v3.25.2
Balance Sheet Account Details
6 Months Ended
Jun. 30, 2025
Balance Sheet Account Details [Abstract]  
Balance Sheet Account Details
5. Balance Sheet Account Details

Accounts Receivable, Unbilled Receivables and Deferred Revenue

Unbilled receivables were $0.4 million and $2.6 million as of June 30, 2025 and December 31, 2024, respectively. Deferred revenue as of June 30, 2025 is expected to be recognized within the next 12 months. Deferred revenue was $1.0 million and $2.5 million as of June 30, 2025 and December 31, 2024, respectively. During the three and six months ended June 30, 2025, the amount recognized as revenue that was previously deferred at March 31, 2025 and December 31, 2024 was $1.0 million and $2.1 million, respectively. During the three and six months ended June 30, 2024, the amount recognized as revenue that was previously deferred at March 31, 2024 and December 31, 2023 was $3.3 million and $5.1 million, respectively.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of June 30, 2025 and December 31, 2024:

(in thousands)June 30, 2025December 31, 2024
Prepaid expenses
$2,075 $2,295 
xPloration related inventory
316 48 
Other current assets
906 1,089 
Total prepaid expenses and other current assets
$3,297 $3,432 

Property and Equipment, Net

Property and equipment, net, consisted of the following as of June 30, 2025 and December 31, 2024:
(in thousands)June 30, 2025December 31, 2024
Leasehold improvements$17,745 $17,745 
Lab and office equipment10,094 9,785 
Computer hardware and software
760 760 
Construction in progress196 103 
Property and equipment, at cost28,795 28,393 
Less accumulated depreciation (14,731)(12,901)
Total property and equipment, net$14,064 $15,492 

Depreciation expense, which is included in operating expenses, was $0.8 million and $1.8 million during the three and six months ended June 30, 2025, respectively, and $1.1 million and $2.1 million during the three and six months ended June 30, 2024, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of June 30, 2025 and December 31, 2024:

(in thousands)June 30, 2025December 31, 2024
Compensation$4,161 $5,468 
Professional service fees218 324 
Royalties owed to third parties154 143 
Other178 206 
Total accrued expenses and other current liabilities$4,711 $6,141