Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

During the year ended December 31, 2024, leasehold improvements associated with the Company's GMP facility, which had been previously classified as construction in progress, were placed into service. The following table provides a summary of the major components of property and equipment as reflected on the consolidated balance sheets (in thousands):

	As of December 31,
	2024		2023
Furniture and fixtures	$	433	$	337
Machinery and equipment	3,192		1,557
Leasehold improvements	16,089		2,086
Construction in progress	—		14,540
Total property and equipment	19,714		18,520
Less: accumulated depreciation	(3,160)		(1,230)
Total property and equipment, net	$	16,554	$	17,290

Depreciation expense was $1.9 million and $0.7 million during the years ended December 31, 2024 and 2023, respectively.