Note 6 - Commitments

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Commitments Disclosure [Text Block]

6. Commitments

Operating Lease

We lease approximately

8,400

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

December 31, 2022.

Rent expense for the years ended

December 31, 2021

and

2020

was

$166,242

and

$166,577,

respectively. Future minimum lease payments total

$176,356

in

2022,

although the lease

may

be terminated at any time by either party with

ninety

days written notice.

License Agreements

We have entered into license agreements with City of Hope, PNP Therapeutics, Inc., University of Alabama at Birmingham, Southern Research Institute, Emory University, and with the U.S. Department of Health and Human Services (HHS), as represented by National Institute of Allergy and Infectious Diseases (NIAID), an institute of the National Institutes of Health (NIH), for various technologies and patent rights associated with our product development activities. These agreements

may

contain provisions for upfront payments, milestone fees due upon the achievement of selected development and regulatory events, minimum annual royalties or other fees, and royalties based on future net sales. Aggregate unrecorded future minimum payments under these agreements (excluding milestone and royalty payments due upon contingent future events, and assuming neither party terminates the agreements) are approximately

$174,000

in

2022,

$128,000

in

2023,

$128,000

in

2024,

$28,000

in

2025

and

$28,000

in

2026.

Other Commitments

In the normal course of business, we enter into various firm purchase commitments related to production and testing of our vaccine, conduct of research studies, and other activities. As of

December 31, 2021,

there were approximately

$407,000

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

2022.