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Subsequent Events | 6 Months Ended
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Jun. 30, 2023
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS ATM Sales During July and August 2023, the Company sold an aggregate of 1,151,578 shares of common stock under its ATM equity offering program and received aggregate gross proceeds of approximately $946,000 and incurred sales agent commissions and fees of approximately $22,000 (See Note 4, Stockholders' Equity). NICHD Non-Dilutive Grant Award On July 28, 2023, the Company received a notice of award of a grant from NICHD of approximately $385,000 to support preclinical development of a potential new therapeutic for the prevention of idiopathic preterm birth. The grant funds will support activities related to the conduct and completion of proof-of-concept target validation studies in collaboration with the University of South Florida, or USF, which are to occur over a 12-month period. The Company will track expenses eligible for reimbursement under the grant award and submit a detailed accounting of such expenses to receive payment of the grant funds. The amounts of any such payments will be recognized in the Company's statement of operations as a reduction to research and development activities as the related costs are incurred to meet those obligations over the project period. Insurance Financing On July 18, 2023, the Company obtained financing for certain director and officer and other liability insurance premiums. The agreement for such financing assigns to the lender a first priority lien on and a security interest in the financed insurance policies and any additional premium required in the financed insurance policies including (a) all returned or unearned premiums, (b) all additional cash contributions or collateral amounts assessed by the insurance companies in relation to the financed insurance policies and financed by the lender, (c) any credits generated by the financed insurance policies, (d) dividend payments, and (e) loss payments which reduce unearned premiums. If any circumstances exist in which premiums related to any financed insurance policy could become fully earned in the event of loss, the lender will be named a loss-payee with respect to such policy. The total premiums, taxes and fees financed is approximately $0.8 million with an annual interest rate of approximately 8.0%. In consideration of the premium payment by the lender to the insurance companies or the agent or broker, the Company unconditionally promises to pay the lender the amount financed plus interest and other charges permitted under the agreement. The Company will pay the insurance financing through monthly installment payments through April 20, 2024. The amount financed will be recognized as an insurance financing payable in the Company's consolidated balance sheets. Amendment to Exclusive License Agreement with Organon On July 4, 2023, the Company entered into an amendment to its exclusive license agreement with Organon to commercialize XACIATO. Under the amendment, Organon agreed to pay $1.0 million to the Company as reimbursement for fees paid to the FDA in connection with the submission of the new drug application for XACIATO (known as PDUFA fees) and other manufacturing expenses and to support continued advancement of the development and commercialization of XACIATO, which will be recognized as license fee revenue in the third quarter of 2023. The Company received such amount in July 2023. The amount payable by Organon to the Company following the first commercial sale of a licensed product in the United States was revised to $1.8 million.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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