The following table presents the components of prepaid expenses and other current assets as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025
Prepaid clinical expenses	$	3,326	$	4,020
Interest and investment receivables		989		298
Prepaid expenses		605		1,069
Prepaid insurance		295		530
Other current assets		25		20
Total prepaid expenses and other current assets	$	5,240	$	5,937

The following table presents the components of property and equipment, net as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31,			December 31,
	2026			2025
Laboratory equipment	$	1,844		$	1,844
Leasehold improvements		709			709
Computer hardware and software		416			461
Furniture and fixtures		165			165
Property and equipment, gross		3,134			3,179
Less: accumulated depreciation		(2,084	)		(1,979	)
Property and equipment, net	$	1,050		$	1,200

Depreciation was $0.1 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively.

The following table presents the components of other assets as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025
Finance lease right-of-use assets	$	1,274	$	1,513
Operating lease right-of-use assets		1,010		1,159
Long-term prepaid clinical expenses		386		693
Other assets		148		149
Long-term prepaid contract manufacturing costs		113		111
Total other assets	$	2,931	$	3,625

The Company has determined it operates in a single operating segment and has one reportable segment. The Company reviews for indicators of impairment on a quarterly basis, including changes in how its property is being used.

In May 2025, the Company made a decision to sublease its leased property in Palo Alto. The Company is actively marketing the leased building for sublease. In connection with the preparation of these condensed consolidated financial statements, the Company determined that the change in how this building is being used could indicate impairment. The Company identified this to-be-sublet property as a separate asset group for purposes of long-lived asset impairment assessment. The Company concluded that the carrying value of this to-be-sublet property asset group was not recoverable and the estimated fair value of this asset group was below its carrying value. The lower fair value of this asset group was mainly due to the lower estimated sublease income compared to the lease payments in accordance with the initial operating lease agreement and higher discount rate. The Company applied a discounted cash flow method to estimate fair value of its right-of-use asset and leasehold improvements. Based on this analysis, the Company concluded the fair value of the right-of-use asset and leasehold improvements of $1.5 million was lower than its net book value of $4.7 million. The Company recognized a pre-tax long-lived asset impairment charge of $3.2 million on the right-of-use asset and leasehold improvements in the second quarter of 2025. For the three months ended March 31, 2026, the Company has recognized no impairment on the right-of-use asset and leasehold improvements.

The following table presents the components of accrued expenses and other current liabilities as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025
Accrued clinical and nonclinical study costs	$	5,364	$	6,196
Other current liabilities		2,225		2,323
Accrued compensation and related expenses		1,804		4,356
Accrued contract manufacturing		1,504		1,341
Accrued property and equipment		210		206
Total accrued expenses and other current liabilities	$	11,107	$	14,422