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Subsequent Event
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Event

8. Subsequent Event

The Company announced signing of a revenue interest financing agreement for up to $260 million non-dilutive financing on May 4, 2022. The agreement provides for an upfront $100 million cash payment and an additional $160 million cash payment upon FDA approval of vonoprazan for treatment of EE. Subject to the initial investors' right of first offer, the Company has the right, upon the same terms, to obtain from new investors up to an additional $15 million upon EE approval and up to an additional $25 million upon achievement of a sales milestone, which could bring the total financing to $300 million. Under the agreement, the Company will pay the investors a 10% royalty on net sales of products containing vonoprazan, which royalty rate is subject to a step-down on net sales exceeding annual thresholds if the Company receives approval of vonoprazan for non-erosive reflux disease, or NERD. The funding of the initial $100 million will occur by May 17, 2022.