Supplemental Balance Sheet Information (Tables)

3 Months Ended

Mar. 31, 2025

Supplemental Balance Sheet Information [Abstract]

Schedule of Inventories

Inventories consisted of the following as of each period end:

	March 31,		December 31,
	2025		2024
	(in thousands)
Raw Materials	$	—	$	964
Work-in-process		—		9,691
Total inventories	$	—	$	10,655

Schedule of Property and Equipment

Property and equipment consisted of the following as of each period end:

	March 31,			December 31,
	2025			2024
	(in thousands)
Leasehold improvements	$	67		$	930
Lab equipment		1,059			14,446
Machinery and equipment		—			572
Computer equipment and software		76			1,381
Furniture and fixtures		778			1,272
Construction in progress		—			—
Property and equipment, gross		1,980			18,601
Less: accumulated depreciation		(1,695	)		(17,307	)
Property and equipment, net	$	285		$	1,294

Schedule of Other Current Liabilities

Other current liabilities consisted of the following as of each period end:

	March 31,		December 31,
	2025		2024
	(in thousands)
Accrued operating expenses	$	9,498	$	6,027
Current portion of operating lease liabilities		12,846		12,879
Current portion of finance lease liabilities		1,070		1,038
Other accrued liabilities		729		598
Total other current liabilities	$	24,143	$	20,542

12.Subsequent Events

In May 2025, we announced a further reduction in workforce of approximately 30% of total workforce, retaining approximately 23 employees essential to executing on our strategic priorities. We expect to recognize approximately $1.4 million in total severance and related benefits as a result of this reduction in force, consisting primarily of severance payments and wages for the 60-day notice period in accordance with the California WARN Act. In most cases, the severance payments will be paid in the second half of 2025. The majority of the associated costs represent cash expenditures.

On May 14, 2025, we entered into an underwriting agreement with TD Securities (USA) LLC, as representative to the underwriters, for the issuance and sale of 834,237 shares of common stock at an offering price of $6.61 per share and pre-funded warrants to purchase 1,587,108 shares of common stock at an offering price of $6.6099 per warrant in an underwritten registered direct offering pursuant to a shelf registration on Form S-3. The gross proceeds from this sale are expected to be $16.0 million, resulting in anticipated net proceeds of $15.0 million after deducting estimated underwriting discounts and commissions and offering expenses payable by us. The offering is expected to close on May 16, 2025, subject to customary closing conditions.

Each of the May 2025 pre-funded warrants to be issued entitles the holder to purchase one share of common stock at an exercise price of $0.0001 per share, with no expiration date. These warrants will be recorded as a component of stockholders’ equity (deficit) within additional paid-in capital. Per the terms of the warrant, a holder of the outstanding warrants is not entitled to exercise any portion of any pre-funded warrant if, upon exercise of the warrant, the holder’s ownership (together with its affiliates) of our common stock or combined voting power of our securities beneficially owned by such holder (together with its affiliates) would exceed, at the holder's election, 4.99%, 9.99% or 19.99% after giving effect to the exercise (the May 2025 Warrant Maximum Ownership Percentage). Upon at least 61 days’ prior notice to us by the holder, any holder may increase or decrease the May 2025 Warrant Maximum Ownership Percentage to any other percentage not to exceed 19.99%.