Balance Sheet Components (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Balance Sheet Related Disclosures [Abstract] |
|
| Schedule of Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Prepaid research and development expenses |
$ |
— |
|
|
$ |
578 |
|
Short-term Italian research and development refundable tax credit, net |
|
1,284 |
|
|
|
— |
|
Short-term VAT receivable |
|
5,273 |
|
|
|
3,622 |
|
Prepaid insurance |
|
405 |
|
|
|
635 |
|
Prepaid expenses |
|
431 |
|
|
|
255 |
|
Other current assets |
|
24 |
|
|
|
54 |
|
Total prepaid expenses and other current assets |
$ |
7,417 |
|
|
$ |
5,144 |
|
|
| Schedule of Reserve for Foreign Research and Development Tax Credit |
The activity in the reserve for Italian research and development tax credit for the three months ended March 31, 2026 is as follows (in thousands):
|
|
|
|
|
March 31, 2026 |
|
Beginning balance as of December 31, 2025 |
$ |
— |
|
Reserve for Italian research and development tax credit |
|
(1,083 |
) |
Ending balance as of March 31, 2026 |
$ |
(1,083 |
) |
|
| Schedule of Other Assets |
Other assets consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Long-term VAT receivable |
$ |
— |
|
|
$ |
1,682 |
|
Equity investments in Lighthouse Pharmaceuticals, Inc. |
|
78 |
|
|
|
78 |
|
Total other assets |
$ |
78 |
|
|
$ |
1,760 |
|
|
| Schedule of Property and Equipment, Net |
Property and Equipment, Net Property and equipment, net consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Computer equipment |
$ |
65 |
|
|
$ |
66 |
|
Computer software |
|
31 |
|
|
|
32 |
|
Lab equipment |
|
1,051 |
|
|
|
1,076 |
|
Leasehold improvement |
|
37 |
|
|
|
38 |
|
Office furniture |
|
222 |
|
|
|
227 |
|
Less: accumulated amortization and depreciation |
|
(856 |
) |
|
|
(844 |
) |
Property and equipment, net |
$ |
550 |
|
|
$ |
595 |
|
|
| Schedule of Accrued Expenses and Other Current Liabilities |
Accrued expenses and other current liabilities consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Personnel expenses |
$ |
871 |
|
|
$ |
3,138 |
|
Research and development expenses |
|
1,752 |
|
|
|
6,966 |
|
Professional fees |
|
464 |
|
|
|
181 |
|
Current portion of operating lease liabilities |
|
113 |
|
|
|
115 |
|
Other |
|
176 |
|
|
|
208 |
|
Total accrued expenses and other current liabilities |
$ |
3,376 |
|
|
$ |
10,608 |
|
|
| Schedule of Accrued Severance and Related Expenses |
For the three months ended March 31, 2026 and 2025, the severance accrual activity was as follows (in thousands):
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
2026 |
|
|
2025 |
|
Beginning accrued severance |
$ |
42 |
|
|
$ |
— |
|
Incurred during the period |
|
1,391 |
|
|
|
413 |
|
Severance paid during the period |
|
(1,433 |
) |
|
|
(66 |
) |
Ending accrued severance |
$ |
— |
|
|
$ |
347 |
|
|
| Schedule of Other-Long Term Liabilities |
Other long-term liabilities consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Federal and state taxes payable |
$ |
1,040 |
|
|
$ |
773 |
|
Foreign taxes payable |
|
86 |
|
|
|
691 |
|
Other long-term liabilities |
|
70 |
|
|
|
106 |
|
Other long-term liabilities |
$ |
1,196 |
|
|
$ |
1,570 |
|
|