v3.25.2
Balance Sheet Details
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Details Balance Sheet Details
Available-for-Sale Investments
The following is a summary of our available-for-sale investments (in thousands):
June 30, 2025
Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value
U.S. treasury bills$9,930 $— $(2)$9,928 
U.S. government agency obligations8,918 — (1)8,917 
U.S. corporate debt securities3,382 — — 3,382 
U.S. commercial paper6,932 — (2)6,930 
Foreign commercial paper1,980 — (1)1,979 
Total$31,142 $— $(6)$31,136 
December 31, 2024
Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value
U.S. treasury bills$5,934 $2 $— $5,936 
U.S. government agency obligations8,326 — (1)8,325 
U.S. corporate debt securities1,387 — — 1,387 
U.S. commercial paper1,831 — — 1,831 
Foreign commercial paper980 — — 980 
Total$18,458 $2 $(1)$18,459 
At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, and any significant deterioration in economic conditions.
The Company does not intend to sell the investment in unrealized loss position and it is unlikely that the Company will be required to sell the investment before the recovery of its amortized cost basis. Based on its evaluation, the Company determined its credit losses related to its available-for-sale securities were immaterial at June 30, 2025 or December 31, 2024.
The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. The Company regularly monitors and evaluates the realizable value of its available-for-sale investment securities. The Company did not recognize any impairment losses for the three and six months ended June 30, 2025 or 2024.
Unrealized gains and losses associated with the Company’s investments are reported in accumulated other comprehensive loss. For the three and six months ended June 30, 2025, the Company recorded $6,000 and $7,000, respectively, in net unrealized losses associated with its available-for-sale investments. For the three and six months ended June 30, 2024, the Company recorded $2,000 and $11,000, respectively, in net unrealized gains associated with its available-for-sale investments.
Realized gains and losses associated with its investments, if any, are reported in the statements of operations and comprehensive loss. The Company did not recognize any realized gains or losses during the three and six months ended June 30, 2025 or 2024.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
June 30, 2025December 31, 2024
Prepaid expenses$5,567 $2,149 
Interest receivables193 262 
Other assets228 53 
Total prepaid expenses and other current assets$5,988 $2,464 
Accrued Liabilities
Accrued liabilities consist of the following (in thousands):
June 30, 2025December 31, 2024
Accrued clinical, manufacturing and professional expense$5,574 $4,211 
Accrued compensation and benefits1,656 3,342 
Other accrued expenses703 249 
Total accrued liabilities$7,933 $7,802