XML 32 R15.htm IDEA: XBRL DOCUMENT v3.25.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

7. Commitments and Contingencies

 

Lease

 

In June 2024, the Company entered into a short-term rental agreement for office space located in Fremont, California. The Company evaluated the agreement and determined the short-term rental agreement does not meet the criteria for capitalization. Monthly rent payments required are $1 thousand per month and the agreement terminated on December 1, 2024. After expiration of the initial term, the agreement automatically renewed on a month to month basis and continues until terminated by either party upon 30 days' advance written notice.

Exclusive License Agreement – Statera BioPharma

 

As discussed above in Note 6, the Company is obligated to make certain payments to Statera pursuant to the License Agreement, upon the achievement of certain commercialization milestones.

 

Purchase Commitments

 

The Company has entered into multiple contracts related to the development of Tivic's ncVNS technology, including a collaboration and research support agreement and a research study to substantiate clinical indications that have potential to be addressed by Tivic's patent-pending ncVNS system. The contracts require milestone payments to be made upon the successful completion of certain deliverables. As of March 31, 2025, the Company has remaining commitments to pay a total of $86 thousand for milestones not yet achieved. The remaining payments are expected to be incurred over the next two months.

 

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated. The Company recorded no liabilities for contingent matters as of March 31, 2025.