Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

In February 2022, the Company implemented a corporate restructuring to align its resources to focus on its UBX1325 program while further extending operating capital. The restructuring is expected to result in an elimination of approximately 32 positions, or approximately 50% of the Company’s workforce, by the first half of 2022. The Company will incur a one-time employee benefits and severance charge of approximately $1.8 million in operating expenses in the first half of 2022.

During the first quarter of 2022, Hercules Capital, Inc. gave notice to convert the remaining convertible debt option into equity of the Company’s common stock. This resulted in the conversion of $2.7 million of principal debt into common stock, and reducing the outstanding principal under the first tranche to $20.0 million.

In February 2022, the Company’s Board of Directors approved the granting of retention awards to critical and important Company personnel. The awards consisted of 1,893,335 stock options and 463,328 restricted stock units with a grant date total fair value of $2.0 million and $0.5 million, respectively.