Why of course it can, BUT at the moment it is still in sffect, and I'm sure the company would inform its shareholders when they received the 90 day notice. It appears the company knows this and that is why they put this out in their last 8K
"Redpoint Bio Corporation (“Redpoint” or “the Company”) is a development stage company following a strategy focused on preserving the value of the License and Commercialization Agreement it entered into with International Flavors and Fragrances Inc., or IFF, a global leader in the food and beverage industry."