Note 6 - Commitments

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Commitments Disclosure [Text Block]

6 . Commitments

Lease Agreement

We lease approximately

8,400

square feet of office and laboratory space pursuant to an operating lease which expires on

December 31, 2019,

with annual extension options through

December 31, 2022.

Rent expense for the years ended

December 31, 2018,

2017

and

2016

was

$156,939,

$151,748,

and

$149,288,

respectively. Future minimum lease payments total

$161,266

in

2019,

although our current intention is to exercise our option to extend the lease at least for the subsequent

one

-year renewal period.

Other Commitments

In the normal course of business, we enter into various firm purchase commitments related to production and testing of our vaccine, conduct of research studies, and other activities. As of

December 31, 2018,

we had approximately

$625,000

of unrecorded outstanding purchase commitments to our vendors and subcontractors, all of which we expect will be due in

2019.

We expect this entire amount to be reimbursable to us pursuant to currently outstanding government grants.