BALANCE SHEET ACCOUNTS

6 Months Ended

Jun. 30, 2026

NOTE 6 – BALANCE SHEET ACCOUNTS

Property and Equipment

The following table summarizes the Company’s major classes of property and equipment:

SCHEDULE OF PROPERTY AND EQUIPMENT

	June 30, 2026			December 31, 2025
	(in thousands)
Furniture and office equipment	$	154		$	148
Laboratory equipment		2,918			2,918
Computer equipment		127			127
Leasehold improvements		557			557
Manufacturing equipment		67			-
Construction in progress		4,727			2,347
Total gross carrying amount		8,550			6,097
Less: accumulated depreciation and amortization		(3,947	)		(3,927	)
Property and equipment, net	$	4,603		$	2,170

Depreciation expense for each of the three months ended June 30, 2026 and 2025 was $10 and $62, respectively. Depreciation expense for each of the six months ended June 30, 2026 and 2025 was $20 and $122, respectively.

Construction in progress is related to developments of the Company’s manufacturing and laboratory facilities in San Diego, California.

Accrued Expense

Accrued expenses consist of the following:

SCHEDULE OF ACCRUED EXPENSE

	June 30, 2026		December 31, 2025
	(in thousands)
Accrued research and development expenses	$	6,616	$	3,903
Accrued personnel-related expenses		754		1,440
Other		302		455
Total accrued expenses	$	7,672	$	5,798

As of June 30, 2026, the Company’s accrued research and development expenses were primarily attributable to ongoing clinical trial operations.