Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

5. Balance Sheet Components

Property and Equipment, net

The following table summarizes property and equipment, net, as of December 31, 2024 and 2023:


	December 31,
	2024			2023
	(in thousands)
Computer hardware and software	$	852		$	2,114
Furniture and equipment		822			1,786
Leasehold improvements		—			5,509
		1,674			9,409
Less: Accumulated depreciation		(784	)		(7,488	)
	$	890		$	1,921

Depreciation expense for the years ended December 31, 2024, 2023, and 2022 was $1.0 million, $1.4 million, and $1.1 million, respectively.

The useful life for computer hardware and software is three years, furniture and equipment is five years, and leasehold improvements is the lesser of the useful life or the term of the respective lease.

Accrued Expenses

The following table summarizes accrued expenses as of December 31, 2024 and 2023:


	December 31,		December 31,
	2024		2023
	(in thousands)
Accrued research and development costs	$	19,758	$	26,040
Restructuring		15,307		10,589
Employee-related		14,840		21,339
Professional services		7,114		8,589
Other		579		707
	$	57,598	$	67,264

As of December 31, 2024 and 2023, accrued research and development costs includes $0.4 and $4.3 million, respectively, of accrued expenses related to canceling excess purchase commitments for manufacturing as a result of the complete response letter (“CRL”) received in August 2023 from the FDA related to the New Drug Application (“NDA”) for zuranolone for the treatment of major depressive disorder (“MDD”). During the year ended December 31, 2023, $28.9 million of expenses related to the cancelation of excess purchase commitments were recorded as research and development expense in the consolidated statements of operations and comprehensive loss, net of amounts subject to reimbursement under the Biogen Collaboration Agreement of $14.5 million.