v3.26.1
Accrued Expenses
6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Accrued Expenses
6.
ACCRUED EXPENSES

At June 30, 2026 and December 31, 2025, accrued expenses consisted of the following (in thousands):

 

 

As of
June 30, 2026

 

 

As of
December 31, 2025

 

Accrued compensation

 

$

20,098

 

 

$

9,467

 

Accrued clinical trial costs

 

 

13,368

 

 

 

8,336

 

Accrued other research and development costs

 

 

303

 

 

 

1,238

 

Professional services

 

 

2,893

 

 

 

895

 

Other accruals

 

 

560

 

 

 

510

 

Total

 

$

37,222

 

 

$

20,446

 

Accrued expenses increased by $16.8 million from December 31, 2025 to June 30, 2026, primarily driven by higher accrued compensation and accrued clinical trial costs. The increase in accrued compensation was primarily attributable to a $6.2 million increase in Director’s Deferred Share Unit-related accruals resulting from an increase in the Company's stock price in 2026 and a $5.7 million increase in accrued payroll taxes associated with settlements of RSUs expected to be made subsequent to June 30, 2026. The increase in accrued clinical trial costs was primarily attributable to increased expenses associated with the advancement of the Company's four Phase 3 clinical studies during the period.