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COLLABORATION AND LICENSE AGREEMENTS | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
COLLABORATION AND LICENSE AGREEMENTS | COLLABORATION AND LICENSE AGREEMENTS TG Therapeutics On January 7, 2024, the Company entered into a license agreement (the “TG License Agreement”) with TG Cell Therapy, Inc. (“TG Subsidiary”) and its parent company TG Therapeutics, Inc. (“TG Parent” and, together with TG Subsidiary, “TG Therapeutics”), pursuant to which the Company granted TG Subsidiary certain exclusive and non-exclusive license rights to develop, manufacture, and commercialize azer-cel for autoimmune diseases and other indications outside of cancer pursuant to the terms of the TG License Agreement. Under the TG License Agreement, the Company received an upfront cash payment of $10.0 million (the “Upfront Payment”) comprised of (i) a $5.25 million cash payment that was paid to the Company on February 5, 2024, (ii) a $2.25 million cash payment that was paid to the Company on February 5, 2024 in exchange for 97,360 shares of the Company’s common stock, based on a price per share equal to a 100% premium to the VWAP of the Company’s common stock for the 30 trading days prior to the date of the TG License Agreement, and (iii) a deferred cash payment of $2.5 million that was paid to the Company on January 6, 2025 in exchange for 220,712 shares of the Company’s common stock at a price per share of $11.33, which represented a 100% premium to the VWAP of the Company’s common stock for the 30 trading days prior to the date of payment. The Company will also receive an additional cash payment of $7.5 million in the event that TG Therapeutics achieves a certain clinical milestone. The Company is also entitled to receive additional payments upon the achievement of additional specified milestones of up to $288.6 million. During the three and six months ended June 30, 2025, the Company recognized no revenue under the TG License Agreement. During the three and six months ended June 30, 2024, the Company recognized revenue of $0.9 million and $8.0 million, respectively, under the TG License Agreement. Collaboration and License Agreement with Novartis During each of the three and six months ended June 30, 2025, the Company recognized revenue under the collaboration and license between the Company and Novartis Pharma AG (the “Novartis Agreement”) of less than $0.1 million. During the three and six months ended June 30, 2024, the Company recognized revenue under the Novartis Agreement of $0.8 million and $5.3 million, respectively. Deferred revenue related to the Novartis Agreement amounted to $26.2 million and $26.3 million as of June 30, 2025 and December 31, 2024, respectively, of which $6.0 million and $3.0 million, respectively, was included in current liabilities within the condensed balance sheets. Development and License Agreement with Prevail For the three and six months ended June 30, 2025, the Company recognized no revenue under the amended and restated development and license agreement between the Company and Prevail Therapeutics Inc. (the “Prevail Agreement”) as it was terminated in the prior year, and the Company subsequently exercised its rights to the return of its three programs. For the three and six months ended June 30, 2024, the Company recognized revenue of $48.2 million and $52.7 million, respectively. The Company has no deferred revenue related to the Prevail Agreement as of June 30, 2025 and December 31, 2024 due to the termination. Development and License Agreement with iECURE The Company adjusts the carrying value of the iECURE, Inc. (“iECURE”) equity to fair value each reporting period with any changes in fair value recorded to other (expense) income. There was a $2.5 million decrease in the fair value of the iECURE equity during the three and six months ended June 30, 2025 and no change in the fair value for the three and six months ended June 30, 2024.

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- Definition The entire disclosure for collaborative arrangements in which the entity is a participant, including a) information about the nature and purpose of such arrangements; b) its rights and obligations thereunder; c) the accounting policy for collaborative arrangements; and d) the income statement classification and amounts attributable to transactions arising from the collaborative arrangement between participants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 808 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479402/808-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 808 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479402/808-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 808 -Publisher FASB -URI https://asc.fasb.org/808/tableOfContent + Details
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