SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Private Placements

In November 2023, the Company issued and sold in private placement transactions an aggregate of 8,869,797 shares of the Company’s common stock at a price per share of $12.38 and 92,312 shares of the Company’s Series B non-voting convertible preferred stock at a price per share of $825.3746, pursuant to securities purchase agreements with certain institutional and accredited investors. The Company received aggregate gross proceeds of approximately $186.0 million, before deducting offering expenses payable by the Company.

License Agreement with Paragon Therapeutics, Inc.

On October 30, 2023, the Company entered into a License Agreement with Paragon Therapeutics, Inc. (the “Paragon License Agreement”) as a result of exercising its Option under the Paragon Agreement to obtain exclusive licenses to develop, manufacture and commercialize certain antibodies and associated products. In connection with the execution of the Paragon License Agreement, the Company is obligated to make an initial payment of $5.3 million. In consideration for rights granted by Paragon, the Company is obligated to make certain future development milestone payments of up to $16.0 million on a program-by-program basis upon the achievement of specified clinical and regulatory milestones. Additionally, if the Company successfully commercializes any product candidate subject to the Paragon License Agreement, it is responsible for royalty payments equal to a percentage in the mid-single digits of net sales.

Separation Agreement with President and Chief Executive Officer

On October 29, 2023, the Company entered into a Separation and Release Agreement (the “Separation Agreement”) with the former Chief Executive Officer. Under the terms of the Separation Agreement, the Company incurred severance costs totaling $14.6 million, including $13.5 million of incremental share-based compensation related to the acceleration of stock options and restricted stock units.