Balance Sheet Components

9 Months Ended

Sep. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Note 4—Balance Sheet Components

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


	September 30, 2026		December 31, 2025
Prepaid research and development	$	1,845	$	2,460
Prepaid clinical trial		590		866
Deferred offering costs		110		195
Prepaid insurance		17		108
Other		659		802
Total prepaid expenses and other current assets	$	3,221	$	4,431

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


	September 30, 2026			December 31, 2025
Leasehold improvements	$	2,195		$	2,152
Laboratory equipment		3,299			3,306
Computer equipment		824			749
Furniture and fixtures		921			921
Construction in progress		421			4,292
		7,660			11,420
Accumulated depreciation		(5,134	)		(4,684	)
Property, plant and equipment, net	$	2,526		$	6,736

Property, plant and equipment, net includes $0.1 million and $0.3 million of assets capitalized as finance leases as of September 30, 2026 and December 31, 2025, respectively.

Depreciation expense was $0.2 million for each of the three months ended September 30, 2026 and 2025. Depreciation expense was $0.8 million for each of the nine months ended September 30, 2026 and 2025.

In June 2026, the Company disposed of construction in progress for leasehold improvements at its manufacturing facility in connection with the termination of its Durham Lease (as defined below). The Company recorded a loss on asset disposal of $4.0 million, which is recorded as a component of the net gain on lease termination in the condensed consolidated statements of operations for the nine months ended September 30, 2026. See Note 5 for additional information on the termination of the Durham Lease.

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


	September 30, 2026		December 31, 2025
Accrued compensation	$	7,721	$	9,425
Accrued research and development		3,622		3,591
Accrued clinical trial		3,183		3,290
Lease liabilities, current portion		1,157		1,865
Accrued professional and consulting fees		1,125		1,310
Accrued property, plant and equipment		35		19
Other		515		777
Total accrued expenses and other current liabilities	$	17,358	$	20,277