Note 4 - Balance Sheet Components

9 Months Ended

Sep. 30, 2025

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):

	September 30,			December 31,
	2025			2024
Leasehold improvements	$	2,519		$	2,519
Laboratory equipment		1,522			1,342
Furniture, fixtures and equipment		966			966
Software		283			272
Construction in progress		46			29
Total property and equipment		5,336			5,128
Less: Accumulated depreciation and amortization		(4,281	)		(3,968	)
Total property and equipment, net	$	1,055		$	1,160

Depreciation expense was $0.1 million for each of the three-months ended September 30, 2025 and 2024, and $0.3 million and $0.4 million for the nine-months ended September 30, 2025 and 2024, respectively.

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 straight-line over an estimated useful life of 12 years.

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

	September 30,			December 31,
	2025			2024
Acquired patents and licenses	$	8,005		$	7,985
Less: Accumulated amortization		(7,264	)		(6,765	)
Total intangible assets, net	$	741		$	1,220

A schedule of the amortization of intangible assets for the remainder of 2025 and the succeeding final year is as follows (in thousands):

Years ending December 31:
2025 (remaining 3 months)	$	166
2026		575
Total	$	741

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	September 30,		December 31,
	2025		2024
Compensation expense	$	3,588	$	4,097
Clinical trial fees and costs		953		284
Professional fees		311		564
Legal settlement		—		1,196
Severance		—		698
Other		351		188
Total accrued expenses	$	5,203	$	7,027