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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies |
Commitments and Contingencies | (6) Commitments and Contingencies (a) Research & Development The Company has entered contracts with contract research organizations (CROs) and contract manufacturers (CMOs) related the Company’s clinical trials. The contracts require upfront payments, milestone payments, and pass through cost reimbursement, to be made. While the contracts are cancellable with (written) notice, the Company is obligated for payments for services rendered through the termination date of the project with the CRO/CMO. (b) Leases In November 2023, the Company entered into a short-term lease for office space, with an initial term of less than 12 months. Prior to entering into this lease, the Company was leasing its office facilities under a month-to-month short-term lease. Total rental expense, inclusive of both leases was $70,674 and $66,802 for the years ended December 31, 2023 and 2022, respectively. (c) Employment Agreements The Company has agreements with its executive officers that provide for severance payments to the employee upon termination of the agreement by the Company for any reason other than for cause, death or disability or by the employee for good reason. The maximum aggregate severance payments under the agreements were estimated to be $1,340,162 at December 31, 2023. (d) Litigation The Company is subject, from time to time, to claims by third parties under various legal disputes. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company’s liquidity, financial condition and cash flows. For both the years ended December 31, 2023 and December 31, 2022 the Company did not have any pending legal actions.

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