Subsequent events

3 Months Ended

Mar. 31, 2020

Subsequent events.

Subsequent events

15. Subsequent events

Stock option grant

On April 20, 2020, the Company granted options to employees to purchase 672,728shares of common stock. All options granted on April 20, 2020 vest over four years, with 25% of the options vesting on February 15, 2021 and the remaining 75% of the options vesting in 12 equal quarterly installments following the first anniversary of the vesting date, provided the option holder continues to have an employment relationship with the Company on each vesting date.

Other information

In March 2020, the World Health Organization declared the outbreak of a novel strain of coronavirus, or COVID-19, as a pandemic. The COVID-19 outbreak is impacting enrollment in the Company’s clinical trials, in particular the Phase 2 trial for HB-101 in patients awaiting kidney transplantation, and has slowed down activities in the Company’s laboratory operations and at some of its suppliers. The Company has taken steps to identify and mitigate the adverse impacts posed by the COVID-19 pandemic and has focused its resources on the progression of research and development activities that are key for its business. In April 2020, the Company applied for support under the Corona Short-term Work Program in Austria to mitigate the financial impact of the COVID 19 crisis. In addition, the Company’s officers and directors have waived at least 25% of their cash salaries for at least the three months ended June 30, 2020, and the vast majority of its employees agreed to a temporary salary reduction of 20%.