Supplemental Financial Information

12 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Note 4—Supplemental Financial Information

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


	December 31, 2023			December 31, 2022
Leasehold improvements	$	2,117		$	2,091
Laboratory equipment		2,868			2,868
Computer equipment		1,133			1,115
Furniture and fixtures		864			898
Construction in progress		6,823			9,633
		13,805			16,605
Accumulated depreciation		(2,979	)		(1,642	)
Property, plant and equipment, net	$	10,826		$	14,963

In November 2022, the Company recognized a non-cash impairment charge of $36.4 million for the manufacturing facility asset group, of which $26.3 million relates to construction in progress and finance lease right-of-use assets. The impairment charge was estimated using a discounted cash flow model and recorded in the consolidated statements of operations for the year ended December 31, 2022. Property, plant and equipment, net includes $1.0 million and $1.3 million of assets capitalized as finance leases as of December 31, 2023 and December 31, 2022, respectively.

Depreciation expense was $1.4 million and $1.2 million for the years ended December 31, 2023 and 2022, respectively.

During the year ended December 31, 2023, the Company committed to a plan to sell specific pieces of equipment originally intended for use in the Company’s manufacturing facility in Durham, NC. The Company determined that this equipment met the requirements to be classified as held for sale. The sale is expected to be completed within one year. During the year ended December 31, 2023, the Company recorded an impairment loss of $0.6 million which was the difference between the carrying value and its estimated fair value less cost to sell.

Accrued expenses and other current liabilities consisted of the following (in thousands):


	December 31, 2023		December 31, 2022
Accrued research and development	$	3,467	$	8,190
Accrued compensation		3,423		2,519
Accrued clinical trial		1,851		1,473
Lease liabilities, current portion		1,646		1,521
Warrant liability		454		—
Accrued severance		390		1,463
Accrued professional and consulting fees		330		390
Accrued property, plant and equipment		—		2,081
Other		723		650
Total accrued expenses and other current liabilities	$	12,284	$	18,287

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


	December 31, 2023		December 31, 2022
Prepaid research and development	$	1,412	$	4,840
Prepaid clinical trial		802		2,119
Deferred offering costs		681		724
Prepaid insurance		292		388
Other		292		466
Total prepaid expenses and other current assets	$	3,479	$	8,537