Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	June 30, 2025		December 31, 2024
Research and development expenses	$	3,691	$	6,314
Interest receivable	2,249		287
Value added tax receivable	1,143		1,528
Insurance related expenses	233		840
Other	1,619		1,495
	$	8,935	$	10,464

Schedule of Accrued Expenses and Other Current Liabilities

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


	June 30, 2025		December 31, 2024
Research and development expenses*	$	16,085	$	38,063
Personnel related expenses	4,045		9,465
Professional fees	1,952		1,782
Interest payable	855		—
Operating lease	656		602
Income tax liability	257		835
Other	152		108
	$	24,002	$	50,855
∗Includes accrued contract termination costs of $1.7 million as of June 30, 2025 and $30.3 million as of December 31, 2024. See Note 8.

Schedule of Property and Equipment, Net

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


	June 30, 2025		December 31, 2024
Computer equipment	$	894	$	768
Office furniture	724		724
Other	43		43
Property and equipment, at cost	1,661		1,535
Less: Accumulated depreciation	(928)		(791)
Property and equipment, net	$	733	$	744

Schedule of Reconciliation of Changes, Net of Applicable Income Taxes

The following table provides a reconciliation of changes, net of applicable income taxes, in other accumulated comprehensive income (amounts in thousands):


	Six Months Ended June 30, 2025		Six Months Ended June 30, 2024
Foreign currency translation adjustment:
Beginning balance	$	1,426	$	203
Foreign currency translation adjustment during period	164		(86)
Ending balance	$	1,590	$	117

Unrealized gain on available for sale securities:
Beginning balance	$	2,787	$	1,290
Unrealized holding gain on available for sale securities during period, net of tax of $0.4 million in 2024	1		1,406
Reclassification adjustment for realized net gain on available for sale marketable securities included in net loss, net of tax of $0.8 million in 2025 and $0.4 million in 2024	(2,787)		(1,218)
Ending balance	$	1	$	1,478