BALANCE SHEET COMPONENTS

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS

Property and Equipment—

Property and equipment consisted of the following as of December 31, 2025 and 2024:

(in thousands)	DECEMBER 31, 2025		DECEMBER 31, 2024
Computer and other equipment	$	191	$	191
Capitalized software	89		89
Furniture and fixtures	76		151
Leasehold improvements	147		338
Total property and equipment	503		769
Less: accumulated depreciation	(480)		(654)
Total property and equipment—net	$	23	$	115

Depreciation expense totaled $0.1 million for both years ended December 31, 2025 and 2024.

Prepaid Expenses and Other Assets—

Prepaid expenses and other assets consisted of the following as of December 31, 2025 and 2024:

(in thousands)	DECEMBER 31, 2025		DECEMBER 31, 2024
Research and development	$	3,372	$	697
Insurance	409		424
Other prepaids	219		214
Other current assets	2,517		995
	$	6,517	$	2,330

Accrued Expenses—

Accrued expenses consisted of the following as of December 31, 2025 and 2024:

(in thousands)	DECEMBER 31, 2025		DECEMBER 31, 2024
Research and development	$	394	$	1,197
Compensation and related expenses	2,334		3,095
Professional fees	1,039		510
Other	24		160
	$	3,791	$	4,962