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SIGNIFICANT BALANCE SHEET COMPONENTS | 6 Months Ended
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Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract] |
SIGNIFICANT BALANCE SHEET COMPONENTS | SIGNIFICANT BALANCE SHEET COMPONENTS Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets at June 30, 2025 and December 31, 2024, consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Prepaid expenses | $ | 433 |  |  | $ | 1,200 |
Deposits | 34 |  |  | 46 |
Other current assets | 700 |  |  | 1,347 |
Total prepaid expenses and other current assets | $ | 1,167 |  |  | $ | 2,593 |
The Company has recorded $0.5 million and $1.2 million of Employee Retention Credits (“ERC”) as other current assets, which are included in prepaid expenses and other current assets in the interim condensed consolidated balance sheets at June 30, 2025 and December 31, 2024, respectively. Under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the ERC is a refundable payroll tax credit for businesses and tax-exempt organizations that were affected during the COVID-19 pandemic. Eligible businesses, both for-profit and not-for-profit, that experienced a “significant” decline in gross receipts in any quarter (more than 50% decrease in 2020 from 2019, and more than 20% in 2022) could receive a quarterly refundable payroll tax credit. The Company believes it has reasonably assured qualification and submitted for refunds under the ERC program. Property and Equipment, net Property and equipment, net as of June 30, 2025 and December 31, 2024 consisted entirely of equipment. Accumulated depreciation as of June 30, 2025 and December 31, 2024 was immaterial. Depreciation expense for the three and six months ended June 30, 2025 and 2024 was immaterial. The depreciation expense is presented within operating expenses and is excluded from cost of revenue. Other Non-Current Assets Other non-current assets at June 30, 2025 and December 31, 2024, consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Prepaid expenses, non-current | $ | 3,456 |  |  | $ | 3,474 |
Total other non-current assets | $ | 3,456 |  |  | $ | 3,474 |
The prepaid expenses, non-current balance at June 30, 2025 and December 31, 2024 includes $3.0 million of the remaining balance of the upfront payment made by the Company in October 2022 for future technical services to be provided by Ginkgo Bioworks, Inc. (“Ginkgo”) (see Note 10 – Commitments and Contingencies). Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities at June 30, 2025 and December 31, 2024, consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Accrued professional services | $ | 2,229 |  |  | $ | 2,091 |
Accrued payroll and benefits | 168 |  |  | 205 |
Accrued interest expense | 510 |  |  | 659 |
Other accrued expenses | 414 |  |  | 544 |
Total accrued expenses and other current liabilities | $ | 3,321 |  |  | $ | 3,499 |
Excise Tax Payable During the second quarter of 2024, the Internal Revenue Service (“IRS”) issued final regulations with respect to the timing and payment of excise tax. Pursuant to those regulations, the Company was required to file a return and remit payment for any liability incurred during the period from January 1, 2023 to December 31, 2023 on or before October 31, 2024. The Company did not pay its excise tax liability by October 31, 2024, and as of June 30, 2025, owed approximately $2.9 million in excise tax (the “Excise Tax Liability”). The Company is currently making estimated monthly payments over 72 months of $0.04 million to the IRS. As the Company is unable to pay its obligation in full, it is subject to additional interest and penalties which are currently estimated at 9% interest per annum and a 0.5% underpayment penalty per month or portion of a month up to 25% of the total liability for any amount that is unpaid from November 1, 2024 until paid in full. The Company accrued $0.4 million and $0.5 million in interest and penalties as of June 30, 2025 and December 31, 2024, respectively, which has been recorded as part of accrued expenses and other current liabilities on the condensed consolidated balance sheets.

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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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