| Balance Sheet Details |
Balance Sheet Details Inventory Inventory consisted of the following: | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | | Work-in-process | $ | 2,585 | | | $ | 2,004 | | | Finished goods | 903 | | | 18 | | | $ | 3,488 | | | $ | 2,022 | |
Inventory balances include the capitalization of PALSONIFY manufacturing costs following the regulatory approval in September 2025. PALSONIFY inventory produced prior to approval was expensed as research and development. There were no write-downs of inventory during the three and six months ended June 30, 2026 and 2025. Prepaid expenses and other assets Prepaid expenses and other assets consisted of the following: | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | | Prepaid clinical costs | $ | 19,849 | | | $ | 19,547 | | | Interest receivable | 9,566 | | | 7,758 | | | Deferred compensation plan | 5,906 | | | 3,249 | | | Prepaid research and development costs | 3,203 | | | 2,901 | | | Prepaid subscriptions | 2,447 | | | 1,255 | | Loyal preferred stock (see Note 7) | 2,000 | | | 2,000 | | | Other | 4,714 | | | 3,456 | | | Total prepaid expenses and other assets | 47,685 | | | 40,166 | | | Less prepaid expenses and other current assets | (23,144) | | | (17,839) | | | Prepaid expenses and other assets, net of current portion | $ | 24,541 | | | $ | 22,327 | |
Property and Equipment, net Property and equipment, net consisted of the following: | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | | Leasehold improvements | $ | 10,139 | | | $ | 10,003 | | | Lab equipment | 10,748 | | | 9,960 | | | Office equipment | 2,204 | | | 2,225 | | | Computers and software | 89 | | | 60 | | | Property and equipment at cost | 23,180 | | | 22,248 | | | Less accumulated depreciation and amortization | (10,107) | | | (7,952) | | | Total | $ | 13,073 | | | $ | 14,296 | |
Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | | Accounts payable | $ | 13,248 | | | $ | 22,611 | | | Accrued clinical trial costs | 10,213 | | | 7,369 | | | Accrued outside services and professional fees | 6,191 | | | 4,430 | | | Accrued research and development costs | 5,628 | | | 4,506 | | Accrued transaction-related costs (see Note 13) | 2,281 | | | — | | | Other accrued expenses | 4,878 | | | 2,854 | | | Total | $ | 42,439 | | | $ | 41,770 | |
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