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Government Programs | 9 Months Ended
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Sep. 30, 2016
Business Combinations [Abstract] |
Government Programs | 6. Government Programs Research and Development Tax Incentive The Company recognized AUD 181,000 ($145,000) and AUD 1.6 million ($1.2 million), and AUD 194,000 ($127,000) and AUD 464,000 ($337,000) as a reduction of research and development expenses for the three and nine months ended September 30, 2016 and 2015, respectively, in connection with the research and development tax incentive from Australia. As of September 30, 2016 and December 31, 2015, the research and development tax incentive receivable was AUD 2.5 million ($1.9 million) and AUD 978,000 ($715,000), respectively. In March 2016, the Company received AUD 237,000 ($182,000) for overseas findings and recorded the funds as deferred tax incentive in accrued expenses and other payables on the condensed consolidated balance sheet due to the possibility that the funds could have to be repaid. SBIR Grant In September 2015, the Company was awarded a Phase 1 SBIR Grant from the National Institute of Diabetes and Digestive and Kidney Diseases of the National Institutes of Health (“NIH”) in support of research on orally stable peptide antagonists of the Interleukin-23 receptor (“IL-23R”) as potential treatments for inflammatory bowel diseases (“IBD”). The total grant award was $224,000 and is for the period from September 2015 to August 2016. In July 2016, the Company was awarded a Phase 1 SBIR Grant from the National Institute of Heart and Lung Diseases of the NIH in support of preclinical research aimed at discovering and optimizing lead molecules as novel peptide mimetics of the natural hepcidin hormone. The total grant award was $219,000 and is for the period from August 2016 to January 2017. The Company recognizes contra research and development when expenses related to the grants have been incurred and the grant funds become contractually due from NIH. The Company recorded $66,000 and $135,000 as a reduction of research and development expenses for the three and nine months ended September 30, 2016. There was no such reduction recorded for the three and nine months ended September 30, 2015. The Company recorded a receivable for $65,000 and $155,000 as of September 30, 2016 and December 31, 2015, respectively, to reflect the eligible costs incurred under the grants that are contractually due to the Company and such amounts are included in the prepaid expenses and other current assets on the condensed consolidated balance sheets.

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