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Note 4 - Balance Sheet Components

3 Months Ended

Mar. 31, 2024

Supplemental Balance Sheet Disclosures [Text Block]

4. Balance Sheet Components

Property and Equipment, Net

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

	*March 31,*			*December 31,*
	*2024*			*2023*
Leasehold improvements	$	2,519		$	2,519
Laboratory equipment		1,247			1,247
Furniture, fixtures and equipment		966			966
Software		272			272
Construction in progress		5			—
Total property and equipment		5,009			5,004
Less: Accumulated depreciation and amortization		(3,609	)		(3,476	)
Total property and equipment, net	$	1,400		$	1,528

Depreciation expense was $0.1 million for each of the three-month periods ended March 31, 2024 and 2023.

Intangible Assets, Net

Intangible assets primarily consist of acquired licenses to utilize certain patents, know-how and technology relating to the Company’s NPS technology for biomedical applications acquired from Old Dominion University Research Foundation (“ODURF”), Eastern Virginia Medical School, and the University of Southern California. In addition, the Company entered into a Sponsored Research Agreement with Old Dominion University’s Frank Reidy Research Center for Bioelectrics, 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):

	*March 31,*			*December 31,*
	*2024*			*2023*
Acquired patents and licenses	$	7,985		$	7,985
Less: Accumulated amortization		(6,266	)		(6,099	)
Total intangible assets, net	$	1,719		$	1,886

A schedule of the amortization of intangible assets for the remainder of 2024 and the succeeding two fiscal years is as follows (in thousands):

Years ending December 31:
2024 (remaining 9 months)	$	498
2025		665
2026		556
Total	$	1,719

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	*March 31,*		*December 31,*
	*2024*		*2023*
Compensation expense	$	1,783	$	3,199
Clinical trial fees and costs		56		84
Professional fees		232		343
Other		197		188
Total accrued expenses	$	2,268	$	3,814