Related Parties

12 Months Ended

Dec. 31, 2024

Related Party Transactions [Abstract]

Related Parties

16. Related parties

In October 2021, the Company entered into the Maruho Agreement (Note 15). Maruho is considered to be a related party because it is one of the co-founders of the Company and has representation on the Company’s board of directors. During the years ended December 31, 2024 and 2023, the Company received payments of $1.9 million and $2.7 million, respectively, in cost reimbursements from Maruho. The Company recorded related party collaboration revenue of $2.4 million during each of the years ended December 31, 2024 and 2023. As of December 31, 2024 and 2023, there was $0.6 million and $0.1 million in related party accounts receivable, respectively, representing amounts due for qualifying reimbursable expenses related to the Maruho Agreement.

In February 2023, the Company issued 1,000,000 shares of Series A Preferred Stock to Maruho for gross proceeds of $10.0 million.

In November 2023, the Company issued 20,980 shares of common stock to a related party investor. The Company recorded stock-based compensation expense of $0.1 million in connection with the issuance of these shares (Note 9).