Molecular Templates, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events	9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 13 – SUBSEQUENT EVENTS In October 2021, the Company received notice from Vertex that Vertex had decided to terminate the Vertex Collaboration Agreement. The termination of the Vertex Collaboration Agreement was effective on October 29, 2021. Pursuant to the terms of and upon the Company’s entry into the Collaboration Agreement, Vertex paid the Company an upfront payment of $38.0 million, which included proceeds from a concurrent equity investment. Subsequent to the termination the Company has no outstanding performance obligations to Vertex and the Company expects to recognize the remaining deferred revenue balance of $14.6 million at September 30, 2021 into research and development revenue in the fourth quarter of 2021. For additional information about the Vertex Collaboration Agreement, see Note 3, “Research and Development Agreements” included in this Quarterly Report on Form 10-Q.

Subsequent Events

9 Months Ended

Sep. 30, 2021

NOTE 13 – SUBSEQUENT EVENTS

In October 2021, the Company received notice from Vertex that Vertex had decided to terminate the Vertex Collaboration Agreement. The termination of the Vertex Collaboration Agreement was effective on October 29, 2021.

Pursuant to the terms of and upon the Company’s entry into the Collaboration Agreement, Vertex paid the Company an upfront payment of $38.0 million, which included proceeds from a concurrent equity investment. Subsequent to the termination the Company has no outstanding performance obligations to Vertex and the Company expects to recognize the remaining deferred revenue balance of $14.6 million at September 30, 2021 into research and development revenue in the fourth quarter of 2021.

For additional information about the Vertex Collaboration Agreement, see Note 3, “Research and Development Agreements” included in this Quarterly Report on Form 10-Q.