Lease

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASE

NOTE 5 – LEASE

In May 2019, the Company signed a sublease agreement with a related party for office space in La Jolla, California, which served as the former headquarters of the Company. The lease has a 61-month term, which corresponds to the lease term of the lessor. The lessor is CTI Clinical Trial & Consulting Services (“CTI”). CTI is majority-owned by a member of the Company’s Board of Directors. During 2021, the Company moved its corporate headquarters to Boca Raton, Florida. The Company intends to sublease its office space in La Jolla.

In September 2021, the Company signed a lease with a third party for office space in Boca Raton, Florida. The lease agreement has a 64-month term and commenced during the fourth quarter of 2021.

Below is a summary of the Company’s right-of-use assets and liabilities:

(in thousands, except years and rate)	December 31, 2021			December 31, 2020
Right-of-use asset (La Jolla lease)	$	118		$	156
Right-of-use asset (Boca Raton lease)		608			-
Total	$	726		$	156
Operating lease, current liability (La Jolla lease)	$	52		$	8
Operating lease, current liability (Boca Raton lease)		20			-
Total		72			8
Long-term operating lease liability (La Jolla lease)		84			160
Long-term operating lease liability (Boca Raton lease)		620			-
		704			160
Total lease liability	$	776		$	168
Weighted-average remaining lease term		4.6 years			4.5 years
Weighted-average discount rate		11.70	%		10.00	%