3. Balance Sheet Account Detail

The composition of selected captions within the accompanying Condensed Balance Sheets are summarized below:

Property and Equipment, Net

The components of “property and equipment, net” as of June 30, 2026 and December 31, 2025 are as follows:


(in thousands)	As of June 30, 2026			As of December 31, 2025
Office equipment	$	808		$	671
Furniture and fixtures		406			144
Leasehold improvements		324			355
Construction in progress		1,051			524
Software		537			319
Total		3,126			2,013
Less: accumulated depreciation		(726	)		(526	)
Property and equipment, net	$	2,400		$	1,487

“Depreciation expense” for the three months ended June 30, 2026 and 2025 was $0.1 million and $0.1 million, respectively. “Depreciation expense” for the six months ended June 30, 2026 and 2025 was $0.2 million and $0.1 million, respectively. The Company has not recognized any impairment loss for any long-lived assets for the three and six months ended June 30, 2026 and 2025.

Accrued Liabilities

The components of “accrued liabilities” as of June 30, 2026 and December 31, 2025 are as follows:


(in thousands)	As of June 30, 2026		As of December 31, 2025
Accrued sales agent commissions	$	2,128	$	1,793
Accrued professional and legal fees		945		560
Other accrued expenses		1,040		934
Total accrued liabilities	$	4,113	$	3,287