Note 4 - Balance Sheet Components

12 Months Ended

Dec. 31, 2024

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,
	2024			2023
Leasehold improvements	$	2,519		$	2,519
Laboratory equipment		1,342			1,247
Furniture, fixtures and equipment		966			966
Software		272			272
Construction in progress		29			—
		5,128			5,004
Less: Accumulated depreciation and amortization		(3,968	)		(3,476	)
	$	1,160		$	1,528

Depreciation expense for each of the years ended  December 31, 2024 and 2023, was $0.5 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,
	2024			2023
Acquired patents and licenses	$	7,985		$	7,985
Less: Accumulated amortization		(6,765	)		(6,099	)
	$	1,220		$	1,886

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

Years ending December 31:
2025	$	665
2026		555
	$	1,220

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	December 31,
	2024		2023
Compensation expense	$	4,097	$	3,199
Legal settlement		1,196		—
Severance		698		—
Professional fees		564		343
Clinical trial fees and costs		284		84
Other		188		188
	$	7,027	$	3,814