SUBSEQUENT EVENTS |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In July 2025, the Company announced that it had entered into a Membership Interest Purchase Agreement (the “ENPP1 Purchase Agreement”) with Recursion to sell our interest in REV102, an ENPP1 inhibitor in preclinical development for the treatment of patients with hypophosphatasia. In connection with the sale, the Company received an upfront equity payment of $7.5 million. In addition, the Company is eligible to receive a contingent equity payment of $12.5 million upon the initiation of additional preclinical studies and a $5.0 million milestone cash payment in connection with the initiation of dosing in a Phase 1 clinical study, as defined in the ENPP1 Purchase Agreement. The Company is also eligible to receive low single-digit royalties on all future net sales by Recursion of products comprising or incorporating certain compounds developed by REV-I and may be eligible to receive certain payments in the event of Recursion’s sale of the REV102 program. For further details prior to the JV Sale, please refer to Note 6.
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