Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Note 3—Balance Sheet Components

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


	June 30, 2023		December 31, 2022
Prepaid research and development	$	4,470	$	4,840
Prepaid clinical trial		2,972		2,119
Deferred offering costs		724		724
Prepaid insurance		333		388
Prepaid bonus		23		18
Other		510		448
Total prepaid expenses and other current assets	$	9,032	$	8,537

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


	June 30, 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		878			898
Construction in progress		9,498			9,633
		16,450			16,605
Accumulated depreciation		(2,311	)		(1,642	)
Property, plant and equipment, net	$	14,139		$	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 $1.1 million and $1.3 million of assets capitalized as finance leases as of June 30, 2023 and December 31, 2022, respectively.

Depreciation expense was $0.4 million and $0.3 million for the three months ended June 30, 2023 and 2022, respectively. Depreciation expense was $0.7 million and $0.5 million for the six months ended June 30, 2023 and 2022, respectively.

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


	June 30, 2023		December 31, 2022
Accrued research and development	$	7,016	$	8,190
Accrued license fees		3,500		—
Accrued clinical trial		2,159		1,473
Accrued compensation		2,049		2,519
Accrued severance		1,754		1,463
Lease liabilities, current portion		1,638		1,521
Accrued professional and consulting fees		580		390
Warrant liability		252		—
Accrued property, plant and equipment		—		2,081
Other		684		650
Total accrued expenses and other current liabilities	$	19,632	$	18,287