Subsequent event

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent events

Subsequent Events

On January 5, 2022, the Company announced the appointment of Mr. Kenneth Galbraith as Chair of the Board of Directors, Chief Executive Officer and President, effective January 15, 2022. In connection with Mr. Galbraith’s appointment, Dr. Ali Tehrani resigned from the positions of President and Chief Executive Officer and as a member of the board of directors, effective January 15, 2022. The Company also announced the promotion of our Chief Financial Officer, Mr. Neil Klompas, to the dual position of Chief Operating Officer and Chief Financial Officer.

On January 19, 2022, the Company announced its plans to implement a restructuring of its workforce (the “Restructuring”), with a target of reducing employee headcount by at least 25% across the organization by the end of 2022. The Restructuring is expected to be substantially completed by December 31, 2022. In connection with the Restructuring, the Company announced changes in senior management team, with the Executive Vice President, Early Development & Chief Scientific Officer, Chief People Officer and Chief Commercial Officer leaving the Company.

On January 31, 2022, the Company closed a public offering pursuant to which the Company sold 11,035,000 common shares, at $8.00 per common share and 3,340,000 pre-funded warrants in lieu of common shares at $7.9999 per pre-funded warrant, resulting in gross proceeds of approximately $115.0 million. Net proceeds were approximately $107.6 million, after underwriting discounts, commissions and offering expenses.