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Supplementary Balance Sheet Information
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplementary Balance Sheet Information

4. Supplementary Balance Sheet Information

Investments available for sale

Investments available for sale consisted of the following:

 

 

 

As of March 31, 2025

 

(in thousands)

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Market Value

 

Maturity less than 1 year:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

22,507

 

 

$

23

 

 

$

(2

)

 

$

22,528

 

Commercial paper

 

 

316

 

 

 

—

 

 

 

—

 

 

 

316

 

U.S. treasury securities

 

 

20,234

 

 

 

1

 

 

 

(1

)

 

 

20,234

 

Total maturity less than 1 year

 

 

43,057

 

 

 

24

 

 

 

(3

)

 

 

43,078

 

Maturity 1 to 2 years:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

10,709

 

 

 

8

 

 

 

(3

)

 

 

10,714

 

U.S. government agencies

 

 

1,999

 

 

 

1

 

 

 

—

 

 

 

2,000

 

Total maturity 1 to 2 years

 

 

12,708

 

 

 

9

 

 

 

(3

)

 

 

12,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total short-term investments

 

$

55,765

 

 

$

33

 

 

$

(6

)

 

$

55,792

 

 

 

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

 

 

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 March 31, 2025, 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 March 31, 2025 and December 31, 2024.

Property and equipment

Property and equipment consisted of the following:

 

(in thousands)

 

As of March 31,
2025

 

 

As of December 31,
2024

 

Furniture and office equipment

 

$

1,053

 

 

$

1,053

 

Leasehold improvements

 

 

2,568

 

 

 

2,568

 

Laboratory equipment

 

 

1,414

 

 

 

1,414

 

Property and equipment, gross

 

 

5,035

 

 

 

5,035

 

Less—accumulated depreciation

 

 

(4,230

)

 

 

(4,137

)

Property and equipment, net

 

$

805

 

 

$

898

 

 

 

Accrued Liabilities

Accrued liabilities consisted of the following:

 

(in thousands)

 

As of March 31,
2025

 

 

As of December 31,
2024

 

Clinical trials

 

$

5,664

 

 

$

4,443

 

Accrued compensation

 

 

1,299

 

 

 

2,746

 

Unsettled investments payable

 

 

902

 

 

 

—

 

Research agreements and services

 

 

662

 

 

 

478

 

Other accrued liabilities

 

 

419

 

 

 

230

 

Total accrued liabilities

 

$

8,946

 

 

$

7,897