Supplemental Balance Sheet Information

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Property and Equipment

Property and equipment, net consists of the following:


	March 31, 2024			December 31, 2023
	(in thousands)
Laboratory equipment	$	8,850		$	8,788
Computer equipment		2,417			2,312
Computer software		125			125
Furniture and fixtures		1,777			1,777
Leasehold improvements		2,857			2,857
Construction in progress		109			38
		16,135			15,897
Less: Accumulated depreciation		(6,613	)		(5,989	)
Property and equipment, net	$	9,522		$	9,908

Depreciation expense was $0.6 million and $0.6 million for the three months ended March 31, 2024 and 2023, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities include the following:


	March 31, 2024		December 31, 2023
	(in thousands)
Payroll and employee-related costs	$	2,858	$	7,910
Research and development costs		8,909		6,204
Other		1,988		1,287
Total accrued expenses and other current liabilities	$	13,755	$	15,401

Restricted Cash

As of March 31, 2024 and 2023, the Company maintained a restricted cash balance of $2.6 million and $3.4 million, respectively, all of which was related to a security deposit associated with the Company’s facility lease. The cash will remain restricted in accordance with the lease agreement 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:


	March 31, 2024		March 31, 2023
	(in thousands)
Cash and cash equivalents	$	61,163	$	57,252
Restricted cash		2,567		3,423
Cash, cash equivalents and restricted cash	$	63,730	$	60,675