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Supplementary Balance Sheet Information
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplementary Balance Sheet Information

3. Supplementary Balance Sheet Information

Short-term investments available-for-sale securities consist of the following:

 

 

 

As of December 31, 2024

 

(in thousands)

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Market Value

 

Maturity less than 1 year:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

17,192

 

 

$

27

 

 

$

(1

)

 

$

17,218

 

Commercial paper

 

 

312

 

 

 

1

 

 

 

—

 

 

 

313

 

U.S. treasury securities

 

 

16,475

 

 

 

3

 

 

 

(4

)

 

 

16,474

 

Total maturity less than 1 year

 

 

33,979

 

 

 

31

 

 

 

(5

)

 

 

34,005

 

Maturity 1 to 2 years:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

6,263

 

 

 

11

 

 

 

(3

)

 

 

6,271

 

Total maturity 1 to 2 years

 

 

6,263

 

 

 

11

 

 

 

(3

)

 

 

6,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total short-term investments

 

$

40,242

 

 

$

42

 

 

$

(8

)

 

$

40,276

 

 

 

 

As of December 31, 2023

 

(in thousands)

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Market Value

 

Maturity less than 1 year:

 

 

 

 

 

 

 

 

 

 

 

 

Certificate of deposit

 

$

8,317

 

 

$

16

 

 

$

—

 

 

$

8,333

 

Corporate debt securities

 

 

10,948

 

 

 

8

 

 

 

(16

)

 

 

10,940

 

Commercial paper

 

 

6,193

 

 

 

9

 

 

 

—

 

 

 

6,202

 

U.S. government agencies

 

 

835

 

 

 

—

 

 

 

(1

)

 

 

834

 

Total maturity less than 1 year

 

 

26,293

 

 

 

33

 

 

 

(17

)

 

 

26,309

 

Maturity 1 to 2 years:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

8,437

 

 

 

6

 

 

 

(10

)

 

 

8,433

 

U.S. treasury securities

 

 

18,505

 

 

 

—

 

 

 

(79

)

 

 

18,426

 

Total maturity 1 to 2 years

 

 

26,942

 

 

 

6

 

 

 

(89

)

 

 

26,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total short-term investments

 

$

53,235

 

 

$

39

 

 

$

(106

)

 

$

53,168

 

 

For the years ended December 31, 2024 and 2023, the net realized loss recorded within the Company's statements of operations from the sale of short-term investments were $34,000 and $102,000, respectively. The amount of gains and losses reclassified out of other comprehensive loss for the period related to the sales of short-term investments was not material for the years ended December 31, 2024 and 2023.

We periodically review our portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For debt securities where the fair value of the investment is less than the amortized cost basis, we have assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses in investments available for sale debt securities at December 31, 2024, were substantially due to changes in interest rates, not due to increased credit risks associated with specific securities. Accordingly, we have not recorded an allowance for credit losses. It is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.

There were no unrealized loss positions greater than one year as of December 31, 2024. Investments available for sale that have been in a continuous unrealized loss position for greater than one-year consist of the following:

 

 

As of December 31, 2023

 

(in thousands)

 

Fair Market Value

 

 

Gross Unrealized Loss

 

Corporate debt securities

 

$

397

 

 

$

(3

)

 

Accrued Interest from short-term investments

Accrued interest from short-term investments contained within prepaid expenses and other current assets as of December 31, 2024 and 2023, was $0.4 million and $0.6 million, respectively.

Property and Equipment

Fixed assets consist of furniture and office equipment, leasehold improvements and laboratory equipment. Depreciation expense for property and equipment for the years ended December 31, 2024 and 2023 was $0.4 million and $0.4 million, respectively. Property and equipment consisted of the following:

 

(in thousands)

 

As of December 31,
2024

 

 

As of December 31,
2023

 

Furniture and office equipment

 

$

1,053

 

 

$

1,067

 

Leasehold improvements

 

 

2,568

 

 

 

2,568

 

Laboratory equipment

 

 

1,414

 

 

 

1,355

 

Property and equipment, gross

 

 

5,035

 

 

 

4,990

 

Less—accumulated depreciation

 

 

(4,137

)

 

 

(3,752

)

Property and equipment, net

 

$

898

 

 

$

1,238

 

 

Accrued Liabilities

Accrued liabilities consisted of the following:

 

(in thousands)

 

As of December 31,
2024

 

 

As of December 31,
2023

 

Clinical trials

 

$

4,443

 

 

$

4,309

 

Accrued compensation

 

 

2,746

 

 

 

2,737

 

Research agreements and services

 

 

478

 

 

 

530

 

Other accrued liabilities

 

 

230

 

 

 

207

 

Total accrued liabilities

 

$

7,897

 

 

$

7,783