Other Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
R&D expenses	$	1,776	$	979
Insurance expense	8		591
Software and subscriptions expense	347		337
Variable lease expense	118		118
Federal R&D tax credit receivable	—		108
Other	204		211
Total prepaid expenses and other current assets	$	2,453	$	2,344

Property and Equipment, Net

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


	September 30, 2025		December 31, 2024
Leasehold improvements	$	4,518	$	4,518
Laboratory equipment	4,480		4,078
Computer and software	938		969
Furniture and fixtures	524		524
Total property and equipment	10,460		10,089
Less: accumulated depreciation and amortization	(7,565)		(6,231)
Total property and equipment, net	$	2,895	$	3,858

The Company incurred depreciation and amortization expense of $0.4 million for each of the three months ended September 30, 2025 and 2024. The Company incurred depreciation and amortization expense of $1.2 million for each of the nine months ended September 30, 2025 and 2024. For each of the three and nine months ended September 30, 2025 and 2024, depreciation and amortization expense included nominal finance lease right-of-use (“ROU”) asset amortization (see Note 4). As of September 30, 2025, the Company has vacated the Boulder, Colorado lease location (see Note 4). As a result, the Company sold laboratory equipment with a net book value of $0.3 million and recognized a nominal loss on the sale.

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Employee compensation and benefits	$	2,050	$	3,111
Professional fees	654		661
External R&D expenses	1,167		524
Other	194		537
Total accrued expenses	$	4,065	$	4,833