Subsequent events

12 Months Ended

Dec. 31, 2020

Subsequent events

Subsequent events

19. Subsequent events

In January and February 2021, the Company issued and sold 1,958,485 ADSs, representing the same number of ordinary shares, pursuant to its ATM program for gross proceeds of  $50.2 million, resulting in net proceeds of  $48.7 million after deducting sales commissions and offering expenses of  $1.5 million.

In March 2021, the Company achieved specified criteria in accordance with the research plan under the Genentech Collaboration agreement, for which Genentech owes the Company a $2.0 million payment.

On March 10, 2021 or the Amendment Closing Date, the Borrowers entered into the First Amendment to the Loan and Security Agreement (the “First Amendment to LSA”), with Hercules, in its capacity as administrative agent and collateral agent, and the lenders named in the First Amendment to LSA. The First Amendment to LSA amended certain terms of the Company’s debt facility with Hercules. Pursuant to the First Amendment to LSA, payments on borrowings under the Company’s debt facility with Hercules will be interest-only until the first payment is due on August 1, 2023, which date was extended from November 1, 2022. If the Company achieves certain performance milestones, the interest-only period will be extended, with the first principal payment due on February 1, 2024, which date was extended from May 1, 2023. On the Amendment Closing Date and pursuant to the terms of the First Amendment to LSA, the Company borrowed the additional term loan of $15.0 million that had been available from September 30, 2020 to March 15, 2021.