Property and equipment, net balances consisted of the following:


(in thousands)	June 30, 2026			December 31, 2025
Research equipment	$	14,291		$	14,942
Computers and software		948			1,069
Office equipment and furniture		402			604
Leasehold improvements		2,600			2,612
Total		18,241			19,227
Less accumulated depreciation and amortization		(12,878	)		(12,491	)
Property and equipment, net	$	5,363		$	6,736

Depreciation and amortization expense was $0.6 million and $1.3 million for the three and six months ended June 30, 2026, respectively, and $0.8 million and $1.6 million for the three and six months ended June 30, 2025, respectively.

Accrued liabilities consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025
Accrued compensation	$	7,763	$	6,948
Cystic Fibrosis Foundation liability		5,882		6,394
Current portion of operating lease liabilities		3,967		4,214
Accrued facilities costs		840		1,400
Clinical trial accruals		851		399
Legal accrual		131		771
Other accrued research and development expenses		3,412		3,772
Total	$	22,846	$	23,898

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited condensed consolidated statement of cash flows:


(in thousands)	June 30, 2026		June 30, 2025
Cash and cash equivalents	$	191,483	$	196,467
Restricted cash		—		55,000
Non-current restricted cash		2,028		1,885
Total cash, cash equivalents and restricted cash	$	193,511	$	253,352

Restricted cash includes cash required to be set aside as security for lease payments and to maintain a letter of credit for the benefit of the landlord of the Company’s offices. As of June 30, 2026 and 2025, the Company had restricted cash of $2.0 million and $1.9 million, respectively, in conjunction with property leases in San Diego, California, and such restriction is expected to be removed at the end of the lease term. As of June 30, 2025, restricted cash also included $55.0 million pledged as collateral pursuant to the Company's former security agreement with Wells Fargo Bank, National Association, which was terminated in December 2025.