(6) Commitments and Contingencies

(a) Research and Development

The Company has entered into contracts with CROs and contract manufacturers (“CMOs”) related to the Company’s clinical trials. These contracts generally require upfront payments, milestone payments, and pass through cost reimbursements, to be made. While the contracts are generally cancellable with (written) notice, the Company is obligated to make payments for services rendered through the termination date of the project with any applicable CRO/CMO.

(b) Leases

The Company maintains one short-term lease associated with occupying its corporate headquarters. Total rental expense was $25,886 and $32,737 for the three months ended March 31, 2026 and 2025.

(c) Employment Agreements

The Company has agreements with its executive officers that provide for severance payments to the employee upon termination of the agreement by the Company for any reason other than for cause, death, or disability or by the employee for good reason. The maximum aggregate severance payments under the agreement were estimated to be $1.2 million at March 31, 2026.

In March 2026, the Company entered into a separation agreement with its Chief Financial Officer and incurred $0.1 million of severance expense, which was recorded to General and administrative expenses in the Company’s Statement of operations for the three months ended March 31, 2026.

(d) Litigation

The Company is subject, from time to time, to claims by third parties under various legal disputes. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company’s liquidity, financial condition and cash flows.

​

For both the three months ended March 31, 2026 and March 31, 2025, the Company did not have any pending legal actions deemed to be material.