5. Prepaid Expenses and Other Current Assets

At June 30, 2026 and December 31, 2025, prepaid expenses and other current assets consist of the following (in thousands):


	As of
	June 30,		December 31,
	2026		2025
Prepaid external research and development expenses	$	8,361	$	6,509
Other receivables		1,959		2,799
Prepaid other		1,884		1,450
Prepaid software		1,851		3,905
Prepaid compensation expense		702		950
Prepaid professional services expense		259		1,276
Prepaid insurance		79		695
	$	15,095	$	17,584

At June 30, 2026 and December 31, 2025, other long-term assets consist of the following (in thousands):


	As of
	June 30,		December 31,
	2026		2025
Deferred financing costs related to undrawn debt	$	1,321	$	—
Prepaid other		1,156		604
Prepaid external research and development expenses		249		2,588
Prepaid insurance		41		39
	$	2,767	$	3,231