8. Property and equipment, net

Property and equipment, net consists of the following:


	September 30, 2025			December 31, 2024
	(in thousands)
Laboratory equipment	$	40,575		$	52,957
Leasehold improvements		39,061			33,344
Construction in progress		-			40,337
Computer equipment, software, and other		4,138			4,836
Total property and equipment, at cost		83,774			131,474
Less: Accumulated depreciation		(53,843	)		(54,166	)
Property and equipment, net	$	29,931		$	77,308

Depreciation expense was $3.2 million and $4.1 million for the three months ended September 30, 2025 and 2024, respectively, and $9.7 million and $11.7 million for the nine months ended September 30, 2025 and 2024, respectively. In the second quarter of 2025, the Company recognized non-cash impairment losses related to construction in progress, laboratory equipment, and leasehold improvements for the Company's manufacturing facility in Bothell, Washington (the Bothell facility) and a portion of the Company's laboratory and office space in Seattle, Washington (the Seattle facility). The losses were recorded as a reduction in the cost of the assets and related accumulated depreciation in the second quarter of 2025. Refer to Note 11, Impairment of long-lived assets for further information.