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Related Party Transactions
9 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
Related Party Transactions

4. Related Party Transactions

In January 2021, the Company entered into a Support Services Agreement (the “2021 Support Services Agreement”) with Avalon BioVentures, Inc. ("Avalon") that outlines the terms of services provided by Avalon to the Company, as well as the fees charged for such services. Avalon is a shared service company that provides certain back-office and administrative and research and development support services, including facilities support, to the portfolio companies of Avalon Ventures, an entity that beneficially owns greater than 5% of our outstanding capital stock. The 2021 Support Services Agreement was most recently renewed in January 2023 and will continue to renew for additional one-year renewal periods until terminated by the parties. Either party may terminate the 2021 Support Services Agreement with 30 days written notice.

Operating expense recognized by the Company under the 2021 Support Services Agreement for the three and nine months ended September 30, 2023 was immaterial. Operating expense recognized by the Company under the 2021 Support Services Agreement for the three and nine months ended September 30, 2022 was as follows (in thousands):

 

 

 

Three Months Ended
 September 30, 2022

 

 

Nine Months Ended
 September 30, 2022

 

Research and development

 

$

134

 

 

$

539

 

General and administrative

 

 

21

 

 

 

85

 

Total

 

$

155

 

 

$

624