The Company considers all highly liquid instruments with an original maturity of three months or less at time of purchase to be cash equivalents. Cash equivalents, which include amounts invested in money market funds, are stated at fair value.

Restricted cash as of June 30, 2024 relates to the letters of credit established for the Company’s office leases.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands):


	June 30, 2024		December 31, 2023
Cash	$	2,939	$	8,488
Cash equivalents		154,365		216,622
Cash and cash equivalents		157,304		225,110
Restricted cash		1,032		1,032
Cash, cash equivalents and restricted cash	$	158,336	$	226,142

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Prepaid research and development costs	$	4,130	$	2,617
Prepaid insurance		309		704
Other prepaid expenses		831		760
Other current assets		—		63
Total prepaid expenses and other current assets	$	5,270	$	4,144

Property and equipment, net, consisted of the following (in thousands):


	June 30, 2024			December 31, 2023
Leasehold improvements	$	17,245		$	17,245
Laboratory equipment		1,832			1,832
Furniture and fixtures		692			692
Computer equipment and software		33			33
Construction in progress		4			—
Total property and equipment, gross		19,806			19,802
Less: accumulated depreciation		(6,104	)		(5,029	)
Total property and equipment, net	$	13,702		$	14,773

The Company recognized depreciation for property and equipment of $0.5 million for each of the three months ended June 30, 2024 and 2023, and $1.1 million for each of the six months ended June 30, 2024 and 2023.

Accrued liabilities consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Accrued research and development expenses	$	6,538	$	4,027
Accrued compensation		2,766		5,607
Accrued professional services		1,240		501
Other accrued expenses		113		100
Total accrued liabilities	$	10,657	$	10,235