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PROMISSORY NOTE
3 Months Ended
Mar. 31, 2021
PROMISSORY NOTE  
PROMISSORY NOTE

NOTE 5 – PROMISSORY NOTE

In September 2020, the Company amended the outstanding $4.3 million promissory note payable to Pfizer by November 2020 to extend the maturity date to the earlier of (a) January 31, 2022 and (b) the date that the Company receives any milestone payment from Chiesi, if at all, subject to certain conditions and exceptions. The amendment also required that the Company make a payment of $430,000 to Pfizer. The payment was creditable against the principal amount of the note, in whole or in part, if the Company was to satisfy the note in full on or prior to September 30, 2021, depending on the date the note is satisfied. On March 29, 2021, the Company made a payment of approximately $4.0 million to Pfizer satisfying the note in full.