Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On February 10, 2023, the Company amended the 2023 Convertible Notes to extend the maturity to January 31, 2025, and to reset the conversion price to the 10 day volume weighted average price immediately preceding the date of the amended note, plus a 25% conversion premium, or $1.66. In addition, under the terms of the 2023 Convertible Note, interest will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance, until the principal and accrued and unpaid interest, are paid in full. The remaining provisions of the original note are unchanged.

In January 2023, Nicoya submitted the investigational new drug application to China's Center for Drug Evaluation (“CDE”). Under the terms of the Nicoya Agreement, we are eligible to receive $2.5 million upon Nicoya’s submission of the IND, of which we received in February 2023 and will be recognized as license revenue in the first quarter of 2023.

In January 2023, in conjunction with a underwritten public offering, we invested $5.0 million for 14,285,714 shares of GeneDx Holdings Class A common stock at a public offering price of $0.35 per share. As of January 26th, 2023, our beneficial ownership in GeneDx Holdings decreased to 11.6% as a result of their public offering.

Effective January 2, 2023, ModeX entered into a 10-year office lease agreement commencing on August 1, 2023. ModeX is currently located in Natick, Massachusetts and will relocate to Weston, Massachusetts, upon lease commencement. The new location will have approximately 33,056 square feet of office space. Under the new lease, ModeX has two options to extend the lease term for an additional five years per extension, which would commence upon the expiration of the term on August 1, 2033. Straight-line monthly rent expense for the lease is approximately $241 thousand.