Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 10—Commitments and Contingencies

Employee Retirement Plan

The Company has a 401(k)-profit sharing plan that provides a retirement benefit to substantially all full-time U.S. employees. Eligible employees may contribute a percentage of their annual compensation, subject to Internal Revenue Service limitations, with the Company matching a portion of the employee’s contributions at the discretion of the Company. Matching contributions totaled $293,000 and $234,000 for the years ended December 31, 2021 and 2020, respectively.

Non-refundable Technology License Fee

On June 24, 2021, the Company entered into a research and development collaboration agreement with Koronis Biomedical Corporation (KBT) to design and develop an integrated continuous renal replacement therapy device.  This agreement became effective on August 5, 2021, when KBT received approval of a $1.7 million grant from the National Institutes of Health (NIH) to support this project.  As part of this agreement, the Company will pay KBT a non-refundable technology license fee of $428,160, payable in twelve equal monthly installments commencing on June 1, 2022.  The Company has recorded a liability for the non-refundable technology license fee with $249,760 included in Current Accounts Payable and $178,400 included in Other Long-term Liabilities.  The full amount of $428,160 was expensed and included in the Research and Development Expense line for the year ended December 31, 2021.