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Research Grant
9 Months Ended
Sep. 30, 2024
Research and Development [Abstract]  
Research Grant Research Grant
In September 2022, Former Elicio entered into a grant agreement with the Gastro-Intestinal (“GI”) Research Foundation, a not-for-profit organization focused on supporting research to treat, cure, and prevent digestive diseases. Of the $2.8 million award, $2.3 million was received in September 2022 and the remaining $0.5 million was received in June 2023 with the completion of the development efforts as defined in the grant agreement. The final $0.5 million payment was applied as a credit to the second grant agreement described below. For the three and nine months ended September 30, 2023, the Company incurred $0 and $1.9 million in research and development expenses related to this project.
In September 2023, the Company entered into a second grant agreement with the GI Research Foundation for $3.1 million, with such amount received net of the $0.5 million credit, described above. For the three and nine months ended September 30, 2024, the Company incurred $0 and $2.2 million, respectively, in research and development expenses related to this project. As of September 30, 2024, the grant funds available for the second grant agreement were $0 and the deferred research obligation was $0, as the grant agreement was completed in the third quarter of 2024.
In August 2024, the Company entered into a third grant agreement with the GI Research Foundation for $1.5 million. The grant funds available as of September 30, 2024 were $1.3 million which are reflected in restricted cash in the accompanying condensed consolidated balance sheets. The deferred research obligation as of September 30, 2024 was $1.3 million, which was reflected in the deferred research obligation in the accompanying condensed consolidated balance sheets. For the three and nine months ended September 30, 2024, the Company incurred $0.2 million in research and development expenses related to this project, of which $0.2 million was reimbursed, respectively.
The award money for the three agreements was earned and recognized as a contra research and development expense as the expenses were incurred.