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Agreement with Eli Lilly and Company
3 Months Ended
Mar. 31, 2020
Agreement with Eli Lilly and Company  
Agreement with Eli Lilly and Company

6. Agreement with Eli Lilly and Company 

On November 2, 2018, the Company entered into a multi-year research and development collaboration agreement (the “Lilly Agreement”) with Eli Lilly and Company (“Lilly”), pursuant to which the Company agreed to use its proprietary FIND-IO platform to identify novel oncology targets for additional collaborative research and drug discovery by the Company and Lilly. Effective March 3, 2020, Lilly, terminated the Lilly Agreement without cause. 

The Company recognized revenue under the Lilly Agreement of $22.4 million for the three months ended March 31, 2020 and $1.4 million for the three months ended March 31, 2019. Effective as of March 3, 2020, 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.