10.  Subsequent Events

In August 2023, the Company announced its intention to explore strategic alternatives. This announcement followed a comprehensive review of the Company’s business conducted by the Board. The Board approved a plan to halt further development of the Company’s programs and to conduct a comprehensive exploration of strategic alternatives focused on maximizing shareholder value. The Board also approved a reduction in workforce, designed to reduce costs and reallocate resources while maintaining the personnel needed to focus on activities relating to halting further development of the Company’s programs and the pursuit of strategic alternatives (the “Restructuring”). The Company informed employees affected by the Restructuring on August 2, 2023, resulting in a reduction of the Company’s workforce by approximately 83% across different areas and functions. The Company expects to provide severance payments, adjustments to equity compensation grants and continuation of group health insurance coverage for a specified period to the affected employees. The Company estimates that it will incur approximately $400,000 of costs in connection with the reduction in workforce related to severance pay and other related termination benefits, and expects to record a significant portion of these charges in the third quarter of calendar year 2023. The Company may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the Restructuring.

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On July 19, 2023, 204,997 shares were exercised related to the Pre-Funded Warrants at an exercise price of $0.001 per share, and on August 3, 2023, 186,000 shares were exercised related to the Pre-Funded Warrants at an exercise price of $0.001 per share. On August 2, 2023, 93,234 shares were exercised related to employee stock options at an exercise price of $0.022 per share.