v3.26.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands):

December 31,
20252024
Cash and cash equivalents$103,845 $136,586 
Restricted cash339 339 
Total cash, cash equivalents and restricted cash$104,184 $136,925 
Restrictions on Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands):

December 31,
20252024
Cash and cash equivalents$103,845 $136,586 
Restricted cash339 339 
Total cash, cash equivalents and restricted cash$104,184 $136,925 
Property, Plant and Equipment The cost of property and equipment costs are depreciated on the straight-line method over the following estimated useful lives:
TypeEstimated useful
life
Lab equipment5 years
Manufacturing equipment10 years
Leasehold improvements Lesser of the remaining economic life of the
asset or the lease-term
Furniture and fixtures5 years
Software3 years
Property and equipment, net consist of the following (in thousands):
December 31,
20252024
Lab equipment$3,262 $3,259 
Manufacturing equipment7,582 6,326 
Office equipment30 19 
Leasehold improvements15,418 15,396 
Software285 285 
Construction in progress324 1,308 
Total property and equipment, cost26,901 26,593 
Less accumulated depreciation(14,109)(11,171)
Property and equipment, net$12,792 $15,422 
Restructuring and Related Costs
A summary of the accrued liabilities activity recorded in connection with the wind-down of Neoleukin’s Phase 1 trial of NL-201 for the year ended December 31, 2025 is as follows (in thousands):
Balance at December 31, 2024Liability AdjustmentAmounts PaidBalance at December 31, 2025
Trial wind-down costs:
Phase 1 NL-201 Trial$209 $(92)$(117)$— 
Antidilutive Securities Excluded from Computation of Earnings Per Share
The following potentially dilutive securities have been excluded from the diluted per share calculations as they would be antidilutive:
Year Ended December 31,
20252024
Outstanding stock options2,088,550 1,387,556 
Restricted stock units256,361 222,530 
Performance stock units252,124 252,124 
Shares issuable under 2023 Employee Stock Purchase Plan2,773 — 
Total2,599,808 1,862,210