Balance Sheet Components

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 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):


	March 31, 2024		December 31, 2023
Cash	$	11,451	$	8,488
Cash equivalents		140,490		216,622
Cash and cash equivalents		151,941		225,110
Restricted cash		1,032		1,032
Cash, cash equivalents and restricted cash	$	152,973	$	226,142

Prepaid Expenses and Other Current Assets

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


	March 31, 2024		December 31, 2023
Prepaid research and development costs	$	4,643	$	2,617
Prepaid insurance		418		704
Other prepaid expenses		708		760
Other current assets		23		63
Total prepaid expenses and other current assets	$	5,792	$	4,144

Property and Equipment, Net

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


	March 31, 2024			December 31, 2023
Leasehold improvements	$	17,246		$	17,245
Laboratory equipment		1,832			1,832
Furniture and fixtures		692			692
Computer equipment and software		33			33
Total property and equipment, gross		19,803			19,802
Less: accumulated depreciation		(5,568	)		(5,029	)
Total property and equipment, net	$	14,235		$	14,773

The Company recognized depreciation for property and equipment of $0.5 million for each of the three months ended March 31, 2024 and 2023.

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Accrued research and development expenses	$	4,527	$	4,027
Accrued compensation		1,643		5,607
Accrued professional services		570		501
Other accrued expenses		117		100
Total accrued liabilities	$	6,857	$	10,235