v3.25.3
Balance Sheet Components
9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Balance Sheet Components [Abstract]    
Balance Sheet Components
Note 3. Balance Sheet Components
Property and equipment, net
Property and equipment, net consists of the following (in thousands):
 
 
  
September 30,
2025
 
  
December 31,
2024
 
Construction-in-progress
  
$
689
 
  
$
689
 
Furniture
  
 
17
 
  
 
17
 
Computers and equipment
  
 
8
 
  
 
8
 
 
  
 
 
 
  
 
 
 
Property and equipment, gross
  
 
714
 
  
 
714
 
Less: accumulated depreciation
  
 
(25
) 
  
 
(25
) 
 
  
 
 
 
  
 
 
 
Property and equipment, net
  
$
 689
 
  
$
 689
 
 
  
 
 
 
  
 
 
 
The Company recognized no depreciation expense for three and nine months ended September 30, 2025 and 2024. Costs for long-lived assets not yet placed into service are capitalized as
construction-in-progress
and depreciated once placed into service.
Accrued Expenses
Accrued expenses consist of the following (in thousands):
 
 
  
September 30,
2025
 
  
December 31,
2024
 
Accrued research & development
  
$
364
 
  
$
8
 
Accrued professional fees
  
 
838
 
  
 
2
 
Accrued compensation
  
 
42
 
  
 
— 
 
Accrued other
  
 
22
 
  
 
25
 
 
  
 
 
 
  
 
 
 
Total accrued expenses
  
$
 1,266
 
  
$
 35
 
 
  
 
 
 
  
 
 
 
Note 5. Balance Sheet Components
Property and equipment, net
Property and equipment, net consists of the following (in thousands):
 
    
December 31,
 
    
2024
    
2023
 
Construction-in-progress
   $ 689      $ 689  
Furniture
     17        17  
Computers and equipment
     8        8  
  
 
 
    
 
 
 
Property and equipment, gross
     714        714  
Less: Accumulated depreciation
     (25 )       (25 ) 
  
 
 
    
 
 
 
Property and equipment, net
   $  689      $  689  
  
 
 
    
 
 
 
The Company recognized no depreciation expense for each of the years ended December 31, 2024 and 2023. Costs for long-lived assets not yet placed into service are capitalized as construction-in-progress and depreciated once placed into service. The Company assesses impairment on an annual basis. As of each of December 31, 2024 and 2023, there was no impairment identified on property and equipment.
Accrued Expenses
Accrued expenses consist of the following (in thousands):
 
    
December 31,
 
    
2024
    
2023
 
Accrued other
   $ 25      $ 37  
Accrued research and development costs
     8        859  
Accrued Professional fees
     2       
—
 
 
  
 
 
    
 
 
 
Total accrued expenses
   $   35      $   896