Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
3 Months Ended
Mar. 31, 2023
Subsequent Events  
Subsequent Events

Note 12 – Subsequent Events

On April 3, 2023, the Company filed a Certificate of Amendment to our Amended and Restated Certificate of Incorporation, as amended, to effect a 15-for-1 reverse stock split of the Company’s common stock. The reverse stock split became effective on April 3, 2023, and the Company’s common stock was quoted on the Nasdaq Stock Market on a post-split basis beginning at the open of business on April 4, 2023.

On April 11, 2023, the Term Loan was terminated upon receipt by Runway of a payoff amount of $30.7 million from the Company (comprising principal, interest and the applicable final payment amount); provided that the Company continues to be bound by certain indemnification obligations under Section 12.3 of the Runway Loan Agreement. The payoff amount paid by the Company in connection with the termination of the Term Loan was pursuant to a payoff letter with Runway.