Commitments and Contingencies	3 Months Ended
Mar. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	(6) Commitments and Contingencies (a) Research & Development The Company has entered into contracts with contract research organizations (“CROs”) and contract manufacturers (“CMOs”) related to the Company’s clinical trials. The contracts generally 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 any applicable 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 $33,875 and $17,571 for the three months ended March 31, 2024 and 2023, 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 March 31, 2024. Effective as of the close of business on April 30, 2024, Henry Hagopian no longer served as the Chief Financial Officer and principal financial officer of the Company. In connection with Mr. Hagopian’s departure, the terms of his employment agreement were modified by a separation and general release agreement. Pursuant to this agreement, the maximum aggregate severance payment payable to Mr. Hagopian is $65,500. (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. At March 31, 2024, the Company did not have any pending legal actions.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

(6) Commitments and Contingencies

(a) Research & Development

The Company has entered into contracts with contract research organizations (“CROs”) and contract manufacturers (“CMOs”) related to the Company’s clinical trials. The contracts generally 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 any applicable 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 $33,875 and $17,571 for the three months ended March 31, 2024 and 2023, respectively.

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 March 31, 2024.

Effective as of the close of business on April 30, 2024, Henry Hagopian no longer served as the Chief Financial Officer and principal financial officer of the Company. In connection with Mr. Hagopian’s departure, the terms of his employment agreement were modified by a separation and general release agreement. Pursuant to this agreement, the maximum aggregate severance payment payable to Mr. Hagopian is $65,500.

(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.

At March 31, 2024, the Company did not have any pending legal actions.