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Accrued Expenses (Tables)
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Summary of Accrued Expenses

At June 30, 2024 and December 31, 2023, accrued expenses consisted of the following (in thousands):

 

 

June 30,
2024

 

 

December 31,
2023

 

Accrued compensation

 

$

2,757

 

 

$

4,139

 

Accrued clinical and manufacturing costs

 

 

2,374

 

 

 

1,884

 

Professional services

 

 

1,449

 

 

 

2,022

 

Directors' Deferred Share Unit Liability

 

 

966

 

 

 

387

 

Other accruals

 

 

685

 

 

 

361

 

Contribution payable

 

 

-

 

 

 

2,841

 

Total accrued expenses

 

$

8,231

 

 

$

11,634

 

 

In June 2024, the Company made a lump sum payment of $0.3 million in full satisfaction of its remaining obligations of the contribution payable liability. As a result, both parties were subsequently released from any further commitments from the agreement. The difference between the fair value of the lump sum payment of $0.3 million, and the carrying value of the contribution payable prior to the settlement of $2.8 million, resulted in a gain on extinguishment of $2.5 million recognized by the Company in the unaudited condensed consolidated statements of operations and comprehensive loss during the three and six months ended June 30, 2024.