Supplemental Balance Sheet Information

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Property and Equipment

Property and equipment, net, consists of the following:


	September 30, 2023			December 31, 2022
	(in thousands)
Laboratory equipment	$	8,581		$	7,720
Computer equipment		2,312			2,235
Computer software		125			125
Furniture and fixtures		1,737			1,699
Leasehold improvements		2,857			2,778
Construction in progress		20			8
		15,632			14,565
Less: Accumulated depreciation		(5,371	)		(3,681	)
Property and equipment, net	$	10,261		$	10,884

Depreciation expense was $1.8 million and $1.0 million for the nine months ended September 30, 2023 and 2022, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities include the following:


	September 30, 2023		December 31, 2022
	(in thousands)
Payroll and employee-related costs	$	5,415	$	5,738
Research and development costs		4,613		10,490
Other		1,439		1,267
Total accrued expenses and other current liabilities	$	11,467	$	17,495

Restricted Cash

As of September 30, 2023 and 2022, the Company maintained a restricted cash balance of $3.4 million and $4.0 million, respectively, all of which was related to security deposits associated with the Company’s facility leases. The cash will remain restricted in accordance with the lease agreements absent the event of a lease termination or modification. The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the condensed consolidated statements of cash flows are as follows:


	September 30, 2023		September 30, 2022
	(in thousands)
Cash and cash equivalents	$	58,533	$	100,312
Restricted cash		3,423		3,990
Cash, cash equivalents and restricted cash	$	61,956	$	104,302