Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 4. Commitments and Contingencies Concentrations of Credit Risk Bank accounts in the United States are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. The Company’s cash accounts significantly exceed FDIC limits. Indemnifications As permitted under Delaware law, the Company indemnifies its officers, directors, and employees for certain events and occurrences while the officer, or director is, or was, serving at the Company’s request in such capacity. License to Patented Technology In December 2017, the Company entered into an exclusive license agreement with the Department of Health and Human Services (“DHHS”). Under the agreement, the DHHS granted the Company an exclusive, sublicensable, worldwide license to certain patent rights under which the Company may develop and commercialize pharmaceutical and biological compositions comprising Gram-negative bacteria for the topical treatment of dermatological diseases and conditions (the “DHHS License”). The Company terminated the license agreement with DHHS effective April 2, 2022 without meeting any milestones. The Company incurred $0 and $25,000 in minimum royalty expenses for the three months ended September 30, 2022 and 2021, and $25,000 and $75,000 for the nine months ended September 30, 2022 and 2021, respectively. Lease Agreements The Company has entered into month-to-month lease agreements for certain office and laboratory space. The lease agreements are cancellable by the Company at any time with a 30-day notice. Total rent expense for all locations for the three and nine months ended September 30, 2022 was $6 thousand and $12 thousand, respectively. Total rent expense for all locations for the three and nine months ended September 30, 2021 was $9,000 and $0, respectively. Rent expense for the nine months ended September 30, 2021 included a net credit of $9,000 of a refund from operating expenses. Preclinical Services The Company has entered into various agreements with third party vendors for preclinical services. The estimated remaining commitments as of September 30, 2022 under these agreements were approximately $134,000. |