Related Parties

3 Months Ended

Mar. 31, 2025

Related Party Transactions [Abstract]

Related Parties

12. Related Parties

Scientific Advisor – Board Member

In 2021, the Company entered into an advisory agreement with one of its founders and a director. For each of the three months ended March 31, 2025 and 2024, the Company paid the scientific advisor a consulting fee in the amount of $12,500 for advisory services. There were no amounts due to or from this related party as of March 31, 2025 and December 31, 2024.

Samsara BioCapital L.P. and Affiliates

Since the Company’s inception, Samsara has provided in-kind research and development and general and administrative services to the Company. From April 2022, Samsara also began to provide general and administrative services for cash consideration related to (i) accounting and controllership, (ii) human resources, and (iii) executive assistance. In July 2023, the Company and Samsara entered into a Business Services Agreement (the “BSA”) that governs the provision of such services. The BSA has a term of five years and may be terminated upon 15 days written notice by either party.

The Company recognized $0.2 million as general and administrative expenses for the three months ended March 31, 2025, related to the services provided by Samsara under the BSA. The Company recognized less than $0.1 million as general and administrative expenses and less than $0.1 million as research and development expenses for the three months ended March 31, 2024, related to the services provided by Samsara under the BSA. In-kind services of $0.1 million were estimated at fair value and recognized as capital contributions to additional paid-in-capital for the three months ended March 31, 2024. Samsara stopped providing in-kind services in July 2024.

As of March 31, 2025 and December 31, 2024, the Company recognized $0.1 million in accrued expenses and other current liabilities in the condensed consolidated balance sheets, respectively, related to the services provided by Samsara under the BSA. The Company recognized a $32.1 million royalty obligation - related party, as a long-term liability, under the Royalty Agreement as of March 31, 2025 and as of December 31, 2024.

The Company issued Samsara convertible promissory notes (Note 7), redeemable convertible preferred stock and common stock. In July 2024, the Company entered into a Royalty Agreement with Samsara (Note 6).