Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

Related Party Transactions

14. Related Party Transactions

In March 2020, the Company entered into a Management and Administrative Services Agreement with ElevateBio Technologies, Inc. that provides for ongoing services to the Company in areas such as information technology, human resources and administration management, and facilities. The Company is billed monthly 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.

In May 2020, the Company entered into the 2020 DMS Agreement with BaseCamp pursuant to which BaseCamp provides products and services that are used in the Company's laboratory operations, including consulting services, project management services, quality control services and cGMP drug product manufacturing (see Note 5).

In August 2022, the Company made a $2.0 million prepayment to BaseCamp for future services.

The Company incurred $3.5 million and $5.9 million during the year ended December 31, 2022 and 2021, respectively, related to services provided to the Company by ElevateBio and affiliates. At December 31, 2022 and 2021, the Company owed ElevateBio and affiliates $0.1 million and $1.7 million, respectively and had prepaid expenses with ElevateBio and affiliates of $2.0 million and $0, respectively.

Members of the Company’s management and board of directors received consulting fees totaling $0.5 million and $0.5 million during the years ended December 31, 2022 and 2021, respectively.