In April 2020, we entered into a collaboration with Janssen Biotech, Inc. (Janssen), part of the Janssen Pharmaceutical Companies of Johnson & Johnson, to develop iPSC-derived CAR NK and CAR T-cell product candidates for the treatment of cancer. Under the collaboration, Janssen will contribute proprietary antigen binding domains directed to up to four tumor-associated antigen targets. We will research and construct iPSC-derived CAR NK and CAR T-cell collaboration candidates directed to each of these antigen targets, and conduct preclinical development to enable the submission of an IND application for each collaboration candidate. Janssen has the right to exercise an exclusive option and obtain an exclusive license for the clinical development and commercialization of each collaboration product, and we are primarily responsible for the manufacture of such collaboration product. For each collaboration product, upon attaining clinical proof-of-concept, we have the right to elect to co-commercialize with Janssen in the United States subject to sharing equally in the profits and losses with Janssen.