Property and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

6. Property and Equipment

Property and equipment consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):

	September 30, 2024			December 31, 2023
Lab and office equipment under finance right-of-use asset	$	6,824		$	6,725
Lab equipment		10,275			5,098
Computer equipment		966			582
Furniture & fixtures		3,255			1,064
Leasehold improvements		44,010			7,802
Assets not yet in service		—			37,303
Total property and equipment		65,330			58,574
Less accumulated depreciation		(14,086	)		(10,440	)
Property and equipment, net	$	51,244		$	48,134

Depreciation expense for the three months ended September 30, 2024 and 2023 was $2.0 million and $0.9 million, respectively. Depreciation expense for the nine months ended September 30, 2024 and 2023 was $5.4 million and $2.7 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under finance leases with a cost basis of $6.8 million and $6.7 million and accumulated amortization expense of $3.8 million and $4.1 million as of September 30, 2024 and December 31, 2023, respectively.

Amortization expense related to right-of-use assets during the three months ended September 30, 2024 and 2023 was $0.3 million and $0.4 million, respectively. Amortization expense related to right-of-use assets during the nine months ended September 30, 2024 and 2023 was $1.1 million and $1.1 million, respectively.