Cash and cash equivalents consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Cash	$	2,797	$	2,309
Commercial paper		—		11,272
Money market funds		47,847		24,302
U.S. government bonds		—		9,989
Total cash and cash equivalents	$	50,644	$	47,872

As of June 30, 2026, the Company’s investments consist primarily of available-for-sale debt investments. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s investments by major investments type are summarized in the table below (in thousands):


	June 30, 2026
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Corporate bonds	$	26,721	$	3	$	(45	)	$	26,679
U.S. government bonds		18,034		—		(27	)		18,007
Total investments	$	44,755	$	3	$	(72	)	$	44,686

	December 31, 2025
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Corporate bonds	$	27,800	$	17	$	—		$	27,817
Commercial paper		6,525		—		—			6,525
U.S. government bonds		26,903		21		—			26,924
Total investments	$	61,228	$	38	$	—		$	61,266

The following table summarizes, for all available-for-sale securities in an unrealized loss position as of June 30, 2026, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position (in thousands):


	June 30, 2026
	Less than 12 Months					12 Months or More				Total
	Estimated Fair Value		Gross Unrealized Holding Losses			Estimated Fair Value		Gross Unrealized Holding Losses		Estimated Fair Value		Gross Unrealized Holding Losses
Corporate bonds	$	22,322	$	(45	)	$	—	$	—	$	22,322	$	(45	)
U.S. government bonds		18,007		(27	)		—		—		18,007		(27	)
Total	$	40,329	$	(72	)	$	—	$	—	$	40,329	$	(72	)

As of December 31, 2025, all available-for-sale securities in an unrealized loss position had immaterial unrealized losses.

As of June 30, 2026, the available-for-sale investments had remaining contractual maturities within two years.

The Company periodically assesses whether the unrealized losses on its available-for-sale investments were temporary. The Company considers factors such as the severity and the reason for the decline in value, the potential recovery period and its intent to sell. For debt securities, the Company also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. Based on the results of its review, the Company did not recognize any credit related losses or other impairment loss during the three and six months ended June 30, 2026 and 2025.

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Holdback consideration receivable related to divestiture	$	—	$	4,000
Prepaid assets		943		1,015
Other current assets		833		1,121
Total prepaid expenses and other current assets	$	1,776	$	6,136

As of December 31, 2025, the Company recorded a $4.0 million receivable in prepaid expenses and other current assets for the holdbacks related to the closing of the divestiture of FibroGen International. On June 2, 2026, the Company received a $4.0 million payment from AstraZeneca, which is in full satisfaction of the final holdback. See Note 3, Discontinued Operations and Divestiture, for details.

Accrued and other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Preclinical and clinical trial accruals	$	4,716	$	3,066
API and bulk drug product price true-up		5,194		6,977
Payroll and related accruals		1,958		3,983
Accrued restructuring charge		211		537
Professional services		8,896		2,465
Current portion of liability related to sale of future revenues		215		1,334
Other		1,922		1,821
Total accrued and other current liabilities	$	23,112	$	20,183

The accrued liabilities of $5.2 million and $7.0 million for API and bulk drug product price true-up as of June 30, 2026 and December 31, 2025, respectively, resulted from changes in estimated variable consideration associated with the API shipments fulfilled under the terms of the Astellas Japan Amendment, and the bulk drug product transferred under the terms of the Astellas Europe Agreement and the Astellas EU Supply Agreement. See the Drug Product Revenue, Net section in Note 4, Collaboration Agreements, License Agreement and Revenues, for details.