Common use of IRF5 Program Clause in Contracts

IRF5 Program. Subject to the terms and conditions of this Agreement, the intent of the Parties hereunder is to (a) conduct certain research activities set forth in the Research Plan to identify one or more Development Candidates directed to IRF5 and (b) further Develop, Manufacture, and Commercialize Licensed Compounds and Licensed Products, in each case, directed to IRF5 as set forth herein, in each case, with the goal of entering into an Out-Licensing Agreement that meets the Out-Licensing Criteria [***], and pursuant to which the Parties will share Collaboration Profits and Collaboration Losses, but in each case ((a) and (b)), subject to a Party’s right to Opt-Out of such arrangement (the “Program”).