XML 22 R13.htm IDEA: XBRL DOCUMENT v3.22.2.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

Note 7 - COMMITMENTS AND CONTINGENCIES

 

Clinical Services Agreement

 

On December 20, 2021, the Company entered into a Master Clinical Services Agreement (the “Clinical Services Agreement”) with Professional Research Consulting, Inc. (“PRC”) pursuant to which PRC will provide trial management services related to the Company’s Phase 2 clinical trials. The Clinical Services Agreement has a 46-month term with an estimated budgeted cost of $5,844,380. Upon execution of the Clinical Services Agreement, the Company made an upfront payment of $328,152 which was recorded as a prepaid expense on the condensed consolidated balance sheet at December 31, 2021, and is being expensed over the life of the Clinical Services Agreement as the services are rendered. During the three and six months ended June 30, 2022, the Company incurred $0.6 million and $1.0 million, respectively, of research and development expense related to this agreement and had a balance in prepaid expense of approximately $0.3 million at June 30, 2022 associated with the Clinical Services Agreement.