8. Property and equipment, net

Property and equipment, net consists of the following:


	March 31, 2025			December 31, 2024
	(in thousands)
Laboratory equipment	$	52,487		$	52,957
Leasehold improvements		33,344			33,344
Construction in progress		40,358			40,337
Computer equipment, software, and other		4,836			4,836
Total property and equipment, at cost		131,025			131,474
Less: Accumulated depreciation		(57,338	)		(54,166	)
Property and equipment, net	$	73,687		$	77,308

Depreciation expense was $3.6 million and $3.7 million for the three months ended March 31, 2025 and 2024, respectively.