Note 4 - Balance Sheet Components

3 Months Ended

Mar. 31, 2025

Supplemental Balance Sheet Disclosures [Text Block]

4. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

	*March 31,*			*December 31,*
	*2025*			*2024*
Leasehold improvements	$	2,519		$	2,519
Laboratory equipment		1,365			1,342
Furniture, fixtures and equipment		966			966
Software		283			272
Construction in progress		14			29
Total property and equipment		5,147			5,128
Less: Accumulated depreciation and amortization		(4,085	)		(3,968	)
Total property and equipment, net	$	1,062		$	1,160

Depreciation expense was $0.1 million for each of the three-month periods ended March 31, 2025 and 2024.

Intangible Assets, Net

Intangible assets primarily consist of acquired licenses to utilize certain patents, know-how and technology relating to the Company’s NPS technology for biomedical applications acquired from Old Dominion University Research Foundation (“ODURF”), Eastern Virginia Medical School, and the University of Southern California. In addition, the Company entered into a Sponsored Research Agreement with Old Dominion University’s Frank Reidy Research Center for Bioelectrics, which includes certain intellectual property rights arising from the research. The Company is amortizing the intangible assets over an estimated useful life of 12 years.

Intangible assets, net consisted of the following (in thousands):

	*March 31,*			*December 31,*
	*2025*			*2024*
Acquired patents and licenses	$	7,985		$	7,985
Less: Accumulated amortization		(6,931	)		(6,765	)
Total intangible assets, net	$	1,054		$	1,220

A schedule of the amortization of intangible assets for the remainder of 2025 and the succeeding final year is as follows (in thousands):

Years ending December 31:
2025 (remaining 9 months)	$	499
2026		555
Total	$	1,054

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	*March 31,*		*December 31,*
	*2025*		*2024*
Compensation expense	$	2,682	$	4,097
Professional fees		627		564
Clinical trial fees and costs		392		284
Other		283		188
Legal settlement		—		1,196
Severance		—		698
Total accrued expenses	$	3,984	$	7,027