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Property and Equipment, net
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
Property and equipment, net consisted of the following (in thousands):
  As of June 30, 2026As of December 31, 2025
Laboratory equipment$7,857 $8,563 
Leasehold improvements2,156 2,156 
Furniture and fixtures
1,832 1,832 
Computer equipment and software
1,105 1,105 
Construction-in-progress152 153 
Total property and equipment, gross13,102 13,809 
Less: Accumulated depreciation(10,688)(10,869)
Total property and equipment, net$2,414 $2,940 
Depreciation expense was $0.2 million and $0.5 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $0.9 million for the three and six months ended June 30, 2025, respectively.
In the fourth quarter of 2025, the Company committed to a plan to sell certain laboratory equipment that was no longer required following the restructuring of operations initiated May 1, 2025. Management determined that the assets met the criteria for classification as held for sale in accordance with ASC 360, "Property, Plant and Equipment."
The Company intended to divest these assets as part of their strategic realignment of resources, focusing on the development of PLN-101095 and the drug discovery platform. The assets were measured at the lower of their carrying value or fair value less cost to sell, and reclassified to "Property and equipment held for sale" within current assets on the Balance Sheets as of December 31, 2025. Depreciation ceased to be recognized on the assets after the date of their held-for-sale classification.
Laboratory equipment held for sale: (in thousands):
As of June 30, 2026As of December 31, 2025
Laboratory equipment held for sale906 1,040 
Total property and equipment held for sale906 1,040