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Subsequent Events
9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

5. Subsequent Events

Lease Amendment

On October 16, 2024, the Company entered into the seventh amendment of its existing lease agreement (the “Seventh Amendment”) with SB Corporate Centre III-IV, LLC (the “Landlord”), to amend the office lease agreement, dated as of December 19, 2016, by and between the Landlord and the Company (as amended, the “Lease”), relating to office space, which serves as the Company’s headquarters. The Seventh Amendment extends the term of the Lease from October 31, 2024 to March 31, 2027. The Seventh Amendment provides that the base monthly rent for the leased space will be $6,456.95 from November 1, 2024 to October 31, 2025, $6,650.66 from November 1, 2025 to October 31, 2026 and $6,850.18 from November 1, 2026 to March 31, 2027, and that the Company will be obligated to pay a specified percentage of certain expenses paid by the Landlord. The Company will also be granted a one-month rent abatement for November 2024, provided there is no material default under the Lease. The Lease will be accounted for as an operating lease.

Warrant Exercises

On October 28, 2024, the Company received net proceeds of $3.6 million after deducting underwriter expenses from the exercise of Pre-Funded Warrants, Series A Warrants, Series B Warrants, and Series C Warrants and issued 591,166 shares of common stock.