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Grant Revenue
9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Grant Revenue

12. Grant revenue

 

In July 2022, the Company entered into a new partnership with CEPI to advance our exoVACC pan betacoronavirus program. As part of the partnership, CEPI is providing seed funding of up to $2.5 million, which the Company anticipates will fund the completion of preclinical development and identification of a clinical candidate by early 2023. All funding received from CEPI must be used for preclinical studies, assessing the immune response against known Betacoronaviruses that already pose a significant epidemic or pandemic risk, such as SARS-CoV-1, SARS-CoV-2, and MERS-CoV, and the potential of the immune response to protect against infection and disease caused by these viruses. As of September 30, 2022, the Company has received $1.6 million in grants.

During both the three and nine months ended September 30, 2022, the Company recognized $0.5 million in grant revenue under its partnership with CEPI. As of September 30, 2022, the Company had $1.1 million in deferred revenue with respect to its partnership with CEPI.