Grant Revenue

9 Months Ended

Sep. 30, 2018

Revenue From Contract With Customer [Abstract]

Grant Revenue

12. Grant Revenue

In February 2018, the Company received Small Business Innovation Research, or SBIR, grants from the National Institutes of Health in an aggregate amount of $2.8 million to support the clinical development of PB1046 for the treatment of pulmonary arterial hypertension (“PAH”) for the period from February 17, 2018 to July 31, 2020. In connection with the SBIR grants, the U.S. government will receive a non-exclusive, royalty-free license to use any technology the Company develops under such grants. The Company recognized $0.4 million under the SBIR grants in the three months and nine months ended September 30, 2018.