Collaboration, License and Research Agreements

6 Months Ended

Jun. 30, 2023

Collaboration License And Research Agreements [Abstract]

Collaboration, License and Research Agreements

Research Collaboration and License Agreement with Eli Lilly and Company

In April 2019, the Company entered into a Research Collaboration and License Agreement (the Lilly Agreement) with Eli Lilly and Company (Lilly) for the discovery, development and commercialization of AOC products directed against certain targets in immunology and other select indications on a worldwide basis. In connection with the Lilly Agreement, the Company recognized revenue of $2.3 million and $2.1 million for the three months ended June 30, 2023 and 2022, respectively, and $4.5 million and $3.8 million for the six months ended June 30, 2023 and 2022, respectively. Collaboration receivables related to the Lilly Agreement were $1.1 million and $2.1 million as of June 30, 2023 and December 31, 2022, respectively, which are included in prepaid and other assets on the condensed balance sheets.

Research Agreement with MyoKardia, Inc.

In December 2020, the Company entered into a research collaboration (the MyoKardia Agreement) with MyoKardia, Inc. (MyoKardia), a wholly-owned subsidiary of Bristol Myers Squibb, to demonstrate the potential utility of AOCs in cardiac tissue by leveraging MyoKardia’s genetic cardiomyopathy platform including, among other aspects, its novel target discovery engine and proprietary cardiac disease models. In connection with the MyoKardia Agreement, the Company recognized an immaterial amount of revenue in each of the periods presented. Through June 30, 2023, the aggregate funding received from collaboration and research service agreements was $41.3 million. A reconciliation of the closing balance of deferred revenue is as follows (in thousands):


Balance at December 31, 2022	$	6,276
Revenue recognized that was included in the balance at the beginning of the period	(2,466)
Balance at June 30, 2023	$	3,810