Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events

Subsequent Events

14. Subsequent Events

Legal Proceeding

A complaint was filed in February 2020 in the New York State Supreme Court against the Company by an investor who invested in the Company’s preferred stock in July 2017 prior to the Company’s IPO in August 2018. The complaint alleges, among other things, that the Company breached its contract and fiduciary duty, by not issuing additional securities to the investor as a result of the Company’s IPO. The plaintiff is asking for approximately $277,000 in compensatory damages. The Company believes that the claims in this complaint are without merit and intends to defend vigorously against them.

Leases

The Company’s operating lease for its office and lab space is in San Jose, California. In February 2020, the Company was given the option by its landlord of moving its offices to the first floor of its office building or moving out. The Company is currently considering such a move or a move to another facility in the San Jose area. The Company plans to vacate these premises and move to new premises by mid-2020.

COVID-19

The COVID-19 outbreak in the United States has caused business disruption. The extent of the impact of COVID-19 on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak and impact on the Company’s clinical trials, employees and vendors, all of which are uncertain and cannot be predicted. At this point, the extent to which COVID-19 may impact the Company’s financial condition or results of operations is uncertain.