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U.S. Department of Defense (DoD) expense reimbursement contract | 6 Months Ended
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Jun. 30, 2021
U.S. Department of Defense (DoD) expense reimbursement contract |
U.S. Department of Defense (DoD) expense reimbursement contract | 3. U.S. Department of Defense (DoD) expense reimbursement contract In July 2020, the Company entered into an Other Transaction Authority for Prototype Agreement (the OTA Agreement) with the DoD to fund the Company’s efforts in developing Biosynthetic Convalescent Plasma (BCP) to treat COVID-19. Under the OTA Agreement, the Company intends to develop BCP for use in the U.S. military population and the U.S. population as a whole, subject to approval by the U.S. Food and Drug Administration (FDA). The amount of funding being made available to the Company under this expense reimbursement contract was $13.3 million. In May 2021, the Company and the DoD amended the OTA, pursuant to which the DoD award was increased from $13.3 million to $17.6 million. Based on the Company’s currently anticipated expenditures, the $17.6 million is expected to be received through 2021. ​ The Company recorded contra-research and development expense in the amount of $4.1 million and $8.1 million for the three and six months ended June 30, 2021, respectively, in the condensed statements of operations. There was no contra-research and development expense for the three and six months ended June 30, 2020. As of June 30, 2021, the Company had an expense reimbursement receivable balance of $1.7 million due from the DoD in prepaid expenses and other current assets on the condensed balance sheet. Costs that have been reimbursed by the DoD but not yet expensed by the Company are recorded as a deferred research obligation liability for the period. As of June 30, 2021, the Company has a deferred research obligation liability of $0.5 million.

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