Related Party Transactions |
12 Months Ended |
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Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
5. Related Party Transactions
The month-to-month sub-lease described in Section 3 is from a related party. The current monthly rent is approximately $4,445, which has been paid each month by the Company for the full years ending December 31, 2025 and 2024.
Unreimbursed expenses for clinical trial and shipping costs, travel expenses, all Euro denomination-based expenses, and other miscellaneous expenses have been accrued and incurred by Snehal Patel and two family members who are contracted or employed by the Company, which total $276,496 as of December 31, 2025 and $75,916 as of December 31, 2024. The total reimbursements submitted for the full years ending December 31, 2025 and 2024 were approximately $3.8 million and $1.8 million, respectively.
Bonus compensation of $ for senior management for services provided in 2025 has been deferred. Bonus compensation of $ for senior management for services provided in 2024 has been deferred. The total outstanding deferred compensation for the full years ending December 31, 2025 and 2024 were $673,819 and $306,281, respectively.
On June 13, 2024, the Company completed a private placement offering pursuant to which it issued and sold shares of its common stock at a price of $ per share to Snehal Patel, the Company’s Chief Executive Officer and director, for net proceeds of $2,499,998. Mr. Patel agreed to a one year lock-up agreement with respect to his shares of common stock acquired in the offering.
Two other members of Snehal Patel’s family are contracted or employed by the Company. The total cash compensation paid to the two family members for the full years ending December 31, 2025 and 2024 were approximately $249,000 and $224,000, respectively. The total option compensation paid to the two family members for the full years ending December 31, 2025 and 2024 were approximately $ and $, respectively.
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