Novartis Collaboration and License Agreement ("the Novartis Agreement")

9 Months Ended

Sep. 30, 2024

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 with Novartis Institutes for BioMedical Research, Inc. (“Novartis”) for the development and commercialization of our preclinical product candidate, PLN-1474, and up to three additional integrin research targets. We assessed the Novartis Agreement in accordance with ASC 606 and determined that Novartis was a customer and identified the following performance obligations: (1) to provide worldwide license rights to PLN-1474, (2) to provide research and development services for PLN-1474, (3) to provide non-exclusive license rights to integrin research targets, and (4) to provide research and development services on integrin research targets.

On February 17, 2023, Novartis exercised its right to terminate the Novartis Agreement. The termination took effect on April 18, 2023, and effective upon the termination, all rights and licenses granted to Novartis under the Novartis Agreement, including PLN-1474, the related investigational new drug (“IND”), and the validated research target, reverted back to us. The

payment obligations of Novartis with respect to future milestones, royalties and research and development funding were also terminated.

There were no revenues associated with the Novartis Agreement for the three and nine months ended September 30, 2024. Revenues for the three and nine months ended September 30, 2023 were nil and $1.6 million, respectively, which consisted of revenue generated from research and development services.