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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 14—Subsequent Events

In February 2023, the Company granted options to purchase an aggregate of approximately 1.2 million shares of its common stock at an exercise price of $1.18 per share, and also granted approximately 0.2 million restricted stock units. These equity awards generally vest over a four year period and are subject to service-based vesting conditions. Certain awards contain performance conditions tied to the development of the Rett program, as well as market conditions tied to the appreciation of the Company’s stock price by December 31, 2023.

On January 12, 2023, the Company and Suyash Prasad, the Company’s Chief Medical Officer, mutually agreed to Dr. Prasad’s separation from the Company, effective immediately. In connection with Dr. Prasad’s separation from the Company, the Company intends to enter into a separation agreement (the “Separation Agreement”) with Dr. Prasad that will provide for the terms of Dr. Prasad’s separation from employment. Such Separation Agreement has not yet been finalized.

On December 16, 2022, RA Session II, the former President and Chief Executive Officer of the Company, resigned from his operating role, effective immediately. At such time, Mr. Session remained a member of the Board. In connection with his resignation, Mr. Session and the Company entered into the Separation Agreement, dated as of March 7, 2023, providing for the terms of Mr. Session’s separation from employment with the Company. Under the Separation Agreement, the Company has agreed to provide Mr. Session with salary continuation payments, in an aggregate amount equal to his annualized base salary payable on the Company’s regular payroll commencing on the first payroll run occurring on or after March 15, 2023, and continuing for 12 months thereafter, less all applicable taxes and withholdings. The Separation Agreement contains mutual releases, subject to customary exceptions, and mutual covenants not to disparage.

In connection with Mr. Session’s execution of the Separation Agreement, on March 7, 2023 the Compensation Committee of the Board awarded Mr. Session vested RSU's in respect of 251,296 shares of the Company’s common stock, which replaced a prior stock option award of 199,500 shares that was canceled.

On March 2, 2023, Mr. Session notified the Board of his resignation from the Board and all committees thereof effective immediately. Mr. Session’s decision to leave the Board was not the result of any disagreement between the Company and Mr. Session on any matter relating to the Company’s operations, policies or practices.