Consortium Agreement

6 Months Ended

Jun. 30, 2023

Transfers and Servicing [Abstract]

Consortium Agreement

Consortium Agreement

In December 2016, the Company entered into a consortium agreement with two Legacy Origin Series B preferred stock investors to collaborate on development of a process to commercialize bio-based, decarbonizing materials for application on an industrial scale at a competitive price. Under the consortium agreement, the Company received $0.5 million. The agreement expires once performance of the research and development program has been completed.

In August 2018, the agreement was amended, whereby a Legacy Origin Series C preferred stock investor (the “Legacy Origin Series C Investor”, and collectively with the two Legacy Origin Series B investors, the “Legacy Origin Investors”) was added to the agreement and committed to invest $1.5 million of research and development in the consortium. As of June 30, 2023, the Legacy Origin Series C Investor had not invested any funds in the consortium.

In 2020, an additional counterparty was added to the consortium agreement. The funds received under the consortium agreement was recorded as other income, net in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the three and six months ended June 30, 2023 and 2022, the Company did not receive any funds under the consortium agreement.