Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions

15. Related Party Transactions

The Company entered into an agreement with ElevateBio that provides for ongoing services to the Company in areas such as accounting operations, public relations, information technology, human resources and administration management, finance and risk management, marketing services, facilities, procurement and travel and corporate development and strategy (the “Shared Services Agreement”). The Company was billed quarterly for such services at cost, with mark-up for profit on specific services, but including reasonable allocations of employee benefits, facilities and other direct or fairly allocated indirect costs that relate to the associates providing the services. The Company also subleases office space, which includes payment for common area charges. The Company also has a SOW to receive manufacturing and project management consulting services from ElevateBio. During the year ended December 31, 2021, the Company recorded expenses of $5.9 million related to services provided to the Company by ElevateBio and affiliates. During the year ended December 31, 2020, the Company recorded expenses of $7.3 million, including services that were to be provided of $0.9 million related to services provided to the Company by ElevateBio and affiliates. The Company owed ElevateBio $1.7 million and $0.6 million at December 31, 2021 and 2020, respectively, which is recorded in “Amount due to related party” on the consolidated balance sheets.

Members of the Company’s management received a total of $0.5 million and $0.6 million in consulting fees during the years ended December 31, 2021 and 2020, respectively.