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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 9. Commitments and Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues liabilities for such matters when future expenditures are probable and such expenditures can be reasonably estimated. The Company has historically entered into contracts in the normal course of business with contract development and manufacturing organizations, for the manufacturing process development and the preclinical/clinical supply manufacturing, and its vendors for preclinical research studies and other services or products for operating purposes. These contracts generally provide for termination on notice of 60 to 90 days. As of December 31, 2023, there are three such contracts, with two CMO’s related to its development of Auxora and acquired as a result of the Merger with approximate ly $1.4 million and $1.2 million of associated costs, respectively, still in effect for future services, and there were no unpaid cancellation or other related costs. The Company may also, from time to time, become party or subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. Some of these proceedings have involved, and may involve in the future, claims that are subject to substantial uncertainties and unascertainable damages. Operating Lease Agreements The Company has an operating lease for office space in La Jolla, California. In January 2023, an amendment was executed for a twelve month term and therefore qualifies for the short-term lease exception. The lease was amended and renewed in December 2023 for an additional twelve month term and therefore qualifies for the short-term lease exception. Base rent for this lease is approximately $10,000 monthly. As a result of the Merger, the Company had leased a facility in Baltimore, Maryland under an operating lease with a term through June 2023 and was accounted for under ASC 842. The facility has been abandoned and the asset was fully impaired in 2022 and was reflected in Graybug’s financial statements in 2022 and there is no impact to the years ended December 31, 2023 and 2022. The lease expired in June 2023. Rent expense for the years ended December 31, 2023 and 2022 was $274,000 and $221,000, respectively, which is included in operating expenses. The lease obligation was included in other current liabilities in the consolidated balance sheets.

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