XML 27 R12.htm IDEA: XBRL DOCUMENT v3.20.2
License and Collaboration Agreements
 6 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
License and Collaboration Agreements License and Collaboration Agreements
(A) Oxford BioMedica License Agreement
In June 2018, the Company, through its wholly owned subsidiary, ASG, and since August 2020, through its wholly owned subsidiary, ASI, entered into an exclusive license agreement ("the Oxford Agreement") with Oxford BioMedica (UK) Ltd. ("Oxford"), pursuant to which the Company received a worldwide, exclusive, royalty-bearing, sub-licensable license under certain patents and other intellectual property controlled by Oxford to develop and commercialize AXO-Lenti-PD and related gene therapy products for all diseases and conditions. Upon entering into the Oxford Agreement, the Company made an upfront nonrefundable payment of $5.0 million to Oxford for process development work and clinical supply that Oxford is obligated to provide, of which $1.3 million remained capitalized within prepaid expenses and other current assets in the Company's unaudited condensed consolidated balance sheet as of September 30, 2020, which will be recorded to research and development expense as the process development work and clinical supply are provided by Oxford. In April 2019, certain development milestones were achieved resulting in a $13.0 million net payment due to Oxford. Excluding development milestones achieved, the Company incurred $1.7 million and $3.4 million, respectively, of AXO-Lenti-PD program-specific costs within research and development expenses in its unaudited condensed consolidated statements of operations during the three and six-months ended September 30, 2020 and $2.7 million and $4.1 million, respectively, during the three and six-months ended September 30, 2019. The Company paid Oxford a total of $0.6 million and $1.1 million, respectively, during the three and six-months ended September 30, 2020 and $5.2 million and $6.5 million, respectively, during the three and six-months ended September 30, 2019.
(B) Benitec Biopharma License and Collaboration Agreement
In July 2018, the Company, through its wholly owned subsidiary, ASG, entered into a license and collaboration agreement (the "Benitec Agreement") with Benitec Biopharma Limited ("Benitec"), pursuant to which the Company a received a worldwide, exclusive, royalty-bearing, sub-licensable license under certain patents and other intellectual property controlled by Benitec to develop and commercialize investigational gene therapy AXO-AAV-OPMD and related gene therapy products (collectively, the "AXO-AAV-OPMD Program") for all diseases and conditions. The Company terminated the Benitec Agreement in its entirety, effective September 3, 2019. The Company incurred $0.4 million and $2.1 million, respectively, of AXO-AAV-OPMD program-specific costs within research and development expenses in its unaudited condensed consolidated statement of operations during the three and six-months ended September 30, 2019, and the Company paid Benitec a total of $1.7 million and $2.4 million, respectively, during the three and six-months ended September 30, 2019.
(C) The University of Massachusetts Medical School Exclusive License Agreement
In December 2018, the Company, through its wholly owned subsidiary, ASG, and since August 2020, through its wholly owned subsidiary, ASI, entered into an exclusive license agreement (the "UMMS Agreement"), with the University of Massachusetts Medical School ("UMMS") pursuant to which the Company received a worldwide, royalty-bearing, sub-licensable license under certain patent applications and any patents issuing therefrom, biological materials and know-how controlled by UMMS to develop and commercialize gene therapy product candidates, including AXO-AAV-GM1 and AXO-AAV-GM2, for the treatment of GM1 gangliosidosis and GM2 gangliosidosis (including Tay-Sachs disease and Sandhoff disease), respectively. In October 2019, a certain development and regulatory milestone was achieved resulting in a $1.0 million payment due to UMMS. During the three and six-months ended September 30, 2020, the Company incurred $0.4 million and $0.8 million, respectively, of program-specific costs excluding development and regulatory milestones achieved related to AXO-AAV-GM1 and AXO-AAV-GM2 within research and development expenses in its unaudited condensed consolidated statements of operations, and $1.7 million and $2.7 million, respectively, during the three and six-months ended September 30, 2019. The Company paid a total of $12 thousand to UMMS during the three and six-months ended September 30, 2020 and $0.8 million and $1.8 million, respectively, during the three and six-months ended September 30, 2019.