Property and Equipment

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

6. Property and Equipment

Property and equipment consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):

	March 31, 2025			December 31, 2024
Lab and office equipment under finance right-of-use asset	$	7,773		$	7,773
Lab equipment		10,956			10,526
Computer equipment		966			966
Furniture & fixtures		3,385			3,255
Leasehold improvements		44,066			44,010
Assets not yet in service		148			—
Total property and equipment		67,294			66,530
Less accumulated depreciation		(18,122	)		(16,073	)
Property and equipment, net	$	49,172		$	50,457

Depreciation expense for the three months ended March 31, 2025 and 2024 was $1.6 million and $1.5 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under finance leases with a cost basis of $7.8 million and $7.8 million and accumulated amortization expense of $4.5 million and $4.1 million as of March 31, 2025 and December 31, 2024, respectively.

Amortization expense related to right-of-use assets during the three months ended March 31, 2025 and 2024 was $0.4 million and $0.4 million, respectively.