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Grant Receivable
9 Months Ended
Sep. 30, 2020
Grant Receivable  
Grant Receivable

(4) Grant Receivable

In September 2019, as modified in September 2020, the Company received a Notice of Award for a $1.9 million grant from the National Institute on Aging of the National Institutes of Health (the “NIH”) to cover costs of long-term chronic toxicology studies of ANVS401 in rats and dogs. The Company began the long-term chronic toxicology studies in November 2019. The Company recorded a grant receivable of $424,952 and $735,075 as of September 30, 2020 and December 31, 2019, respectively, to reflect unreimbursed, eligible costs incurred under the grant.

The Company recognized grant income of $586,903 and $952,602 for the three and nine months ended September 30, 2020, respectively, in connection with the NIH grant and received payments under the grant of $1,262,725 during the nine months ended September 30, 2020.