Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

(12) Subsequent Events

In May 2022, the Company announced an agreement pursuant to which Taiho will acquire Cullinan Pearl and Taiho Oncology, Inc., an affiliate of Taiho, will concurrently enter into a U.S. co-development and co-commercialization agreement for CLN-081 with the Company. Upon closing of the transaction, the Company will receive an upfront payment of $275.0 million, subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The Company will also be eligible to receive an additional $130.0 million tied to EGFR exon20 non-small cell lung cancer (NSCLC) regulatory milestones. In accordance with the co-development and co-commercialization agreement, the Company will share 50% of the development costs and also 50% of the future potential pre-tax net profit in the U.S. for CLN-081.