Collaborations and Other Arrangements	6 Months Ended
Jun. 30, 2025
Collaborations and Other Arrangements
Collaborations and Other Arrangements	7. Collaborations and Other Arrangements In-Licensing Agreement Junshi Biosciences In March 2024, the Company entered into an Amendment No. 2 (the “2^nd Amendment”) to the Exclusive License and Commercialization Agreement (the “Collaboration Agreement”) with Junshi Biosciences Co., Ltd. (“Junshi Biosciences”) to revise the timing of the $25.0 million milestone payment to Junshi Biosciences that became due in connection with the approval by the U.S. Food and Drug Administration (“FDA”) of toripalimab for the treatment of patients with NPC in the first quarter of 2024. Under the terms of the 2^nd Amendment, the $25.0 million milestone payment was split into two installments of $12.5 million each, one that was paid in the second quarter of 2024 and one that was paid in January of 2025. The research and development expense recognized for obligations to Junshi Biosciences for the three and six months ended June 30, 2025 and the three months ended June 30, 2024 was not material. During the six months ended June 30, 2024, the Company recognized a reduction in research and development expenses for the release of certain liabilities of $4.8 million pursuant to the 2^nd Amendment with Junshi Biosciences. In the condensed consolidated balance sheets as of December 31, 2024, the Company classified $12.5 million in accrued and other current liabilities, as well as $0.4 million in accounts payable related to the co-development, regulatory and technology transfer costs related to these programs. The accrued royalty obligation to Junshi Biosciences was $2.0 million and $1.5 million as of June 30, 2025 and December 31, 2024, respectively. The additional milestone payments, option fee for the IL-2 cytokine and royalties are contingent upon future events and, therefore, will be recorded if and when it becomes probable that a milestone will be achieved, or when an option fee or royalties are incurred.

Collaborations and Other Arrangements

6 Months Ended

Jun. 30, 2025

Collaborations and Other Arrangements

7. Collaborations and Other Arrangements

In-Licensing Agreement

Junshi Biosciences

In March 2024, the Company entered into an Amendment No. 2 (the “2^nd Amendment”) to the Exclusive License and Commercialization Agreement (the “Collaboration Agreement”) with Junshi Biosciences Co., Ltd. (“Junshi Biosciences”) to revise the timing of the $25.0 million milestone payment to Junshi Biosciences that became due in connection with the approval by the U.S. Food and Drug Administration (“FDA”) of toripalimab for the treatment of patients with NPC in the first quarter of 2024. Under the terms of the 2^nd Amendment, the $25.0 million milestone payment was split into two installments of $12.5 million each, one that was paid in the second quarter of 2024 and one that was paid in January of 2025.

The research and development expense recognized for obligations to Junshi Biosciences for the three and six months ended June 30, 2025 and the three months ended June 30, 2024 was not material. During the six months ended June 30, 2024, the Company recognized a reduction in research and development expenses for the release of certain liabilities of $4.8 million pursuant to the 2^nd Amendment with Junshi Biosciences. In the condensed consolidated balance sheets as of December 31, 2024, the Company classified $12.5 million in accrued and other current liabilities, as well as $0.4 million in accounts payable related to the co-development, regulatory and technology transfer costs related to these programs.

The accrued royalty obligation to Junshi Biosciences was $2.0 million and $1.5 million as of June 30, 2025 and December 31, 2024, respectively. The additional milestone payments, option fee for the IL-2 cytokine and royalties are contingent upon future events and, therefore, will be recorded if and when it becomes probable that a milestone will be achieved, or when an option fee or royalties are incurred.