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Subsequent Events
12 Months Ended
Dec. 31, 2024
Subsequent Events  
Subsequent Events

Note 19 - Subsequent Events

The Company has evaluated subsequent events occurring after the balance sheet date through the date these consolidated financial statements were issued and determined that the following material events required disclosure:

On March 20, 2025, the Company granted stock options to purchase an aggregate of 2,706,000 shares of its common stock to employees, executives, and members of the Board of Directors under its 2024 Equity Incentive Plan. The grants included Incentive Stock Options (“ISOs”) and Non-statutory Stock Options (“NSOs”) with an exercise price equal to the fair market value of the Company’s common stock on the grant date.

On March 11, 2025, John Dahldorf, the Company’s Chief Financial Officer announced his decision to resign as Chief Financial Officer, effective March 28, 2025.

Mr. Dahldorf’s resignation was not the result of any dispute or disagreement with the Company on any matter related to the Company’s financial reporting or accounting policies, procedures, estimates, or judgments.

On February 28, 2025, the Company announced a strategic restructuring to prioritize its FULCRUM-VT U.S. pivotal investigational device exemption clinical trial and a new product design optimization program. This restructuring includes pausing the limited European launch of the vCLAS catheter and implementing a reduction in workforce effective February 28, 2025, to reallocate resources toward these critical priorities.

On January 30, 2025, the Company provided formal notice to Fjord Ventures LLC of its intent to terminate the Facilities and Services Agreement, dated as of June 1, 2011, as amended. The notice of termination was provided in accordance with the termination provisions outlined in the Agreement. The Agreement will terminate effective July 30, 2025. The termination is due to the Company no longer needing the services provided under the Agreement. The Agreement provided for various services and facilities to be rendered by Fjord to the Company. These services included employee benefits plan administration, administrative support, IT services, and the provision of office space and supplies.

On January 3, 2025, the Company entered into Limited Waiver and Amendment agreements with certain investors to address defaults related to misstated financial statements previously disclosed on November 1, 2024. These waivers pertain to the Securities Purchase Agreement, Registration Rights Agreement, and promissory notes issued on July 31, 2024. The investors agreed to accept restricted shares in lieu of payment in cash at a price of $2.00 per share, with the Company issuing a total of 183,333 Restricted Shares for registration delay penalties.