XML 24 R15.htm IDEA: XBRL DOCUMENT v3.22.2
Commitments and Contingencies
6 Months Ended
Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

8. Commitments and Contingencies

Intellectual Property License

During the six months ended June 30, 2022, the Company amended the Amended and Restated Collaboration and License Agreement (“DESRES Agreement”) with D.E. Shaw Research, LLC (“D.E. Shaw Research”), specifically to update certain of the Category 1, Category 2, and Category 3 Target lists thereunder. However, there was no change to the Company’s accounting treatment or incremental amounts recognized in connection therewith for the three and six months ended June 30, 2022.

The Company assessed the milestones under the DESRES Agreement at June 30, 2022 and December 31, 2021, concluding no such milestone payments were due.

The Company recorded research and development expenses of $2.3 million and $2.1 million under the DESRES Agreement for the three months ended June 30, 2022 and 2021, respectively.

The Company recorded research and development expenses of $4.7 million and $3.9 million under the DESRES Agreement for the six months ended June 30, 2022 and 2021, respectively.

As of June 30, 2022 and December 31, 2021, the Company had accrued expense balances of $0.3 million and $0, respectively, for D.E. Shaw Research on its condensed consolidated balance sheets.

As of June 30, 2022 and December 31, 2021, the Company had prepaid balances of $0 and $4.4 million, respectively, for D.E. Shaw Research on its condensed consolidated balance sheets.

Other Significant Arrangements

The Company has certain other research and license arrangements with third parties, which provide the Company with research services with the goal of identifying and developing product candidates, and the Company is obligated to pay certain development milestone payments pursuant to these arrangements upon the achievement of certain specified contingent events. The Company assessed such milestones at June 30, 2022 and December 31, 2021, concluding no such milestone payments were due. The Company incurred approximately $1.6 million and $0.7 million of research and development expenses under these agreements for the three months ended June 30, 2022 and 2021, respectively. The Company incurred approximately $2.6 million and $1.1 million of research and development expenses under these agreements for the six months ended June 30, 2022 and 2021, respectively.