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Balance Sheet Components

9 Months Ended

Sep. 30, 2025

5. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net of continuing operations consisted of the following:


	September 30,		December 31,
(in thousands)	2025		2024
Machinery and equipment	$	12,055	$	13,437
Computer equipment and software		2,158		3,582
Furniture and fixtures		1,005		1,055
Leasehold improvements		5,751		5,751
Total property and equipment		20,969		23,825
Accumulated depreciation and amortization		(19,336)		(20,988)
Property and equipment, net - including discontinued operations		1,633		2,837
Less: Property and equipment, net from discontinued operations		—		(261)
Property and equipment, net	$	1,633	$	2,576

Depreciation and amortization expense related to property and equipment, net was $0.3 million and $1.0 million for the three and nine months ended September 30, 2025, respectively, and $0.4 million and $1.5 million for the three and nine months ended September 30, 2024, respectively.

As of September 30, 2025 and December 31, 2024, the net book value of software implementation costs of continuing operations related to hosting arrangements was $0.7 million and $1.7 million, respectively, and the amortization expense was immaterial for all periods presented.

Intangible Assets, Net

Continuing operations intangible assets, net consisted of the following:


	September 30,		December 31,
(in thousands)	2025		2024
Finite-lived assets, net of accumulated amortization of $4,375 and $2,719, as of September 30, 2025 and December 31, 2024, respectively	$	20,625	$	24,787
Indefinite-lived assets - in-process research and development		28,859		28,859
Total Intangible assets, net	$	49,484	$	53,646

Amortization expense related to finite-lived intangible assets was $0.7 million and $2.0 million in the three and nine months ended September 30, 2025, respectively, and $1.1 million and $2.7 million in the three and nine months ended September 30, 2024, respectively.

The exclusive out-license of GSK4381562 to GlaxoSmithKline Intellectual Property No. 4 Limited (“GSK”), acquired as part of the Surface Acquisition, was terminated by GSK with an effective date of December 16, 2025. As a result, during the third quarter of 2025, the Company recognized a net impairment charge of $1.6 million in selling, general and administrative expenses in the condensed consolidated statements of operations relating to the write-off of the net carrying value of the GSK out-license intangible asset of $2.1 million and the final remeasurement of the CVR liability related to GSK4381562 of $0.5 million to its fair value of zero.

The out-licensed partnership program with Novartis Institutes for Biomedical Research, Inc. (“Novartis Institutes”) (NZV930), also acquired as part of the Surface Acquisition, was terminated by Novartis Institutes with an effective date of October 2, 2024. As a result, during the first quarter of 2024, the Company recognized a net impairment charge of $6.8 million in selling, general and administrative expenses in the condensed consolidated statements of operations relating to the write-off of the net carrying value of the Novartis Institutes out-license intangible asset of $10.6 million and the final remeasurement of the CVR liability related to NZV930 of $3.8 million to its fair value of zero.

Accrued and Other Current Liabilities

Accrued and other current liabilities of continuing operations consisted of the following:


	September 30,		December 31,
(in thousands)	2025		2024
Accrued commercial and research and development manufacturing	$	4,207	$	12,449
Accrued co-development costs and milestone payments		—		12,500
Royalty fee derivative liability, current		—		13,620
Accrued other		7,103		20,028
Lease liabilities, current		1,791		1,691
Total Accrued and other current liabilities	$	13,101	$	60,288

Other Liabilities, Non-current

Other liabilities, non-current of continuing operations consisted of the following:


	September 30,		December 31,
(in thousands)	2025		2024
Contingent consideration, non-current	$	102	$	632
Deferred tax liability		1,102		1,102
Revenue participation liability, non-current		13,626		27,595
Royalty fee derivative liability, non-current		1,490		—
Other		1,225		—
Total Other liabilities, non-current	$	17,545	$	29,329