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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2024
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Epigenetic Regulation and Capsid Delivery License Agreement with Genentech On August 2, 2024, the Company entered into the Genentech Agreement to develop intravenously administered genomic medicines to treat certain neurodegenerative diseases. Under the Genentech Agreement, the Company granted an exclusive license to Genentech for the Company’s proprietary zinc finger repressors (“ZFRs”) that are directed to tau and the Company’s proprietary ZFRs that are directed to a second undisclosed neurology target. The Company also granted an exclusive license to Genentech to the Company’s proprietary, neurotropic adeno-associated virus capsid, STAC-BBB for use with therapies directed to tau or to the second neurology target. The Company is prohibited from exploiting (itself or with or for a third party) products directed to tau or to the second neurology target during the applicable exclusivity periods set forth in the Genentech Agreement. Under the terms of the Genentech Agreement, the Company is responsible for completing a technology transfer and certain preclinical activities, and Genentech is solely responsible for all clinical development, regulatory interactions, manufacturing and global commercialization of resulting products. Under the Genentech Agreement, Genentech is obligated to pay the Company a $40.0 million upfront license fee on or around the end of August 2024 and will become obligated to pay the Company a $10.0 million milestone payment after the completion of technology transfer activities. In addition, the Company is eligible to earn up to $1.9 billion in development and commercial milestones spread across multiple potential products under the Genentech Agreement and tiered mid-single digit to sub-teen double digit royalties on the net sales of such products, subject to certain specified reductions. The Genentech Agreement will continue, on a product-by-product and country-by-country basis, until the date when there is no remaining royalty payment obligation in such country with respect to such product, at which time the Genentech Agreement will expire with respect to such product in such country. Genentech has the right to terminate the Genentech Agreement for convenience. Each party has the right to terminate the Genentech Agreement on account of the other party’s uncured material breach.

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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 + Details
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