Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

8. Property and equipment, net

Property and equipment, net consists of the following:


	December 31, 2024			December 31, 2023
	(in thousands)
Laboratory equipment	$	52,957		$	51,643
Leasehold improvements		33,344			31,361
Construction in progress		40,337			26,332
Computer equipment, software, and other		4,836			3,124
Total property and equipment, at cost		131,474			112,460
Less: Accumulated depreciation		(54,166	)		(41,771	)
Property and equipment, net	$	77,308		$	70,689

Depreciation expense was $17.4 million, $24.6 million, and $15.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. Depreciation expense for the years ended December 31, 2024 and 2023 includes $1.9 million and $7.0 million, respectively, for the impairment of certain lab equipment and leasehold improvements which were primarily related to the portfolio prioritizations in the fourth quarters of 2024 and 2023.