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Related Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions

10. Related Party Transactions

On October 17, 2019, the Company entered into a Research and Development Support Services Agreement with Bayside Pharma, LLC (“Bayside”) that outlined the terms of services provided by Bayside to the Company, as well as the fees charged for such services. Bayside is a research and development services company that provides certain research and development support services and facilities. Bayside is owned by an employee of the Company. The Company pays Bayside monthly for costs incurred under the agreement. Either party may terminate the support services agreement by giving 30 days’ prior notice.

Expense recognized by the Company under the related party Support Services Agreement with Bayside was as follows (in thousands):

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development - Bayside

 

$

249

 

 

$

417

 

 

$

752

 

 

$

776

 

Total research and development - related party

 

$

249

 

 

$

417

 

 

$

752

 

 

$

776

 

At September 30, 2024 and December 31, 2023, the Company had accounts payable and accrued expenses due to related parties of $0.2 million and $0.1 million, respectively. At September 30, 2024 and December 31, 2023, the Company had $0 and an immaterial amount, respectively, of prepaid expenses and other current assets due from related parties.