Equity Method Investment	3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	6. Equity Method Investment As part of the Merger, the Company obtained Homology's 20% equity interest in OXB (US) LLC, an AAV vector process development and manufacturing services company. The Company has significant influence over, but does not control, OXB (US) LLC through its noncontrolling representation on OXB (US) LLC’s board of directors and the Company’s equity interest in OXB (US) LLC. Accordingly, the Company does not consolidate the financial statements of OXB (US) LLC and accounts for its investment using the equity method of accounting. The Company recorded its equity method investments in OXB (US) LLC at fair value upon the effective date of the Merger. The fair value of the equity method investment was determined based on the market approach. This approach estimates the fair value of OXB (US) LLC based on the implied value for the entity, including the Options (as defined in Note 3 above), for a controlling interest in OXB (US) LLC at the entity’s formation. As part of its fair value analysis, the Company determined that the Options are embedded in the Company’s ownership units of OXB (US) LLC because the Options are not legally detachable or separately exercisable. Accordingly, the equity method investment and the Options represent one unit of account and the fair value recorded reflects the value of the equity interest and the Options (refer to Note 3 for more information for how the fair value was determined). The Company records its share of income or losses from OXB (US) LLC on a quarterly basis. For the three months ended March 31, 2024, the Company recorded $0.2 million, representing its share of OXB (US) LLC’s net loss for the period of March 26, 2024 through March 31, 2024. As of March 31, 2024, the carrying value of the equity method investment was $4.7 million.

Equity Method Investment

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

6. Equity Method Investment

As part of the Merger, the Company obtained Homology's 20% equity interest in OXB (US) LLC, an AAV vector process development and manufacturing services company. The Company has significant influence over, but does not control, OXB (US) LLC through its noncontrolling representation on OXB (US) LLC’s board of directors and the Company’s equity interest in OXB (US) LLC. Accordingly, the Company does not consolidate the financial statements of OXB (US) LLC and accounts for its investment using the equity method of accounting.

The Company recorded its equity method investments in OXB (US) LLC at fair value upon the effective date of the Merger. The fair value of the equity method investment was determined based on the market approach. This approach estimates the fair value of OXB (US) LLC based on the implied value for the entity, including the Options (as defined in Note 3 above), for a controlling interest in OXB (US) LLC at the entity’s formation. As part of its fair value analysis, the Company determined that the Options are embedded in the Company’s ownership units of OXB (US) LLC because the Options are not legally detachable or separately exercisable. Accordingly, the equity method investment and the Options represent one unit of account and the fair value recorded reflects the value of the equity interest and the Options (refer to Note 3 for more information for how the fair value was determined).

The Company records its share of income or losses from OXB (US) LLC on a quarterly basis. For the three months ended March 31, 2024, the Company recorded $0.2 million, representing its share of OXB (US) LLC’s net loss for the period of March 26, 2024 through March 31, 2024. As of March 31, 2024, the carrying value of the equity method investment was $4.7 million.