v3.26.3
Property and Equipment
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Property, Plant and Equipment [Abstract]    
Property and Equipment
5.
Property and Equipment
Property and equipment, net consisted of the following (in thousands):
 
     As of
June 30,
2026		      As of
December 31,
2025		  
Lab equipment
    $ 2,641      $ 4,373  
Computers and software
      903        896  
Leasehold improvements
      51        1,054  
Furniture and fixtures
      —         1,853  
  
 
 
     
 
 
  
Total property and equipment
      3,595        8,176  
Less accumulated depreciation and amortization
      3,498        4,960  
  
 
 
     
 
 
  
Property and equipment, net
    $ 97      $ 3,216  
  
 
 
     
 
 
  
Depreciation and amortization expense related to property and equipment was $1.3 million and $1.5 million for the three and six months ended June 30, 2026, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 2025, respectively.
In connection with the termination of the Company’s headquarters lease effective May 31, 2026 (see Note 7—Lease Agreements), the Company shortened the estimated useful lives of the leasehold improvements at that facility to coincide with the termination date. This change in estimate resulted in additional depreciation expense of approximately $0.8 million during the three and six months ended June 30, 2026.
Separately, in connection with the Merger and the Company’s decision to wind down its research and development activities, the Company reassessed the estimated useful lives of certain property and equipment that are no longer expected to be used over their previously estimated service periods. As a result of shortening these useful lives, the Company recognized additional accelerated depreciation of approximately $0.3 million during the three and six months ended June 30, 2026, which is included in operating expenses in the condensed statements of operations and comprehensive loss.
In connection with the same facility exit, the Company determined that certain furniture and fixtures and laboratory equipment located at the facility would not be relocated and would be disposed of. The Company concluded these circumstances indicated that the carrying amounts of the affected assets may not be recoverable and, as the assets were not expected to generate future cash flows, wrote them down to their estimated fair value. The Company recognized impairment losses of $1.4 million on furniture and fixtures and $0.2 million on laboratory equipment, totaling $1.6 million, for the three and six months ended June 30, 2026, of which approximately $1.1 million was recorded in research and development expense and approximately $0.5 million was recorded in general and administrative expense in the condensed statements of operations and comprehensive loss. No impairment losses were recognized for the three and six months ended June 30, 2025.
5.
Property and Equipment
Property and equipment, net consisted of the following (in thousands):
 
     As of December 31,  
     2025      2024  
Lab equipment
    $ 4,373      $ 4,338  
Computers and software
      896        895  
Leasehold improvements
      1,054        981  
Furniture and fixtures
      1,853        1,816  
  
 
 
     
 
 
  
Total property and equipment
      8,176        8,030  
Less accumulated depreciation and amortization
      4,960        3,709  
  
 
 
     
 
 
  
Property and equipment, net
    $ 3,216      $ 4,321  
  
 
 
     
 
 
  
Depreciation and amortization expense related to property and equipment was $1.3 million and $1.1 million for the years ended December 31, 2025 and 2024, respectively.