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If we were unable to prevail in any such legal proceedings, our business, results of operations, liquidity and financial condition could be adversely affected.
+Added: Caribou Arbitration
+Added: On October 17, 2018, we initiated an arbitration proceeding against Caribou Biosciences, Inc.
+Added: (“Caribou”) asserting that Caribou violated the terms and conditions of a license agreement we entered into with them in July 2014 related to certain IP (the “Caribou License”), as well as other contractual and legal obligations to us, by using and seeking to license to third parties two patent families relating to specific structural or chemical modifications of guide RNAs (“gRNAs”), that were purportedly invented or controlled by Caribou, in our exclusive human therapeutic field, before an agreed-upon cutoff date of January 30, 2018.
+Added: On September 26, 2019, we announced that the arbitration panel issued an interim award concluding that both the structural and chemical gRNA modification technologies were exclusively licensed to us by Caribou pursuant to the Caribou License.
+Added: Nevertheless, the arbitration panel, solely with respect to the chemically modified gRNAs, stated that it will declare that Caribou has an equitable “leaseback”, which it described as exclusive, perpetual and worldwide (the “Caribou Award”).
+Added: The Caribou Award does not include the structural guide modifications IP also at issue in the arbitration, any other IP exclusively licensed or sublicensed by Caribou to us under the Caribou License (including but not limited to the foundational CRISPR/Cas9 IP co-owned by the Regents of the University of California, University of Vienna and Dr.
+Added: Emmanuelle Charpentier), or any other of our IP.
+Added: On February 6, 2020, the panel clarified that the Caribou Award’s equitable leaseback is limited to a particular on-going Caribou program, known as CB-010, which seeks to develop a chimeric antigen receptor T (“CAR-T”) product directed at CD19.
+Added: On June 16, 2021, we executed a Leaseback Agreement (“Leaseback”) with Caribou, which settles the ongoing arbitration.
+Added: Under the Leaseback, in exchange for an upfront payment, potential future regulatory and sales milestones, and single-digit royalties payable by Caribou, we have agreed to leaseback or sublicense certain CRISPR/Cas9 IP, including our chemical gRNA modification technology at issue in the arbitration and other CRISPR/Cas9 IP, to Caribou so that it can develop and commercialize its CB-010 product candidate.
+Added: Caribou also will be responsible for any royalty payments required in respect of our in-licensed IP, such as the foundational CRISPR/Cas9 IP.
Legal Proceedings” of our Annual Report on Form 10-K (“Annual Report”) for the fiscal year ended December 31, 2020 includes additional discussion of our current legal proceedings.
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