Bristol-Myers Squibb Collaboration |
6 Months Ended |
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Jun. 30, 2026 | |
| Bristol-Myers Squibb Collaboration | |
| Bristol-Myers Squibb Collaboration | Note 6—Bristol-Myers Squibb Collaboration On January 7, 2022, the Company entered into the Collaboration Agreement with Bristol-Myers Squibb to collaborate on the research, development and commercialization of iPSC-natural killer cells (“iNK”) and induced T cell (“iT” cell) programs for hematologic malignancies and solid tumors (the “BMS Collaboration Agreement”). The BMS Collaboration Agreement was within the scope of ASC 808, Collaborative Arrangements, as both parties were active participants in the arrangement and are exposed to significant risks and rewards. While this arrangement was in the scope of ASC 808, the Company analogizes to ASC 606 for the accounting for the BMS Collaboration Agreement, including for the delivery of goods and services (i.e., units of account). Revenue recognized by analogizing to ASC 606 is recorded as collaboration revenue in the statements of operations. Following an internal corporate portfolio prioritization process, Bristol-Myers Squibb notified the Company on December 12, 2024 that it would be terminating the BMS Collaboration Agreement in its entirety without cause. The termination was effective on March 12, 2025. As a result of the notice of termination, the Company concluded that the research and development services being provided to Bristol-Myers Squibb were substantially complete as of December 31, 2024, and accordingly, the remaining transaction price allocated to that performance obligation was recorded in the fourth quarter of 2024. The remaining transaction price related to the license option rights, which represented a material right of $109,164 was recognized in the first quarter of 2025 when the option right expired upon the termination of the BMS Collaboration Agreement. There will be no future collaboration revenues recognized under the BMS Collaboration Agreement.
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