Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Note 4—Balance Sheet Components

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


	September 30, 2024		December 31, 2023
Prepaid clinical trial	$	1,772	$	802
Prepaid research and development		1,083		1,412
Prepaid bonus		66		—
Prepaid insurance		32		292
Deferred offering costs		—		681
Other		465		292
Total prepaid expenses and other current assets	$	3,418	$	3,479

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


	September 30, 2024			December 31, 2023
Leasehold improvements	$	2,117		$	2,117
Laboratory equipment		3,002			2,868
Computer equipment		1,309			1,133
Furniture and fixtures		864			864
Construction in progress		4,235			6,823
		11,527			13,805
Accumulated depreciation		(3,914	)		(2,979	)
Property, plant and equipment, net	$	7,613		$	10,826

Property, plant and equipment, net includes $0.8 million and $1.0 million of assets capitalized as finance leases as of September 30, 2024 and December 31, 2023, respectively.

Depreciation expense was $0.3 million for each of the three months ended September 30, 2024 and 2023, respectively. Depreciation expense was $0.9 million and $1.0 million for the nine months ended September 30, 2024 and 2023, respectively.

During the three months ended September 30, 2023, the Company committed to a plan to sell specific pieces of equipment originally intended for use in the Company’s manufacturing facility in Durham, North Carolina. The Company determined that this equipment met the requirements to be classified as held for sale. As of September 30, 2023, the equipment sales were expected to be completed within one year. During the three months ended September 30, 2023, the Company recorded an impairment loss of $0.6 million which was the difference between the carrying value and fair value less cost to sell. In September 2024, while continuing efforts to sell these specific pieces of equipment, the Company evaluated its long-lived assets for impairment and determined that the carrying value of the North Carolina manufacturing facility asset group and the held for sale equipment may not be recoverable. The Company recorded a non-cash impairment loss of $4.8 million. The impairment charge was estimated using a discounted cash flow model and recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024.

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


	September 30, 2024		December 31, 2023
Accrued compensation	$	3,894	$	3,423
Accrued clinical trial		2,926		1,851
Accrued research and development		1,960		3,467
Lease liabilities, current portion		1,815		1,646
Accrued professional and consulting fees		616		330
Warrant liability		521		454
Accrued severance		—		390
Other		876		723
Total accrued expenses and other current liabilities	$	12,608	$	12,284