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Balance Sheet Components | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | Balance Sheet Components Prepaid and other current assets Prepaid and other current assets consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Prepaid general and administrative | $ | 1,641 |  |  | $ | 1,316 |
Prepaid research and development | 717 |  |  | 4,146 |
Tax-related receivable | 805 |  |  | 2,622 |
Prepaid contract research organization expenses | — |  |  | 282 |
Other current assets | 154 |  |  | 959 |
Total prepaid and other current assets | $ | 3,317 |  |  | $ | 9,325 |
Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Land | $ | — |  |  | $ | 31,243 |
Building | — |  |  | 102,433 |
Office and computer equipment | 509 |  |  | 509 |
Total property, plant and equipment, gross | 509 |  |  | 134,185 |
Less: accumulated depreciation | (359) |  |  | (4,779) |
Total property, plant and equipment, net | $ | 150 |  |  | $ | 129,406 |
Depreciation expense was nil and $1.0 million for the three months ended June 30, 2025 and 2024, respectively, and $0.5 million and $2.0 million for the six months ended June 30, 2025 and 2024, respectively, in the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2025, the Company had $112.1 million in assets related to the Tarzana facility on the condensed consolidated balance sheet meeting the criteria of held for sale assets. These assets are recognized at the lower of cost or fair value less costs to sell. The Company estimates the fair value of its Tarzana facility through a combination of an income-based approach and a market-based approach. The income-based approach is dependent on specific assumptions such as market rental rates, capitalization rates and discount rates. The market-based approach utilizes observable data such as comparable building sales. The fair value of these assets are classified as Level 3 in the fair value hierarchy due to a mix of unobservable inputs utilized such as proprietary independent research in the market as well as actual quotes from market participants. The Company recognized impairments of nil and $16.6 million related to the building and land during the three and six months ended June 30, 2025, respectively. The Company recognized non-cash impairment charges of $0.2 million and $2.8 million related to United Kingdom equipment impairments during the three and six months ended June 30, 2024, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Accrued compensation and benefits | $ | 1,356 |  |  | $ | 2,691 |
Accrued operational expenses | 410 |  |  | 582 |
Accrued restructuring costs | 155 |  |  | 2,073 |
Accrued research, development and clinical trial expenses | 952 |  |  | 209 |
Accrued in process research and development | 10,000 |  |  | — |
Operating lease liabilities, current | 456 |  |  | 1,682 |
Total accrued expenses and other current liabilities | $ | 13,329 |  |  | $ | 7,237 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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