|3 Months Ended|
Mar. 31, 2021
6. Licenses Acquired
In accordance with ASC 730-10-25-1, Research and Development, costs incurred in obtaining technology licenses are charged to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future use. The licenses purchased by Fortress and its partner companies require substantial completion of research and development, and regulatory and marketing approval efforts in order to reach technological feasibility. As such, for the three months ended March 31, 2021 and 2020, the purchase price of licenses acquired was classified as research and development-licenses acquired in the Condensed Consolidated Statement of Operations as reflected in the following table:
For the quarter ended March 31, 2021 and 2020, Aevitas recorded $25,000 and nil, respectively, in connection with its license agreement.
FBIO Acquisition Corp VIII
On November 25, 2020, FBIO Acquisition Corp. VIII entered into a license agreement with Fuji Yakuhin Co., LTD (“Fuji”), a Japanese corporation, for the rights to develop Fuji’s novel selective urate reabsorption inhibitor known as Dotinurad in the United States, United Kingdom, European Union and Canada.
For the three months ended March 31, 2021 and 2020, Mustang recorded nil and $0.3 million, respectively, in connection with its license agreement with City of Hope (“COH”). The $0.3 million represented a non-refundable milestone payment in connection with the twelfth patient treated in the Phase 1 clinical study of MB-103 at COH for the three months ended March 31, 2020.