Molecular Templates, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Subsequent Events

Subsequent Events	12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 15—SUBSEQUENT EVENTS Takeda Multi-Target Agreement In March 2022, following the Company’s request to bring the agreement to an end, the Company and Takeda mutually agreed to terminate the Takeda Multi-Target Agreement. As a result of the termination, the Company regained full rights to pursue the targets worked on under the Takeda Multi-Target Agreement. There are no ongoing activities or economic obligations in connection with the Takeda Multi-Target Agreement. Pursuant to the terms of and upon the Company’s entry into the Takeda Multi-Target Agreement, Takeda paid the Company an upfront payment of $5.0 million. Subsequent to the termination the Company has no outstanding performance obligations to Takeda and the Company expects to recognize the remaining deferred revenue balance of $2.6 million into research and development revenue in the first quarter of 2022. For additional information about the Takeda Multi-Target Agreement, see Note 3, “Research and Development Agreements” included in this Annual Report on Form 10-K.

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

NOTE 15—SUBSEQUENT EVENTS

Takeda Multi-Target Agreement

In March 2022, following the Company’s request to bring the agreement to an end, the Company and Takeda mutually agreed to terminate the Takeda Multi-Target Agreement. As a result of the termination, the Company regained full rights to pursue the targets worked on under the Takeda Multi-Target Agreement. There are no ongoing activities or economic obligations in connection with the Takeda Multi-Target Agreement.

Pursuant to the terms of and upon the Company’s entry into the Takeda Multi-Target Agreement, Takeda paid the Company an upfront payment of $5.0 million. Subsequent to the termination the Company has no outstanding performance obligations to Takeda and the Company expects to recognize the remaining deferred revenue balance of $2.6 million into research and development revenue in the first quarter of 2022.

For additional information about the Takeda Multi-Target Agreement, see Note 3, “Research and Development Agreements” included in this Annual Report on Form 10-K.