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Subsequent Event
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Event

20. Subsequent Event

ATM Offering Program

On January 30, 2024, the Company completed the sale of an aggregate of 3,600,000 shares of common stock under the ATM offering program, with an average sale price of $3.00 per share, resulting in gross proceeds of $10.8 million, before deducting placement agent fees under the ATM offering program. The issuance and sale of common stock under the ATM offering program is made pursuant to our registration statement on Form S-3 (file number 333-268100), which was declared effective by the SEC on November 14, 2022.

Dissolution of Voxall Joint Venture

In February 2024, the Board of Directors of Voxall approved to dissolve the joint venture. The mutual decision to dissolve comes as a result of the corporate reorganization announced in November 2023, as the Company continues to align its resources and refocus its efforts on its progressing the clinical trials. Upon dissolution, Alloy retained rights to certain intellectual property and may develop and commercialize at its sole discretion. Any amounts owed by Voxall to either the Company or Alloy were discharged in their entirety without further liability upon the dissolution. The Company will absorb its portion of the cumulative losses, which is limited to its initial investment in the joint venture of $50 thousand and which was fully provided for in 2021.

Private Placement Funding

On February 26, 2024, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) for a private placement (the “Private Placement”) with certain institutional and accredited investors (each, a “Purchaser” and collectively, the “Purchasers”).

Pursuant to the Securities Purchase Agreement, the Company agreed to issue and sell to the Purchasers an aggregate of (i) 8,849,371 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a purchase price of $4.78 per share, and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 1,611,215 shares of Common Stock (the “Pre-Funded Warrant Shares”) at a purchase price of $4.779 per Pre-Funded Warrant, which represents the per share purchase price of the Shares less the $0.001 per share exercise price for each Pre-Funded Warrant. The Pre-Funded Warrants will be exercisable at any time after the date of issuance and will not expire.

The Private Placement closed on February 29, 2024. The Company received gross proceeds from the Private Placement of approximately $50 million, before deducting placement agent fees and offering expenses directly related to the Private Placement.