Property and Equipment, Net

6 Months Ended

Jun. 30, 2026

Property and Equipment, Net

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net, consists of the following:

(in thousands)		June 30, 2026	December 31, 2025
Office equipment	$	—	$	107
Computer hardware and software		—		988
Furniture and fixtures		—		419
Leasehold improvements		—		6,510
Total property and equipment		—		8,024
Accumulated depreciation and amortization		—		(3,917)
	$	—	$	4,107

On May 22, 2026, the Company entered into an agreement to terminate its lease agreement for office space in Philadelphia, Pennsylvania, or the 2005 Market Street Lease Termination Agreement. Pursuant to the 2005 Market Street Lease Termination Agreement, the Company agreed to pay the landlord a termination fee of $2.3 million. As a result of the 2005 Market Street Lease Termination Agreement, the Company recognized a net gain of $1.9 million on the lease termination for the three months ended June 30, 2026. The net gain is comprised of a $2.7 million gain on the write-off of assets and liabilities for operating leases offset by a $0.8 million net loss on disposal of property and equipment. The assets disposed of as part of the termination primarily included leasehold improvements.

On March 4, 2026, the Company entered into an agreement to terminate its lease agreement for laboratory space in Hopewell, New Jersey, or the Hopewell Lease Termination Agreement. Pursuant to the Hopewell Lease Termination Agreement, the Company agreed to pay the landlord a termination fee of $4.8 million as well as accrued rent through February 14, 2026. As a result of the Hopewell Lease Termination Agreement, the Company recognized a net gain of $0.6 million on the lease termination for the six months ended June 30, 2026. The net gain is comprised of a $3.8 million gain on the write-off of assets and liabilities for operating leases offset by a $3.2 million net loss on disposal of property and equipment. The assets disposed of as part of the termination included office equipment, leasehold improvements, furniture and fixtures, and computer hardware and software.

Depreciation and amortization expense was de minimis and $0.2 million for the three months ended June 30, 2026 and 2025, respectively, and was $0.2 million and $0.4 million for the six months ended June 30, 2026 and 2025, respectively.