XML 72 R23.htm IDEA: XBRL DOCUMENT v3.20.1
Geneos Therapeutics, Inc.
3 Months Ended
Mar. 31, 2020
Noncontrolling Interest [Abstract]  
Geneos Therapeutics, Inc.
Geneos Therapeutics, Inc.
In August 2016, the Company incorporated a subsidiary, Geneos Therapeutics, Inc. (“Geneos”), to develop and commercialize neoantigen-based personalized cancer therapies. In February 2019, the Company completed a spin-out of Geneos, after Geneos completed the initial closing of a $4.5 million preferred stock financing. The Company invested $1.2 million in the preferred stock financing, which was led by an outside investor. In January 2020, Geneos completed the second closing of a $3.0 million preferred stock financing, where the Company invested an additional $800,000. Following this transaction, as of March 31, 2020, the Company holds 52% of the outstanding equity, on an as-converted to common stock basis, of Geneos. The Company's ownership percentage of Geneos would decrease in the event of additional purchases of preferred stock of Geneos by other investors.
The Company has exclusively licensed its SynCon® immunotherapy and CELLECTRA® technology platform to Geneos to be used in the field of personalized, neoantigen-based therapy for cancer. The license agreement provides for potential royalty payments to the Company in the event that Geneos commercializes any products using the licensed technology.