Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

v3.20.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

Note 11 – Commitments and Contingencies

 

Defined Contribution Plan

 

The Company established a 401(k) Plan (the "401(k) Plan") for eligible employees of the Company effective April 1, 2014. Generally, all employees of the Company who are at least twenty-one years of age and who have completed three months of service are eligible to participate in the 401(k) Plan. The 401(k) Plan is a defined contribution plan that provides that participants may make salary deferral contributions, of up to the statutory maximum allowed by law (subject to catch-up contributions) in the form of voluntary payroll deductions. The Company's aggregate matching contributions were $11 and $8 for the three months ended March 31, 2020 and 2019, respectively.

 

Supply Agreement

 

On November 18, 2016, the Company entered into an Amended Supply Agreement with DIL Technologie GmbH ("DIL"). Pursuant to the agreement, DIL agreed to manufacture and supply the Company with Fortetropin®, the active ingredient for its products, and the Company agreed to purchase quantities of Fortetropin® from DIL in its discretion. DIL agreed to manufacture the formula exclusively for the Company in perpetuity, and agreed not manufacture the formula for other entities (but may manufacture it for its own non-commercial research).

 

The agreement expired on December 31, 2018, and the Company has not elected to renew the agreement as of the date of the filing of this Report.