Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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

Schedule of Accrued Expenses and Other Current Liabilities

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.

Schedule of Property and Equipment, Net

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

Schedule of Reconciliation of Changes, Net of Applicable Income Taxes

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