Annual report pursuant to Section 13 and 15(d)

Line of Credit

Line of Credit
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Line of Credit

Note 6 – Line of Credit


On November 8, 2010, the Company entered into a financing arrangement with Gemini Pharmaceuticals, Inc., a product development and manufacturing partner of the Company, pursuant to which Gemini Pharmaceuticals made a $0.3 million strategic equity investment in the Company and agreed to make a $0.8 million purchase order line of credit facility available to the Company. The principal balance outstanding under the line of credit, which bears interest at the rate of prime plus 2% per annum, amounted to $31,000 as of December 31, 2021 and 2020, respectively.