XML 41 R19.htm IDEA: XBRL DOCUMENT v3.24.0.1
Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events  
Subsequent Events

11.  Subsequent Events

Operating Lease

On January 3, 2024, the Company entered into a sublease agreement (the “Sublease Agreement”) with Duck Creek Technologies LLC, a Delaware limited liability company (the “Sublandlord”), pursuant to which the Company will sublease approximately 30,110 square feet of office space located at 22 Boston Wharf Road, Boston, Massachusetts 02210 (the “Premises”). The Premises is the subject of a lease, dated as of August 7, 2017, by and between MEPT Seaport 13 Stillings LLC, a Delaware limited liability company (the “Landlord”), and the Sublandlord, as tenant (the “Lease”). The term of the sublease of the Premises to the Company under the Sublease Agreement is scheduled to commence on the later to occur of (i) June 1, 2024 and (ii) the date that the Landlord grants its consent to the Sublease Agreement and will end on November 30, 2028 (or on such earlier date as the term may sooner cease or expire as set forth in the Sublease Agreement). The Sublease Agreement will increase the future minimum lease payments described in Note 6 from approximately $0.3 million to approximately $6.9 million.

At-the-Market Offerings

On January 5, 2024, the Company sold an aggregate of 2,945,806 shares of common stock under the Jefferies ATM Program for gross proceeds of $20.6 million and net proceeds of $20.0 million which completed the sale of all available amounts under the Jefferies ATM Program.

February 2024 Financing

On February 1, 2024, the Company announced the closing of an underwritten public offering of 10,340,000 shares of our common stock at a price of $12.09 per share (the “February 2024 Financing”). The gross proceeds of the February 2024 Financing were approximately $125.0 million, and net proceeds were approximately $117.1 million.