Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Balance Sheet Components

Property and Equipment, net

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

	Useful life (in years)	September 30, 2024		December 31, 2023
Laboratory equipment	5	$	40,963	$	43,728
Computer equipment	3	2,615		2,783
Furniture and fixtures	5	2,553		2,887
Leasehold improvements	8 - 12	53,140		80,290
Construction in progress	N/A	713		226
Property and equipment, gross		99,984		129,914
Less accumulated depreciation		(35,193)		(33,896)
Total property and equipment, net		$	64,791	$	96,018

Depreciation expenses were $2.9 million and $4.5 million for the three months ended September 30, 2024 and 2023, respectively, and $11.5 million and $14.6 million for the nine months ended September 30, 2024 and 2023, respectively.

Accrued and Other Liabilities

Accrued and other liabilities consist of the following (in thousands):

	September 30, 2024		December 31, 2023
Payroll and related expenses	31,369		41,322
Research and development expenses	$	26,330	$	33,129
Operating lease liabilities, current	19,408		12,867
Excess funds payable under grant agreements	9,720		9,202
Other professional and consulting expenses	2,656		3,418
Net profit-sharing amount	1,100		—
Other accrued expenses	4,075		4,282
Total accrued and other liabilities	$	94,658	$	104,220