Related-Party Transactions

9 Months Ended

Sep. 30, 2018

Related Party Transactions [Abstract]

Related Party

12. Related Party

BlinkBio Clinical Supply and License Option Agreement

In August 2018, the Company entered into a Clinical Supply and License Option Agreement (the “BlinkBio Agreement”) with BlinkBio to provide a clinical supply of etarfolatide, the Company’s imaging agent that targets the folate receptor, for use in a phase 1 clinical trial and regulatory, clinical and manufacturing consulting support, as well as an option to enter into an exclusive license to use etarfolatide. Colin Goddard, who is the Chairman and Chief Executive Officer and a significant stockholder of BlinkBio, currently serves as a member of the Company’s Board of Directors. The BlinkBio Agreement provides for BlinkBio to pay the Company an annual fee of $50,000, payable beginning on the effective date of the BlinkBio Agreement and each year thereafter on the anniversary of the effective date, for the Company’s consulting support under the BlinkBio Agreement. The BlinkBio Agreement provides for milestone and license option amounts to be payable by BlinkBio to the Company upon certain occurrences, as well as for BlinkBio to reimburse the Company for certain costs. The Company received the nonrefundable, annual fee of $50,000 from BlinkBio in the three months ended September 30, 2018. The Company has determined that the deliverables under the BlinkBio Agreement meet the criteria required for separate performance units for the purposes of revenue recognition, and as a result, the Company recognized revenue from the nonrefundable, annual fee when the performance obligation of delivering certain consultation services had been achieved and there was reasonable assurance of collectability.