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Property and Equipment, net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
Property and equipment, net consisted of the following (in thousands):
December 31,
20252024
Laboratory equipment$8,563 $10,988 
Leasehold improvements2,156 2,118 
Furniture and Fixture1,832 1,775 
Computer equipment and software1,105 1,105 
Construction-in-progress153 346 
Total property and equipment, gross13,809 16,332 
Less: Accumulated depreciation(10,869)(10,807)
Total property and equipment, net$2,940 $5,525 
Depreciation expense during the years ended December 31, 2025 and 2024 was $1.7 million and $2.1 million, respectively.
In the fourth quarter of 2025, the Company committed to a plan to sell certain laboratory equipment that was no longer required following the restructuring of operations initiated May 1, 2025. Management determined that the asset met the criteria for classification as held for sale in accordance with ASC 360, "Property, Plant and Equipment."
The Company intends to divest these assets as part of their strategic realignment of resources, focusing on the development of PLN-101095 and the drug discovery platform. The assets were measured at the lower of their carrying value or fair value less cost to sell, and reclassified to "Property and equipment held for sale" within current assets on the Balance Sheets as of December 31, 2025. Depreciation ceased to be recognized on the assets after the date of its held-for-sale classification.
December 31,
20252024
Laboratory equipment held for sale$1,040 $— 
Impairment loss recognized— — 
Total property and equipment held for sale, net$1,040 $—