Funding Arrangements	6 Months Ended
Jun. 30, 2024
Funding Arrangements [Abstract]
Funding Arrangements	Note 4. Funding Arrangements NIAID Contract In September 2022, the Company received a cost-reimbursement contract award from the NIAID (“NIAID Agreement”) to support preclinical, Phase 1 studies and other activities to enable the advancement of epetraborole into late-stage development for acute systemic melioidosis and other biothreat pathogens. The Company is eligible to receive up to $17.8 million in funding over a total term of 48 months, consisting of a base period and seven option periods. In July 2023 and May 2024, the NIAID exercised two of seven available options under the NIAID contract (No: 75N93022C00059), resulting in an increase in committed contract funding of $0.7 million and $3.8 million, respectively, for a cumulative total of $8.8 million. Funding for these options extends the estimated completion of the current contract by 29 months beyond the base period of 18 months to August 2026. As of June 30, 2024, a total of $8.8 million of funding for the 18-month base period plus an additional 29 months for a total of 47 months has been committed. During the three and six months ended June 30, 2024 and 2023, the Company did not record any income under the NIAID contract as a reduction in research and development operating expenses. As of June 30, 2024 and December 31, 2023, the Company had recorded a receivable of zero and $0.4 million, respectively, which was included in prepaid expenses and other current assets on the unaudited interim condensed balance sheets. UGARF Grant In September 2022, the Company entered into a subcontract agreement with the UGARF to conduct preclinical activities on behalf of UGARF (“UGARF Agreement”). UGARF reimburses the Company under an award from The Wellcome Trust. The Company is eligible to receive up to $1.4 million from UGARF to support preclinical development of a boron-containing small molecule for Chagas disease. As of June 30, 2024 and December 31, 2023, the Company had recorded a grant receivable of zero and $0.6 million, respectively, which was included in prepaid expenses and other current assets on the balance sheets. During the three and six months ended June 30, 2024, the Company recorded income of zero and $0.1 million, respectively, as a reduction in research and development operating expenses under the UGARF agreement. During the three and six months ended June 30, 2023, the Company did not record any income under this agreement. BMGF Grant In September 2023, the Company received a cost-reimbursement contract award from the Bill and Melinda Gates Foundation (“BMGF Agreement”) under which the Company was awarded $1.8 million to support the discovery of novel, boron containing small molecules for the treatment of tuberculosis and malaria. The Company is required to apply the funds it receives under the BMGF Agreement solely toward direct costs related to this research program. The Company received $1.0 million of funding in advance and tracks and reports eligible expenses incurred to the BMGF. In April 2024, the Company received $0.8 million in funding, making the grant fully funded. Any unspent funds and any funds spent that have not yet been incurred are recorded as part of other current liabilities on the condensed balance sheets. As of June 30, 2024 and December 31, 2023, the Company recorded $0.6 million and $0.7 million, respectively, to other current liabilities. During the three and six months ended June 30, 2024, the Company recorded income of $0.5 million and $0.9 million, respectively, as a reduction in research and development operating expenses under the BMGF agreement.

Funding Arrangements

6 Months Ended

Jun. 30, 2024

Note 4. Funding Arrangements

NIAID Contract

In September 2022, the Company received a cost-reimbursement contract award from the NIAID (“NIAID Agreement”) to support preclinical, Phase 1 studies and other activities to enable the advancement of epetraborole into late-stage development for acute systemic melioidosis and other biothreat pathogens. The Company is eligible to receive up to $17.8 million in funding over a total term of 48 months, consisting of a base period and seven option periods. In July 2023 and May 2024, the NIAID exercised two of seven available options under the NIAID contract (No: 75N93022C00059), resulting in an increase in committed contract funding of $0.7 million and $3.8 million, respectively, for a cumulative total of $8.8 million. Funding for these options extends the estimated completion of the current contract by 29 months beyond the base period of 18 months to August 2026. As of June 30, 2024, a total of $8.8 million of funding for the 18-month base period plus an additional 29 months for a total of 47 months has been committed.

During the three and six months ended June 30, 2024 and 2023, the Company did not record any income under the NIAID contract as a reduction in research and development operating expenses. As of June 30, 2024 and December 31, 2023, the Company had recorded a receivable of zero and $0.4 million, respectively, which was included in prepaid expenses and other current assets on the unaudited interim condensed balance sheets.

UGARF Grant

In September 2022, the Company entered into a subcontract agreement with the UGARF to conduct preclinical activities on behalf of UGARF (“UGARF Agreement”). UGARF reimburses the Company under an award from The Wellcome Trust. The Company is eligible to receive up to $1.4 million from UGARF to support preclinical development of a boron-containing small molecule for Chagas disease. As of June 30, 2024 and December 31, 2023, the Company had recorded a grant receivable of zero and $0.6 million, respectively, which was included in prepaid expenses and other current assets on the balance sheets. During the three and six months ended June 30, 2024, the Company recorded income of zero and $0.1 million, respectively, as a reduction in research and development operating expenses under the UGARF agreement. During the three and six months ended June 30, 2023, the Company did not record any income under this agreement.

BMGF Grant

In September 2023, the Company received a cost-reimbursement contract award from the Bill and Melinda Gates Foundation (“BMGF Agreement”) under which the Company was awarded $1.8 million to support the discovery of novel, boron containing small molecules for the treatment of tuberculosis and malaria. The Company is required to apply the funds it receives under the BMGF Agreement solely toward direct costs related to this research program. The Company received $1.0 million of funding in advance and tracks and reports eligible expenses incurred to the BMGF. In April 2024, the Company received $0.8 million in funding, making the grant fully funded. Any unspent funds and any funds spent that have not yet been incurred are recorded as part of other current liabilities on the condensed balance sheets. As of June 30, 2024 and December 31, 2023, the Company recorded $0.6 million and $0.7 million, respectively, to other current liabilities. During the three and six months ended June 30, 2024, the Company recorded income of $0.5 million and $0.9 million, respectively, as a reduction in research and development operating expenses under the BMGF agreement.