12. Subsequent Events

On April 21, 2021, the Company entered into a second amendment (the "Second Amendment") to the Lease Agreement (as amended, the "Lease") with 350 Technology Drive Partners, LLC (the "Landlord") for office and laboratory space (the "Leased Premises") located at 350 Technology Drive, Pittsburgh, Pennsylvania. Pursuant to the Second Amendment, the parties amended the Lease to provide that the Lease will commence on May 1, 2021. On such date, the Company is obligated to begin making rental payments, provided that the Company may be entitled to a rental credit for certain periods based on the date the Landlord delivers possession of the office space and biology lab within the Leased Premises to the Company and the date the Landlord substantially completes tenant improvements. In addition, pursuant to the Second Amendment and as a result of approved change orders, the Company will pay an escalating base rent over the life of the Lease of approximately $71,000 to $78,000 per month.

Refer to the discussion in Note 10.

On April 26, 2021, the Company closed on an underwritten public offering of 9,200,000 shares of its common stock (inclusive of 1,200,000 shares that were sold pursuant to the underwriters' full exercise of their option to purchase additional shares of the Company's common stock), at a price to the public of $5.00 per share. Refer to the discussion in Note 3.

On April 26, 2021, the Company closed the Vera transaction. Refer to the discussion in Note 1.

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