Delayed Phase 2 Milestone Payment Sample Clauses

Delayed Phase 2 Milestone Payment. If Akebia or its Affiliates have not Initiated a Phase 2 Clinical Trial in the U.S. for any Product by the date that is [**] from the Initial Supply Notice Date, then within [**] of such date Akebia shall pay Cyclerion a one-time milestone of [**], which payment shall be [**] for the Initiation of a Phase 2 Clinical Trial in the U.S. for a Product for the first Indication. If (a) Akebia has not [**].