Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements. In connection with the Company’s lease agreement, the Company is required to maintain a collateral account to secure a letter of credit issued to its landlord. The collateral account is classified as restricted cash on the Company’s condensed balance sheets.

Prepaid expenses and other current assets consist of the following (in thousands):


	As of June 30,		As of December 31,
	2025		2024
Prepaid expenses	$	3,106	$	3,114
Prepaid clinical trial costs		1,598		1,164
Interest receivable		1,221		953
Other receivable		1,194		174
Prepaid bonus		271		260
Prepaid taxes		39		39
Other current assets		—		26
Prepaid expenses and other current assets	$	7,429	$	5,730

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


	As of June 30,			As of December 31,
	2025			2024
Lab equipment	$	6,064		$	5,679
Furniture, fixtures, and office equipment		1,222			1,222
Leasehold improvements		717			717
Computer equipment		401			401
Total property and equipment		8,404			8,019
Less: Accumulated depreciation and amortization		(3,716	)		(2,929	)
Property and equipment, net	$	4,688		$	5,090

Depreciation and amortization expense was $0.4 million and $0.8 million for the three and six months ended June 30, 2025, respectively. Depreciation and amortization expense was $0.3 million and $0.6 million for the three and six months ended June 30, 2024 respectively.

Accrued expenses and other current liabilities consist of the following (in thousands):


	As of June 30,		As of December 31,
	2025		2024
Accrued research and development expense	$	3,251	$	2,888
Accrued employee compensation expense		1,845		4,129
Accrued general and administrative expense		1,129		703
Employee stock purchase plan liability		249		—
Other current liabilities		83		78
Accrued expenses and other current liabilities	$	6,557	$	7,798