Balance Sheet Components

6 Months Ended

Jun. 30, 2026

7.Balance Sheet Components

Restricted Cash

Restricted cash consists of cash pledged as collateral for stand-by letters of credit of $1.4 million and $1.3 million as of June 30, 2026 and December 31, 2025, respectively. Substantially all of the restricted cash relates to lease commitments and will remain restricted until the termination or modification of the underlying lease agreements. Restricted cash was classified as non-current in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.

Other Prepaid Expenses and Current Assets

Other prepaid expenses and current assets consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30,			December 31,
		2026			2025
Prepaid subscriptions		$	2,394		$	2,088
Interest receivable			2,088			1,343
Tax receivable			1,048			740
Stock options exercise proceeds receivable			724			—
Prepaid insurance			158			744
Prepaid credit voucher for clinical manufacturing			13			683
Other			978			1,142
Total other prepaid expenses and current assets		$	7,403		$	6,740

The prepaid credit voucher for clinical manufacturing was received by ACELYRIN in the third quarter of 2024 as part of an agreement to cancel certain services with a vendor under a manufacturing agreement related to the suspension of development of certain ACELYRIN programs. The prepaid credit voucher for clinical manufacturing may be used to settle invoices for services and raw materials from this vendor related to the lonigutamab product candidate. As of June 30, 2026, the prepaid credit voucher for clinical manufacturing included $13 thousand classified in other prepaid expenses and current assets and $0.9 million included in other assets, non-current.

Property and Equipment, Net

Property and equipment, net consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):


		Estimated Useful Life		June 30,			December 31,
		(in years)		2026			2025
Leasehold improvements		Shorter of useful life or lease term		$	18,018		$	17,655
Laboratory equipment		5			5,882			5,843
Furniture and fixtures		5			1,709			1,709
Computer equipment		5			896			896
Capitalized software		3			75			75
Total property and equipment, gross					26,580			26,178
Less: Accumulated depreciation and amortization					(9,733)			(7,988)
Total property and equipment, net				$	16,847		$	18,190

Depreciation and amortization expense was $0.8 million and $0.9 million for the three months ended June 30, 2026 and 2025, respectively and $1.7 million for each of the six months ended June 30, 2026 and 2025.

Other Accrued Expenses and Current Liabilities

Other accrued expenses and current liabilities consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30,			December 31,
		2026			2025
Accrued personnel and related expenses		$	9,708		$	17,825
Accrued professional services			6,570			4,397
Other			92			81
Total other accrued expenses and current liabilities		$	16,370		$	22,303