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Other (Expense) Income, net
 12 Months Ended
Dec. 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:
Year Ended December 31, 2023Year Ended December 31, 2022
Foreign currency gains (losses)$613 $(4,109)
Interest expense on promissory notes payable to related parties(16,461)(4,401)
Interest income10,403 1,513 
Reclassification of cumulative currency translation gain(1)
419 — 
Other (expense) income, net
(252)304 
$(5,278)$(6,693)
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(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.

For the year ended December 31, 2023, other expense, net primarily consisted of loan interest expense incurred related to the promissory notes described in Note 18. These amounts are partially offset in the year ended December 31, 2023 by interest income related to the Company’s money market funds and the Company’s short-term investments in U.S. treasury securities and favorable changes in foreign currency.
For the year ended December 31, 2022, other expense, net primarily consisted of unfavorable changes in foreign currency, loan interest expense incurred related to the promissory notes described in Note 18, partially offset by investment income related to the Company’s money market funds and investments in highly liquid U.S. treasury securities, which are classified as cash equivalents as of December 31, 2022.