Accrued Expenses

9 Months Ended

Sep. 30, 2026

5. Accrued Expenses

Accrued expenses consist of the following (in thousands):


	As of
	September 30,		December 31,
	2026		2025
Payroll and employee-related costs	$	11,432	$	12,966
Research costs		12,836		16,247
Acquired in-process research and development costs		12,500		—
Collaboration costs		39,493		53,567
Licensing fees		1,014		874
Professional fees		3,316		3,749
Intellectual property costs		903		1,382
Other		524		622
Total	$	82,018	$	89,407