PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

The following table sets forth the Company's property and equipment, net as of December 31, 2024:

	December 31,
(in thousands)	2024
Office equipment	$	117
Property and equipment	117
Less: Accumulated depreciation	(4)
Property and equipment, net	$	113

The Company had no property and equipment as of December 31, 2023.

Depreciation expense totaled $4 thousand and $0 for the years ended December 31, 2024 and 2023, respectively, which is included within general and administrative expenses on the consolidated statements of operations and comprehensive loss.