Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events



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.