Contract Liability and Receivable
|12 Months Ended|
Dec. 31, 2017
|Disclosure of revenue from contracts with customers [Abstract]|
|Contract liability and receivable||
Contract liability and receivable
Regional licensing agreement
We entered into a regional licensing agreement (the "Agreement") with Adlai Nortye Biopharma Co., Ltd. ("Adlai") in November 2017. Under the terms of the Agreement, Adlai will have exclusive development and commercialization rights to REOLYSIN in China, Hong Kong, Macau, Singapore, South Korea and Taiwan. We are entitled to receive upfront license fees, development and regulatory milestone payments, royalties and sales-based milestone payments.
Warrant purchase agreement
We also entered into a warrant purchase agreement with Adlai. Under the terms of the warrant purchase agreement, we are entitled to receive two milestone payments totaling US$8 million made of of two common share purchase warrants:
Our contract liability balance at December 31, which we expect to record in revenue over the next five years, is as follows:
Our contract receivable due from Adlai at December 31, 2017 is $4,767,100.
The entire disclosure for revenue from contracts with customers.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef