9. Significant Agreements

See Note 12 for significant agreements with related parties and Note 7 for license agreements granted to the Company.

License Agreements

The Company has granted a number of intellectual property licenses to other biotechnology and pharmaceutical companies. The terms of the licenses vary, however licenses may be exclusive or non-exclusive and may be sublicensable by the licensee. Licenses may grant intellectual property rights for purposes of internal and preclinical research and development only, or may include the rights, or options to obtain future rights, to commercialize drug therapies for specific diseases. License agreements generally have a term equal to the life of the underlying patents and are terminable only at the option of the licensee. License agreements may require licensees to pay non-refundable up-front fees, option fees and annual maintenance fees. Additional contingent consideration under the licenses may include sublicense fees, milestone fees and royalties on net sales of commercialized products. Sublicense fees vary by license and range from a mid-single digit percentage to a low-double digit percentage of license fees received by licensees as a result of sublicenses. Royalties on net sales of commercialized products vary by license and range from a mid-single digit percentage to a low-teen percentage of net sales by licensees.

Milestone fees are payable to the Company upon specific clinical and regulatory developments by licensees. As of September 30, 2015, the Company’s license agreements, excluding additional licenses that could be granted upon the exercise of options by licensees, could result in aggregate milestone fees payable to the Company of up to $500 upon the submission of preclinical regulatory filings, $11,300 upon the commencement of various stages of clinical trials, $20,000 upon the submission of regulatory approval filings, $51,500 upon the approval of commercial products by regulatory agencies and $2,000 upon the achievement of specified sales targets for licensed products.

License revenue, including amounts from related parties, recognized for the three months ended September 30, 2014 and 2015, and the nine months ended September 30, 2014 and 2015, is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2015		2014		2015
Up-front fees and option fees for commercial licenses	$	—	$	1,000	$	3,600	$	2,000
Milestone fees for commercial licenses		—		—		—		250
Maintenance fees for commercial licenses		—		65		65		245
Research and other license revenue		150		—		190		140

	$	150	$	1,065	$	3,855	$	2,635