Kurt Gustafson : Yes, Puneet, I mean, I — we don’t have any specific knowledge relative to the sales forecast, if you will, of our partners. I know that one of our partners disclosed earlier this year that there have been supply chain issues in the first half of the year, in part due to challenges with COVID. But they also indicated that they expect that those supply chain issues will be alleviated in the second half of the year. And so they were forecasting sales to pick back up. And we obviously earn a royalty on that. I think the first part of your question, our partnerships are designed really to align sort of the economics that our partners pay with success, right? So I do think in a difficult — if we’re in a difficult funding environment, our model is conducive to have people continue to use it because they’re really not paying — they’re not paying for — or large sums of money until they actually have success, they discovering the drug and actually moving into the clinic.
So I do think that there’s opportunities there, and we’re still continuing to see growth across our key metrics.
Operator: Your next question comes from Robyn Karnauskas from Truist Securities.
Robyn Karnauskas : I’m going to start off with a couple that I [don’t know] you’ll be able to answer. So can you talk a little bit about how the platform deals with Stanford and those are different than those of the pharmaceutical companies? Like how are they structured if you can give any color? And is your — are your ion channel programs have — do they have better economics given the scarcity of like being able to develop small molecules to those — biologics to those programs? I would think that they have better economics since you’re adding a lot more value.
Matthew Foehr : Yes, Robyn, thanks. I’ll answer your second question first on the ion channel programs. And really, the short answer is yes. The way those programs are structured, we are granting exclusivity to the target — to the specific target with that — with those partners. They’re accessing not only technology and capability, but novel cell lines, novel reagents, novel screening technologies, et cetera. So that then drives really a different and a higher economic structure. The 5 programs that are highlighted in the deck today for ion channel and transporter collaboration, both those are with GSK and with Roche, those 5 programs alone have $1 billion in milestones and royalties that are higher than our standard platform license agreements.
So those are assets that we’re excited about. Obviously, we highlighted the GSK program today. But the short answer is yes. Now to your first question about the different sorts of deals. We have, in recent quarters, leaned into not only license agreements with leaders in the industry, commercial — those that are investing a lot in R&D and commercialization like Merck and Neurocrine, but also with academic centers, leading academic centers. And just as a general matter of policy and based on confidentiality, we don’t disclose specific deal structures, but we have — and in our corporate deck, we’ve outlined typical deal terms for all of our deals. And they fall within boundaries that we previously disclosed. There are multiple parts of the deals, there are upfront payments, there are milestones, there are royalties and there’s an interplay between those.
But in terms of access to the platform, there really are not major differences between the deals signed with, say, a traditional commercial pharma and the academic centers. But on the business side, obviously, it would be highly unusual for an academic center to commercialize the drug on its own. Obviously, these folks have leading-edge biology. They generally want to translate that into therapeutics that then get spun out into companies. So really, the only difference is we’ll have special provisions with — that specifically deal with how those economics will work when the academic institution chooses to out-license the program or form a company around it. But at a basic sense, they’re very similar. There are just some specific provisions that are more applicable to the academic setting.
