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Equity Method Investments
6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
In July 2019, the Company and Bayer CropScience LP (“Bayer LP”) formed Oerth Bio LLC ("Oerth Bio"), a joint venture to research, develop and commercialize PROTAC targeted protein degraders for applications in the field of agriculture. The Company and Bayer LP each held an initial ownership interest in Oerth Bio of 50%. A 15% ownership interest of Oerth Bio was reserved for the future grants of incentive units to employees and service providers and, as a result, the Company's ownership interest totaled 43.4% and 44.5% as of June 30, 2025 and 2024, respectively, as a result of vested incentive units.
Net loss of Oerth Bio for the three months ended June 30, 2025 and 2024 totaled $0.7 million and $0.8 million, respectively. Net loss of Oerth Bio for the six months ended June 30, 2025 and 2024 totaled $0.2 million and $1.5 million, respectively.
As of June 30, 2025 and 2024, the Company’s carrying value of the investment was zero.
The Company also provides Oerth Bio with compensated research, development and administrative services through a separate agreement. The services rendered by the Company during the three and six months ended June 30, 2025 and 2024 were immaterial.