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Subsequent Events | 9 Months Ended
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Sep. 30, 2025
Subsequent Events |
Subsequent Events |
(11) | Subsequent Events
The Company has evaluated subsequent events from the balance sheet date through November 12, 2025, the issuance date of these unaudited interim consolidated financial statements, and has not identified any additional items that have not previously been mentioned elsewhere requiring disclosure except for the below. On October 15, 2025, the Company entered into Separation and Release Agreements with two executive officers pursuant to which, based on their termination without cause, both are entitled to receive severance payments, subject to their execution and non-revocation of a release of claims in favor of the Company and compliance with all post-employment obligations under law or any restrictive covenant agreement with the Company. Michael Klichinsky, Pharm.D., Ph.D., the Company’s Chief Scientific Officer, was terminated on October 15, 2025 and is entitled to receive total severance payments of approximately $0.7 million. Steven Kelly, the Company’s President and Chief Executive Officer, will terminate on November 15, 2025 and is entitled to receive total severance payments of approximately $1.0 million. On October 14, 2025, each of John Hohneker, M.D., Briggs Morrison, M.D. and David Scadden M.D. notified the Company of such director’s decision to resign from the Company’s board of directors and all committees thereof, effective October 15, 2025. On October 14, 2025, Mr. Kelly notified the Company of his decision to resign from the Company’s board of directors, effective November 15, 2025. The resignations were not a result of any disagreement with the Company’s operations, policies or practices.

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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 -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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