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Supplementary Balance Sheet Information (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of 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

 
Schedule of Components of 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

 
Schedule of 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

 
Depreciation Expense for Property and Equipment

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