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Collaboration Agreements | 12 Months Ended
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Dec. 31, 2023
Collaboration Agreements |
Collaboration Agreements | 12. Collaboration Agreements LegoChem Agreement In November 2022, the Company entered into the LegoChem Agreement to develop up to three antibody drug conjugates. Under the terms of the LegoChem Agreement, both parties equally share the costs of developing the molecules and profits on commercialized products. The collaboration consists of up to three research programs for which a research plan will be developed. With respect to a research plan, each party shall use reasonable efforts to execute and perform the activities assigned to it. Each party shall be solely responsible for costs associated with its assigned activities as outlined in the research plan. Upon successful completion of a research plan, or as otherwise agreed, the parties may designate a research product as a co-development product. Upon designation of a co-development product, cost sharing on a 50-50 basis between the Company and LegoChem would begin. The activities associated with the research plan and co-development products will be coordinated by a joint steering committee, which is comprised of an equal number of representatives from the Company and LegoChem. If and when a co-development product becomes commercialized, the Company and LegoChem would equally share in the profits. There are no implied licenses or other rights created under the LegoChem Agreement after designation of a co-development product. Effective April 1, 2023, the parties designated LNCB74 as the first co-development product under the LegoChem Agreement. As such, cost sharing on a 50-50 basis commenced for the first co-development product under the LegoChem Agreement. Given the involvement by both parties under the LegoChem Agreement, management assessed the criteria under ASC 808 to determine if such agreement is within the scope of ASC 808. Based on the terms of the LegoChem Agreement, the Company concluded that the LegoChem Agreement meets the requirements of a collaboration within the guidance of ASC 808. The Company and LegoChem are active participants in the activities associated with the LegoChem Agreement and are exposed to significant risks and rewards dependent on the commercial success of the activity. The LegoChem Agreement is not reflective of a vendor-customer relationship and therefore not within the scope of ASC 606. Accordingly, the net costs associated with the co-development are expensed as incurred and recognized within research and development expenses on the statement of operations. As of December 31, 2023, LNCB74 was the lone co-development product and was in the early stages of development. During the year ended December 31, 2023, the Company incurred more costs than LegoChem under the LegoChem Agreement, and recorded a receivable from LegoChem and a corresponding reduction of $0.5 million in costs reflecting the 50-50 cost sharing terms.

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 10 -Topic 808 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479402/808-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -SubTopic 10 -Topic 808 -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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