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Supplementary Balance Sheet Information
 9 Months Ended
Sep. 30, 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 September 30, 2025

 

(in thousands)

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Market Value

 

Maturity less than 1 year:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

25,388

 

 

$

26

 

 

$

(2

)

 

$

25,412

 

Commercial paper

 

 

393

 

 

 

—

 

 

 

—

 

 

 

393

 

U.S. government agencies

 

 

2,216

 

 

 

3

 

 

 

—

 

 

 

2,219

 

U.S. treasury securities

 

 

13,688

 

 

 

2

 

 

 

(2

)

 

 

13,688

 

Total maturity less than 1 year

 

 

41,685

 

 

 

31

 

 

 

(4

)

 

 

41,712

 

Maturity 1 to 2 years:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

4,990

 

 

 

16

 

 

 

(1

)

 

 

5,005

 

U.S. government agencies

 

 

2,533

 

 

 

2

 

 

 

—

 

 

 

2,535

 

U.S. treasury securities

 

 

1,198

 

 

 

6

 

 

 

—

 

 

 

1,204

 

Total maturity 1 to 2 years

 

 

8,721

 

 

 

24

 

 

 

(1

)

 

 

8,744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total short-term investments

 

$

50,406

 

 

$

55

 

 

$

(5

)

 

$

50,456

 

 

 

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 September 30, 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 September 30, 2025 and December 31, 2024.

Property and equipment

Property and equipment consisted of the following:

 

(in thousands)

 

As of September 30,
2025

 

 

As of December 31,
2024

 

Furniture and office equipment

 

$

1,054

 

 

$

1,053

 

Leasehold improvements

 

 

2,568

 

 

 

2,568

 

Laboratory equipment

 

 

1,446

 

 

 

1,414

 

Property and equipment, gross

 

 

5,068

 

 

 

5,035

 

Less—accumulated depreciation

 

 

(4,402

)

 

 

(4,137

)

Property and equipment, net

 

$

666

 

 

$

898

 

 

Depreciation expense for property and equipment recognized in operating results are as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total depreciation expense

 

$

89

 

 

$

101

 

 

$

276

 

 

$

308

 

Accrued Liabilities

Accrued liabilities consisted of the following:

 

(in thousands)

 

As of September 30,
2025

 

 

As of December 31,
2024

 

Clinical trials

 

$

7,918

 

 

$

4,443

 

Accrued compensation

 

 

3,142

 

 

 

2,746

 

Research agreements and services

 

 

251

 

 

 

478

 

Other accrued liabilities

 

 

228

 

 

 

230

 

Total accrued liabilities

 

$

11,539

 

 

$

7,897