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Balance Sheet Details
 12 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Details Balance Sheet Details
Inventories
Inventories consisted of the following (in thousands): 
 December 31,
 20252024
Work in process$— $29 
Finished goods 1,817 1,770 
Total inventories$1,817 $1,799 
Prepaid expenses and other current assets
As of December 31, 2025, prepaid expenses and other current assets consists of prepaid expenses of $5.2 million and other current assets of $0.5 million. As of December 31, 2024, prepaid expenses and other current assets consists of prepaid expenses of $3.7 million and other current assets of $0.5 million.
Property and Equipment, net
Property and equipment, net consisted of the following (in thousands): 
 December 31,
 20252024
Laboratory equipment(1)
$38,943 $35,949 
Leasehold improvements15,229 12,159 
Computer equipment2,556 2,459 
Office furniture and equipment1,133 1,124 
Construction in progress(2)
405 3,441 
Property and Equipment58,266 55,132 
Less: accumulated depreciation(45,242)(40,935)
Property and equipment, net$13,024 $14,197 
(1) Fully depreciated property and equipment with a cost of $0.8 million and $2.6 million were retired during the years ended December 31, 2025 and 2024, respectively.
(2) Construction in progress includes equipment received but not yet placed into service pending installation.
In July 2023, we announced our plan to consolidate operations from our San Carlos facility to our headquarters in Redwood City. As part of this plan, we entered into agreements to sell certain laboratory equipment located in our San Carlos facility through an asset auction and as part of the lease assignment of the San Carlos facility to Vaxcyte (see further discussion at Note 13, “Commitments and Contingencies”). These certain items of laboratory equipment met the assets held for sale criteria and were sold during the fourth quarter of 2023. Using a fair value estimate based on Level 3 inputs in the fair value hierarchy, the Company determined that the carrying value of these assets exceeded fair value less costs to sell, which resulted in a write-down of $1.5 million, presented within the asset impairment and other charges line item in the consolidated statements of operations in the year ended December 31, 2023.
During the year ended December 31, 2023, the Company recorded a non-cash impairment charge of $4.7 million associated with the San Carlos facility leasehold improvements. For additional information, see Note 13, “Commitments and Contingencies.”
Depreciation expense included in both research and development expenses and selling, general and administrative expenses in the consolidated statements of operations was as follows (in thousands):
 Year Ended December 31,
 202520242023
Research and development$4,125 $3,964 $4,594 
Selling, general and administrative972 881 924 
Total depreciation expense    $5,097 $4,845 $5,518 
Goodwill
Goodwill was previously allocated to each of the Company's reporting units. In July 2023, we announced a restructuring of our business and that we were discontinuing investment in certain development programs, primarily in Novel Biotherapeutics. As a result of this plan, the Company determined that a triggering event had occurred that required an interim goodwill impairment test during the third quarter of 2023. The fair value estimate used in the interim goodwill impairment test was primarily based on Level 3 inputs in the fair value hierarchy. Based on the results of the impairment evaluation, the Company determined that the goodwill within the Novel Biotherapeutics reporting unit was impaired, which resulted in a non-cash impairment charge of $0.8 million to write off all the associated goodwill. The impairment charge is recorded within the asset impairment and other charges in the consolidated statements of operation in the year ended December 31, 2023. During the years ended December 31, 2025 and 2024, we had no impairment charges related to goodwill. Goodwill had a carrying value of $2.5 million as of December 31, 2025 and 2024, respectively.
Other Accrued Liabilities
Other accrued liabilities consisted of the following (in thousands): 
 December 31,
 20252024
Accrued professional and outside service fees$1,384 $3,064 
Accrued purchases938 2,908 
Other446 251 
Total other accrued liabilities
$2,768 $6,223