Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 15

Subsequent Events:

On October 26, 2023, the Company’s stockholders approved a proposal authorizing a reverse stock split of the Company’s common stock at a ratio of not less than 1 for 5 and no greater than 1 for 25, with the exact ratio, if effected at all, to be set within that range approved at the discretion of our board of directors and publicly announced by April 26, 2024 without further approval or authorization of our stockholders.

On October 30, 2023, Robert Moccia stepped down as the Company’s President and Chief Executive Officer and as a member of the Company’s board of directors. In conjunction with his separation from the Company, Mr. Moccia will receive $375 of severance payments, less applicable deductions. In addition, he will forfeit 75,000 unvested stock options with an exercise price of $1.06 per share. If the applicable performance and market conditions are achieved by December 30, 2023, 75,000 stock options with an exercise price of $1.06 per share will vest and may be exercised by January 28, 2024. Mr. Moccia has 1,632,590 vested stock options with an exercise price of $1.73 per share and 100,000 vested stock options with an exercise price of $1.45 per share that must be exercised by January 28, 2024.

The Company and Christopher Lesovitz, the Company’s Chief Financial Officer, entered into a retention agreement, effective October 30, 2023, pursuant to which, in accordance with the terms and conditions of such agreement, Mr. Lesovitz will receive an aggregate cash bonus equal to $143.

On October 31, 2023, Dr. Dolev Rafaeli was appointed as the Company’s Vice-Chairman, President and Chief Executive Officer and as a member of the Company’s board of directors.  In connection with such appointment, on October 31, 2023, the Company issued Dr. Rafaeli an option to purchase 1,745,569 shares of common stock, with a strike price of $0.53 per share, vesting over a three-year period.