License, Research and Collaboration Agreements |
6 Months Ended |
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Jun. 30, 2021 | |
License Research And Collaboration Agreements [Abstract] | |
License, Research and Collaboration Agreements | 12. License, Research and Collaboration Agreements Collaboration Agreements ABL Bio Agreements In November 2018, the Company's wholly owned subsidiary TRIGR and ABL Bio ("ABL Bio") Corporation, a South Korean biotechnology company (“ABL Bio”), entered into exclusive global (excluding South Korea) license agreement (the “TRIGR License Agreement”) which granted TRIGR a license to ABL001, ABL Bio’s bispecific antibody targeting DLL4 and VEGF-A (renamed CTX-009). Under the terms of the agreement, ABL Bio and TRIGR would jointly develop CTX-009, with ABL Bio responsible for development of CTX-009 throughout the end of Phase 1 clinical trial and TRIGR responsible for the development of CTX-009 from Phase 2 and onward. ABL Bio received a $5 million upfront payment and is eligible to receive up to $405 million in development, regulatory and commercial milestone payments and tiered single-digit royalties on net sales of CTX-009 in Oncology, and ABL Bio is also eligible to receive up to $185 million in development, regulatory and commercial milestone payments and tiered, single-digit royalties on net sales of CTX-009 in Ophthalmology. The financial terms of the agreement were amended in May 2021 but remain substantially similar to the terms in the TIRGR License Agreement. As a result of the TRIGR acquisition, the TRIGR License Agreement was assigned to the Company and the Company has assumed all the rights and liabilities of the agreement. See Note 9 for further information on the TRIGR transaction.
In May 2021, TRIGR and ABL Bio terminated license agreements to several preclinical assets. As a result of the return of these assets to ABL Bio and termination of the license agreements, the Company is eligible to receive royalties on potential royalty payments that ABL Bio is eligible to get from its future licensees to two bispecific antibodies ABL101 and ABL103 that were previously licensed to TRIGR. Adimab Agreement The Company entered into a collaboration agreement with Adimab, LLC on October 16, 2014. The agreement includes provisions for payment of royalties at rates ranging in the single digits as a percentage of future net sales within a specified term from the first commercial sale. There were no milestone payments made during the first six months of 2021. As of June 30, 2021, future potential milestone payments in connection with this agreement amounted to $1.8 million. Other License and Research Agreements FUJIFILM Diosynth Biotechnologies Agreement The Company entered into a scope of work (“SOW”) under a master services agreement with FUJIFILM Diosynth Biotechnologies on July 20, 2020. The Company made cash payments of $0.9 million and recorded $0.2 million in research and development expense during the three months ended June 30, 2021. The Company made cash payments of $1.2 million and recorded $1.2 million in research and development expense during the six months ended June 30, 2021. As of June 30, 2021, future payments in connection with this SOW amounted to $1.8 million. |