Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions

13. 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, as well as a Development and Manufacturing Services Agreement with ElevateBio BaseCamp, Inc. (see note Note 5). The Company incurred $2.0 million and $1.1 million during the three months ended March 31, 2021 and 2020, respectively, related to services provided to the Company by ElevateBio and affiliates. The Company owed ElevateBio $0.8 million and $0.6 million at March 31, 2021 and December 31, 2020, respectively, which is recorded in “Amount due to related party” on the condensed consolidated balance sheets.

Members of the Company’s management earned a total of $0.2 million and $0.3 million in consulting fees during the three months ended March 31, 2021 and 2020, respectively.