Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment, net as of December 31, 2023 and 2022 consisted of the following (in thousands):


	December 31,
	2023			2022
Laboratory equipment	$	49,567		$	43,592
Computer equipment		7,970			7,766
Furniture and office equipment		3,820			5,342
Computer software		1,965			1,069
Construction in progress		3,405			7,625
Leasehold improvements		74,734			72,403
Total property and equipment, at cost		141,461			137,797
Less: Accumulated depreciation		(73,234	)		(54,350	)
Property and equipment, net	$	68,227		$	83,447

Depreciation expense was $20.5 million, $19.2 million and $12.3 million for the year ended December 31, 2023, 2022 and 2021, respectively. See Note 10, Leases for details regarding the impairment loss we recognized for certain leasehold improvements for the year ended December 31, 2023.