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Supplementary Balance Sheet Information
 12 Months Ended
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