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Balance Sheet Components
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consists of the following (in thousands):
As of December 31,
20252024
Accounts receivable and other receivables
$2,177 $2,171 
Prepaid clinical research & development costs
7,280 6,473 
Prepaid manufacturing and other research & development costs
10,249 16,196 
Other prepaid assets and other current assets
13,073 7,265 
Total prepaid expenses and other current assets$32,779 $32,105 
Property and Equipment, Net
 
Property and equipment, net consists of the following (in thousands):
As of December 31,
20252024
Leasehold improvements$47,755 $46,905 
Laboratory equipment
45,797 40,554 
Manufacturing equipment
17,493 15,998 
Computer equipment and purchased software
2,203 1,841 
Furniture and fixtures2,049 1,980 
Total property and equipment115,297 107,278 
Less: accumulated depreciation(62,895)(52,042)
Total property and equipment, net$52,402 $55,236 
Depreciation expense was $11.2 million, $7.8 million and $16.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Depreciation expense for the year ended December 31, 2023 includes $7.9 million of accelerated depreciation on leasehold improvements due to the Company terminating the previous SLC Lease in March 2023.
Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following (in thousands):
As of December 31,
20252024
Accrued compensation$32,179 $24,728 
Accrued clinical and other research & development costs
19,458 22,822 
Accrued manufacturing costs5,336 12,779 
Operating lease liability, current9,463 8,308 
Finance lease liability, current
83 3,726 
Deferred research and development funding liability, current21,101 14,129 
Other accrued costs and current liabilities7,401 4,579 
Total accrued expenses and other current liabilities$95,021 $91,071