Balance Sheet Components

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Note 3—Balance Sheet Components

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


	March 31, 2023		December 31, 2022
Prepaid research and development	$	4,710	$	4,840
Prepaid clinical trial		2,568		2,119
Deferred offering costs		724		724
Prepaid insurance		373		388
Prepaid bonus		26		18
Other		532		448
Total prepaid expenses and other current assets	$	8,933	$	8,537

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


	March 31, 2023			December 31, 2022
Leasehold improvements	$	2,091		$	2,091
Laboratory equipment		2,868			2,868
Computer equipment		1,115			1,115
Furniture and fixtures		908			898
Construction in progress		9,633			9,633
		16,615			16,605
Accumulated depreciation		(1,973	)		(1,642	)
Property, plant and equipment, net	$	14,642		$	14,963

In November 2022, the Company recognized a non-cash impairment charge of $36.4 million for the manufacturing facility asset group, of which $26.3 million relates to construction in progress and finance lease right-of-use assets. The impairment charge was estimated using a discounted cash flow model and recorded in the consolidated statements of operations for the year ended December 31, 2022. Property, plant and equipment, net includes $1.2 million and $1.3 million of assets capitalized as finance leases as of March 31, 2023 and December 31, 2022, respectively.

Depreciation expense was $0.3 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Accrued research and development	$	6,451	$	8,190
Accrued severance		3,027		1,463
Accrued clinical trial		2,462		1,473
Lease liabilities, current portion		1,752		1,521
Accrued compensation		1,242		2,519
Accrued professional and consulting fees		866		390
Accrued property, plant and equipment		112		2,081
Other		690		650
Total accrued expenses and other current liabilities	$	16,602	$	18,287