| The shares of capital stock reported herein were acquired solely for investment purposes. The Reporting Person reserves the right to acquire, or dispose of, securities of the Issuer from time to time in open market transactions, private transactions, pursuant to a 10b5-1 plan or otherwise, depending on his evaluation of, among other things, the Issuer’s business, prospects and financial condition, the market for the Issuer’s securities, other developments concerning the Issuer, other opportunities available to the Reporting Person, and general economic, money market and stock market conditions. The Reporting Person may engage in discussions from time to time with other stockholders of the Issuer regarding the acquisition by the Reporting Person or others of shares of the Issuer’s Common Stock held by such stockholders. This Schedule 13D is being filed because the Reporting Person is no longer a member of a “group” within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, as disclosed in the explanatory note to this Schedule 13D. This filing is not being made as a result of any particular acquisition or disposition of securities by the Reporting Person. The Reporting Person may exercise certain rights under the Investors’ Rights Agreement, as defined below. Except as set forth in this Item 4, the Reporting Person has no present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of form Schedule 13D. |
| (a)(b) The aggregate percentage of shares of Common Stock reported beneficially owned by the Reporting Person is determined in accordance with SEC rules and is based upon 18,069,476 shares of the Issuer’s Common Stock outstanding as of July 27, 2018, as set forth on the cover page of the Issuer’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018. As of the close of business on October 16, 2018, the Reporting Person beneficially owned 3,941,118 shares of Common Stock, representing approximately 21.8% of the outstanding shares of Common Stock. 3,902,927 of these shares are directly held by the Reporting Person, 22,321 are directly held by The Christoph H. Westphal Revocable Trust of 2007 and 15,870 are directly held by The Christoph Westphal Roth IRA. (c) On October 16, 2018 Longwood Fund II, L.P. sold 2,697,264 shares of Common Stock of the Issuer, and Longwood Fund III, L.P. sold 515,597 shares of Common Stock of the Issuer. These shares were sold in multiple open market sale transactions at prices ranging from $0.70 to $1.33, inclusive, for an aggregate sale price of $2,941,013.38. Longwood Fund II GP, LLC is the General Partner of Longwood Fund II and Longwood Fund III GP, LLC is the General Partner of Longwood Fund III. The Reporting Person is a manager of Longwood Fund II GP, LLC and Longwood Fund III GP, LLC. The managers of Longwood Fund II GP, LLC and Longwood Fund III GP, LLC have delegated their voting and dispositive power with respect to the Issuer’s securities held by Longwood Fund II and Longwood Fund III to a committee comprised of three members, one of which such members is the Reporting Person. |
| The Reporting Person and certain other stockholders of the Issuer have entered into an Amended and Restated Investors’ Rights Agreement dated July 23, 2014 (the “Investors’ Rights Agreement”) with the Issuer. The Investors’ Rights Agreement provides these holders various rights, including the right to have the Issuer file registration statements covering their shares of Common Stock issued upon conversion of their preferred stock or request that such shares be covered by a registration statement that the Issuer is otherwise filing, the right to receive certain financial information and the right to participate in future equity offerings. Form S-3 Registration Rights Pursuant to the Investors’ Rights Agreement, if the Issuer is eligible to file a registration statement on Form S-3, holders of registrable securities have the right to demand that the Issuer file a registration statement on Form S-3 so long as the aggregate |