v3.26.1
Balance Sheet Components
 3 Months Ended
Mar. 31, 2026
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):
March 31, 2026December 31, 2025
Prepaid general and administrative$941 $1,170 
Prepaid research and development124 441 
Tax-related receivable28 848 
Prepaid contract research organization expenses276 431 
Other current assets143 148 
Total prepaid and other current assets$1,512 $3,038 
Property, Plant and Equipment, Net
Property, plant and equipment, net consisted of the following (in thousands):
March 31, 2026December 31, 2025
Office furniture and computer equipment$501 $509 
Less: accumulated depreciation(389)(383)
Total property, plant and equipment, net$112 $126 
Depreciation expense was nil and $0.5 million for the three months ended March 31, 2026 and 2025, respectively, in the condensed consolidated statements of operations and comprehensive loss. In March 2025, the Tarzana facility was classified as held for sale, and accordingly, depreciation ceased upon such classification.
As of March 31, 2026, the Company had $112.1 million in assets related to the Tarzana facility on the condensed 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 its 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. As a result, the Company recognized an impairment of long-lived assets held for sale of nil and $16.6 million related to the building and land during the three months ended March 31, 2026 and 2025, respectively.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
 March 31, 2026December 31, 2025
Accrued compensation and benefits$2,252 $2,517 
Accrued operational expenses178 43 
Accrued restructuring costs155 155 
Accrued research, development and clinical trial expenses1,159 977 
Operating lease liabilities, current186 372 
Total accrued expenses and other current liabilities$3,930 $4,064