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Balance Sheet Components | 3 Months Ended
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Mar. 31, 2026
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Components | Note 2. Balance Sheet Components Restricted Cash Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements. In connection with the Company’s lease agreement, the Company is required to maintain a collateral account to secure a letter of credit issued to its landlord. The collateral account is classified as restricted cash on the Company’s condensed balance sheets. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands):
|  | As of March 31, |  |  | As of December 31, |
|  | 2026 |  |  | 2025 |
Prepaid expenses |  | $ | 5,917 |  |  | $ | 4,622 |
Interest receivable |  |  | 3,448 |  |  |  | 3,384 |
Prepaid bonus |  |  | 340 |  |  |  | 361 |
Other current assets |  |  | 110 |  |  |  | 1,152 |
Prepaid expenses and other current assets |  | $ | 9,815 |  |  | $ | 9,519 |
Property and Equipment, Net Property and equipment, net consist of the following (in thousands):
|  | As of March 31, |  |  | As of December 31, |
|  | 2026 |  |  | 2025 |
Lab equipment |  | $ | 6,761 |  |  | $ | 6,339 |
Furniture, fixtures, and office equipment |  |  | 1,222 |  |  |  | 1,222 |
Leasehold improvements |  |  | 717 |  |  |  | 717 |
Computer equipment |  |  | 401 |  |  |  | 401 |
Construction in progress |  |  | — |  |  |  | 107 |
Total property and equipment |  |  | 9,101 |  |  |  | 8,786 |
Less: Accumulated depreciation and amortization |  |  | (4,773 | ) |  |  | (4,352 | )
Property and equipment, net |  | $ | 4,328 |  |  | $ | 4,434 |
Depreciation and amortization expense was $0.4 million for each of the three month periods ended March 31, 2026 and 2025. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands):
|  | As of March 31, |  |  | As of December 31, |
|  | 2026 |  |  | 2025 |
Accrued research and development expense |  | $ | 4,932 |  |  | $ | 5,179 |
Accrued employee compensation expense |  |  | 1,621 |  |  |  | 5,606 |
Accrued general and administrative expense |  |  | 912 |  |  |  | 915 |
Employee stock purchase plan liability |  |  | 801 |  |  |  | 319 |
Other current liabilities |  |  | 363 |  |  |  | 148 |
Accrued expenses and other current liabilities |  | $ | 8,629 |  |  | $ | 12,167 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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