Balance Sheet Components

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS

Property and Equipment, net

Property and equipment, net consisted of the following as of December 31, 2023 and December 31, 2022 (in thousands):

	December 31,
	2023		2022
Lab equipment	$	8,055	$	8,475
Leasehold improvements	8,703		9,348
Furniture, fixtures and computer equipment	784		677
Total property and equipment	17,542		18,500
Less: Accumulated depreciation	(7,290)		(5,515)
Total property and equipment, net	$	10,252	$	12,985

Depreciation expense was $2.1 million and $2.3 million for the years ended December 31, 2023 and December 31, 2022, respectively.

During the second quarter of 2023, the Company recognized a non-cash impairment charge of $0.6 million related to Leasehold improvements. Please refer to Note 8, “Commitment and contingencies - Leases” for further details.

During the year ended December 31, 2023, we committed to a plan to sell a few pieces of lab equipment no longer in service. The Company recognized a loss of $0.2 million on remeasurement of assets held for sale in the “Interest income and other expense, net” in the Statements of Operations and Comprehensive Loss. The assets held for sale of $0.4 million have been classified within the “Prepaid Expenses and Other Current Assets” in the Balance Sheet.

Accrued Expenses

Accrued expenses consisted of the following as of December 31, 2023 and December 31, 2022 (in thousands):

	December 31,
	2023		2022
Accrued compensation	$	3,886	$	4,277
External research and development	5,821		7,694
Accrued outside services	807		945
Accrued taxes	133		40
Accrued restructuring costs	18		—
Other accrued expenses	266		7
Total accrued expenses	$	10,931	$	12,963

Current Portion of Other Liabilities

Current portion of other liabilities consist of the following as of December 31, 2023 and December 31, 2022 (in thousands):

	December 31,
	2023		2022
Current portion of unvested early exercised share liability	$	209	$	891
ESPP withholdings	195		238
Total current portion of other liabilities	$	404	$	1,129