Subsequent events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent events

Subsequent events

The Company has evaluated events subsequent to September 30, 2023 through the date of this filing to assess the need for potential recognition or disclosure.

On October 19, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Casdin, whereby the Company sold, and Casdin purchased, 927,165 shares of common stock of the Company, par value $0.001 per share, at a purchase price of $11.19 per share for an aggregate purchase price of $10,374,976.35 (the “Private

Placement”). For further information on the Purchase Agreement, please see the Company’s Form 8-K filed with the SEC on October 19, 2023.

Additionally, on October 19, 2023, Michael Rice, the Chief Executive Officer and Chairman of the Board of Directors of the Company (the "Board"), retired from his positions as Chairman of the Board and Chief Executive Officer of the Company. Mr. Rice’s resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. In connection with Mr. Rice’s resignation, the Company and Mr. Rice entered into a Separation, Release of Claims and Consulting Agreement (the "Separation Agreement") on October 19, 2023 (the “Separation Date”), pursuant to which Mr. Rice will serve as a consultant for the Company beginning on the Separation Date and ending on the six-month anniversary thereof.

On October 19, 2023, the Board appointed Roderick de Greef as the President and Chief Executive Officer of the Company and Chairman of the Board. In connection with Mr. de Greef’s appointment as Chief Executive Officer, on October 19, 2023, the Company and Mr. de Greef entered into an Employment Agreement (the “de Greef Employment Agreement”).

For further information on the resignation of Mr. Rice and appointment of Mr. de Greef, including the Separation Agreement and de Greef Employment Agreement referenced above, please see the Company's Form 8-K filed with the SEC on October 23, 2023.

Other than the events outlined above, based upon this evaluation, it was determined that no other subsequent events occurred that require recognition or disclosure in the Consolidated Financial Statements.