SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

15. SUBSEQUENT EVENTS

Due to regulatory changes impacting development of the PI3K inhibitor class of compounds, the company has determined that it will discontinue its early stage preclinical PI3K program. On July 15, 2022 the Company notified

Columbia University that it is terminating the 2019 Columbia Agreement, effective in 90 days according to the terms of the 2019 Columbia Agreement, or at an earlier date agreed by the parties.

On August 2, 2022, the Board of the Company took action in accordance with its authority under the terms of the 2019 Plan to reset the per-share exercise price of all stock options previously granted under the 2019 Plan, including those granted to our executive officers and non-employee directors, to $1.05 per share (the “Option Repricing”), which is equal to the closing price of a share of the Company’s common stock on August 1, 2022. The Company expects to take a non-cash accounting charge under FASB ASC Topic 718 in respect of the Option Repricing in the quarter ending September 30, 2022.