v3.26.1
Balance Sheet Components
 12 Months Ended
Dec. 31, 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):
December 31,
20252024
Prepaid general and administrative$1,170 $1,316 
Prepaid research and development441 4,146 
Tax-related receivable848 2,622 
Prepaid contract research organization expenses431 282 
Other current assets148 959 
Total prepaid and other current assets$3,038 $9,325 
Property, Plant and Equipment, Net
Property, plant and equipment, net consisted of the following (in thousands):
December 31,
20252024
Land$— $31,243 
Building— 102,433 
Office furniture and computer equipment509 509 
Total property, plant and equipment, gross509 134,185 
Less: accumulated depreciation(383)(4,779)
Total property, plant and equipment, net$126 $129,406 
Depreciation expense was $0.5 million and $3.6 million for the years ended December 31, 2025 and 2024, respectively, in the consolidated statements of operations and comprehensive loss.
As of December 31, 2025, the Company had $112.1 million in assets related to the Tarzana facility on the 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 the 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 impairment of $16.6 million and nil related to the Tarzana facility during the years ended December 31, 2025 and 2024, respectively.
The Company recognized non-cash impairment charges of nil and $4.3 million related to United Kingdom equipment impairments during the years ended December 31, 2025 and 2024, respectively.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
December 31,
 20252024
Accrued compensation and benefits$2,517 $2,691 
Accrued operational expenses43 582 
Accrued restructuring costs155 2,073 
Accrued research, development and clinical trial expenses977 209 
Operating lease liabilities, current372 1,682 
Total accrued expenses and other current liabilities$4,064 $7,237