On May 25, 2022, Brickell Biotech, Inc. (the "Company") reported that entered into a Subscription and Investment Representation Agreement (the "Subscription Agreement") with a single accredited investor (the "Purchaser"), pursuant to which the Company agreed to issue and sell one (1) share of the Company’s Series A Preferred Stock, par value $0.01 per share (the "Preferred Stock"), to the Purchaser for $10 in cash (Filing, 8-K, Vical, MAY 25, 2022, View Source [SID1234615038]). The sale closed on May 25, 2022. Additional information regarding the rights, preferences, privileges and restrictions applicable to the Preferred Stock is set forth under Item 5.03 of this Current Report on Form 8-K and is incorporated herein by reference.

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The Subscription Agreement contains customary representations and warranties and certain indemnification rights and obligations of the parties.

The foregoing summary of the Subscription Agreement does not purport to be complete and is subject to, and qualified in its entirety by, such document, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.