Related Parties

6 Months Ended

Jun. 30, 2025

Related Party Transactions [Abstract]

Related Parties

14. Related Parties

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 immaterial amounts for the three months ended June 30, 2025 and 2024 and $0.2 million and $0.1 million for the six months ended June 30, 2025 and 2024, respectively, as general and administrative expenses, related to the services provided by Samsara under the BSA. The Company recognized immaterial amounts for the three and six months ended June 30, 2025 and 2024 as research and development expenses, 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 six months ended June 30, 2024. There was no capital contribution recognized for the three months ended June 30, 2024. Samsara stopped providing in-kind services in July 2024.

As of June 30, 2025 and December 31, 2024, the Company recognized immaterial amounts and $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. As of June 30, 2025 and December 31, 2024, the Company recognized immaterial amounts in accounts payable in the condensed consolidated balance sheets, 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 June 30, 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).