
(in thousands)	March 31, 2025		December 31, 2024
Raw materials	$	15,139	$	13,639
Work-in-process	8,905		10,743
Finished goods	5,898		2,126
Inventory	$	29,942	$	26,508


(in thousands)	March 31, 2025		December 31, 2024

Building and building improvements	$	109,143	$	111,444
Manufacturing equipment	28,537		27,161
Leasehold improvements	25,694		25,673
Construction in progress	4,866		5,778
Laboratory equipment	3,255		3,183
Computer equipment and software	2,032		2,032
Furniture and fixtures	1,816		1,816
Total property and equipment	175,343		177,087
Accumulated depreciation	(24,273)		(21,919)
Property and equipment, net	$	151,070	$	155,168

Depreciation expense was $1.4 million and $1.4 million for the three months ended March 31, 2025 and 2024, respectively. Depreciation expense capitalized into inventory was $965 thousand and $867 thousand for the three months ended March 31, 2025 and 2024, respectively.


(in thousands)	March 31, 2025		December 31, 2024
Accrued taxes	11,429		4,288
Accrued professional fees	4,118		2,659
Accrued payroll and benefits	3,487		9,558
Other current liabilities	3,388		2,403
Accrued preclinical and clinical expenses	2,960		2,537
Accrued construction in progress	1,346		5,077
Accrued inventory	1,322		1,217
Accrued litigation settlement	—		31,250

Accrued expenses and other current liabilities	$	28,050	$	58,989

In May 2020, PeriphaGen, Inc. (“PeriphaGen”) commenced litigation against the Company alleging breach of contract and misappropriation of trade secrets. In April 2022, the Company and PeriphaGen entered into a final settlement. In accordance with the settlement agreement, the Company paid PeriphaGen total consideration of $75.0 million to settle the dispute, acquire certain assets and receive an exclusive license from PeriphaGen to certain intellectual property assets and biological materials which was paid over time upon completion of certain milestones, with the final payment occurring during the three months ended March 31, 2025. Refer to Note 7 of our consolidated financial statements in our 2024 10-K for additional information.

The Company recorded litigation settlement expense of zero and $12.5 million for the three months ended March 31, 2025 and 2024, respectively, on the condensed consolidated statements of operations and comprehensive income (loss). At December 31, 2024, the Company had recorded $31.25 million within accrued expenses and other current liabilities on the consolidated balance sheet. During the three months ended March 31, 2025 and 2024, respectively, the Company paid $31.25 million and zero, and as such, the Company has fully paid the $75.0 million of total consideration discussed above.