Certain Financial Statement Caption Information

6 Months Ended

Jun. 30, 2024

Certain Financial Statement Caption Information [Abstract]

Certain Financial Statement Caption Information

4. Certain Financial Statement Caption Information

Short-Term Investments

The following table summarizes the Company’s short-term investments (in thousands):

	Maturity	Amortized		Unrealized		Unrealized			Estimated
	(in years)	Cost		Gains		Losses			Fair Value
June 30, 2024
U.S. treasury securities	1 or less	$	22,252		-	$	(10	)	$	22,242
Total		$	22,252	$	-	$	(10	)	$	22,242
December 31, 2023
U.S. treasury securities	1 or less	$	17,632		18		-		$	17,650
Total		$	17,632	$	18	$	-		$	17,650

All of the Company’s available-for-sale securities are available to the Company for use in its current operations. As a result, the Company categorizes all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date. All of the Company’s securities have a maturity within two years of the balance sheet date.

There were no impairments considered other-than-temporary during the periods presented, as it is management’s intention and ability to hold the securities until a recovery of the cost basis or recovery of fair value. Unrealized gains and losses are included in accumulated other comprehensive income in the Company's condensed consolidated balance sheets.

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	June 30,		December 31,
	2024		2023
Accrued payroll and other employee benefits	$	1,991	$	3,054
Clinical development		3,436		1,850
Biocon and its subsidiaries chemistry, manufacturing and controls services - related party		363		719
Biocon clinical development related to ulcerative colitis study - related party		272		415
Non-clinical research		441		228
Other accruals		400		431
Total accrued expenses	$	6,903	$	6,697