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Funding Arrangement | 9 Months Ended
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Sep. 30, 2023
Funding Arrangement [Abstract] |
Funding Arrangement | 11. Funding Arrangement In July 2019, we received a cost-reimbursement research award from Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator (“CARB-X”), a public-private partnership funded under a Cooperative Agreement from Assistant Secretary for Preparedness and Response/Biomedical Advanced Research and Development Authority (“BARDA”) and by awards from Wellcome Trust, Germany’s Federal Ministry of Education and Research, the United Kingdom Global Antimicrobial Resistance Innovation Fund and the Bill & Melinda Gates Foundation. In connection with this funding, we entered into a cost-reimbursement sub-award agreement with the Trustees of Boston University, the administrator of the program. The initial award provided the potential for funding up to four years to develop a universal vaccine to prevent infections caused by Group A Strep bacteria, which include pharyngitis, impetigo and necrotizing fasciitis. The initial award committed initial funding of up to $1.6 million for our VAX-A1 program and, subject to a CARB-X decision to extend the options, up to $15.1 million in total funding available upon achievement of development milestones over the next four years. Specified research expenditures are reimbursable expenses associated with agreed-upon activities needed to advance the research project supported by the grant. These expenditures can include labor, laboratory supplies, travel, consulting and third-party vendor research and development support costs. CARB-X has awarded us total funding to date of $11.7 million, with potential funding of up to $14.6 million upon the achievement of future VAX-A1 development milestones. In April 2021, we received a cost-reimbursement research award from the National Institutes of Health (“NIH”). In connection with this funding, we entered into a cost-reimbursement sub-award agreement with the University of Maryland, Baltimore, the administrator of the program. The award provides for potential funding up to five years totaling approximately $0.5 million to develop a vaccine to prevent shigellosis, an infection caused by Shigella bacteria. VAX-GI is our novel preclinical candidate designed to prevent shigellosis and dysentry, both of which are caused by Shigella bacteria. In June 2023, we received another cost-reimbursement research award from the NIH. In connection with this funding, we entered into an additional cost-reimbursement sub-award agreement with the University of Maryland, Baltimore, to further research on vaccine compositions to prevent shigellosis. The award provides for potential funding up to five years totaling approximately $4.6 million. Income from grants is recognized in the period during which the related specified expenses are incurred, provided that the conditions under which the grants were provided have been met. We recognized $1.6 million and $0.2 million of grant income under the VAX-A1 CARB-X and VAX-GI NIH awards and recorded the amounts in Other income (expense), net in the condensed statement of operations during the three months ended September 30, 2023 and 2022, respectively, and $4.8 million and $$1.0 million during the nine months ended September 30, 2023 and 2022, respectively. A grant receivable of $1.9 million and $1.0 million representing unreimbursed, eligible costs incurred under the VAX-A1 CARB-X and VAX-GI NIH agreements was recorded and included in Prepaid expenses and other current assets in the condensed balance sheets as of September 30, 2023 and December 31, 2022, respectively.

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