Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 6. Property and equipment

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

	December 31,			December 31,
	2025			2024
Lab and office equipment under finance right-of-use asset	$	6,543		$	7,773
Lab equipment		11,388			10,526
Computer equipment		966			966
Furniture & fixtures		3,414			3,255
Leasehold improvements		42,991			44,010
Total property and equipment		65,302			66,530
Less accumulated depreciation		(22,127	)		(16,073	)
Property and equipment, net	$	43,175		$	50,457

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $8.3 million, $7.4 million and $3.6 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under financing leases with a cost basis of $6.5 million and $7.8 million and accumulated amortization expense of $3.5 million and $4.1 million as of December 31, 2025 and 2024, respectively.

Amortization expense related to right-of-use assets was $1.6 million, $1.4 million and $1.5 million the years ended December 31, 2025, 2024 and 2023 and is included in depreciation expense.