Note 7 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

7. Commitments and Contingencies 

In addition to the commitments and contingencies described elsewhere in these notes, see below for a discussion of the Company's commitments and contingencies as of June 30, 2024.

Lease Obligations Payable

The following summarizes quantitative information about the Company's operating leases for the three and six months ended June 30, 2024 and 2023, respectively (table in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease cost:
Operating lease cost	$	38	$	33	$	75	$	65
Variable lease cost		7		7		10		14
Total	$	45	$	40	$	85	$	79

In September 2023, the Company executed an amendment to extend the corporate office lease until August 31, 2029, with an option to renew. The Company is required to remit base monthly rent of approximately $4,700 which will increase at an average approximate rate of 2% each year. The Company is also required to pay additional rent in the form of its pro-rata share of certain specified operating expenses of the building. 

In June 2022, the Company extended the lab lease until September 30, 2027, with no further right or option to renew. The Company recorded approximately $12,000 in sublease income from a related party for the three months ended June 30, 2024 and 2023, respectively, and $24,000 and $25,000 for the six months ended June 30, 2024 and 2023. Sublease income is recorded as other income, net on the Company's condensed consolidated statement of operations and comprehensive loss. Operating cash flows from operating leases was $38,000 for the three months ended  June 30, 2024 and 2023, respectively, and $68,000 and $75,000 for the six months ended June 30, 2024 and 2023, respectively.

Licenses 

MD Anderson - Total expenses related to the Company's license agreements with MD Anderson were $63,000 and $64,000 for the three months ended June 30, 2024 and 2023, respectively, and $117,000 and $129,000 for the six months ended June 30, 2024 and 2023, respectively.

HPI - The Company has two agreements with a related party, Houston Pharmaceuticals, Inc. (HPI) with total expenses of $59,000 for each of the three months ended June 30, 2024 and 2023, respectively, and $117,000 for the six months ended June 30, 2024 and 2023, respectively.

Sponsored Research Agreements - The expenses recognized under the agreements were $377,000 and $176,000 for the three months ended June 30, 2024 and 2023, respectively, and $533,000 and $331,000 for the six months ended June 30, 2024 and 2023, respectively.