Balance Sheet Components

9 Months Ended

Sep. 30, 2025

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). Depreciation expenses were $2.9 million and $2.9 million for the three months ended September 30, 2025 and 2024, respectively, and $8.6 million and $11.5 million nine months ended September 30, 2025 and 2024, respectively.

	Useful life (in years)	September 30, 2025		December 31, 2024
Leasehold improvements	8 - 12	$	56,453	$	53,992
Laboratory equipment	5	40,686		39,428
Furniture and fixtures	5	2,837		2,696
Computer equipment	3	2,679		2,778
Construction in progress	N/A	36		1,074
Property and equipment, gross		102,691		99,968
Less: accumulated depreciation		(44,488)		(36,785)
Total property and equipment, net		$	58,203	$	63,183

Accrued and Other Liabilities

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

	September 30, 2025		December 31, 2024
Research and development expenses	$	32,033	$	29,225
Payroll and related expenses	20,365		31,165
Excess funds payable under grant agreements	2,118		11,589
Operating lease liabilities, current	8,960		7,752
Other professional and consulting expenses	3,235		2,268
Other accrued expenses	1,664		3,874
Total accrued and other liabilities	$	68,375	$	85,873