Related party |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related party | |
| Related party | 5.Related party We entered into a license agreement with Dong-A ST Co., Ltd. (“Dong-A ST”) pursuant to which we received an exclusive global license (except for the territory of the Republic of Korea) for two proprietary compounds for specified indications (the “2022 License Agreement”) upon meeting certain financing milestones. The 2022 License Agreement covers the rights to vanoglipel for treatment of MASH and DA-1726 for treatment of obesity and MASH. The 2022 License Agreement also provides that we may develop vanoglipel for the treatment of type 2 diabetes mellitus. In connection with the 2022 License Agreement, we entered into a shared services agreement with Dong-A ST (the “Shared Services Agreement”), relating to vanoglipel and DA-1726, pursuant to which Dong-A ST may provide technical support, preclinical development, and clinical trial support services on terms and conditions acceptable to both parties. In addition, the Shared Services Agreement provides that Dong-A ST will manufacture all of our clinical requirements of vanoglipel and DA-1726 under the terms provided in the Shared Services Agreement. We incurred R&D expenses of $0.2 million and $0.9 million for the three and six months ended June 30, 2026, respectively, and $1.3 million and $2.4 million for the three and six months ended June 30, 2025, respectively, under the Shared Services Agreement, which are included in R&D operating expenses in the accompanying condensed consolidated statements of operations. The aggregate amount payable to Dong-A ST was $1.9 million and $3.3 million as of June 30, 2026 and December 31, 2025, respectively, under the Shared Services Agreement, which are included in related party payable in the accompanying condensed consolidated balance sheets. Of the total amount payable to Dong-A ST as of June 30, 2026 (i) $1.4 million is payable in accordance with an invoice with extended terms in which approximately $0.7 million was due on June 30, 2026 and $0.7 million is due on September 30, 2026, (ii) $0.1 million is payable in accrued interest based on a fixed interest rate of 4.6% per annum, and (iii) $0.4 million is payable in clinical trial accrued liabilities. The amounts due on June 30, 2026 remains unpaid as of the date of issuance of these condensed consolidated financial statements and have been included in current liabilities. For additional information on the 2022 License Agreement, the Shared Services Agreement and other agreements with Dong-A ST, refer to “Note 5. Related party” in the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, which is included in our 2025 Form 10-K. |