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| RELATED PARTY TRANSACTIONS | 16.RELATED PARTY TRANSACTIONS The table below sets forth the major related parties and their relationships with the Company as of December 31, 2024 and 2025:
The Company and its subsidiaries entered into several research and development services agreements with several related parties, including: Lin BioScience, Inc. and the Company entered into the Tinlarebant R&D services agreements on July 1, 2020, July 1, 2021, July 1, 2022, July 1, 2023, July 1, 2024 and July 1, 2025 whereby Lin BioScience, Inc. agreed to provide certain new drug development services for pipeline Tinlarebant to the Company. The Company agreed to pay services fees in an amount equal to 110% percent of actual costs for its performance of such development services and to reimburse the actual expenses for transportation, travel and lodging for the performance of such development services. For the year ended December 31, 2023, 2024 and 2025, the Company recorded $63, $57 and $37 in research and development expenses, respectively. On November 1, 2022 and November 1, 2023, Lin Bioscience, Inc and the Company entered into the LBS-007 R&D service agreement whereby the Company agreed to provide new drug development services for pipeline LBS-007 to Lin Bioscience, which is Lin Bioscience’s cancer pipeline. Lin Bioscience agreed to pay service fees in an amount equal to 110% percent of actual costs for its performance of such development service. For the year ended December 31, 2023, 2024 and 2025, the Company has provided related service connected to the above agreement to Lin Bioscience and the expense reimbursed incurred was $46, $0 and $0, respectively.
During the years ended December 31, 2023, 2024 and 2025, related party transactions consisted of the following:
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