Quarterly report pursuant to Section 13 or 15(d)

Subsequent Event

Subsequent Event
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Event

11. Subsequent Event

On April 18, 2022, the Company entered into amendment No. 1 (the “Amendment”) to the Tasly License Agreement with Tasly regarding Tasly’s exclusive license to develop and commercialize STRO-002 in Greater China, consisting of China, Hong Kong, Macau and Taiwan. Pursuant to the Amendment, the initial nonrefundable upfront payment due by Tasly was amended to $25.0 million, and a $15.0 million payment will be placed in escrow by Tasly in the second quarter of 2022 and become payable to the Company upon certain regulatory milestones. The Amendment also added an additional regulatory milestone payment to the Tasly License Agreement, providing additional potential payments totaling up to $350.0 million related to development, regulatory and commercialization milestones, beyond the payments described above, and made certain other ministerial edits.