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Related Parties

12 Months Ended

Dec. 31, 2019

8.	Related Parties

On October 24, 2017, the Company announced a strategic research collaboration with Mosaic Biosciences, Inc. (“Mosaic”) to develop intravitreal anti-complement factor 3 (C3) products for the treatment of dry Age-related Macular Degeneration (AMD) and other retinal diseases. Dr. Usman, the Company’s Chief Executive Officer and a member of the Company’s board of directors, and Mr. Lawlor, a member of the Company’s board of directors, are also members of the board of directors of Mosaic. On December 21, 2018, the Company amended its collaboration agreement with Mosaic to, among other things, include certain additional products. According to the Mosaic collaboration agreement, as amended, the Company and Mosaic co-funded certain research. Expenses related to the co-funded research were $1.1 million and $1.3 million for the years ended December 31, 2019 and 2018, respectively.

On December 18, 2019, the Company entered into the second amendment to the Mosaic collaboration agreement, which added future fees for services upon completion of the co-funded research. Also, Mosaic will perform all future services for a fee. Mosaic is entitled to a low double-digit percentage of funds the Company receives from any C3 collaboration. Mosaic is also entitled to sublicense fees and/or research and development and commercial milestones and royalties on one non-C3 complement product. In connection with the Biogen collaboration, the Company received a $15.0 million upfront license fee on January 10, 2020, see Note 12, and Mosaic is entitled to a $3 million payment from the Company.