In July 2019, we entered into a License and Collaboration Agreement with Astellas Pharmaceuticals for our product candidate, FX-322. Our companies agreed to jointly develop this program, including global clinical studies. Astellas has the sole right to commercialize FX-322 outside of the United States, and we have the sole right to commercialize FX-322 in the United States. Astellas provided an upfront payment as part of this agreement and the agreement includes potential development and commercialization milestone payments and tiered royalties at percentages in the low- to mid-teens. Frequency has retained U.S. rights to FX-322.