Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

4. Related Party Transactions

In January 2021, the Company entered into a Support Services Agreement (the "2021 Support Services Agreement") with COI Pharmaceuticals, Inc. (“COI”) that outlines the terms of services provided by COI to the Company, as well as the fees charged for such services. COI is a shared service company that provides certain back-office and administrative and research and development support services, including facilities support, to the portfolio companies of Avalon Ventures, an entity that beneficially owns greater than 5% of our outstanding capital stock. The 2021 Support Services Agreement was most recently renewed in January 2023 and will continue to renew for additional one-year renewal periods until terminated by the parties. Either party may terminate the 2021 Support Services Agreement with 30 days written notice.

Operating expense recognized by the Company under the 2021 Support Services Agreement for the three and six months ended June 30, 2023 was immaterial. Operating expense recognized by the Company under the 2021 Support Services Agreement for the three and six months ended June 30, 2022 was as follows (in thousands):

	Three Months Ended  June 30, 2022		Six Months Ended  June 30, 2022
Research and development	$	197	$	405
General and administrative		22		64
Total	$	219	$	469