Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 6. Property and equipment

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

	December 31,			December 31,
	2024			2023
Lab and office equipment under finance right-of-use asset	$	7,773		$	6,725
Lab equipment		10,526			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		66,530			58,574
Less accumulated depreciation		(16,073	)		(10,440	)
Property and equipment, net	$	50,457		$	48,134

Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $7.4 million, $3.6 million and $3.0 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under financing leases with a cost basis of $7.8 million and $6.7 million and accumulated amortization expense of $4.1 million and $4.1 million as of December 31, 2024 and 2023, respectively.

Amortization expense related to right-of-use assets was $1.4 million, $1.5 million and $1.2 million the years ended December 31, 2024, 2023 and 2022 and is included in depreciation expense.