Joint Venture

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Joint Venture

5. Joint Venture

In March 2021, the Company entered into definitive transaction agreements with Alloy Therapeutics, Inc. (“Alloy”) and Voxall Therapeutics, LLC (“Voxall”), to finance and operate Voxall, a joint venture company formed in collaboration with Alloy to leverage the Company’s technology and Alloy’s ATX-Gx™ platform and antibody discovery services. Voxall granted to the Company and Alloy, 50% of the voting membership units of Voxall in exchange for certain contributions, including $50 thousand from both the Company and Alloy.

The Company accounted for the investment in Voxall under the equity method of accounting and recognizes its share of losses of Voxall only to the extent of the carrying value of its investment in Voxall.

See Note 20, Subsequent Events, for further discussion of developments regarding Voxall subsequent to the balance sheet date and prior to the filing of this Annual Report on Form 10-K for the year ended December 31, 2023.