Property and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

7. Property and equipment, net

Property and equipment, net consists of the following:

	June 30, 2024			December 31, 2023
	(in thousands)
Laboratory equipment	$	56,466		$	51,643
Leasehold improvements		33,848			31,361
Construction in progress		39,899			26,332
Computer equipment, software, and other		5,006			3,124
Total property and equipment, at cost		135,219			112,460
Less: Accumulated depreciation		(49,310	)		(41,771	)
Property and equipment, net	$	85,909		$	70,689

Depreciation expense was $3.9 million and $4.5 million for the three months ended June 30, 2024 and 2023, respectively, and $7.6 million and $8.8 million for the six months ended June 30, 2024 and 2023, respectively.