4. Balance Sheet Components

Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following:


	March 31, 2025		December 31, 2024
	(in thousands)
Interest receivable	$	1,216	$	1,363
Other receivables		207		672
Prepaid research and development		1,411		1,079
Other prepaid expenses		1,570		2,194
Total prepaid expenses and other current assets	$	4,404	$	5,308

Property and equipment, net

Property and equipment, net consisted of the following:


	March 31, 2025			December 31, 2024
	(in thousands)
Leasehold improvements	$	871		$	871
Computer equipment		245			680
Furniture and fixtures		120			120
Laboratory equipment		—			13,832
Construction in progress		74			86
Property and equipment at cost		1,310			15,589
Less: accumulated depreciation		(198	)		(4,294	)
Property and equipment, net	$	1,112		$	11,295

Depreciation expense for the three months ended March 31, 2025, and 2024 was $0.7 million and $0.6 million, respectively. During the three months ended March 31, 2025, the Company recorded an impairment charge in connection with the 2025 Restructuring (see Note 10) of $8.0 million, of which $7.8 million related to laboratory equipment and $0.2 million related to computer equipment. No such impairment charge was recorded during the three months ended March 31, 2024.

During the three months ended March 31, 2025, the Company committed to a plan to sell all of laboratory equipment originally intended for use. The Company determined that this equipment met the requirements to be classified as held for sale. As of March 31, 2025, the equipment sales were expected to be completed within one year.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2025		December 31, 2024
	(in thousands)
Accrued compensation and related expenses	$	1,369	$	7,894
Accrued purchases of property and equipment		100		82
Accrued deferred offering costs		—		82
Other		867		1,379
Total accrued expenses and other current liabilities	$	2,336	$	9,437