Supplemental Financial Information

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Note 4—Supplemental Financial Information

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


	December 31, 2024			December 31, 2023
Leasehold improvements	$	2,117		$	2,117
Laboratory equipment		3,130			2,868
Computer equipment		707			1,133
Furniture and fixtures		864			864
Construction in progress		4,251			6,823
		11,069			13,805
Accumulated depreciation		(3,584	)		(2,979	)
Property, plant and equipment, net	$	7,485		$	10,826

Property, plant and equipment, net includes $0.7 million and $1.0 million of assets capitalized as finance leases as of December 31, 2024 and December 31, 2023, respectively.

Depreciation expense was $1.2 million and $1.4 million for the years ended December 31, 2024 and 2023, respectively.

During the year ended December 31, 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 the equipment sales were expected to be completed within one year. During the year ended December 31, 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 an impairment loss of $4.8 million. 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, 2024.

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


	December 31, 2024		December 31, 2023
Accrued compensation	$	5,242	$	3,423
Accrued clinical trial		1,907		1,851
Lease liabilities, current portion		1,877		1,646
Accrued research and development		1,714		3,467
Accrued professional and consulting fees		725		330
Warrant liability		438		454
Accrued property, plant and equipment		207		—
Accrued severance		—		390
Other		752		723
Total accrued expenses and other current liabilities	$	12,862	$	12,284

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


	December 31, 2024		December 31, 2023
Prepaid clinical trial	$	1,112	$	802
Prepaid research and development		841		1,412
Prepaid insurance		249		292
Deferred offering costs		135		681
Other		308		292
Total prepaid expenses and other current assets	$	2,645	$	3,479