Balance Sheet Components

3 Months Ended

Mar. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 4. Balance Sheet Components

Prepaid Expenses and Other Current Assets

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

	March 31,		December 31,
	2025		2024
Prepaid research and development cost	$	5,631	$	6,417
Security deposit		2,114		2,114
Prepaid insurance		165		496
Interest receivable		24		24
Other		887		1,002
Total prepaid expenses and other current assets	$	8,821	$	10,053

In September 2022, the Company entered into a thirty-month sublease agreement for office space located at 900 Middlefield Road, 4th Floor, Redwood City, California, which commenced in January 2023 and expires in July 2025. In connection with the sublease, the Company made a security deposit of $2.1 million which is included in other current assets on the balance sheet at March 31, 2025.

Property and Equipment, Net

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

	March 31,			December 31,
	2025			2024
Laboratory equipment	$	3,928		$	3,928
Leasehold improvements		3,439			3,439
Computer equipment		146			146
Furniture and fixtures		432			432
Total property and equipment, gross		7,945			7,945
Less: accumulated depreciation		(4,647	)		(4,179	)
Total property and equipment, net	$	3,298		$	3,766

Depreciation expense for the three months ended March 31, 2025 was $0.5 million. Depreciation expense for the three months ended March 31, 2024 was $0.4 million.

Accrued Expenses and Other Current Liabilities

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

	March 31,		December 31,
	2025		2024
Accrued research and development materials and services	$	6,953	$	5,947
Accrued personnel expenses		2,631		452
Accrued professional services		839		60
Other		261		203
Total accrued expenses and other current liabilities	$	10,684	$	6,662