Prepaid expenses and other current assets consisted of the following:


	June 30, 2025		December 31, 2024
	(in thousands)
Prepaid research and development	$	1,335	$	1,079
Interest receivable		710		1,363
Other receivables		92		672
Other prepaid expenses		2,855		2,194
Total prepaid expenses and other current assets	$	4,992	$	5,308

Property and equipment, net consisted of the following:


	December 31, 2024
	(in thousands)
Leasehold improvements	$	871
Computer equipment		680
Furniture and fixtures		120
Laboratory equipment		13,832
Construction in progress		86
Property and equipment at cost		15,589
Less: accumulated depreciation		(4,294	)
Property and equipment, net	$	11,295

Depreciation expense for the three months ended June 30, 2025, and 2024 was $40,000 and $0.6 million, respectively. Depreciation expense for the six months ended June 30, 2025, and 2024 was $0.7 million and $1.2 million, respectively.

Pursuant to the amendment to transfer of its lease in San Carlos to the tenant executed in June 2025 (see Note 5), the Company agreed to assign certain items of property and equipment located within the leased premises in San Carlos to the new tenant free of charge. As a result, the Company concluded its remaining property and equipment met the definition of “held for sale” as of June 30, 2025 and impaired the carrying amount of the assets to their fair value of zero except for $0.5 million of assets expected to be sold to a third party in the third quarter of 2025. The Company recorded an impairment charge of $2.2 million and $10.2 million in restructuring, impairment and costs of suspended programs in the condensed statement of operations during the three and six months ended June 30, 2025, respectively. No such impairment charge was recorded during the three and six months ended June 30, 2024.

Accrued expenses and other current liabilities consisted of the following:


	June 30, 2025		December 31, 2024
	(in thousands)
Accrued compensation and related expenses	$	25	$	7,894
Accrued purchases of property and equipment		—		82
Accrued deferred offering costs		—		82
Other		714		1,379
Total accrued expenses and other current liabilities	$	739	$	9,437

4. Balance Sheet Components