Adimab Development and Option Agreement (the "Adimab Agreement")

6 Months Ended

Jun. 30, 2021

Research and Development [Abstract]

Adimab Development and Option Agreement (the "Adimab Agreement")

Adimab Development and Option Agreement (the "Adimab Agreement")

In 2018, we entered into a development and option agreement with Adimab, LLC (“Adimab”) for the discovery and optimization of proprietary antibodies as potential therapeutic product candidates. Under the Adimab Agreement, we will select biological targets against which Adimab will use its proprietary platform technology to research and develop antibody proteins using a mutually agreed upon research plan. We are required to pay Adimab an agreed upon rate for its full-time employees during the discovery period while Adimab performs research on each target under the applicable research plan. We have an exclusive option to obtain a worldwide, royalty-bearing, sublicensable license under Adimab platform patents and other Adimab technology to research, develop and commercialize up to 24 antibodies of our selection.

As of June 30, 2021, we have not exercised our option to further develop any antibody proteins. During the three and six months ended June 30, 2021, we recognized research and development expenses under the Adimab Agreement of $28,000 related to full-time employee costs. The Company recognized costs of $37,000 during the three and six months ended June 30, 2020.