Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Disclosure Of Balance Sheet Components [Abstract]

4. Balance Sheet Components

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid instruments with an original maturity of three months or less at time of purchase to be cash equivalents. Cash equivalents, which include amounts invested in money market funds, are stated at fair value.

Restricted cash as of June 30, 2023 relates to the letters of credit established for the Company’s office leases.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands):


	June 30, 2023		December 31, 2022
Cash	$	563	$	570
Cash equivalents		113,051		139,450
Cash and cash equivalents		113,614		140,020
Restricted cash		1,032		1,032
Cash, cash equivalents and restricted cash	$	114,646	$	141,052

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Prepaid research and development costs	$	3,291	$	3,805
Prepaid insurance		269		755
Other prepaid expenses		896		678
Other current assets		167		203
Total prepaid expenses and other current assets	$	4,623	$	5,441

Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	June 30, 2023			December 31, 2022
Leasehold improvements	$	17,246		$	17,231
Laboratory equipment		1,814			1,764
Furniture and fixtures		692			692
Computer equipment and software		33			34
Total property and equipment, gross		19,785			19,721
Less: accumulated depreciation		(3,955	)		(2,883	)
Total property and equipment, net	$	15,830		$	16,838

The Company recognized depreciation for property and equipment of $0.5 million for each of the three months ended June 30, 2023 and 2022, and $1.1 million for each of the six months ended June 30, 2023 and 2022.

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Accrued research and development expenses	$	5,459	$	7,720
Accrued compensation		2,948		5,299
Accrued professional services		454		394
Other accrued expenses		92		35
Total accrued liabilities	$	8,953	$	13,448