Subsequent Events |
12 Months Ended | ||
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Dec. 31, 2023 | |||
| Subsequent Events [Abstract] | |||
| Subsequent Events |
Under the 2020 Plan, the shares reserved automatically increase on January 1 of each year, for a period of not more than ten years from the date the 2020 Plan is approved by the stockholders of the Company, commencing on January 1, 2021 and ending on (and including)
January 1, 2030, by an amount equal to 5% of the shares of common stock outstanding as of December 31 of the preceding calendar year.
Notwithstanding the foregoing, the Board of Directors may act prior to January 1 of a given year to provide that there will be no January 1 increase in the share reserve for such year or that the increase in the share reserve for such year will
be a lesser number of shares of common stock than would otherwise occur pursuant to the preceding sentence. On January 1, 2024, 1,198,875
shares were added to the 2020 Plan as a result of the evergreen provision.
On February 12, 2024,
the Company issued a total of 435,000 stock options and 215,000 restricted stock units under the Inducement Plan to its newly appointed Chief Financial and Chief Scientific and Development Officers. The option awards have an exercise price
of $2.66 per share. The options vest over a period of four years, with 25% vesting one year after the date of grant and the
remaining 75% vesting in equal quarterly installments thereafter, and the RSUs vest in four equal installments on the first, second, third and fourth anniversary of the grant date of February 12, 2024
On January 10, 2024, the Company filed a Form S-3 shelf registration under
the Securities Act which was declared effective by the SEC on January 23, 2024 under which the Company may offer and sell, from time to time in its sole discretion, securities having an aggregate offering price up to $175 million.
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