Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Note 4—Balance Sheet Components

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


	September 30, 2025		December 31, 2024
Prepaid research and development	$	839	$	841
Prepaid clinical trial		760		1,112
Deferred offering costs		57		135
Prepaid insurance		46		249
Other		456		308
Total prepaid expenses and other current assets	$	2,158	$	2,645

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


	September 30, 2025			December 31, 2024
Leasehold improvements	$	2,117		$	2,117
Laboratory equipment		3,170			3,130
Computer equipment		728			707
Furniture and fixtures		853			864
Construction in progress		4,322			4,251
		11,190			11,069
Accumulated depreciation		(4,385	)		(3,584	)
Property, plant and equipment, net	$	6,805		$	7,485

Property, plant and equipment, net includes $0.4 million and $0.7 million of assets capitalized as finance leases as of September 30, 2025 and December 31, 2024, respectively. During the nine months ended September 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 $0.2 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively. Depreciation expense was $0.8 million and $0.9 million for the nine months ended September 30, 2025 and 2024, respectively.

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


	September 30, 2025		December 31, 2024
Accrued compensation	$	5,347	$	5,242
Accrued research and development		5,139		1,714
Accrued clinical trial		3,382		1,907
Lease liabilities, current portion		1,668		1,877
Warrant liability		901		438
Accrued professional and consulting fees		522		725
Accrued property, plant and equipment		—		207
Other		749		752
Total accrued expenses and other current liabilities	$	17,708	$	12,862