Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements. In connection with the Company’s lease agreement, the Company is required to maintain a collateral account to secure a letter of credit issued to its landlord. The collateral account is classified as restricted cash on the Company’s condensed balance sheets.

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


	As of March 31,		As of December 31,
	2026		2025
Prepaid expenses	$	5,917	$	4,622
Interest receivable		3,448		3,384
Prepaid bonus		340		361
Other current assets		110		1,152
Prepaid expenses and other current assets	$	9,815	$	9,519

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


	As of March 31,			As of December 31,
	2026			2025
Lab equipment	$	6,761		$	6,339
Furniture, fixtures, and office equipment		1,222			1,222
Leasehold improvements		717			717
Computer equipment		401			401
Construction in progress		—			107
Total property and equipment		9,101			8,786
Less: Accumulated depreciation and amortization		(4,773	)		(4,352	)
Property and equipment, net	$	4,328		$	4,434

Depreciation and amortization expense was $0.4 million for each of the three month periods ended March 31, 2026 and 2025.

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


	As of March 31,		As of December 31,
	2026		2025
Accrued research and development expense	$	4,932	$	5,179
Accrued employee compensation expense		1,621		5,606
Accrued general and administrative expense		912		915
Employee stock purchase plan liability		801		319
Other current liabilities		363		148
Accrued expenses and other current liabilities	$	8,629	$	12,167