The following table presents the components of prepaid expenses and other current assets as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30,		December 31,
	2026		2025
Prepaid clinical expenses	$	2,810	$	4,020
Interest and investment receivables		1,171		298
Prepaid expenses		658		1,069
Other current assets		542		20
Prepaid insurance		47		530
Total prepaid expenses and other current assets	$	5,228	$	5,937

The following table presents the components of property and equipment, net as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30,			December 31,
	2026			2025
Computer hardware and software	$	416		$	461
Laboratory equipment		299			1,844
Leasehold improvements		224			709
Furniture and fixtures		165			165
Property and equipment, gross		1,104			3,179
Less: accumulated depreciation		(938	)		(1,979	)
Property and equipment, net	$	166		$	1,200

Depreciation was $0.1 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively. Depreciation was $0.2 million and $0.4 million for the six months ended June 30, 2026 and 2025, respectively.

During the three months and six months ended June 30, 2026, the Company disposed of property and equipment, which consisted of laboratory equipment with a carrying amount of $0.4 million and leasehold improvements with a net carrying amount of $0.4 million, as a result of the Palo Alto lease termination (see Note 6 “Leases”). These disposals included sale of certain laboratory equipment for total proceeds of $0.2 million. For the three months and six months ended June 30, 2026, the Company incurred losses on disposal of fixed assets of $0.2 million.

The following table presents the components of other assets as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30,		December 31,
	2026		2025
Finance lease right-of-use assets	$	1,035	$	1,513
Long-term prepaid clinical expenses		402		693
Operating lease right-of-use assets		235		1,159
Other assets		280		149
Long-term prepaid contract manufacturing costs		98		111
Total other assets	$	2,050	$	3,625

The following table presents the components of accrued expenses and other current liabilities as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30,		December 31,
	2026		2025
Accrued clinical and nonclinical study costs	$	6,177	$	6,196
Accrued compensation and related expenses		2,709		4,356
Other current liabilities		1,764		2,323
Accrued contract manufacturing		1,104		1,341
Accrued property and equipment		—		206
Total accrued expenses and other current liabilities	$	11,754	$	14,422