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Supplementary Balance Sheet Information | 12 Months Ended
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Dec. 31, 2025
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, 2025 |
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Market Value |
Maturity less than 1 year: |  |  |  |  |  |  |  |  |  |  |  |
Certificate of deposit |  | $ | 143 |  |  | $ | — |  |  | $ | — |  |  | $ | 143 |
Corporate debt securities |  |  | 23,699 |  |  |  | 18 |  |  |  | (2 | ) |  |  | 23,715 |
Commercial paper |  |  | 413 |  |  |  | — |  |  |  | — |  |  |  | 413 |
U.S. government agencies |  |  | 2,872 |  |  |  | 4 |  |  |  | — |  |  |  | 2,876 |
U.S. treasury securities |  |  | 4,798 |  |  |  | 2 |  |  |  | — |  |  |  | 4,800 |
Total maturity less than 1 year |  |  | 31,925 |  |  |  | 24 |  |  |  | (2 | ) |  |  | 31,947 |
Maturity 1 to 2 years: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | 4,940 |  |  |  | 15 |  |  |  | (1 | ) |  |  | 4,954 |
U.S. treasury securities |  |  | 3,919 |  |  |  | 14 |  |  |  | — |  |  |  | 3,933 |
Total maturity 1 to 2 years |  |  | 8,859 |  |  |  | 29 |  |  |  | (1 | ) |  |  | 8,887 |
Total short-term investments |  | $ | 40,784 |  |  | $ | 53 |  |  | $ | (3 | ) |  | $ | 40,834 |
|  | 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 |
For the years ended December 31, 2025 and 2024, the net realized loss recorded within the Company's statements of operations from the sale of short-term investments were $0 and $34,000, 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, 2025 and 2024. The Company periodically reviews its 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, the Company assessed at the individual security level 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 available for sale debt securities at December 31, 2025, were substantially due to changes in interest rates, not due to increased credit risks associated with specific securities. Accordingly, the Company has not recorded an allowance for credit losses. It is not more likely than not that the Company 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, 2025 and 2024. Accrued Interest from Short-term Investments Accrued interest from short-term investments contained within prepaid expenses and other current assets as of December 31, 2025 and 2024, was $0.3 million and $0.4 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, 2025 and 2024 was $0.4 million and $0.4 million, respectively. Property and equipment consisted of the following:
(in thousands) |  | As of December 31, 2025 |  |  | As of December 31, 2024 |
Furniture and office equipment |  | $ | 1,051 |  |  | $ | 1,053 |
Leasehold improvements |  |  | 2,568 |  |  |  | 2,568 |
Laboratory equipment |  |  | 1,426 |  |  |  | 1,414 |
Property and equipment, gross |  |  | 5,045 |  |  |  | 5,035 |
Less—accumulated depreciation |  |  | (4,467 | ) |  |  | (4,137 | )
Property and equipment, net |  | $ | 578 |  |  | $ | 898 |
Accrued Liabilities Accrued liabilities consisted of the following:
(in thousands) |  | As of December 31, 2025 |  |  | As of December 31, 2024 |
Clinical trials |  | $ | 3,805 |  |  | $ | 4,443 |
Accrued compensation |  |  | 2,430 |  |  |  | 2,746 |
Unsettled investments payable |  |  | 744 |  |  |  | — |
Research agreements and services |  |  | 311 |  |  |  | 478 |
Other accrued liabilities |  |  | 287 |  |  |  | 230 |
Total accrued liabilities |  | $ | 7,577 |  |  | $ | 7,897 |

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