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Other (Expense) Income, Net
 3 Months Ended
Mar. 31, 2023
Other Income and Expenses [Abstract]  
Other (Expense) Income, Net Other (Expense) Income, net
The following table sets forth the components of other (expense) income:
Three Months Ended
March 31,
20232022
Foreign currency gains (losses)$508 $930 
Interest expense on promissory notes payable to related parties(8,327)(152)
Investment income1,761 — 
Reclassification of cumulative currency translation gain(1)
419 — 
Other income (expense)417 (17)
$(5,222)$761 

For the three months ended March 31, 2023 other expense, net primarily consisted of loan interest expense incurred related to the $520,000 promissory notes, as described in Note 14, partially offset by investment income related to our money market funds and short-term investments as of March 31, 2023, and favorable changes in foreign currency.

(1) Effective January 17, 2023, the Company dissolved the following dormant entities; Summit (Cambridge) Limited, Summit (Wales) Limited, Summit Corporation Employee Benefit Trust Company Limited, Summit Corporation Limited, Summit Discovery 1 Limited and Summit Infectious Diseases Limited. As a result, the Company reclassified $419 of cumulative foreign currency translation adjustments from accumulated other comprehensive loss relating to these entities.