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Subsequent Event

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Event

12. Subsequent Event

In July 2023, the Company expanded its current licensing agreement for trofinetide with Neuren to acquire rights to the drug outside of North America as well as global rights in Rett syndrome and Fragile X syndrome to Neuren’s development candidate NNZ-2591. Under the terms of the expanded agreement, Neuren will receive an upfront payment of $100.0 million and is eligible to receive up to the following additional milestone payments based on the achievement of certain development and sales milestones (in thousands):

		Trofinetide				NNZ-2591
Development milestones		$	—			$	15,000
First commercial sale milestones
North America			—				40,000
Europe			45,000				45,000
Japan			18,750				18,750
Sales milestones
North America			—				350,000
Europe			170,000				170,000
Japan			110,000				110,000
Rest of World			82,500				82,500
Total milestone payments		$	426,250			$	831,250

In addition, the Company will be required to pay Neuren tiered royalties from the mid-teens to low-twenties percent of trofinetide net sales outside of North America. Percentage royalties related to NNZ-2591 net sales are identical to the trofinetide in each of North America and outside North America.

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- References

No definition available.

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- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//855/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483399/855-10-50-2

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