Related parties

12 Months Ended

Dec. 31, 2022

Related parties

Related parties

16. Related parties

Following the expiry of the consultancy agreement between the Company and its Chief Scientific Officer, Daniel Pinschewer, on March 19, 2020 the Company entered into a new consultancy agreement with Daniel Pinschewer on March 20, 2020, pursuant to which he serves as Scientific Advisor to the Chief Executive Officer.

The Company is party to research and service arrangements with the University of Basel. Daniel Pinschewer, formerly Chief Scientific Officer, and his spouse are employees of the University of Basel and both involved in providing the services under these arrangements. Payments to the University of Basel during Daniel Pinschewer’s term as Chief Scientific Officer were reported as related party transactions but payments following the expiry of that role in March 2020 were no longer considered related party transactions.

In the years ended December 31, 2022 and December 31, 2021, the Company did not record any related party transactions. In the year ended December 31, 2020 the Company recorded $0.3 million in research and development expenses for service fees paid to the University of Basel, which represented related party transactions.

The University of Basel is also entitled to receive de minimis royalties on the net sales of any product that is based on a patent created by the Company’s Scientific Advisor to the Chief Executive Officer in the course of his consulting services to the Company. In the years ended December 31, 2022, 2021 and 2020, no royalties were paid pursuant to the terms of this arrangement.