Property and equipment, net consist of the following:


(in thousands)	June 30, 2026			December 31, 2025
Laboratory equipment	$	6,765		$	6,723
Office furniture and equipment		1,583			1,583
Leasehold improvements(1)		—			203
Property and equipment, gross		8,348			8,509
Less: accumulated depreciation and amortization		(7,277	)		(7,139	)
Total property and equipment, net	$	1,071		$	1,370

(1)

All leasehold improvements remained with AnaptysBio as part of the Spin-Off.

Accrued expenses consist of the following:


(in thousands)	June 30, 2026		December 31, 2025
Accrued compensation and related expenses	$	1,969	$	10,636
Accrued professional fees and other expenses		1,067		3,156
Accrued research, development and manufacturing expenses		4,422		12,040
Total accrued expenses	$	7,458	$	25,832

Pursuant to the Separation and Distribution Agreement, all accrued expenses prior to the Spin-Off were retained by AnaptysBio.

Prepaid expenses and other current assets consist of the following:


(in thousands)	June 30, 2026		December 31, 2025
Receivable from AnaptysBio	$	4,226	$	—
Prepaid clinical development		2,470		2,851
Receivable from option exercises		848		29
Other current assets		2,183		1,882
Total prepaid expenses and other current assets	$	9,727	$	4,762