XML 41 R21.htm IDEA: XBRL DOCUMENT v3.19.1
Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
Severance Payment Obligations
In conjunction with the departures of two former Company officers in January 2019, the Company entered into separation and general release agreements that included separation benefits, including: (i) certain fixed cash separation payments totaling approximately $880, payable over a 12 month period; (ii) a $61 contingent payment due to one of the former officers upon achievement of certain target corporate development project objectives; and (iii) reimbursement for the cost of continuing COBRA coverage for a period of up to 12 months. All separation benefits are contingent upon the former Company officers’ ongoing compliance with the terms of the separation and general release agreements and existing confidentiality and noncompetition agreements with the Company.
Continued Listing Standard
On January 14, 2019, the Company received a notice from the staff of the Nasdaq Stock Market LLC notifying the Company that, for the last 30 consecutive business days, the market value of the Company’s listed securities has been below the minimum $50.0 million requirement for continued inclusion on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(A). The staff also noted that the Company did not meet alternative requirements for satisfying continued listing criteria found in Nasdaq Listing Rule 5450(b)(3)(A). The Company has 180 calendar days, or until July 15, 2019, to regain compliance with the rule. If, at any time before July 15, 2019, the market value of the Company’s listed securities closes at $50.0 million or more for a minimum of 10 consecutive business days, the staff will provide written notification to the Company that it complies with the rule.
Sato Payment
On March 14, 2019, the Company received the second installment payment related to the Amended Sato Agreement of 0.5 billion JPY (approximately $4,460 USD).
Novan Therapeutics, Limited
On March 14, 2019, the Company completed registration of a wholly-owned Ireland-based subsidiary, Novan Therapeutics, Limited.