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Subsequent Event | 12 Months Ended
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Dec. 31, 2021
Subsequent Events [Abstract] |
Subsequent Event |
1 7. | Subsequent Event
Biogen Agreement In March 2022, the Company received written notice that Biogn is terminating the Biogen Agreement. Pursuant to the terms of the Biogen Agreement, termination will be effective in May 2022. As a result of the termination, Biogen will no longer have an exclusive license to develop, manufacture and commercialize CB 2782-PEG and other anti-C3 proteases for potential treatment of dry AMD and other disorders. Sublease Agreement In March 2022, the Company entered into a sublease agreement for one of its leased facilities that commences in April 2022. Under the terms of the sublease agreement, the Company will receive $0.2 million in base lease payments over the term of the sublease, which ends in April 2023. Advisor Agreement In March 2022, the Company entered into a financial advisor agreement with Raymond James & Associates, Inc. (“Raymond James”) to help the Company evaluate the possible sale or merger of the Company with various third-parties. Raymond James will be paid an advisory fee of up to $1.0 million upon the effective sale or merger of the Company and will be reimbursed up to $20,000 for reasonable legal, travel and out-of-pocket expenses. Other Event In March 2022, the Company announced that it intends to further reduce its workforce as part of its restructuring plan. Under the restructuring plan, the Company 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 $0.8 million, which is expected to be paid out during the second quarter of 2022.

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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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