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Subsequent Event
6 Months Ended
Jun. 30, 2022
Subsequent Event  
Subsequent Event

15.         Subsequent Event

On August 2, 2022, the Company entered into a license agreement with Genentech, pursuant to which the Company agreed to grant Genentech exclusive rights, including the right to sublicense, to develop and commercialize vixarelimab and related antibodies worldwide. Under the license agreement, the Company will receive upfront and near-term cash payments of $100,000 and will be eligible to receive up to approximately $600,000 in contingent payments, including specified development, regulatory and sales-based milestones. The Company will be eligible to receive tiered royalties on escalating tiers of annual net sales of licensed products ranging from low double digits to mid-teens. The transaction is subject to certain closing conditions, including receipt of antitrust clearance.