Note 4 - Balance Sheet Components

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

4. Balance Sheet Components

Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):

	December 31,
	2023			2022
Leasehold improvements	$	2,519		$	2,519
Laboratory equipment		1,247			1,118
Furniture, fixtures and equipment		966			966
Software		272			289
Construction in progress		—			22
		5,004			4,914
Less: Accumulated depreciation and amortization		(3,476	)		(2,953	)
	$	1,528		$	1,961

Depreciation expense for the years ended  December 31, 2023 and 2022, was $0.5 million and $0.7 million, respectively.

Intangible Assets, net

Intangible assets primarily consist of a license to utilize certain patents, know-how and technology relating to the Company’s NPS for biomedical applications acquired from Old Dominion University Research Foundation (ODURF), Eastern Virginia Medical School (EVMS), and the University of Southern California. In addition, the Company entered into a sponsored research agreement (“SRA”) with Old Dominion University’s Frank Reidy Research Center for Bioelectrics, a leading research organization in the field, which includes certain intellectual property rights arising from the research. The Company is amortizing the intangible assets over an estimated useful life of 12 years.

Intangible assets, net consisted of the following (in thousands):

	December 31,
	2023			2022
Acquired patents and licenses	$	7,985		$	7,985
Less: Accumulated amortization		(6,099	)		(5,434	)
	$	1,886		$	2,551

A schedule of the amortization of intangible assets is as follows (in thousands):

Years ending December 31:
2024	$	665
2025		665
2026		556
	$	1,886

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	December 31,
	2023		2022
Compensation expense	$	3,199	$	1,377
Director and officer liability insurance (Note 12)		—		571
Clinical trial fees and costs		84		64
Professional fees		343		318
Warranty		—		50
Other		188		215
	$	3,814	$	2,595