Balance Sheet Details

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

5. Balance Sheet Details

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of December 31, 2023 and 2022 consisted of the following:


	December 31,		December 31,
	2023		2022
	(in thousands)
Prepaid expenses	$	6,159	$	5,312
Purchased equipment deposits		3,856		—
Interest receivable		3,598		2,848
Grant receivable		9		1,029
Other current assets		2,105		1,990
Total	$	15,727	$	11,179

Property and Equipment, Net

Property and equipment, net as of December 31, 2023 and 2022 consisted of the following:


	December 31,
	2023			2022
	(in thousands)
Furniture and equipment	$	1,608		$	1,608
Computers and computer software		771			416
Lab equipment		25,110			13,100
Leasehold improvements		1,460			1,353
Manufacturing equipment and auxiliary		8,134			—
Manufacturing facility and equipment construction-in-progress (1)		51,815			—
Total property and equipment		88,898			16,477
Less: accumulated depreciation and amortization		(9,272	)		(6,117	)
Property and equipment, net	$	79,626		$	10,360

____________

(1)

See Note 4, “Commercial Manufacturing and Supply Agreement,” for further details.

Depreciation and amortization expense for the years ended December 31, 2023, 2022 and 2021 was $3.2 million, $2.6 million and $1.8 million, respectively.

Other Assets

Other assets as of December 31, 2023 and 2022 consisted of the following:


	December 31,		December 31,
	2023		2022
	(in thousands)
Manufacturing facility construction buildout (1)	$	34,688	$	—
Long-term prepaid assets		2,768		4,361
Other long-term assets		106		194
Total	$	37,562	$	4,555

_____________

(1)

See Note 4, “Commercial Manufacturing and Supply Agreement,” for further details.

Accrued Expenses

Accrued expenses as of December 31, 2023 and 2022 consisted of the following:


	December 31,
	2023		2022(2)
	(in thousands)
Clinical studies	$	2,156	$	1,518
Other research and development		30,759		7,446
Acquired manufacturing rights (1)		25,000		5,000
Other accrued expenses		1,900		1,411
Total	$	59,815	$	15,375

______________

(1)

See Note 7, “Commitments and Contingencies, Sutro Option Agreement,” for further details.

(2)

The breakout and categorizations of the 2022 total accrued expenses have been updated to conform to the 2023 presentation.