Note 7 - Commitments

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Commitments Disclosure [Text Block]

7.

        Commitments

Lease Agreement

We lease approximately

8,400

square feet of office and laboratory space pursuant to an operating lease which expires on

December

31,

2017.

As of

March

31,

2017,

our future minimum lease payments total

$113,995

all of which will be payable during

2017.

Other

Commitments

In the normal course of business, we

may

enter into various firm purchase commitments related to production and testing of our vaccine material, conduct of our clinical trials, and other research-related activities. As of

March

31,

2017,

we had approximately

$225,159

of unrecorded outstanding purchase commitments to our vendors and subcontractors, which we expect will be due during

2017.

We expect this entire amount to be reimbursable to us pursuant to currently outstanding government grants (See Note

10).