|AUDENTES THERAPEUTICS, INC. filed this Form 10-K on 03/13/2017|
AUDENTES THERAPEUTICS, INC.
Notes to Consolidated Financial Statements — Continued
During the year ended December 31, 2016, the Company entered into two other intellectual property license agreements to develop and commercialize products in multiple therapeutic areas. Pursuant to these agreements, it paid an aggregate of $0.1 million upfront that was recorded as research and development expense during the year ended December 31, 2016. The agreements also provide for the Company to pay up to an aggregate of $1.9 million in contingent future development and commercialization milestones, a royalty on related product sales of 1% or less, and a portion of any sub-license fees the Company receives.
As of December 31, 2016, the Company had not developed a commercial product using the licensed technologies and no milestones had been achieved under these agreements, except for $0.7 million to the University of Pennsylvania as a result the Company’s filing an IND for AT342 and $0.4 million to REGENXBIO based upon the entry into the license and collaboration agreement with the University of Pennsylvania.
Note 8. Stockholders’ Equity
As of December 31, 2015, the Company had 13,820,301 shares of convertible preferred stock issued and outstanding, which were converted into 13,820,301 shares of common stock on July 25, 2016, immediately prior to the closing of the IPO.
Convertible preferred stock as of December 31, 2015, consisted of the following: