|9 Months Ended|
Sep. 30, 2023
|Subsequent Events [Abstract]|
On November 1, 2023, the Company announced the appointment of George Magrath, M.D., M.B.A., M.S., as Chief Executive Officer and member of the Board of Directors. As a result of such appointment, Richard Rodgers, who was serving as Interim President and Chief Executive Officer, resigned from such positions and remains on the Board.
Effective as of November 1, 2023, the Company amended the 2021 Inducement Plan reserve to 2,325,258 shares of its common stock.
On November 1, 2023, the Company granted, from the 2021 Inducement Plan, Dr. George Magrath an option to purchase 600,000 shares of the Company’s common stock at an exercise price of $2.87 and 400,000 restricted stock units. The option vests over a period of four years, with 25% vesting one year after the date of grant and the remaining 75% vesting in 36 approximately equal monthly increments, and the restricted stock units vest in four equal consecutive annual installments of 25% beginning on the first anniversary of the grant date, provided in each case that the new hire’s employment is continuing on each such date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the new hire’s award agreements.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef