Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 11– Subsequent Events

On October 18, 2021, the Company granted an option to purchase 202,800 shares of common stock to its incoming Chief Financial Officer and 25,400 to other incoming employees with a strike price of $12.03 vesting over a four-year period with one quarter vesting on the first anniversary of the date of the grant and vesting monthly over the 36-month period thereafter and expire ten years from the date of the grant. The aggregate fair value of the options granted was $2.2 million.

Effective as November 5, 2021, the Company entered into a Patent License Agreement (the “Patent License Agreement”) with the U.S. Department of Health and Human Services, as represented by National Cancer Institute (“NCI”) of the National Institutes of Health (“NIH”).  Pursuant to the License Agreement, the Company obtained a nonexclusive license to the patent rights for NCI’s T-cell receptor gamma alternate reading frame protein (“TARP”) to develop and commercialize TARP peptide-based therapies in combination with the Company’s Versamune^® technology. The Patent License Agreement includes customary milestone payments and royalties.