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Subsequent Event
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent event

Note 13. Subsequent event

BVF Agreement

 

In the fourth quarter of 2021, the Company and BVF Partners L.P. (BVF) entered into an agreement (the BVF Agreement) under which BVF will pay up to $15 million to the Company for the discovery and development of compounds for the treatment of inflammatory diseases (the Program). The Company received $5 million from BVF in the fourth quarter of 2021. In return, the Company is obligated to make milestone payments upon the achievement of certain clinical and regulatory milestones and will pay royalties based on net sales of products generated by the Program. The agreement also provides BVF with the option to provide an additional $10 million in funding for the Program in exchange for an increase in the royalty rate. Consistent with the terms of the Gilead Collaboration Agreement, Gilead has an option to the Program.