Research Collaboration and License Agreement

6 Months Ended

Jun. 30, 2020

Research Collaboration and License Agreement

Research Collaboration and License Agreement

Research Collaboration and License Agreement

Note 7. Research Collaboration and License Agreement

In October 2013, the Company’s former collaboration partner decided to abandon a collaboration program with the Company and, pursuant to the terms of the agreement between the Company and the former collaboration partner, the Company elected to assume responsibility for the development and commercialization of the product. Upon the former collaboration partner’s abandonment, it assigned to the Company certain intellectual property that relates to the products arising from the collaboration. Milestone payments to collaboration partners are recorded as research and development expenses in the period that the expense is incurred. No research and development expense was recorded under this agreement for the three and six months ended June 30, 2020 and 2019.