Subsequent Events	3 Months Ended
Mar. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS Registered Direct Offering On April 3, 2020, the Company completed a registered direct offering of 7,218,750 shares of the Company’s common stock at a purchase price of $1.60 per share for gross proceeds of $11.55 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. Pursuant to an engagement agreement between the Company and H.C. Wainwright & Co., LLC (“Wainwright”), Wainwright served as the exclusive placement agent for the Company in connection with the offering. The Company paid Wainwright a cash placement fee equal to 7.0% of the aggregate purchase price for the shares of common stock sold in the offering, a management fee of 1.0% of the aggregate purchase price for the shares of common stock sold in the offering and other expenses. The net proceeds of $10.5 million received by the Company from the transaction will be used for working capital, general corporate purposes, research and development, and satisfaction of corporate debts. In addition, the Company has issued to certain affiliates of Wainwright warrants (“Placement Agent Warrants”) to purchase up to 6.0% of the aggregate number of shares of Common Stock sold in the offering, or 433,125 shares. The Placement Agent Warrants are exercisable immediately for a term of five years, with an exercise price equal to $2.00 per share. Noteholder Agreement for Grace Period On April 29, 2020, the Company entered into an agreement (the “Noteholder Agreement”) with the Deutsche Bank Trust Company Americas (the “Trustee”) and IEH Biopharma LLC, the holder (the “Noteholder”) of approximately $170.2 million of the Company’s outstanding Convertible Notes pursuant to which the Noteholder agreed, among other things, to grant to the Company a grace period (the “Grace Period”) with respect to payment of the principal amount of Convertible Notes payable to the Noteholder on May 1, 2020 (the “Maturity Date”). The Noteholder Agreement further provides that the Company will settle the outstanding principal amount of the Convertible Notes owed to all holders other than the Noteholder due on the Maturity Date and will pay all accrued and unpaid interest payable on the Maturity Date to all holders including the Noteholder. Interest on the outstanding principal amount of Convertible Notes held by the Noteholder will continue to accrue during the Grace Period. The Grace Period commences on the Maturity Date and ends on the earliest of (i) June 1, 2020, (ii) the occurrence of any breach or failure by the Company to comply with the terms of the Noteholder Agreement, (iii) the occurrence of any breaches or defaults pursuant to the Indenture other than as set forth in the Noteholder Agreement or (iv) as may be agreed between the Noteholder and the Company. The Noteholder Agreement shall terminate upon the expiration of the Grace Period. The Noteholder Agreement contains certain covenants by the Company including that it will not (i) directly or indirectly solicit, initiate, negotiate, consummate or encourage any proposals or offers from any person other than the Noteholder relating to any financial or other restructuring of the Company or any Alternative Transaction (as defined in the Noteholder Agreement), (ii) offer, issue, award, sell or transfer any of its debt or equity securities or (iii) rescind, cancel, modify, supplement or replace its Preferred Stock Rights Agreement, dated as of December 30, 2019. The Noteholder will be entitled to a fee set forth in the Noteholder Agreement upon the breach of any of the foregoing covenants. The Company also agreed not to take certain actions related to bankruptcy proceedings or actions by creditors. Paycheck Protection Program On May 4, 2020, the Company received a $1.25 million loan through the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act enacted on March 27, 2020. The loan matures in 2 years and bears interest of 1% per annum. The loan amounts will be forgiven as long as the loan proceeds are used to cover payroll costs and rent and utility costs over the eight-week period after the loan is disbursed and the Company’s full-time equivalent employee headcount and compensation levels are maintained.

17. SUBSEQUENT EVENTS

Registered Direct Offering

On April 3, 2020, the Company completed a registered direct offering of 7,218,750 shares of the Company’s common stock at a purchase price of $1.60 per share for gross proceeds of $11.55 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. Pursuant to an engagement agreement between the Company and H.C. Wainwright & Co., LLC (“Wainwright”), Wainwright served as the exclusive placement agent for the Company in connection with the offering. The Company paid Wainwright a cash placement fee equal to 7.0% of the aggregate purchase price for the shares of common stock sold in the offering, a management fee of 1.0% of the aggregate purchase price for the shares of common stock sold in the offering and other expenses. The net proceeds of $10.5 million received by the Company from the transaction will be used for working capital, general corporate purposes, research and development, and satisfaction of corporate debts.

In addition, the Company has issued to certain affiliates of Wainwright warrants (“Placement Agent Warrants”) to purchase up to 6.0% of the aggregate number of shares of Common Stock sold in the offering, or 433,125 shares. The Placement Agent Warrants are exercisable immediately for a term of five years, with an exercise price equal to $2.00 per share.

Noteholder Agreement for Grace Period

On April 29, 2020, the Company entered into an agreement (the “Noteholder Agreement”) with the Deutsche Bank Trust Company Americas (the “Trustee”) and IEH Biopharma LLC, the holder (the “Noteholder”) of approximately $170.2 million of the Company’s outstanding Convertible Notes pursuant to which the Noteholder agreed, among other things, to grant to the Company a grace period (the “Grace Period”) with respect to payment of the principal amount of Convertible Notes payable to the Noteholder on May 1, 2020 (the “Maturity Date”).

The Noteholder Agreement further provides that the Company will settle the outstanding principal amount of the Convertible Notes owed to all holders other than the Noteholder due on the Maturity Date and will pay all accrued and unpaid interest payable on the Maturity Date to all holders including the Noteholder. Interest on the outstanding principal amount of Convertible Notes held by the Noteholder will continue to accrue during the Grace Period. The Grace Period commences on the Maturity Date and ends on the earliest of (i) June 1, 2020, (ii) the occurrence of any breach or failure by the Company to comply with the terms of the Noteholder Agreement, (iii) the occurrence of any breaches or defaults pursuant to the Indenture other than as set forth in the Noteholder Agreement or (iv) as may be agreed between the Noteholder and the Company. The Noteholder Agreement shall terminate upon the expiration of the Grace Period.

The Noteholder Agreement contains certain covenants by the Company including that it will not (i) directly or indirectly solicit, initiate, negotiate, consummate or encourage any proposals or offers from any person other than the Noteholder relating to any financial or other restructuring of the Company or any Alternative Transaction (as defined in the Noteholder Agreement), (ii) offer, issue, award, sell or transfer any of its debt or equity securities or (iii) rescind, cancel, modify, supplement or replace its Preferred Stock Rights Agreement, dated as of December 30, 2019. The Noteholder will be entitled to a fee set forth in the Noteholder Agreement upon the breach of any of the foregoing covenants. The Company also agreed not to take certain actions related to bankruptcy proceedings or actions by creditors.

Paycheck Protection Program

On May 4, 2020, the Company received a $1.25 million loan through the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act enacted on March 27, 2020. The loan matures in 2 years and bears interest of 1% per annum. The loan amounts will be forgiven as long as the loan proceeds are used to cover payroll costs and rent and utility costs over the eight-week period after the loan is disbursed and the Company’s full-time equivalent employee headcount and compensation levels are maintained.