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Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

13. Subsequent Events

New Jersey Lease

On March 31, 2022, the Company entered into a new lease for 10,615 square feet in Morristown, New Jersey. The term of the lease is seventy-three months, unless terminated sooner. Base rent is $21,230 per month and is subject to fixed rent escalations on each annual anniversary during the lease term.

Termination of Gossamer License Agreement

On April 25, 2022, the Company received a formal notice of termination from Gossamer Bio. Inc. (“Gossamer”) for the license agreement dated June 24, 2018, as amended (the “Gossamer License Agreement”), that was related to Gossamer’s GB004 product candidate, a legacy product candidate of the Company’s predecessor, Aerpio Pharmaceuticals, Inc., after announcing that its Phase 2 SHIFT-UC clinical trial studying GB004 in patients with mild-to-moderate active ulcerative colitis did not meet the primary or secondary endpoints at week 12 and the study was being terminated for lack of treatment benefit. The Gossamer License Agreement will terminate, effective July 24, 2022. The Company expects to fully impair its intangible asset, $3.7 million, of which the Gossamer License Agreement for GB004 is the underlying asset, in the second quarter of 2022.