11. Subsequent events

 

Pursuant to the Collaboration Agreement, on May 2, 2016, the Company achieved its first milestone of $2.5 million, payable by Juno Therapeutics within 30 days of achievement, associated with technical progress in a research program in its collaboration to create engineered T cells with chimeric antigen receptors and T cell receptors to treat cancer.

 

In May 2016, the Company entered into an award agreement with the Cystic Fibrosis Foundation Therapeutics, Inc. (“CFFT”). Under the terms of the agreement, CFFT has agreed to pay the Company up to $5.0 million over the agreement’s three year term to support the Company’s cystic fibrosis development program and related technology research and development. Pursuant to the agreement, the Company is required to contribute additional funds to the program in an amount equal to the funds contributed by CFFT under the agreement. Following the first year anniversary of the effective date of the agreement, either party can terminate the agreement without cause by providing 90 days’ notice. Under the terms of the agreement, the Company is required to pay certain amounts to CFFT upon the achievement of specified events.