Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Prepaid and other current assets

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


	June 30, 2026		December 31, 2025
Prepaid general and administrative	$	1,347	$	1,170
Prepaid research and development	61		441
Tax-related receivable	26		848
Prepaid contract research organization expenses	163		431
Other current assets	76		148
Total prepaid and other current assets	$	1,673	$	3,038

Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Land	$	20,400	$	—
Building	91,515		—
Office furniture and computer equipment	501		509
Total property, plant and equipment, gross	112,416		509
Less: accumulated depreciation	(638)		(383)
Total property, plant and equipment, net	$	111,778	$	126

Depreciation expense was $0.2 million and nominal for the three months ended June 30, 2026 and 2025, respectively, and $0.3 million and $0.5 million for the six months ended June 30, 2026 and 2025, respectively, in the condensed consolidated statements of operations and comprehensive loss. In March 2025, the Tarzana facility was classified as held for sale, and accordingly, depreciation ceased upon such classification.

In May 2026, the Company determined that the Tarzana facility no longer met the criteria for classification as held for sale and reclassified the asset as held and used. Accordingly, the carrying value of the building was adjusted to reflect the depreciation that would have been recognized had the Tarzana facility been continuously classified as held and used, as described in Note 2. Depreciation on the adjusted carrying value resumed prospectively in June 2026 and is reflected in accumulated deprecation above. See Note 2 and Note 14.

Accrued Expenses and Other Current Liabilities

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


	June 30, 2026		December 31, 2025
Accrued compensation and benefits	$	1,275	$	2,517
Accrued operational expenses	320		43
Accrued restructuring costs	155		155
Accrued research, development and clinical trial expenses	367		977
Operating lease liabilities, current	393		372
Total accrued expenses and other current liabilities	$	2,510	$	4,064