Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events

Subsequent Events

16. Subsequent Events

On January 10, 2020, Lilly notified the Company of its termination of the Lilly Agreement (Note 7), effective as of  March 3, 2020 (the "Lilly Termination Date"). Effective as of the Lilly Termination Date, both parties have been relieved of all obligations under the agreement, including future quarterly research and development support payments to be paid by Lilly to the Company.

As of December 31, 2019, the Company had deferred revenue related to the Lilly Agreement of $22.4 million, which is composed of a non-refundable up-front payment and a premium on the proceeds from Lilly's investment in the Company. The Company will recognize all of the deferred revenue as of the Lilly Termination Date in the statement of operations in the first quarter of 2020.