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Novartis Collaboration and License Agreement ("the Novartis Agreement")
9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Novartis Collaboration and License Agreement ("the Novartis Agreement") Novartis Collaboration and License Agreement (the "Novartis Agreement")In 2019, we entered into the Novartis Agreement for the development and commercialization of our preclinical product candidate, PLN-1474 and up to three additional integrin research targets. PLN-1474 is an internally discovered small molecule selective inhibitor of integrin αvß1, currently being developed for the treatment of liver fibrosis associated with nonalcoholic steatohepatitis (“NASH”). Pursuant to the agreement, we received an upfront, non-refundable license fee of $50.0 million and were eligible to receive additional payments of $416.0 million contingent upon achievement of specified research, development, regulatory and commercial events and royalties on world-wide net sales thereafter. Additionally, Novartis is funding up to $20.0 million associated with research and development services for PLN-1474 and up to $16.8 million for research and development services on the integrin research targets. As of September 30, 2022, the aggregate unrecognized transaction price of $1.2 million is associated with performance obligations we expect to satisfy in 2022. In the second quarter of 2022, Novartis exercised their right to opt-in to a research program and secured an exclusive license to compounds associated with an integrin research target, which entitles us to a $4.0 million payment, which was recognized in accounts receivable and revenue for the nine months ended September 30, 2022. Subsequent payment of the $4.0 million was received during the third quarter of 2022. To date, we have received $29.0 million in contingent payments and $387.0 million remain eligible for achievement. No contingent payments were recognized during the three and nine months ended September 30, 2021. Revenues associated with the Novartis Agreement for the three and nine months ended September 30, 2022 were $1.5 million and $7.7 million, respectively, and $1.6 million and $5.6 million for three and nine months ended September 30, 2021, respectively.