v3.25.2
Note 6 - Commitments and Contingencies
6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

6. Commitments and Contingencies

 

From time to time, the Company may be involved in various claims and legal proceedings arising in the ordinary course of business. There are no such matters pending that the Company expects to be material in relation to its business, financial condition, results of operations, or cash flows.

 

On August 12, 2024, the Company entered into an operating lease agreement for approximately 10,629 square feet of office, research and development and light manufacturing space located in Holliston, MA (the “HQ Lease”). The space will continue to serve as the Company’s corporate headquarters and manufacturing facility. The term of the HQ lease ends on August 31, 2027.

 

The Company currently has a co-development initiative with Yale University and the McGowan Institute for Regenerative Medicine at the University of Pittsburgh.  As of June 30, 2025, the Company had outstanding final billings of approximately $130,000 and $30,000, respectively. The $30,000 payment to the University of Pittsburgh was made in July 2025, and the Company expects to settle the remaining balance by year-end. Both universities have substantially completed their respective studies.

 

In November 2024, the Company entered into an insurance premium financing and security agreement (the “Financing and Security Agreement”). Under the Financing and Security Agreement, the Company financed $315,008 of certain premiums at an 7.85% annual interest rate. As of June 30, 2025, the outstanding balance on the Financing and Security Agreement was approximately $63,000 and is included on the balance sheet in insurance premium financing payable. The final payment is due in August 2025.

 

As of June 30, 2025 and December, 31, 2024, the Company had an outstanding amount of approximately $37,000 and $133,000, respectively, owed to former employees of the Company, which is included in accounts payable.