Balance Sheet Components

6 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Note 4—Balance Sheet Components

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


	June 30, 2025		December 31, 2024
Prepaid clinical trial	$	254	$	1,112
Prepaid research and development		1,869		841
Prepaid insurance		241		249
Deferred offering costs		33		135
Other		657		308
Total prepaid expenses and other current assets	$	3,054	$	2,645

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


	June 30, 2025			December 31, 2024
Leasehold improvements	$	2,117		$	2,117
Laboratory equipment		3,163			3,130
Computer equipment		699			707
Furniture and fixtures		853			864
Construction in progress		4,224			4,251
		11,056			11,069
Accumulated depreciation		(4,099	)		(3,584	)
Property, plant and equipment, net	$	6,957		$	7,485

Property, plant and equipment, net includes $0.5 million and $0.7 million of assets capitalized as finance leases as of June 30, 2025 and December 31, 2024, respectively. During the three and six months ended June 30, 2025, the Company sold equipment with a book value of zero and recorded a gain on the disposal of $0.1 million.

Depreciation expense was $0.3 million for each of the three months ended June 30, 2025 and 2024. Depreciation expense was $0.6 million for each of the six months ended June 30, 2025 and 2024.

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


	June 30, 2025		December 31, 2024
Accrued compensation	$	4,095	$	5,242
Accrued clinical trial		1,876		1,907
Lease liabilities, current portion		1,738		1,877
Accrued research and development		1,720		1,714
Accrued professional and consulting fees		1,313		725
Warrant liability		609		438
Accrued property, plant and equipment		—		207
Other		800		752
Total accrued expenses and other current liabilities	$	12,151	$	12,862