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  "notes": "The slide details a specific corporate partnership deal structure.",
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      "text": "Equillium receives upfront payment and full funding of itolizumab R&D in exchange for Ono exclusive option to purchase Equillium’s rights to itolizumab",
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      "text": "Option period expires three months following delivery of:\n- topline data from the EQUALISE study in lupus nephritis, and\n- interim data from the EQUATOR study in acute GVHD",
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      "text": "Itolizumab development and funding:\n- Equillium to continue conducting all itolizumab R&D\n- Ono to fund all R&D expenses from July 1, 2022 through the option period\n- R&D budget approximately $8M per quarter",
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      "text": "Milestone Payments up to $101.4M:\n- Clinical - Regulatory - First sale",
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      "text": "Closing payments*: $38.2M\nOption exercise payment**: $34.5M\nMilestone payments: $101.4M",
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      "text": "* Includes upfront payment of $26.4M and R&D expense reimbursement for the period July 1 through December 31, 2022.\n** ¥5.0B subject to currency exchange rate at the time of payment (USD amount above is based on the exchange rate as of January 5, 2024); milestone payments and R&D reimbursement are based in USD.",
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      "text": "Ono Pharmaceutical: High Value Strategic Partnership",
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