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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2024
Commitments and Contingencies |
Commitments and Contingencies | (6) Commitments and Contingencies (a) Research & Development The Company has entered contracts with CROs and CMOs related the Company’s clinical trials. The contracts require upfront payments, milestone payments, and pass-through cost reimbursements, to be made. While the contracts are generally cancellable with (written) notice, the Company is obligated to make payments for services rendered through the termination date of the project with any applicable CRO/CMO. (b) Leases The Company maintains one short-term lease associated with occupying its corporate headquarters. Total rental expense was $0.1 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively. (c) Employment Agreements The Company has an agreement with its Chief Executive Officer that provides for severance payments 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 agreement was estimated to be $1.1 million at December 31, 2024. (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, 2024 and December 31, 2023 the Company did not have any pending legal actions deemed to be material.

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