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Property and Equipment, Net
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
The following table presents the components of the Company’s property and equipment, net ($ in thousands):
March 31, 2025December 31, 2024
Office equipment1,231 1,230 
Electronic equipment9,498 9,211 
Vehicle196 196 
Laboratory equipment20,537 20,516 
Manufacturing equipment17,525 17,493 
Leasehold improvements11,324 11,306 
Building24,084 — 
Construction in progress4,274 25,129 
88,669 85,081 
Less: accumulated depreciation(39,015)(37,120)
Property and equipment, net49,654 47,961 
Depreciation expense was $2.0 million and $2.2 million in the first quarter of 2025 and 2024, respectively.