Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

9. SUBSEQUENT EVENTS

On October 4, 2021, the FDA accepted for filing and review the Company’s NDA for ACER-001 for the treatment of patients with UCDs.

The Company is contractually entitled to receive from Relief a $10.0 million Second Development Payment conditioned upon the FDA’s acceptance of an NDA for ACER-001 in a UCD for filing and review. On October 6, 2021, the Company and Relief entered into a Waiver and Agreement to amend the timing for the Second Development Payment. The Company received the first $5.0 million tranche of the Second Development Payment on October 12, 2021. Pursuant to the Waiver and Agreement, the Company is contractually entitled to receive from Relief an additional $5.0 million second tranche of the Second Development Payment upon the earlier of January 14, 2022 or 15 business days following the Company’s written notice.