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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

Share Purchase Agreement

On December 27, 2022, the Company entered into a Share Purchase Agreement (the “Purchase Agreement”) for a private placement with Accelmed Partners II LP (Accelmed) and New Enterprise Associates (each, a “Purchaser,” and collectively, the “Purchasers”). Pursuant to the Purchase Agreement, the Company agreed to sell to the Purchasers an aggregate of 146,627,565 shares of the Company’s common stock, par value $0.001 per share at a purchase price of $0.2046 per share, which represented a 25% premium to the trailing five-day volume-weighted average price of the Company’s common stock on December 23, 2022.

On February 7, 2023, the Amended and Restated Certificate of Incorporation was amended by the stockholders to permit the Company to issue up to 300,000,000 shares of common stock, par value $0.001 per share.

On February 9, 2023, after the satisfaction of the closing conditions which included shareholder approval, the Purchase Agreement closed and the Company issued the shares to the Purchasers, resulting in aggregate gross proceeds to the Company of $30.0 million before deducting placement agent fees and estimated offering expenses of $3.2 million. Following the Purchase Agreement, Accelmed individually owns approximately 69.3% of the Company's common stock.

Closure of Silicon Valley Bank

On March 10, 2023, the Company became aware of the closure of Silicon Valley Bank (“SVB”) and appointment of the Federal Deposit Insurance Corporation as receiver. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of SVB to Silicon Valley Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders.The Company maintains less than $0.2 million of net cash deposits at SVB. The Company does not expect that the closure of SVB will have a material effect on the Company's financial position and results from operations.