Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

(a)    Board Member

For the three and six months ended June 30, 2023 and 2022, the Company paid consulting fees of $105, $210, $100, and $200, respectively, to a member of its board of directors.

(b)    Bill and Melinda Gates Foundation

The Bill & Melinda Gates Foundation, an entity under common control with Bill and Melinda Gates Foundation Trust, a stockholder of the Company, issued a grant under which it agreed to pay the Company directly for certain licenses and services provided to a specified group of third-party organizations. Revenue recognized for services provided by the Company under this grant were $87, $120, $15, and $215 for the three and six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022, the Company had net receivables of zero and $20, respectively, due from the Bill & Melinda Gates Foundation.

For the three and six months ended June 30, 2023 and 2022, the Company recognized $605, $1,371, $440, and $781, respectively, in drug discovery contribution revenue related to funds received under an agreement with the Bill & Melinda Gates Foundation, aimed at accelerating drug discovery in women’s health. As of June 30, 2023 and December 31, 2022, the Company had no receivables due under this agreement from the Bill & Melinda Gates Foundation. As of June 30, 2023 and December 31, 2022, restricted cash on hand related to the arrangement was $1,553 and $1,742, respectively.

The Company received $1,000 in contribution revenue in connection with its entry into an agreement with Gates Ventures, LLC in the second quarter of 2020, $1,000 in contribution revenue in the second quarter of 2021 on the first anniversary of its entry into the agreement, and $1,000 in contribution revenue in the second quarter of 2022 on the second anniversary of its entry into the agreement. Gates Ventures, LLC is an entity under the control of William H. Gates III, who may be deemed to be the beneficial owner of more than 5% of the Company’s voting securities. As of June 30, 2023 and December 31, 2022, the Company had no net receivables due from Gates Ventures, LLC.

(c)    Structure Therapeutics

During the year ended December 31, 2021, the Company entered into multiple software agreements with Structure

Therapeutics and its subsidiaries for approximately $650. For the three and six months ended June 30, 2023 and 2022, the Company recognized revenue of $74, $159, $73, and $150, respectively, related to these software agreements. As of June 30, 2023 and December 31, 2022, the Company had no net receivables due from Structure Therapeutics.