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Subsequent Events and Impact of COVID-19 Pandemic
6 Months Ended
Jun. 30, 2020
Subsequent Events and Impact of COVID-19 Pandemic  
Subsequent Events and Impact of COVID-19 Pandemic

(14) Subsequent Events and Impact of COVID-19 Pandemic

The clinical trial sites participating in the Company's Phase 2a trial in AD patients in collaboration with the Alzheimer's Disease Cooperative Study have temporarily suspended enrollment of new patients because of the ongoing COVID-19 pandemic. Prior to suspension of enrollment, 14 patients had been enrolled and completed treatment, out of a total trial size of 24 patients. Although the Company currently believes its clinical trials will be completed on time, the extent to which the COVID-19 pandemic could have a material impact on the clinical trials is dependent on the spread of the disease and government and healthcare system responses to such spread, which are presently highly uncertain.

 

On July 1, 2020, the Company granted options to purchase an aggregate of 210,000 shares of common stock at an exercise price of $4.39 per share to members of the board of directors of the Company, members of the Company’s scientific advisory board and other consultants to the Company. Under the grant agreements, all of the options were vested and exercisable upon grant, and these options have a 10-year term. The estimated grant date fair value of these options was $2.77 per share.