Property and Equipment, Net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

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


	March 31, 2025		December 31, 2024
Lab equipment	$	3,297	$	3,259
Manufacturing equipment	6,326		6,326
Office equipment	19		19
Leasehold improvements	15,396		15,396
Software	285		285
Construction in progress	1,403		1,308
Total property and equipment, cost	26,726		26,593
Less accumulated depreciation	(11,919)		(11,171)
Property and equipment, net	$	14,807	$	15,422

The Company recorded depreciation and amortization expense of $0.7 million and $0.8 million for the three months ended March 31, 2025 and 2024, respectively.

Management has reviewed its property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset might not be recoverable. During the three months ended March 31, 2025 there were no impairment losses and for the three months ended March 31, 2024, the Company recorded impairment losses on idle equipment of $0.1 million. Impairment losses are charged to research and development expenses in the condensed consolidated statement of operations. Fair value for the idle assets was determined by a quoted purchase price for the assets