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Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

9. Subsequent Events

 

The Company performed an evaluation of subsequent events through the date of filing of these condensed consolidated financial statements with the SEC. Other than the matters noted below, there were no material subsequent events which affected, or could affect, the amounts or disclosures in the condensed consolidated financial statements.

 

On November 6, 2022, the Board of Directors of the Company approved the following actions:

 

(1) Promoted Eric Forman, the Company’s Chief Administrative Officer, to Vice President and Chief Operating Officer, and increased his annual salary from $175,000 to $200,000 per year.

 

(2) Authorized the issuance of warrants to BioPharmaWorks, which has provided consulting services to the Company since September 2015, to purchase 100,000 shares of the Company’s common stock, fully vested upon issuance, exercisable for a period of 5 years at $0.5025 per share, which was the closing market price of the Company’s common stock on Friday, November 4, 2022.

 

(3) Authorized the issuance of stock options under the Company’s 2020 Stock Incentive Plan to Dr. John S. Kovach, Eric J. Forman, Dr. James S. Miser and Robert N. Weingarten to each purchase 200,000 shares of the Company’s common stock, exercisable for a period of five years at $2.00 per share, vesting 25% on the issuance date and 25% on each anniversary date thereafter until fully vested, subject to continued service. The closing market price of the Company’s common stock on Friday, November 4, 2022, was $0.5025 per share.

 

(4) Approved an amendment to the Company’s Amended and Restated Bylaws to reduce the quorum requirement to hold a meeting of stockholders from 50% to 33-1/3% of the total number of outstanding shares of the Company entitled to vote at the meeting, present in person or represented by proxy.