|12 Months Ended|
Sep. 30, 2022
16. Subsequent Events
In October 2022, the Company announced a strategic restructuring to expand its focus to include the advancement of the differentiated gene editing capabilities of its platform. As part of the development pipeline shift to gene editing, the Company will defer preclinical activities for its DM1, HD, and KRAS programs, hold plans to submit an IND application for DM1 to the FDA, and pursue collaborative initiatives, including partnerships, for these programs. The Company estimates that it will incur total expenses relating to the restructuring of approximately $0.5 million, consisting of severance and termination-related costs, and expects to record a significant portion of these charges in the fourth quarter of calendar year 2022. This restructuring plan is expected to extend the Company’s cash runway into the second quarter of calendar year 2024 based on current operating plans and estimates. As part of the cost reduction plan, the Company implemented a cross-functional reduction of approximately 60% of the then-current workforce. In October 2022, the Company also announced certain changes to its leadership team, including the resignations of the Head of Research and Development and Chief Medical Officer and President and Chief Operating Officer, as well as the appointment of Dr. Dov A. Goldstein, a member of the Company’s board of directors since 2019, as Chairperson of the Board.
Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef