Government Programs	12 Months Ended
Dec. 31, 2019
Government Programs
Government Programs	Note 7. Government Programs Research and Development Tax Incentive The Company recognized AUD 1.9 million ($1.3 million) of research and development expenses during the year ended December 31, 2019 in connection with a reversal of previously recorded reductions to research and development expenses related to the research and development tax incentive from the ATO. The Company determined that it had exceeded the annual turnover limit to claim such amounts following the receipt of certain payments under the Janssen License and Collaboration Agreement. The Company is eligible to apply for the taxable credit in the form of a non-cash tax incentive from the ATO for the year ended December 31, 2019. For the years ended December 31, 2018 and 2017, the Company recognized AUD 2.1 million ($1.6 million) and AUD 1.7 million ($1.3 million), respectively, as a reduction of research and development expenses in connection with the research and development cash tax incentive from the ATO. As of December 31, 2018, the research and development tax incentive receivable was AUD 2.0 million ($1.4 million). There was no research and development tax incentive receivable as of December 31, 2019. SBIR Grant In July 2016, the Company was awarded a Phase 1 SBIR grant from the National Heart, Lungs and Blood Institute (“NHLBI”) of the NIH in support of pre-clinical research aimed at discovering and optimizing lead molecules as novel peptide mimetics of the hepcidin hormone. The total grant award was $219,000 and was for the period from August 2016 to January 2017. In May 2017, the Company was awarded a Phase 2 SBIR grant from the National Institute of Diabetes and Digestive and Kidney Diseases of the NIH in support of research aimed at developing biomarkers that define IL-23R target engagement by orally delivered peptide antagonists and the effects of that engagement of downstream signaling. The total grant award was $1.3 million and was originally for the period from May 2017 to April 2019. During the year ended December 31, 2019, the Company requested and received an extension of this grant through April 2020. In September 2018, the Company was awarded a Phase 2 SBIR Grant from the NHLBI of the NIH in support of research aimed at developing the Company’s novel hepcidin mimetic PTG-300 for the potential treatment of chronic anemia and iron overload in rare blood disorders, including beta-thalassemia. The total grant award was $1.5 million and is for the period from September 2018 to August 2020. The Company recognizes a reduction to research and development expenses when expenses related to the grants have been incurred and the grant funds become contractually due from NIH. The Company recorded $1.4 million, $663,000 and $182,000 as a reduction of research and development expenses for the years ended December 31, 2019, 2018 and 2017, respectively. The Company recorded a receivable for $304,000 and $309,000 as of December 31, 2019 and 2018, respectively, to reflect the eligible costs incurred under the grants that are contractually due to the Company. This receivable is included in prepaid expenses and other current assets on the consolidated balance sheets.

Note 7. Government Programs

Research and Development Tax Incentive

The Company recognized AUD 1.9 million ($1.3 million) of research and development expenses during the year ended December 31, 2019 in connection with a reversal of previously recorded reductions to research and development expenses related to the research and development tax incentive from the ATO. The Company determined that it had exceeded the annual turnover limit to claim such amounts following the receipt of certain payments under the Janssen License and Collaboration Agreement. The Company is eligible to apply for the taxable credit in the form of a non-cash tax incentive from the ATO for the year ended December 31, 2019. For the years ended December 31, 2018 and 2017, the Company recognized AUD 2.1 million ($1.6 million) and AUD 1.7 million ($1.3 million), respectively, as a reduction of research and development expenses in connection with the research and development cash tax incentive from the ATO. As of December 31, 2018, the research and development tax incentive receivable was AUD 2.0 million ($1.4 million). There was no research and development tax incentive receivable as of December 31, 2019.

SBIR Grant

In July 2016, the Company was awarded a Phase 1 SBIR grant from the National Heart, Lungs and Blood Institute (“NHLBI”) of the NIH in support of pre-clinical research aimed at discovering and optimizing lead molecules as novel peptide mimetics of the hepcidin hormone. The total grant award was $219,000 and was for the period from August 2016 to January 2017.

In May 2017, the Company was awarded a Phase 2 SBIR grant from the National Institute of Diabetes and Digestive and Kidney Diseases of the NIH in support of research aimed at developing biomarkers that define IL-23R target engagement by orally delivered peptide antagonists and the effects of that engagement of downstream signaling. The total grant award was $1.3 million and was originally for the period from May 2017 to April 2019. During the year ended December 31, 2019, the Company requested and received an extension of this grant through April 2020.

In September 2018, the Company was awarded a Phase 2 SBIR Grant from the NHLBI of the NIH in support of research aimed at developing the Company’s novel hepcidin mimetic PTG-300 for the potential treatment of chronic anemia and iron overload in rare blood disorders, including beta-thalassemia. The total grant award was $1.5 million and is for the period from September 2018 to August 2020.

The Company recognizes a reduction to research and development expenses when expenses related to the grants have been incurred and the grant funds become contractually due from NIH. The Company recorded $1.4 million, $663,000 and $182,000 as a reduction of research and development expenses for the years ended December 31, 2019, 2018 and 2017, respectively. The Company recorded a receivable for $304,000 and $309,000 as of December 31, 2019 and 2018, respectively, to reflect the eligible costs incurred under the grants that are contractually due to the Company. This receivable is included in prepaid expenses and other current assets on the consolidated balance sheets.