024. THEREFORE SCHEDULE C PART II-A, LINES 1A, 1B, 2C, AND 2F ARE ZERO. UNIVERSE TANKSHIPS, INC, SHARE 5103185 C VACCITECH ONCOLOGY LIMITED 106000 C LIFE SCIENCES PHARMA. INC., SH 1457 C RECEPTA INC., SHARES 327 C ARIMA GENOMICS, INC 210 C LUDWIG TECHNOLOGIES, INC SHARE 10100 C FENX THERAPEUTICS, INC. 60000 C EPIGENOME TECHNOLOGIES, INC 5 C PILATUS BIOSCIENCES, INC. 653 C 5281937 PENSION PLAN 457B 1067665 DEPOSITS 37418 VAT RELATED RECEIVABLES 357833 1462916 0 PENSION PLAN 457B PAYABLE 1067665 1067665 62964209 -79000 -79000 63043209 63043209 64569726 298697 298697 64271029 64271029 Europe (Including Iceland and Greenland) 2 17 Program Services Medical Research 38255957 Russia and the Newly Independent States 0 0 Program Services MEDICAL RESEARCH 90 Europe (Including Iceland and Greenland) 1 31 Program Services Management 2435007 Europe (Including Iceland and Greenland) 0 0 Investments 106000 East Asia and the Pacific 0 4 Program Services Medical Research 79003 South America 0 1 Program Services Medical Research 35556 3 53 3 53 40911613 40911613 false false true false false false FORM 990, SCHEDULE F, PART I, LINE 3 Refer to Schedule O Disclosure for Part IV, Line 12A and Part XII, Line 1. X X X X true true false false false false false false false Edward A McDermott Jr Dir, Board Chair (From 7/24) 14794 604133 0 0 0 0 0 33121 0 20367 14794 657621 0 0 Dr Chi Van Dang Dir, Sci. Dir, CEO (From 7/24) 1001138 0 0 0 105430 0 36225 0 39785 0 1182578 0 0 0 Thomas Baenninger Chief Financial Officer 546105 0 0 0 0 0 106919 0 14792 0 667816 0 0 0 Dr Jonathan Skipper President (From 7/24) 726163 0 0 0 63060 0 36225 0 40946 0 866394 0 0 0 George Coukos Branch Director 416454 0 0 0 0 0 85341 0 4131 0 505926 0 0 0 Xin Lu Branch Director 408289 0 0 0 0 0 54740 0 0 0 463029 0 0 0 Patrice Morin Deputy Scient. Dir. 397174 0 0 0 9031 0 36225 0 41073 0 483503 0 0 0 Richard White Group Leader 272355 0 0 0 0 0 78038 0 0 0 350393 0 0 0 Yang Shi Group Leader 467668 0 0 0 0 0 62934 0 0 0 530602 0 0 0 Michael Macaranas BRANCH ADMINISTRATOR(END 4/24) 139050 0 0 0 248107 0 14600 0 9070 0 410827 0 0 0 Alexander Borissov SEC. TO BOARD, INTERNAL AUDIT 287353 0 0 0 0 0 59895 0 19694 0 366942 0 0 0 Gerd Ritter TECHNOLOGY DEVELOPMENT MANAGER 267969 0 0 0 0 0 28282 0 40030 0 336281 0 0 0 Xing Chen Director (From 7/24) 0 780658 0 229885 0 0 0 167782 0 22195 0 1200520 0 0 Schedule J, Part I, Line 3 Edward A. McDermott Jr. was employed until June 30, 2024 by the Ludwig Group, Inc. which provides management and administrative services to the Ludwig Institute for Cancer Research Ltd, LICR Fund, Inc., and other organizations. The Ludwig Institute is invoiced by the Ludwig Group, Inc. for the provision of services based on the time records maintained by the Ludwig Group, Inc. The total level of compensation for Edward A. McDermott Jr. which was paid by the Ludwig Group, Inc. under an employment agreement, was set and approved by the compensation committee of the Ludwig Institute. In setting the level of compensation, the Ludwig Institute's compensation committee arranges for an independent compensation survey. Schedule J, Part I, Line 4a Michael Macaranas received severance payment of $208,575 in 2024. This amount is included in Schedule J, Part II, Column (B)(iii). Schedule J, Part I, Line 4b Edward A. McDermott Jr. participated in a supplemental non qualified retirement plan maintained by the Ludwig Group, Inc., a related organization of the Institute. The purpose of the Ludwig Group, Inc.'s supplemental pension plan is to provide certain supplemental benefits to certain select management or highly compensated employees who are participants in the employee pension plan of the Ludwig Group, Inc. All benefits payable under the plan, which is intended to constitute both an unfunded excess benefit plan under section 3(36) of title I of the employee retirement income security act of 1974, as amended, ("ERISA"), and a non qualified, unfunded deferred compensation plan for a select group of management or highly compensated employees under ERISA, are payable from the general assets of the Ludwig Group, Inc. The Ludwig Group, Inc. may establish and fund a trust in order to aid it in providing benefits due under the plan. Within the amount disclosed on Part VII, Section A, Line 1a, Column F, USD 21,621 is attributable to this plan for Edward A. McDermott Jr. Schedule J, Part II, Column B Column (B) includes compensation paid outside the U.S. to non-U.S. persons for which no Form W-2 or 1099-MISC has been issued. Form 990, Part III - Statement of program service accomplishments LINE 3 - INSTITUTE SPONSORED CLINICAL TRIALS - DISCONTINUED THE DECISION TO WIND DOWN THE IN-HOUSE CLINICAL TRIALS MANAGEMENT TEAM IN NEW YORK WAS TAKEN IN 2018. BETWEEN 2019 AND 2023, NO NEW INSTITUTE SPONSORED CLINICAL TRIALS WERE STARTED AND ONGOING INSTITUTE SPONSORED CLINICAL TRIALS WERE CONTINUED UNTIL TERMINATION OF THE RESPECTIVE STUDIES WHICH WAS ACCOMPANIED BY A DECREASE OF COSTS DURING THESE YEARS. IN 2024, THE WIND-DOWN OF THE IN-HOUSE CLINICAL TRIALS MANAGEMENT TEAM, AS NOTED IN PREVIOUS RETURNS OF THE 990, CAN BE REGARDED AS COMPLETED. Form 990, Part IV - Checklist of required schedules Line 12A and Part XII - Financial statements and reporting, Line 1 The Ludwig Institute prepared consolidated financial statements in accordance with Swiss GAAP FER. The Ludwig Institute prepared statutory financial statements in accordance with the Swiss Code of Obligations. The Ludwig Institute prepared branch financial statements in accordance with the Swiss Code of Obligations for the following branches: Oxford (United Kingdom) and San Diego (United States) for the last time due to final closure of the branch. The submitted return 990 is based on the statutory financial statements in accordance with the Swiss code of Obligations. The following accounting principles apply: - Contributions are accounted for on the modified cash basis - Interest is accounted for on the accrual basis - External funding received from any outside source, whether of a cash or a non-cash nature is recorded in the Ludwig Institute's books of account on receipt. External funding received is taken to income when the corresponding expenditure is incurred. Any unspent income is deferred to future accounting periods. External funding pledged, but not received where expenditure has incurred, is taken into account as income and is accounted for as a grants receivable pending receipt. - License fees and royalties are accounted for on the modified cash basis. - Acquisition costs for research equipment, costs for leasehold improvements and costs for other assets are fully expensed in the year of acquisition. The Ludwig Institute maintains accounting ledgers for the head office / administration and the research locations of Oxford and San Diego. Accounting ledgers are maintained in USD. When any expenditure / income or balance sheet transactions are recorded in the accounts, a non-USD currency is converted into USD reporting currency using the monthly exchange rate of the transaction month as published by the Swiss federal tax administration. Form 990, Part VI - Governance, management and disclosure Section A - Governing body and management, Line 2 Dr. Jonathan Skipper, officer of the Ludwig Institute for Cancer Research Ltd, also serves as officers and board members of Ludwig Technologies, Inc. Edward A. McDermott Jr., Director and Officer, up to June 30, of the Ludwig Institute for Cancer Research LTD also served as officers and board members of Ludwig Technologies, Inc up to June 30. Each of the members of the board of directors of the Ludwig Institute is also a member of the board of directors of the LICR Fund, Inc. Form 990, Part VI - Governance, management and disclosure Section A - Governing body and management, Line 3 The Ludwig Group, Inc., a 100% subsidiary of the Ludwig Institute for Cancer Research Ltd, provides management and administrative services to the Ludwig Institute and related organizations, including personnel services and related facilities and equipment support, under formal service agreements with them. Edward A. McDermott Jr, director and president, up to June 30, of the Ludwig Institute, was employed and compensated by the Ludwig Group, Inc. His compensation listed on the form 990, part VII was paid by the Ludwig Group, Inc. The Institute's share of Edward A. McDermott Jr's services were billed to the Ludwig Institute by The Ludwig Group, Inc. Form 990, Part VI - Governance, management and disclosure Section A - Governing body and management, Line 6 The Ludwig Institute is organized as a Swiss not-for-profit organization. 49 of the shares are held by the trustees of the LICR Charitable trust, a Bermuda trust recognized by the IRS as an exempt supporting organization of the Ludwig Institute under section 501(c)(3) and 509(a)(3) of the Internal Revenue Code, whose primary purpose is to administer, devote and apply its assets to further the charitable purposes of the Ludwig Institute. Pursuant to the provisions of the Ludwig Institute's statutes, the members of the board of directors are no longer required to be shareholders. Four of the trustees of the LICR Charitable Trust are members of the Institute board of directors. One of the four trustees of the LICR Charitable Trust was also an officer of the Ludwig Institute until June 30. One share is held by the Swiss confederation. Form 990, Part VI - Governance, Management and disclosure Section A - Governing body and management, Line 7a The statutes of the Ludwig Institute confer on its shareholders the authority to elect and remove members of the board of directors and participate in proceedings, deliberations elections and votes at shareholder meetings. The shares do not confer proprietary rights or any entitlement to any share of the Ludwig Institute's net income or capital or any other asset owned or managed by the Ludwig Institute. The Ludwig Institute's statutes prohibit the payment of any dividends or distribution of income or capital to the shareholders. Form 990, Part VI - Governance, management and disclosure Section A - Governing body and management, Line 7b The shareholders have the power to grant discharge to the members of the board of directors and the executive officers at the shareholders' annual meeting for their conduct of business. The annual financial statements are submitted to the shareholders by the board of directors for shareholder approval. The shareholders have the right to make resolutions in respect of mergers, dissolutions or liquidation of the company and of any change of the company's registered office. Form 990, Part VI - Governance, management and disclosure Section B - Policies, Line 11B The Ludwig Institute's form 990 is reviewed at several levels. The Ludwig Institute's Zurich office senior staff, the vice president, finance, located in New York and external tax counsel review the draft form 990. Following these reviews, the chairperson of the audit committee and the president of the Ludwig Institute review the draft return prior to presenting it to the audit committee for further review. The final draft of form 990 is then presented to the Ludwig Institute's board of directors prior to its submission to the Internal Revenue Service. Form 990, Part VI - Governance, management and disclosure Section B - Policies, Line 12c The Ludwig Institute has two conflict of interest policies - one for the Board members, Officers and Key Persons, and one for senior staff. Annually all members of the Board of Directors, Officers, Key Persons and senior staff are required to disclose any conflicts of interest. Board members, officers and key persons complete a conflict of interest questionnaire. Senior staff members complete a confidential disclosure form. The completed questionnaires of the members of the Board of Directors, Officers and Key Persons are reviewed by the institute president. Those containing any disclosures or potential conflicts of interest are referred to the chairperson of the audit committee and, if appropriate, to the audit committee. At the same time it is confirmed to the audit committee chairperson that the other individuals had not reported any disclosures or potential conflicts of interest. Following this annual disclosure, if a conflict of interest is subsequently deemed to arise, it is the duty of the individual with the conflict to disclose it. For all cases where a conflict of interest exists, the matter is recorded in the minutes of the meeting of the audit committee or the board. Where the conflict concerns any board or committee member the individual(s) is (are) not permitted to participate in any vote or deliberation on the matter nor be counted in determining the existence of a quorum for the purposes of any action of the board or committee considering the matter. The annual disclosures by senior staff are reviewed by the institute president and escalated as necessary. In addition, during the year, prior to involvement in activities that could be a potential or perceived conflict or interest, individuals are required to provide a written description of such activities to a committee of disinterested officers. Activities determined to be a conflict of interest that are not manageable may not be undertaken by the individual. For activities determined to be a conflict of interest that are manageable, details will be submitted to the audit committee of the Institute board of directors for approval. Form 990, Part VI - Governance, management and disclosure Section B - Policies, Line 15 The compensation of the members of the board of directors, the executive officers and former directors and officers who are retained as employees or consultants of the Ludwig Institute is subject to review by the Ludwig Institute's compensation committee, which consists of independent members of the board. The compensation reviewed includes the compensation of the chief executive officer, Chi Van Dang. Independent compensation consultants provide comparability surveys to the committee. Organizations selected for peer analysis in the comparability surveys are intended to capture competitor organizations of similar size, revenue /operating budget and industry relevance to the Ludwig Institute. The studies last took place in Fall 2024 and are conducted approximately every three years. Minutes of the review and decisions made by the compensation committee are kept and, once approved by the committee at a subsequent meeting, are signed by the chairperson and the secretary to the board. The compensation committee's decisions are reported to the board of directors and recorded in the minutes of the board meetings, which are kept for all board meetings. Once approved by the board at a subsequent meeting, the minutes of meetings are signed by the chairperson and the secretary to the board. Form 990, Part VI - Governance, management and disclosure Section C - Disclosure, Line 19 The annual research highlights, the annual financial reports and the governing documents are available on the website www.ludwigcancerresearch.org under Disclosures and on request at the administrative offices in New York and Zurich, Switzerland. Form 990, Part VII - Compensation of officers, directors, key employees Section A - Officers, directors, trustees, key employees and highest compensated employees, Line 1a As part of the annual preparation of the form 990, all board of directors and executive officers, as well as key employees and highest compensated employees, provide an estimate of hours worked for the Ludwig Institute and the related organizations (see part VII for hours devoted to related organizations). The related organizations report the respective compensation figures to the Ludwig Institute and provide copies of the submitted W-2 returns / 1099 returns. Form 990, Part XI - Reconciliation of net assets, Line 9 Other changes in net assets Net loss on foreign exchange due to operations $ (749,943) Net foreign exchange gain on capital and reserve $ 451,246 ----------- NET LOSS $ (298,697) LICR Fund Inc 600 Third Avenue 32nd Floor New York NY 10016 133573053 See Part VII DE 501(C)(3) 12A - I Ludwig Inst true LICR Charitable Trust 600 Third Avenue 32nd Floor New York NY 10016 986039547 See Part VII NY 501(C)(3) 12B - II None false Universe Tankships Inc UTI Trust Complex Ajeltake IS Ajeltak Rd Majuro RM MH96960 131603827 Holding RM Ludwig Inst C Corp 9285735 26691564 1.00000 true The Ludwig Group Inc 600 Third Avenue 32nd Floor New York NY 10016 132808920 Admin service DE UTI C Corp 9070522 18843912 1.00000 true Ludwig Technologies Inc 600 Third Avenue 32nd Floor New York NY 10016 273166967 Holding Co DE Ludwig Inst C Corp 0 5066 1.00000 true false true true false false false false false false false false true true false true true false false LICR Fund Inc c 61000000 CASH The Ludwig Group Inc m 1963118 INVOICE AMOUNTS The Ludwig Group Inc n 637702 INVOICE AMOUNTS The Ludwig Group Inc p 823391 INVOICE AMOUNTS Part II, Column 2B - Description of main activity related tax exempt org Tax exempt organizations LICR Fund, Inc. is a Delaware not-for-profit corporation and a supporting organization of the Ludwig Institute, which provides financial support for the Ludwig Institute's conduct of medical research activities. LICR Charitable Trust is a Bermudian trust whose mission is to maintain oversight and control of the management of the Ludwig Institute, including election of the Institute's board of directors.