Unbilled receivables were $0.9 million and $0.8 million as of June 30, 2026 and December 31, 2025, respectively. Current deferred revenue was $2.3 million and $3.2 million as of June 30, 2026 and December 31, 2025, respectively, and long-term deferred revenue was $0.3 million and nil as of June 30, 2026 and December 31, 2025, respectively.

During the three and six months ended June 30, 2026, the amount recognized as revenue that was previously deferred at March 31, 2026 and December 31, 2025 was $0.9 million and $1.5 million, respectively. During the three and six months ended June 30, 2025, the amount recognized as revenue that was previously deferred at March 31, 2025 and December 31, 2024 was $1.0 million and $2.1 million, respectively.

Prepaid expenses and other current assets consisted of the following as of June 30, 2026 and December 31, 2025:


(in thousands)	June 30, 2026		December 31, 2025
Prepaid expenses	$	1,904	$	1,991
xPloration related inventory	1,013		823
Other current assets	773		1,112
Total prepaid expenses and other current assets	$	3,690	$	3,926

Property and equipment, net, consisted of the following as of June 30, 2026 and December 31, 2025:


(in thousands)	June 30, 2026		December 31, 2025
Leasehold improvements	$	17,745	$	17,745
Lab and office equipment	10,302		10,178
Computer hardware and software	791		791
Construction in progress	—		46
Property and equipment, at cost	28,838		28,760
Less accumulated depreciation	(20,363)		(19,332)
Total property and equipment, net	$	8,475	$	9,428

Depreciation expense, which is included in operating expenses, was $0.6 million and $1.2 million during the three and six months ended June 30, 2026, respectively, and $0.8 million and $1.8 million during the three and six months ended June 30, 2025, respectively.

Accrued expenses and other current liabilities consisted of the following as of June 30, 2026 and December 31, 2025:


(in thousands)	June 30, 2026		December 31, 2025
Compensation	$	3,876	$	5,788
Professional service fees	136		262
Royalties owed to third parties	369		67
Other	118		174
Total accrued expenses and other current liabilities	$	4,499	$	6,291