Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and equipment, net consists of the following (in thousands):


	December 31, 2024		December 31, 2023
Office furniture and equipment	$	1,333	$	1,108
Laboratory equipment	6,178		5,728
Leasehold improvements	9,282		8,673
Property and equipment, at cost	16,793		15,509
Less: accumulated depreciation and impairment charges	(9,420)		(3,688)
Property and equipment, net	$	7,373	$	11,821

Depreciation expense for the year ended December 31, 2024 was $2.6 million (December 31, 2023: $2.3 million).

The Company identified circumstances that could indicate that the carrying amount of the property and equipment located in the U.K. and the U.K. operating lease right-of-use asset may not be recoverable as of December 31, 2024, as it was more likely than not that the Company would cease the operating activities undertaken in the laboratory and office space in Harwell, Oxfordshire in 2025, significantly before the end of the previously estimated useful lives. The Company performed an impairment assessment of the property and equipment within the U.K. asset group using the income approach as of December 31, 2024 and recorded an impairment charge within general and administrative expenses of $2.7 million to write down assets to their estimated recoverable amount. The impairment charge is subject to a number of assumptions and actual results may differ. The Company will continue to refine these assumptions as additional information becomes available. The significant assumptions used in determining the estimated fair value of the property and equipment located in the U.K. are which assets that will be either sold, disposed of or transferred and, if relevant, the price that will be achieved upon a successful sales transaction. Significant changes in these inputs could have a material effect on the fair value measurement. See Note 17 Commitments and Contingencies for details of the impairment assessment performed over the U.K. operating lease right-of-use asset, which is part of the U.K. asset group.