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OTHER FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER FINANCIAL INFORMATION OTHER FINANCIAL INFORMATION
Prepaid Expense and Other Current Assets
Prepaid expense and other current assets were comprised of the following (in thousands):
AS OF DECEMBER 31,
20242023
Clinical trials (1)
$3,544 $5,409 
Clinical drug substance and product manufacturing (2)
1,998 9,888 
Licenses816 728 
Outside research and development services (3)
642 265 
Other382 366 
Prepaid expense and other current assets$7,382 $16,656 
(1) Relates primarily to the Company’s prepayments to third-party CROs for management of clinical trials and prepayments for drug supply to be used in combination with the Company’s therapeutics. See “Accrued Research and Development Clinical Trial Costs” in Note 1 for further discussion of the components of research and development.
(2) Relates primarily to the Company’s usage of third-party CDMOs for clinical and development efforts. See “Accrued Research and Development Clinical Trial Costs” in Note 1 for further discussion of the components of research and development.
(3) Relates to the Company’s usage of third parties for other research and development efforts. See “Accrued Research and Development Clinical Trial Costs” in Note 1 for further discussion of the components of research and development.
Property and Equipment, Net
Property and equipment, net were comprised of the following (in thousands):
AS OF DECEMBER 31,
20242023
Machinery and equipment$9,758 $8,480 
Computer software3,984 53 
Furniture, fixtures and other556 540 
Leasehold improvements795 441 
Construction in process (1)
— 3,592 
Total property and equipment15,093 13,106 
Less: accumulated depreciation and amortization(8,893)(6,687)
Property and equipment, net$6,200 $6,419 
(1) As of December 31, 2023, consists of renovations to the Company’s office space and software not yet placed in service.
Depreciation and amortization expense for each of the years ended December 31, 2024 and December 31, 2023, and consisted of the following (in thousands):
 YEAR ENDED DECEMBER 31,
20242023
Research and development$1,881 $992 
General and administrative404 199 
Total depreciation and amortization expense$2,285 $1,191 
Accrued Expenses
Accrued expenses were comprised of the following (in thousands):
AS OF DECEMBER 31,
20242023
Clinical trials (1)
$14,796 $9,224 
Compensation expense7,726 6,506 
Clinical drug substance and product manufacturing (2)
5,642 22,805 
Other outside research and development (3)
632 1,129 
Professional fees629 780 
Interest expense— 2,348 
Other465 503 
Accrued expenses$29,890 $43,295 
(1) Relates primarily to the Company’s usage of third-party CROs for management of clinical trials. See “Accrued Research and Development Clinical Trial Costs” in Note 1 for further discussion of the components of research and development.
(2) Relates primarily to the Company’s usage of third-party CDMOs for clinical and development efforts. See “Accrued Research and Development Clinical Trial Costs” in Note 1 for further discussion of the components of research and development.
(3) Relates to the Company’s usage of third parties for other research and development efforts. See “Accrued Research and Development Clinical Trial Costs” in Note 1 for further discussion of the components of research and development.