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Property and Equipment, Net
9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net consist of the following (in thousands):
September 30,
2025
December 31,
2024
Lab equipment$3,307 $3,259 
Manufacturing equipment7,700 6,326 
Office equipment30 19 
Leasehold improvements15,418 15,396 
Software285 285 
Construction in progress173 1,308 
Total property and equipment, cost26,913 26,593 
Less accumulated depreciation(13,429)(11,171)
Property and equipment, net$13,484 $15,422 
The Company recorded depreciation and amortization expense of $0.8 million and $0.8 million for the three months ended September 30, 2025 and 2024, respectively, and recorded $2.3 million and $2.4 million for the nine months ended September 30, 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 nine months ended September 30, 2025 there were no impairment losses, and for the nine months ended September 30, 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