| Balance Sheet Components |
Balance Sheet Components Prepaid expenses and other current assets consist of the following (amounts in thousands): | | | | | | | | | | | | | | | | March 31,
2025 | | | December 31,
2024 | | Research and development expenses | $ | 8,528 | | | | $ | 6,314 | | | Value added tax receivable | 1,752 | | | | 1,528 | | Interest receivable | 1,344 | | | | 287 | | Insurance related expenses | 375 | | | | 840 | | | Other | 1,606 | | | | 1,495 | | | $ | 13,605 | | | | $ | 10,464 | |
Accrued expenses and other current liabilities consist of the following (amounts in thousands): | | | | | | | | | | | | | | | | March 31,
2025 | | | December 31,
2024 | Research and development expenses* | $ | 11,692 | | | | $ | 38,063 | | | Personnel related expenses | 2,670 | | | | 9,465 | | | Professional fees | 1,602 | | | | 1,782 | | Income tax liability | 1,492 | | | | 835 | | Interest payable | 883 | | | | — | | Operating lease | 629 | | | | 602 | | | Other | 102 | | | | 108 | | | $ | 19,070 | | | | $ | 50,855 | | ∗Includes accrued contract termination costs of $4.3 million as of March 31, 2025 and $30.3 million as of December 31, 2024. See Note 8. |
Property and equipment, net consisted of the following (amounts in thousands): | | | | | | | | | | | | | March 31,
2025 | | December 31,
2024 | | Computer equipment | $ | 768 | | | $ | 768 | | | Office furniture | 724 | | | 724 | | Other | 43 | | | 43 | | | Property and equipment, at cost | 1,535 | | | 1,535 | | | Less: Accumulated depreciation | (854) | | | (791) | | | Property and equipment, net | $ | 681 | | | $ | 744 | |
The following table provides a reconciliation of changes, net of applicable income taxes, in other accumulated comprehensive income (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
March 31, 2025 | | Three Months Ended
March 31, 2024 | Foreign currency translation adjustment: | | | | | | | | | Beginning balance | | | | | $ | 1,426 | | | $ | 203 | | Foreign currency translation adjustment during period | | | | | 643 | | | (25) | | Ending balance | | | | | $ | 2,069 | | | $ | 178 | | | | | | | | | | Unrealized gain on available for sale securities: | | | | | | | | | Beginning balance | | | | | $ | 2,787 | | | $ | 1,290 | | Unrealized holding gain on available for sale securities during period, net of tax of $0.3 million in 2024 | | | | | 6 | | | 874 | | Reclassification adjustment for realized net gain on available for sale marketable securities included in net loss, net of tax of $0.8 million in 2025 and $0.2 million in 2024 | | | | | (2,787) | | | (719) | | Ending balance | | | | | $ | 6 | | | $ | 1,445 | |
|