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Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

9. Subsequent Events

On April 6, 2020, the Company, entered into an investment agreement (the “Investment Agreement”), by and among the Company, Eshelman Ventures, LLC, a North Carolina limited liability company (the “Investor”), and, solely for purposes of Article IV and Article V of the Investment Agreement, Fredric N. Eshelman, Pharm.D.

On April 8, 2020, pursuant to the Investment Agreement, the Investor purchased 931,098 shares of the Company’s unregistered common stock for an aggregate purchase price of approximately $5.0 million.

On April 27, 2020, EVA defaulted on its obligation to pay its April rent and common area maintenance (“CAM”) charges under the sublease for the 1020 Space, resulting in a decrease in future sublease income available to offset our lease payments owed to the landlord. As of April 1, 2020, the aggregate base rent due to us under the sublease is approximately $10.6 million. Upon the execution of the sublease, EVA was obligated to provide to the Company a cash security deposit of $760,727, which we have drawn down upon for the missed April rent and CAM payments and plan to draw down on future missed rental payments. EVA has since advised us that they will be unable to continue to make future sublease payments.