Note 7 - Commitments and Contingencies |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Text Block] |
7. Commitments and Contingencies
In addition to the commitments and contingencies described elsewhere in these notes, see below for a discussion of the Company's commitments and contingencies as of June 30, 2026.
Lease Obligations Payable
The following summarizes quantitative information about the Company's operating leases for the three and six months ended June 30, 2026 and 2025, respectively (table in thousands):
The Company executed an amendment to extend the corporate office lease until August 31, 2029, with an option to renew. The Company is required to remit base monthly rent of approximately $4,700 which will increase at an average approximate rate of 2% each year. The Company is also required to pay additional rent in the form of its pro-rata share of certain specified operating expenses of the building.
The Company has an extended lab lease until September 30, 2027, with no further right or option to renew. The Company recorded approximately $12,000 in sublease income for the three months ended June 30, 2026 and 2025, and $37,000 for the six months ended June 30, 2026 and 2025. Sublease income is recorded as other income, net on the Company's condensed consolidated statement of operations and comprehensive loss. Operating cash flows from operating leases was $41,000 and $39,000 for the three months ended June 30, 2026 and 2025, respectively, and $81,000 and $79,000 for the six months ended June 30, 2026 and 2025, respectively.
Licenses
MD Anderson - Total expenses related to the Company's license agreements with MD Anderson were $33,000 for both the three months ended June 30, 2026 and 2025, and $65,000 and $83,000 for the six months ended June 30, 2026 and 2025, respectively. In October 2025, the Company entered into two separate options to license certain intellectual property related to WP1122 and a new formulation on WP1066. Such licenses are tied to continued support of sponsored research at MD Anderson discussed below.
Sponsored Research Agreements - The expenses recognized under the agreements were $212,000 and $51,000 for the three months ended June 30, 2026 and 2025, respectively, and $424,000 and $313,000 for the six months ended June 30, 2026 and 2025, respectively. The Company entered into a research agreement with MD Anderson until 2027. Such research supports the development efforts of the Company's three core technologies.
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