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Subsequent event | 6 Months Ended
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Jun. 30, 2021
Subsequent Events [Abstract] |
Subsequent event |
13. | Subsequent event:
On August 6, 2021, the Company and Genentech and its affiliate, F. Hoffman-La Roche Ltd., entered into a termination agreement terminating by mutual agreement the collaborative research and license agreement dated December 22, 2011, as amended. Pursuant to the terms of the termination agreement, Genentech has returned, licensed or assigned to the Company certain intellectual property, including certain patent rights and materials related to Nav1.7 and products incorporating such compounds for all uses. Notwithstanding such termination, the Company remains subject to a low single-digit percentage, tiered royalty on the net sales of the Company’s Nav1.6 compounds, including XEN901, now known as NBI-921352, for a period of ten years from first commercial sale on a country-by-country basis. In accordance with the license and collaboration agreement with Neurocrine Biosciences, the Company remains solely responsible for all payments to Genentech with respect to certain Nav1.6 compounds, including NBI-921352, licensed to Neurocrine Biosciences. In addition, the Company and Genentech agreed to waive the Company's entitlement to receive future potential milestone payments of up to $1,500 under a separate agreement with Genentech for pain genetics dated March 19, 2014, which expired in March 2018, following the receipt of Genentech’s confirmation that Genentech has stopped all activities under that program. Other than as described above, the Company has no further financial obligations to make potential payments to Genentech with respect to the termination agreement and no financial entitlement to receive future potential payments from Genentech with respect to either agreement.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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