3. Balance Sheet Accounts and Supplemental Disclosures Property and Equipment, Net Property and equipment, net consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Leasehold improvements(1) |
|
$ |
203 |
|
|
$ |
203 |
|
|
$ |
203 |
|
Less: accumulated depreciation and amortization |
|
|
(101 |
) |
|
|
(92 |
) |
|
|
(72 |
) |
Total property and equipment, net |
|
$ |
102 |
|
|
$ |
111 |
|
|
$ |
131 |
|
(1)All leasehold improvements remained with AnaptysBio as part of the Spin-Off. Accrued Expenses Accrued expenses consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Accrued compensation and related expenses |
|
$ |
5,872 |
|
|
$ |
11,094 |
|
|
$ |
8,449 |
|
Accrued professional fees and other expenses |
|
|
4,411 |
|
|
|
4,796 |
|
|
|
839 |
|
Accrued research, development and manufacturing expenses |
|
|
14,289 |
|
|
|
16,402 |
|
|
|
30,213 |
|
Accrued for repurchases of common stock |
|
|
— |
|
|
|
382 |
|
|
|
— |
|
Accrued liability - First Tracks Biotherapeutics |
|
|
4,226 |
|
|
|
— |
|
|
|
— |
|
Total accrued expenses |
|
$ |
28,798 |
|
|
$ |
32,674 |
|
|
$ |
39,501 |
|
Accrued research, development and manufacturing expenses include amounts incurred prior to the Spin-Off. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Other Receivables |
|
$ |
2,761 |
|
|
$ |
— |
|
|
$ |
— |
|
Income taxes receivable |
|
|
3,238 |
|
|
|
— |
|
|
|
— |
|
Prepaid expenses |
|
|
2,651 |
|
|
|
— |
|
|
|
1,178 |
|
Total prepaid expenses and other assets |
|
$ |
8,650 |
|
|
$ |
— |
|
|
$ |
1,178 |
|
|