|3 Months Ended|
Mar. 31, 2018
|Subsequent Events [Abstract]|
Amended and Restated Employment Agreements
On April 11, 2018, the Company entered into amended and restated employment agreements with certain of the Company’s executive officers, Yuval Cohen, Ph.D., Chief Executive Officer; Barbara White, M.D., Chief Medical Officer; Mark Tepper, Ph.D., President and Chief Scientific Officer; and Sean Moran, Chief Financial Officer (the “Amended and Restated Employment Agreements”). The Amended and Restated Employment Agreements each provide for a two-year term, and provide for base salaries in the amounts of $540,000, $424,000, $390,000 and $375,000, for Dr. Cohen, Dr. White, Dr. Tepper and Mr. Moran, respectively, and provide that the executives are eligible to receive annual bonuses targeted at up to 55%, 40%, 45% and 40% of the base salary for each of Dr. Cohen, Dr. White, Dr. Tepper and Mr. Moran, respectively, which may be adjusted by the Company’s Board of Directors based on the executives individual performance and the Company’s performance as a whole.
2018 CFF Award
On May 8, 2018, the Company became entitled to receive an additional $6.25 million upon its achievement of a milestone related to the progress of the Phase 2b Clinical Trial, as set forth in the Investment Agreement. The Company expects to receive payment from the CFF for this milestone achievement by the end of the second quarter of 2018.
The entire disclosure for 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, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/presentationRef