Property and equipment, net

3 Months Ended

Mar. 31, 2023

Property and equipment, net

Property and equipment, net

5. Property and equipment, net

During the three months ended March 31, 2023, the Company’s additions to property and equipment, net were $4.8 million, which primarily related to an increase in leasehold improvements from the Company’s U.S. office in Germantown, Maryland (three months ended March 31, 2022: $3.2 million, related to leasehold improvements of the Company’s corporate headquarters).

Depreciation expense for the three months ended March 31, 2023 was $0.4 million (March 31, 2022: $0.2 million).