GRANT INCOME

6 Months Ended

Jun. 30, 2024

GRANT INCOME

GRANT INCOME

NOTE 11: GRANT INCOME

CPRIT

In August 2021, the Company received notice of a Product Development Research award totaling approximately $13.1 million from CPRIT to support the Company’s clinical investigation of MT-401.

If restricted cash received from grants in advance of incurring qualifying costs, it is recorded as deferred revenue and recognized as revenue when qualifying costs are incurred. There was no restricted cash recorded as of June 30, 2024, and December 31, 2023. If qualifying grant income is earned in advance of cash received from grants, it is recognized as revenue and recorded as other receivable.

The Company recorded $0.7 million and $1.5 million of grant income related to the CPRIT grant as revenue for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, the Company recorded $1.9 million as other receivable, which represented grant

income earned in advance of funds to be received from CPRIT. In July 2024, the Company received $2.8 million of funds from the CPRIT grant.

FDA

In September 2022, the Company received notice from the FDA that it had awarded the Company a $2.0 million grant from the FDA’s Orphan Products Grant program to support the Company’s clinical investigation of MT-401 for the treatment of post-transplant AML. The Company recorded $0.2 million and $0.5 million of grant income related to the FDA grant as revenue for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, the Company recorded $0.2 million as other receivable, which represented grant income earned in advance of funds to be received from the FDA. In July 2024, the Company received $0.2 million of funds from the FDA grant.

SBIR

In May 2023, the Company announced it had received a $2.0 million grant from the National Institutes of Health Small Business Innovation Research program to support the development and investigation of MT-401 for the treatment of AML patients following standard-of-care therapy with hypomethylating agents. The Company recorded $0.2 million and $0.4 million of grant income related to this grant as revenue for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, the Company recorded $0.2 million as other receivable, which represented grant income earned in advance of funds to be received from the SBIR. In July 2024, the Company received $0.2 million of funds from the SBIR grant.