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Subsequent Event | 9 Months Ended
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Sep. 30, 2021
Subsequent Events [Abstract] |
Subsequent Event |
13. | Subsequent Events
Lease Amendment In October 2021, the Company amended the License Agreement entered into in April 2021 to extend the lease term for a period of 12 months. The monthly lease payment during the extension period is approximately $0.1 million. The amended lease term will commence on May 1, 2022 and expire at the end of April 2023. At-the-Market Equity Offering On October 15, 2021, the Company entered into an Equity Distribution Agreement (the “ATM Agreement”) with Piper Sandler & Co. (“Piper Sandler”), as sales agent, pursuant to which the Company may offer and sell, from time to time, through Piper Sandler, shares of the Company’s common stock, par value of $0.001 per share, with aggregate gross sales proceeds of up to $50.0 million through an “at the market” equity offering program. The Company will pay Piper Sandler a commission of 3.0% of the gross proceeds of any shares sold. The Company also agreed to reimburse Piper Sandler for certain expenses incurred in connection with its services under the ATM Agreement, including up to $50,000 for legal expenses in connection with the establishment of the ATM Program. Sales of shares of common stock under the ATM Agreement will be made pursuant to the registration statement on Form S-3 (File No. 333-253874), which was declared effective by the SEC on May 3, 2021, and a related prospectus supplement file with the SEC on October 15, 2021. Other Event On November 11, 2021, the Company made a strategic decision to stop the clinical development of MarzAA and focus solely on its complement programs and protease medicines platform. The strategic shift from late-stage hemophilia to earlier-stage complement development offers the Company a path forward for long-term success. The Company implemented a restructuring plan under which it provided or will provide employees one-time severance payments upon termination, continued benefits for a specific period, and outplacement services. The Company expects to incur total expenses of approximately $0.6 million. The Company expects that the cash payments due under this restructuring will be approximately $0.4 million and $0.2 million in the fourth quarter of 2021 and first quarter of 2022, respectively. In the first quarter of 2022, the Company may also occur other charges or cash expenditures not currently contemplated due to events that occur as a result of, or associated with, the decision to stop clinical development of MarzAA.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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