Subsequent Event

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Event

17. Subsequent Event

Biogen Agreement

In March 2022, the Company received written notice that Biogn is terminating the Biogen Agreement. Pursuant to the terms of the Biogen Agreement, termination will be effective in May 2022. As a result of the termination, Biogen will no longer have an exclusive license to develop, manufacture and commercialize CB 2782-PEG and other anti-C3 proteases for potential treatment of dry AMD and other disorders.

Sublease Agreement

In March 2022, the Company entered into a sublease agreement for one of its leased facilities that commences in April 2022. Under the terms of the sublease agreement, the Company will receive $0.2 million in base lease payments over the term of the sublease, which ends in April 2023.

Advisor Agreement

In March 2022, the Company entered into a financial advisor agreement with Raymond James & Associates, Inc. (“Raymond James”) to help the Company evaluate the possible sale or merger of the Company with various third-parties. Raymond James will be paid an advisory fee of up to $1.0 million upon the effective sale or merger of the Company and will be reimbursed up to $20,000 for reasonable legal, travel and out-of-pocket expenses.

Other Event

In March 2022, the Company announced that it intends to further reduce its workforce as part of its restructuring plan. Under the restructuring plan, the Company will provide employees one-time severance payments upon termination, continued benefits for a specific period, and outplacement services. The Company expects to incur total expenses of approximately $0.8 million, which is expected to be paid out during the second quarter of 2022.