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Balance Sheet Components | 3 Months Ended
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Mar. 31, 2026
Balance Sheet Related Disclosures [Abstract] |
BALANCE SHEET COMPONENTS | (5) BALANCE SHEET COMPONENTS Prepaid Expenses and Other Current Assets The following table presents the components of prepaid expenses and other current assets as of March 31, 2026 and December 31, 2025 (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Prepaid clinical expenses |  | $ | 3,326 |  |  | $ | 4,020 |
Interest and investment receivables |  |  | 989 |  |  |  | 298 |
Prepaid expenses |  |  | 605 |  |  |  | 1,069 |
Prepaid insurance |  |  | 295 |  |  |  | 530 |
Other current assets |  |  | 25 |  |  |  | 20 |
Total prepaid expenses and other current assets |  | $ | 5,240 |  |  | $ | 5,937 |
Property and Equipment, Net The following table presents the components of property and equipment, net as of March 31, 2026 and December 31, 2025 (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Laboratory equipment |  | $ | 1,844 |  |  | $ | 1,844 |
Leasehold improvements |  |  | 709 |  |  |  | 709 |
Computer hardware and software |  |  | 416 |  |  |  | 461 |
Furniture and fixtures |  |  | 165 |  |  |  | 165 |
Property and equipment, gross |  |  | 3,134 |  |  |  | 3,179 |
Less: accumulated depreciation |  |  | (2,084 | ) |  |  | (1,979 | )
Property and equipment, net |  | $ | 1,050 |  |  | $ | 1,200 |
Depreciation was $0.1 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively. Other Assets The following table presents the components of other assets as of March 31, 2026 and December 31, 2025 (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Finance lease right-of-use assets |  | $ | 1,274 |  |  | $ | 1,513 |
Operating lease right-of-use assets |  |  | 1,010 |  |  |  | 1,159 |
Long-term prepaid clinical expenses |  |  | 386 |  |  |  | 693 |
Other assets |  |  | 148 |  |  |  | 149 |
Long-term prepaid contract manufacturing costs |  |  | 113 |  |  |  | 111 |
Total other assets |  | $ | 2,931 |  |  | $ | 3,625 |
Impairment of Long-Lived Assets The Company has determined it operates in a single operating segment and has one reportable segment. The Company reviews for indicators of impairment on a quarterly basis, including changes in how its property is being used. In May 2025, the Company made a decision to sublease its leased property in Palo Alto. The Company is actively marketing the leased building for sublease. In connection with the preparation of these condensed consolidated financial statements, the Company determined that the change in how this building is being used could indicate impairment. The Company identified this to-be-sublet property as a separate asset group for purposes of long-lived asset impairment assessment. The Company concluded that the carrying value of this to-be-sublet property asset group was not recoverable and the estimated fair value of this asset group was below its carrying value. The lower fair value of this asset group was mainly due to the lower estimated sublease income compared to the lease payments in accordance with the initial operating lease agreement and higher discount rate. The Company applied a discounted cash flow method to estimate fair value of its right-of-use asset and leasehold improvements. Based on this analysis, the Company concluded the fair value of the right-of-use asset and leasehold improvements of $1.5 million was lower than its net book value of $4.7 million. The Company recognized a pre-tax long-lived asset impairment charge of $3.2 million on the right-of-use asset and leasehold improvements in the second quarter of 2025. For the three months ended March 31, 2026, the Company has recognized no impairment on the right-of-use asset and leasehold improvements. Accrued Expenses and Other Current Liabilities The following table presents the components of accrued expenses and other current liabilities as of March 31, 2026 and December 31, 2025 (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Accrued clinical and nonclinical study costs |  | $ | 5,364 |  |  | $ | 6,196 |
Other current liabilities |  |  | 2,225 |  |  |  | 2,323 |
Accrued compensation and related expenses |  |  | 1,804 |  |  |  | 4,356 |
Accrued contract manufacturing |  |  | 1,504 |  |  |  | 1,341 |
Accrued property and equipment |  |  | 210 |  |  |  | 206 |
Total accrued expenses and other current liabilities |  | $ | 11,107 |  |  | $ | 14,422 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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