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Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2022

Prepaid Expenses And Other Current Assets [Abstract]

Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in $000s):


	March 31,		December 31,
	2022		2021
Research and development tax credit receivable	$	4,732	$	3,727
Prepayments and VAT receivable		667		577
Other current assets		1,539		79
	$	6,938	$	4,383

Receivables of $1.3 million are included in other current assets as of March 31, 2022. This relates to royalty payments receivable under a December 2005 Asset Purchase Agreement, or APA, whereby Xcyte Therapies, Inc., or Xcyte, (a business acquired by the Company in March 2006) sold certain assets and intellectual property to Thermo Fisher Scientific Company, or TSC, (formerly Invitrogen Corporation) through the APA and other related agreements. The assets and technology were not part of the Company’s product development plan following the transaction between Xcyte and Cyclacel in March 2006. Accordingly, the Company recognized $1.3 million of other income related to this transaction during the three months ended March 31, 2022.