Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2020 | |
| Related Party Transactions | |
| Related Party Transactions |
Note 4 — Related Party Transactions On June 12, 2020, the Company, Fortress and InvaGen entered into a Facility Agreement ("Facility Agreement") whereby beginning on October 1, 2020 the Company may borrow up to $2.0 million collectively from Fortress and InvaGen, subject to certain conditions set forth herein. Fortress’ commitment amount is $0.8 million, and InvaGen’s is $1.2 million, and a 7% per annum interest rate applies (payable on the last day of each fiscal quarter). Repayment of the loan is due upon the earliest of i) the second stage closing ii) April 29, 2021 and iii) the date that is 30 days following the termination of the SPMA. As of September 30, 2020, there have been no amounts drawn on the Facility Agreement. |