v3.25.2
Balance Sheet Components
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Prepaid and other current assets
Prepaid and other current assets consisted of the following (in thousands):
June 30, 2025
December 31, 2024
Prepaid general and administrative$1,641 $1,316 
Prepaid research and development717 4,146 
Tax-related receivable805 2,622 
Prepaid contract research organization expenses— 282 
Other current assets154 959 
Total prepaid and other current assets$3,317 $9,325 
Property, Plant and Equipment, Net
Property, plant and equipment, net consisted of the following (in thousands):
June 30, 2025
December 31, 2024
Land$— $31,243 
Building— 102,433 
Office and computer equipment509 509 
Total property, plant and equipment, gross509 134,185 
Less: accumulated depreciation(359)(4,779)
Total property, plant and equipment, net$150 $129,406 
Depreciation expense was nil and $1.0 million for the three months ended June 30, 2025 and 2024, respectively, and $0.5 million and $2.0 million for the six months ended June 30, 2025 and 2024, respectively, in the condensed consolidated statements of operations and comprehensive loss.
As of June 30, 2025, the Company had $112.1 million in assets related to the Tarzana facility on the condensed consolidated balance sheet meeting the criteria of held for sale assets. These assets are recognized at the lower of cost or fair value less costs to sell. The Company estimates the fair value of its Tarzana facility through a combination of an income-based approach and a market-based approach. The income-based approach is dependent on specific assumptions such as market rental rates, capitalization rates and discount rates. The market-based approach utilizes observable data such as comparable building sales. The fair value of these assets are classified as Level 3 in the fair value hierarchy due to a mix of unobservable inputs utilized such as proprietary independent research in the market as well as actual quotes from market participants. The Company recognized impairments of nil and $16.6 million related to the building and land during the three and six months ended June 30, 2025, respectively.
The Company recognized non-cash impairment charges of $0.2 million and $2.8 million related to United Kingdom equipment impairments 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 (in thousands):
 June 30, 2025December 31, 2024
Accrued compensation and benefits$1,356 $2,691 
Accrued operational expenses410 582 
Accrued restructuring costs155 2,073 
Accrued research, development and clinical trial expenses952 209 
Accrued in process research and development10,000 — 
Operating lease liabilities, current456 1,682 
Total accrued expenses and other current liabilities$13,329 $7,237