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


	December 31, 2025			December 31, 2024
Leasehold improvements	$	2,152		$	2,117
Laboratory equipment		3,306			3,130
Computer equipment		749			707
Furniture and fixtures		921			864
Construction in progress		4,292			4,251
		11,420			11,069
Accumulated depreciation		(4,684	)		(3,584	)
Property, plant and equipment, net	$	6,736		$	7,485

Property, plant and equipment, net includes $0.3 million and $0.7 million of assets capitalized as finance leases as of December 31, 2025 and December 31, 2024, respectively. During the year ended December 31, 2025, the Company sold equipment with a book value of zero and recorded a gain on the disposal of $0.1 million.

Depreciation expense was $1.1 million and $1.2 million for the years ended December 31, 2025 and 2024, respectively.

In September 2024, the Company recorded an impairment loss of $4.8 million in connection with its North Carolina manufacturing facility. The impairment charge was estimated using a discounted cash flow model and recorded in the consolidated statements of operations for the year ended December 31, 2024.

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


	December 31, 2025		December 31, 2024
Accrued compensation	$	9,425	$	5,242
Accrued research and development		3,591		1,714
Accrued clinical trial		3,290		1,907
Lease liabilities, current portion		1,865		1,877
Warrant liability		—		438
Accrued professional and consulting fees		1,310		725
Accrued property, plant and equipment		19		207
Other		777		752
Total accrued expenses and other current liabilities	$	20,277	$	12,862

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


	December 31, 2025		December 31, 2024
Prepaid research and development	$	2,460	$	841
Prepaid clinical trial		866		1,112
Deferred offering costs		195		135
Prepaid insurance		108		249
Other		802		308
Total prepaid expenses and other current assets	$	4,431	$	2,645