RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS	3 Months Ended
Mar. 31, 2025
Research and Development [Abstract]
RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS	11. RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS: The Company has long-standing relationships with a number of academic institutions that undertake funded research projects, including Princeton University (Princeton) and the University of Southern California (USC). Under the current license agreement among the Company, Princeton and USC, the universities have granted the Company worldwide, exclusive license rights, with rights to sublicense, to make, have made, use, lease and/or sell products and to practice processes based on patent applications and issued patents arising out of research performed by the universities for the Company. The Company recorded royalty expense in connection with this agreement of $99,000 and $1.6 million for the three months ended March 31, 2025 and 2024, respectively. The Company also makes payments under the current research agreement with USC on a quarterly basis as actual expenses are incurred. As of March 31, 2025, the Company was obligated to pay USC up to $1.2 million for work to be performed during the remaining term. The Company recorded research and development expense in connection with work performed under the agreement of $452,000 and $267,000 for the three months ended March 31, 2025 and 2024, respectively.

RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS

3 Months Ended

Mar. 31, 2025

RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS

11. RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS:

The Company has long-standing relationships with a number of academic institutions that undertake funded research projects, including Princeton University (Princeton) and the University of Southern California (USC).

Under the current license agreement among the Company, Princeton and USC, the universities have granted the Company worldwide, exclusive license rights, with rights to sublicense, to make, have made, use, lease and/or sell products and to practice processes based on patent applications and issued patents arising out of research performed by the universities for the Company. The Company recorded royalty expense in connection with this agreement of $99,000 and $1.6 million for the three months ended March 31, 2025 and 2024, respectively.

The Company also makes payments under the current research agreement with USC on a quarterly basis as actual expenses are incurred. As of March 31, 2025, the Company was obligated to pay USC up to $1.2 million for work to be performed during the remaining term. The Company recorded research and development expense in connection with work performed under the agreement of $452,000 and $267,000 for the three months ended March 31, 2025 and 2024, respectively.

UNIVERSAL DISPLAY CORP \PA\ 10-Q