Related Party Transactions	6 Months Ended
Jun. 30, 2020
Disclosure Text Block
Related Party Transactions	10. Related Party Transactions In May 2020, AbbVie announced the completion of its acquisition of Allergan. The Company’s collaboration, now with AbbVie, for the development and commercialization of linaclotide in North America, and the Company’s license, now to AbbVie, to develop and commercialize linaclotide in all countries worldwide other than China (including Hong Kong and Macau) and Japan, remain in effect. Under the collaboration agreement, the Company and AbbVie equally support the development and commercialization of linaclotide (Note 4). The Company previously reflected amounts due to and due from Allergan prior to its acquisition by AbbVie as related party accounts payable and related party accounts receivable, respectively. Following the acquisition of Allergan by AbbVie, the Company determined that AbbVie is not a related party to the Company. As such, only historical amounts paid to and received from Allergan (prior to its acquisition by AbbVie) are considered related party accounts payable and related party accounts receivable, respectively. Balances of related party accounts payable and related party accounts receivable, respectively, were reported net of any balances due to or from the related party. As of December 31, 2019, the Company had approximately $106.0 million in related party accounts receivable, net of related party accounts payable, associated with Allergan, (prior to its acquisition by AbbVie). In connection with the Separation, the Company executed certain contracts with Cyclerion whose President and Chief Scientific Officer became a member of the Company’s Board of Directors in April 2019 (Note 2). As of June 30, 2020, the Company had approximately $0.8 million of accounts payable due to Cyclerion. As of December 31, 2019, the Company had an insignificant amount of accounts receivable and approximately $1.5 million of accounts payable due from and to Cyclerion, respectively. The transition services agreements with Cyclerion terminated on March 31, 2020.

Related Party Transactions

6 Months Ended

Jun. 30, 2020

10. Related Party Transactions

In May 2020, AbbVie announced the completion of its acquisition of Allergan. The Company’s collaboration, now with AbbVie, for the development and commercialization of linaclotide in North America, and the Company’s license, now to AbbVie, to develop and commercialize linaclotide in all countries worldwide other than China (including Hong Kong and Macau) and Japan, remain in effect. Under the collaboration agreement, the Company and AbbVie equally support the development and commercialization of linaclotide (Note 4).

The Company previously reflected amounts due to and due from Allergan prior to its acquisition by AbbVie as related party accounts payable and related party accounts receivable, respectively. Following the acquisition of Allergan by AbbVie, the Company determined that AbbVie is not a related party to the Company. As such, only historical amounts paid to and received from Allergan (prior to its acquisition by AbbVie) are considered related party accounts payable and related party accounts receivable, respectively. Balances of related party accounts payable and related party accounts receivable, respectively, were reported net of any balances due to or from the related party. As of December 31, 2019, the Company had approximately $106.0 million in related party accounts receivable, net of related party accounts payable, associated with Allergan, (prior to its acquisition by AbbVie).

In connection with the Separation, the Company executed certain contracts with Cyclerion whose President and Chief Scientific Officer became a member of the Company’s Board of Directors in April 2019 (Note 2). As of June 30, 2020, the Company had approximately $0.8 million of accounts payable due to Cyclerion. As of December 31, 2019, the Company had an insignificant amount of accounts receivable and approximately $1.5 million of accounts payable due from and to Cyclerion, respectively. The transition services agreements with Cyclerion terminated on March 31, 2020.