Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions (a) Board Member For the three months ended March 31, 2024 and 2023, the Company paid consulting fees of $105 and $105, respectively, to a member of its board of directors. (b) Bill and Melinda Gates Foundation The Bill and Melinda Gates Foundation, an entity under common control with Bill and Melinda Gates Foundation Trust, a stockholder of the Company, issued a grant under which it agreed to pay the Company directly for certain licenses and services provided to a specified group of third-party organizations. Revenue recognized for services provided by the Company under this grant was $7 and $33 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, the Company had no net receivables due from the Bill and Melinda Gates Foundation. For the three months ended March 31, 2024 and 2023, the Company recognized $490 and $766, respectively, in drug discovery contribution revenue related to funds received under an agreement with the Bill and Melinda Gates Foundation, aimed at accelerating drug discovery in women’s health. As of March 31, 2024 and December 31, 2023, the Company had no receivables due under these agreements from the Bill and Melinda Gates Foundation. As of March 31, 2024 and December 31, 2023, restricted cash on hand related to the arrangement was $1,138 and $2,251, respectively. Gates Ventures, LLC is an entity under the control of William H. Gates III, who may be deemed to be the beneficial owner of more than 5% of the Company’s voting securities. The Company received $1,000 in contribution revenue in connection with its entry into an agreement with Gates Ventures, LLC annually from June 2020 to June 2022. In August 2023, the Company renewed the agreement with Gates Ventures, LLC and recognized $1,800 in contribution revenue. As of March 31, 2024 and December 31, 2023, the Company had no net receivables due from Gates Ventures, LLC. (c) Structure Therapeutics During the year ended December 31, 2023, the Company entered into a collaboration agreement with Structure Therapeutics and its subsidiaries to conduct certain drug discovery services as well as provide software access. For the three months ended March 31, 2024, the Company recognized revenue of $810 under this collaboration. As of March 31, 2024 and December 31, 2023, the Company had net receivables of $250 and $494, respectively, due from Structure Therapeutics.
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