Balance Sheet Components

3 Months Ended

Mar. 31, 2025

Property and Equipment, Net

Property and equipment, net consists of the following:


	March 31,			December 31,
	2025			2024
	(In thousands)
Leasehold improvements	$	26,221		$	26,159
Laboratory equipment		19,680			19,770
Manufacturing equipment		19,756			17,738
Construction in progress		—			1,915
Computer equipment and software		1,752			1,664
Furniture and fixtures		902			902
Total property and equipment	$	68,311		$	68,148
Less: accumulated depreciation and amortization		(34,951	)		(32,290	)
Total property and equipment, net	$	33,360		$	35,858

Depreciation and amortization expense for the three months ended March 31, 2025 and 2024 was $2.7 million and $2.2 million, respectively.

Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following:


	March 31,		December 31,
	2025		2024
	(In thousands)
Accrued compensation and related expenses	$	3,475	$	5,595
Accrued research and development expenses		1,619		1,446
Accrued taxes		422		348
Accrued professional services		428		432
Other current liabilities		350		214
Total accrued and other current liabilities	$	6,294	$	8,035

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	March 31,		December 31,
	2025		2024
	(In thousands)
Prepaid expenses	$	5,098	$	5,087
Other current assets		1,229		842
Total prepaid expenses and other current assets	$	6,327	$	5,929