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Related Party Transactions
12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related Party Transactions

15. Related Party Transactions

Adimab Assignment Agreement

Under the Adimab Assignment Agreement, Adimab, a principal stockholder of the Company, received upfront consideration in the form of Series A Preferred Stock, is entitled to receive milestone and royalty payments upon specified conditions, and receives payments from the Company for providing ongoing services under the agreement (see Note 7). Adimab participated in the Series B and C Preferred Stock financings by purchasing 44,076 and 128,064 shares of Series B and C Preferred Stock, respectively, for an aggregate purchase price of $2.5 million and $10.0 million, respectively (see Note 9).

During the year ended December 31, 2021, the Company recognized $7.5 million as IPR&D expense in connection with milestones payable under the Adimab Assignment Agreement. For the period from June 3, 2020 (inception) to December 31, 2020 the Company recognized $39.9 million as IPR&D expense in connection with the upfront consideration payable under the Adimab Assignment Agreement (see Note 7).

During the year ended December 31, 2021, the Company recognized $1.3 million of research and development expense, respectively, with respect to services performed by Adimab on the Company’s behalf under the Adimab Assignment Agreement. For the period from June 3, 2020 (inception) to December 31, 2020, the Company recognized $0.6 million of research and development expense with respect to services performed by Adimab on the Company’s behalf under the Adimab Assignment Agreement.

Adimab Collaboration Agreement

Under the Adimab Collaboration Agreement, the Company is obligated to pay Adimab for certain fees, milestone and royalty payments (see Note 7).

For the year ended December 31, 2021, the Company recognized $2.9 million of research and development expense under the Adimab Collaboration Agreement, which consisted of $2.6 million related to the quarterly fee (see Note 7) and $0.3 million related to services performed by Adimab on the Company’s behalf.

As of December 31, 2021 and 2020, $0.6 million was due to Adimab under both the Adimab Assignment Agreement and the Adimab Collaboration Agreement by the Company. As of December 31, 2021 and 2020, no amounts were due from Adimab under the Adimab Assignment Agreement or the Adimab Collaboration Agreement to the Company.