v3.25.4
Balance Sheet Components
12 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Components

Note 3. Balance Sheet Components

Prepaid expenses

Prepaid expenses consist of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Prepaid research & development

 

$

436

 

 

$

2

 

Prepaid insurance

 

 

140

 

 

 

—

 

Total prepaid expenses

 

$

576

 

 

$

2

 

 

Property and equipment, net

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

 

 

December 31,

 

 

 

2025

 

 

2024

 

Construction-in-progress

 

$

750

 

 

$

689

 

Furniture

 

 

17

 

 

 

17

 

Computers and equipment

 

 

8

 

 

 

8

 

Property and equipment, gross

 

 

775

 

 

 

714

 

Less: accumulated depreciation

 

 

(25

)

 

 

(25

)

Property and equipment, net

 

$

750

 

 

$

689

 

 

The Company recognized no depreciation expense for years ended December 31, 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):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Accrued research & development

 

$

30

 

 

$

8

 

Accrued professional fees

 

 

236

 

 

 

2

 

Accrued compensation

 

 

469

 

 

 

—

 

Accrued other

 

 

4

 

 

 

25

 

Total accrued expenses

 

$

739

 

 

$

35