Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

6. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):

	June 30, 2024		December 31, 2023
Accrued contingent obligation, refer to Note 7	$	21,640	$	43,280
Employee compensation and related benefits		9,635		21,774
Research costs		6,896		9,804
Professional fees		3,724		3,468
Process development and manufacturing costs		1,703		4,697
Other		23,540		28,641
Total	$	67,138	$	111,664

The Company previously received correspondence from a research institution alleging, among other things, that the Company breached the terms of a confidentiality agreement. On July 19, 2024, the Company entered into a settlement agreement with the research institution, pursuant to which, in exchange for a release of claims in its favor, the Company agreed, among other things, to pay the institution an upfront payment of $15.0 million upon signing and to make additional success payments in connection with the development and commercialization of BEAM-102 and BEAM-302. As of June 30, 2024, the Company had a liability accrued of $20.2 million included within Other in the table above for the loss based on the settlement agreement.