Quarterly report pursuant to Section 13 or 15(d)

Subsequent Event

v3.21.2
Subsequent Event
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Event

12. Subsequent Event

On October 9, 2021, the Company entered into an option agreement with BioNova Pharmaceuticals Limited (“BioNova”) (the “BioNova Option Agreement”), to confer BioNova the option to obtain exclusive rights to develop and commercialize STRO-001 in the People’s Republic of China, Taiwan, Hong Kong, and Macau (“Greater China”). BioNova will pursue the clinical development, regulatory approval, and commercialization of STRO-001 in multiple indications, including non-Hodgkin's lymphoma, multiple myeloma, and leukemia in the licensed territory. The Company will retain development and commercial rights of STRO-001 globally outside of Greater China, including the United States.  

Under the BioNova Option Agreement, BioNova will pay to the Company an initial licensing option payment of $4 million, with potential payments totaling up to $200 million related to option exercise, development, regulatory, and commercial milestones. The Company will provide STRO-001 to BioNova under appropriate clinical and commercial supply service agreements. Upon commercialization, the Company is eligible to receive tiered royalties ranging from low- to mid-teen percentages based on annual net sales of STRO-001 in Greater China for at least ten years following the first commercial sale of STRO-001 in Greater China.

BioNova has the right to terminate the BioNova Option Agreement for convenience or other reasons specified in the BioNova Option Agreement, upon prior written notice.