SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Equity Offering

In November 2020, the Company closed an underwritten offering of 1,040,000 shares of its common stock, pre-funded warrants to purchase 3,109,378 shares of its common stock, and accompanying common warrants to purchase up to an aggregate of 4,149,378 shares of its common stock. Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase one share of common stock. The public offering price of each share of common stock and accompanying common warrant was $6.025 and $6.024 for each pre-funded warrant. The pre-funded warrants are immediately exercisable at a price of $0.001 per share of common stock. The common warrants are immediately exercisable at an exercise price of $6.50 per share of common stock and will expire five years from the date of issuance. The shares of common stock and pre-funded warrants, and the accompanying common warrants, were issued separately and were immediately separable upon issuance. The gross proceeds to the Company were approximately $25.0 million before deducting underwriting discounts and commissions and other offering expenses.

Restructuring

In October 2020, the Board of Directors of the Company approved a restructuring plan that will focus the business efforts on its clinical GoCAR-T® product candidates. The company plans to pause development of its BCMA GoCAR-NK program and will initiate a reduction in force.

The Company has a severance plan for affected employees. The reduction in force includes 54 employees by the end of 2020, which represented approximately 79% of its workforce as of October 29, 2020, the date affected employees were notified. The Company incurred a severance-related charge totaling approximately $2.5 million that will be recorded in the fourth quarter of 2020. The Company may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the restructuring plans.

Oxford Loan Agreement

In October 2020, the Company entered into an agreement for the early settlement of all debt obligations under the Oxford Loan Agreement. The Company remitted payment of $27.4 million, which included full repayment of the outstanding principal balance, the Oxford Final Payment Fee, and accrued interest.