Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions | |
| Related Party Transactions | 14.Related Party Transactions Xencor, Inc. The Company has obtained exclusive, worldwide licenses from Xencor to research, develop, manufacture, market and sell three antibody product candidates pursuant to two license agreements. The Company has concluded that Xencor is a related party, due to the issuance of convertible preferred stock in December 2020 and April 2023. In connection with the completion of the IPO, in September 2024, all outstanding shares of preferred stock converted into shares of common stock. As of June 30, 2026, Xencor held less than 10% of the shares of the Company’s outstanding common stock. Viridian Therapeutics, Inc. The Company has obtained a license from Viridian to research, develop, manufacture, market and sell an antibody product candidate in China. Prior to May 2026, the Company concluded that Viridian was a related party because although Fairmount Funds Management LLC owns less than 10% of shares of the Company’s outstanding common stock, they held a seat on the Board and are also a 10% or greater stockholder of Viridian and have two seats on Viridian’s board of directors. Effective May 2026, Fairmount Funds Management LLC no longer holds a seat on the Board and thus, the Company has determined that Viridian is no longer a related party. Zai Lab (Hong Kong) Limited The Company has granted a sublicense to Zai to develop, manufacture and commercialize ZB001 and related programs in greater China. The Company has concluded that Zai is a related party, as the Company’s CEO and Chairman is a member of Zai’s board of directors. InnoCare Pharma Inc. The Company has obtained the exclusive rights from InnoCare to develop, manufacture and commercialize three product candidates pursuant to the InnoCare License Agreement. Though InnoCare does not hold any direct controlling interest in the Company, the Company has concluded that InnoCare is a related party, due to the 5,000,000 shares of common stock issued and the 2,000,000 shares of common stock to be issued pursuant to the InnoCare License Agreement. As of June 30, 2026, InnoCare held less than 10% of the shares of the Company’s outstanding common stock. For additional information on these arrangements, please see Note 7, License and Collaboration Revenue and Note 8, License Agreements, to these unaudited condensed consolidated financial statements. |