3. Balance Sheet Account Detail

The composition of selected captions within the accompanying condensed Balance Sheets are summarized below:

Property and Equipment, Net

The components of “property and equipment, net” as of September 30, 2025 and December 31, 2024 are as follows:


(in thousands)	As of September 30, 2025			As of December 31, 2024
Office equipment	$	573		$	488
Furniture and fixtures		144			91
Leasehold improvements		340			80
Construction in progress		380			—
Software		178			—
Total		1,615			659
Less: accumulated depreciation		(428	)		(399	)
Property and equipment, net	$	1,187		$	260

"Depreciation expense" for the three months ended September 30, 2025 and 2024 was $0.1 million and less than $0.1 million, respectively. Depreciation expense for the nine months ended September 30, 2025 and 2024 was $0.2 million and $0.1 million, respectively. The Company has not recognized any impairment loss for any long-lived assets for the three and nine months ended September 30, 2025 and 2024.

Accrued Liabilities

The components of “accrued liabilities” as of September 30, 2025 and December 31, 2024 are as follows:


(in thousands)	As of September 30, 2025		As of December 31, 2024
Accrued sales agent commissions	$	1,617	$	1,420
Accrued clinical studies		352		529
Liability associated with stock option exercises prior to vesting		81		112
Accrued professional fees		811		90
Other accrued expenses		325		536
Total accrued liabilities	$	3,186	$	2,687

CARLSMED, INC. 10-Q