12. Commitments and Contingences Litigation The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities as of December 31, 2018. Lease On January 3, 2018, the Company entered a lease for office space. The lease commencement date is January 1, 2018 and the lease expiration date is February 28, 2021. The Company paid $0.2 million and $0 in rent for years ended December 31, 2018 and 2017, respectively. Obligations to make future minimum lease payments at December 31, 2018, are as follows (in thousands): Year ending December 31, Minimum Lease Payments 2019 $ 231 2020 236 2021 39 Total $ 506 Novartis License Agreement The Company is required to pay up to an aggregate of $4.3 million upon the satisfaction of clinical milestones, up to an aggregate of $24 million upon the satisfaction of regulatory milestones for the first indication approved, and up to an aggregate of $18 million upon the satisfaction of regulatory milestones for the second indication approved. In addition, the Company is required to pay up to an aggregate of $125 million upon the satisfaction of commercial milestones, based on the amount of annual net sales. The Company is also required to pay tiered royalties ranging from a mid single-digit percentage to a low teen-digit percentage on annual net sales of products. These royalty obligations last on a product-by-product and country-by-country basis until the latest of (i) the expiration of the last valid claim of a Novartis patent covering a subject product, (ii) the expiration of any regulatory exclusivity for the subject product in a country, or (iii) the 10 th anniversary of the first commercial sale in the country, and are subject to a reduction after the expiration of the last valid claim of a Novartis patent or the introduction of a generic equivalent of a product in a country. Silverstein Foundation The Company is obligated to repay the Funding Amount in full to the Silverstein Foundation if it successfully conducts a positive Phase 3 clinical trial of the Product for Parkinsons Disease (see Note 7).