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Composition of Certain Balance Sheet Items
 12 Months Ended
Dec. 31, 2023
Composition of Certain Balance Sheet Items [Abstract]  
Composition of Certain Balance Sheet Items Composition of Certain Balance Sheet Items
Prepaid Expenses and Other Current Assets
Prepaid and other current assets consisted of the following (in thousands):
December 31,
20232022
Prepaid R&D expenses$10,998 $5,325 
Prepaid G&A expenses803 1,597 
Receivable from stock option exercises in-transit— 62 
Other2,140 1,708 
Prepaid and other current assets$13,941 $8,692 
Property and Equipment, net
Property and equipment, net consisted of the following (in thousands):
December 31,
20232022
Machinery and equipment$9,019 $9,901 
Leasehold improvements— 1,498 
Purchased computer software2,232 1,500 
11,251 12,899 
Less: accumulated depreciation and amortization(7,415)(11,168)
Property and equipment, net$3,836 $1,731 
In December 2023, as a result of the expiration of the Company’s operating lease for its former South San Francisco facility (see Note 6, “Commitments and Contingencies”), the Company disposed of certain property and equipment with a total net book value of $15 thousand. The Company recognized a gain on disposal of $22 thousand for the year ended December 31, 2023. Depreciation expense was $0.9 million, $0.7 million, and $1.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Other Current Liabilities
Other current liabilities consisted of the following (in thousands):
December 31,
20232022
Payroll and related expenses$13,245 $11,060 
Professional services288 605 
Other2,129 503 
Other current liabilities$15,662 $12,168