Related Party Transactions

3 Months Ended

Mar. 31, 2020

Related Party Transactions

Related Party Transactions

9. Related-Party Transactions

Penn Agreement

Penn is a stockholder of the Company. Research and development expenses with Penn during the three months ended March 31, 2020 and 2019 were $7.7 million and $2.9 million, respectively. The Company made $12.6 million in cash payments to Penn during the three months ended March 31, 2020, and had a prepaid research and development asset of $10.7 million and $5.7 million as of March 31, 2020 and December 31, 2019, respectively, in the accompanying balance sheets.

Consulting Agreement

James M. Wilson, M.D., Ph.D., an employee of Penn and a stockholder of the Company, serves as the Company’s chief scientific advisor pursuant to a consulting agreement. The Company recognized $31,000 of expense related to these services during the three months ended March 31, 2020, including $6,000 of share‑based compensation expense.