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Related Party Transactions

12 Months Ended

Dec. 31, 2019

18.	Related Party Transactions

Novartis Institutes for BioMedical Research, Inc.

Novartis is a related party because it is a greater than 5% stockholder of the Company. In January 2016, the Company entered into the Collaboration Agreement and sold 2,000,000 shares of its Series A-1 preferred stock to Novartis for gross proceeds of $13,500. In addition, concurrent with the Company’s initial public offering of common stock, the Company issued Novartis 766,666 shares of its common stock at $15.00 per share for proceeds of $11,500 in a private placement. During the year ended December 31, 2019, the Company did not receive any cash payments from Novartis. As of December 31, 2019 and 2018, no amounts were due from Novartis.

During the year ended December 31, 2019, the Company made no cash payments to Novartis related to the Collaboration Agreement. During the year ended December 31, 2018, the Company made a payment of $3,437 to Novartis for the reimbursement of manufacturing costs incurred by Novartis prior to December 31, 2017. During the year ended December 31, 2017, the Company made no cash payments to Novartis related to the Collaboration Agreement.

Unrelated to the Collaboration Agreement, the Company subleased office and laboratory space from CoStim, a subsidiary of Novartis (see Note 16). No payments were made by the Company to CoStim for this sublease during the year ended December 31, 2019. Payments made by the Company to CoStim for this sublease during the years ended December 31, 2018, and 2017 totaled $106, and $569, respectively. As of December 31, 2019 and 2018, no amounts were due by the Company to CoStim for this sublease.

Research Agreement with Vaccinex, Inc.

On November 30, 2017, the Company entered into an agreement with Vaccinex, Inc. (“Vaccinex”) whereby Vaccinex will use its technology to assist the Company with identifying and selecting experimental human monoclonal antibodies against targets selected by the Company. The Company’s Chief Executive Officer is a member of the board of directors of Vaccinex. During the year ended December 31, 2019, 2018, and 2017, the Company paid Vaccinex an aggregate of $606, $199 and $250 relating to the agreement. The amount of the payment was recognized as research and development expense during the years ended December 31, 2019, 2018, and 2017. No amounts were due by the Company to Vaccinex as of December 31, 2019. As of December 31, 2018, $83 was due by the Company to Vaccinex.