Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

14.Related Party Transactions

On May 17, 2024, the Company executed the Eyebiotech License Agreement with Eyebiotech. The Chief Executive Officer (David Guyer) and Chief Scientific Officer (Anthony Adamis) of Eyebiotech are members of the Company’s board of directors. The Company recorded $0.5 million in license and collaboration revenue in connection with the upfront payment pursuant to the Eyebiotech License Agreement.

On December 18, 2023, the Company entered into a consulting agreement with Dr. John Landis who also serves as the Company's Chair of the Science Committee and a member of the board of directors. Pursuant to the terms of the consulting agreement, Dr. Landis is entitled to receive an annual compensation payment of up to $0.6 million in exchange for performing certain research and development services as the Company's interim head of development. On January 5, 2024, pursuant to the consulting agreement, the Company granted Dr. Landis (i) stock options to purchase 20,000 shares of the Company’s common stock and (ii) 10,000 of restricted stock units. All equity grants to Dr. Landis vest after one year. He also received the Board stock option award to purchase 25,014 shares of the Company’s common stock. The compensation expense related to the consulting agreement recognized by the Company for the three and six months ended June 30, 2024, was $0.2 million and $0.4 million, respectively. Additionally, the Company recorded accounts payable of $0.1 million in the accompanying consolidated balance sheets related to services provided by Dr. Landis, as of June 30, 2024. Services under this agreement concluded during the second quarter of 2024.

Nancy S. Lurker, the former Chief Executive Officer and Executive Vice Chair of the Company and current Vice Chair of the Board is a member of the board of directors of Altasciences, the parent company of Calvert Laboratories, Inc. (Calvert Labs), an entity with which the Company conducts business. The Company recorded $0.3 million and $0.9 million of research and development expense in the accompanying condensed consolidated statements of operations and comprehensive loss related to preclinical and analytical services provided by Altasciences for the three and six months ended June 30, 2024, respectively. Additionally, the Company recorded accounts payable of $0.6 million and $0.3 million, and prepaid expenses of $0.2 million and $0.5 million in the

accompanying condensed consolidated balance sheets related to services provided by Altasciences, as of June 30, 2024 and December 31, 2023, respectively.