U.S. Department of Defense (DoD) expense reimbursement contract	3 Months Ended
Mar. 31, 2022
U.S. Department of Defense (DoD) expense reimbursement contract
U.S. Department of Defense (DoD) expense reimbursement contract	3. U.S. Department of Defense (“DoD”) expense reimbursement contract In July 2020, the Company entered into an Other Transaction Authority for Prototype Agreement (“the OTA Agreement”) with the DoD to fund the Company’s efforts in developing an antibody cocktail therapeutic to treat COVID-19. The amount of funding being made available to the Company under this expense reimbursement contract was $13.3 million. In May 2021, the Company and the DoD amended the OTA, pursuant to which the DoD award was increased from $13.3 million to $17.6 million. Under the agreement, the DoD shall pay the Company, upon submission of proper invoices, within 30 calendar days of receipt of request for payment. The Company recorded contra-research and development expense of $0.6 million and $4.0 million for the three months ended March 31, 2022 and 2021, respectively, in the statements of operations. The Company had an expense reimbursement receivable balance of $0 and $2.7 million due from the DoD in prepaid expenses and other current assets as of March 31, 2022 and December 31, 2021, respectively, in the accompanying condensed balance sheet. Costs that have been reimbursed by the DoD but not yet expensed by the Company are recorded as a deferred research obligation liability for the period. The Company has a deferred research obligation liability of $0.6 million and $2.0 million as of March 31, 2022 and December 31, 2021, respectively. This amount is included in accrued expenses and other liabilities in the accompanying condensed balance sheet. DoD reimbursable services that have been performed but not yet billed are recorded as an unbilled receivable in prepaid expenses and other current assets in the accompanying condensed balance sheet. The Company had an unbilled receivable from the DoD of $0.8 million and $1.6 million as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, the Company has the potential for $0.2 million of remaining expense reimbursement under the OTA Agreement.

U.S. Department of Defense (DoD) expense reimbursement contract

3 Months Ended

Mar. 31, 2022

U.S. Department of Defense (DoD) expense reimbursement contract

U.S. Department of Defense (DoD) expense reimbursement contract

3. U.S. Department of Defense (“DoD”) expense reimbursement contract

In July 2020, the Company entered into an Other Transaction Authority for Prototype Agreement (“the OTA Agreement”) with the DoD to fund the Company’s efforts in developing an antibody cocktail therapeutic to treat COVID-19. The amount of funding being made available to the Company under this expense reimbursement contract was $13.3 million. In May 2021, the Company and the DoD amended the OTA, pursuant to which the DoD award was increased from $13.3 million to $17.6 million. Under the agreement, the DoD shall pay the Company, upon submission of proper invoices, within 30 calendar days of receipt of request for payment.

The Company recorded contra-research and development expense of $0.6 million and $4.0 million for the three months ended March 31, 2022 and 2021, respectively, in the statements of operations. The Company had an expense reimbursement receivable balance of $0 and $2.7 million due from the DoD in prepaid expenses and other current assets as of March 31, 2022 and December 31, 2021, respectively, in the accompanying condensed balance sheet.

Costs that have been reimbursed by the DoD but not yet expensed by the Company are recorded as a deferred research obligation liability for the period. The Company has a deferred research obligation liability of $0.6 million and $2.0 million as of March 31, 2022 and December 31, 2021, respectively. This amount is included in accrued expenses and other liabilities in the accompanying condensed balance sheet. DoD reimbursable services that have been performed but not yet billed are recorded as an unbilled receivable in prepaid expenses and other current assets in the accompanying condensed balance sheet. The Company had an unbilled receivable from the DoD of $0.8 million and $1.6 million as of March 31, 2022 and December 31, 2021, respectively.

As of March 31, 2022, the Company has the potential for $0.2 million of remaining expense reimbursement under the OTA Agreement.