Balance Sheet Components

3 Months Ended

Mar. 31, 2025

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 and government bonds, are stated at fair value.

Restricted cash as of March 31, 2025 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 unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands):


	March 31, 2025		December 31, 2024
Cash	$	12,735	$	2,651
Cash equivalents		84,387		46,847
Cash and cash equivalents		97,122		49,498
Restricted cash		1,032		1,032
Cash, cash equivalents and restricted cash	$	98,154	$	50,530

Prepaid Expenses and Other Current Assets

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


	March 31, 2025		December 31, 2024
Prepaid research and development costs	$	2,968	$	2,640
Prepaid insurance		424		700
Prepaid and other current assets		1,074		1,104
Total prepaid expenses and other current assets	$	4,466	$	4,444

Property and Equipment, Net

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


	March 31, 2025			December 31, 2024
Leasehold improvements	$	17,254		$	17,254
Laboratory equipment		1,871			1,838
Furniture and fixtures		730			692
Computer equipment and software		39			33
Construction in progress		12			—
Total property and equipment, gross		19,906			19,817
Less: accumulated depreciation		(7,716	)		(7,179	)
Total property and equipment, net	$	12,190		$	12,638

The Company recognized depreciation expense for property and equipment of $0.5 million for each of the three months ended March 31, 2025 and 2024.

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Accrued research and development expenses	$	17,409	$	10,992
Accrued compensation		2,372		5,833
Accrued professional services		474		602
Other accrued and current liabilities		239		141
Total accrued and other current liabilities	$	20,494	$	17,568