Property and equipment, net consists of the following:


	June 30,			December 31,
	2025			2024
	(in thousands)
Laboratory equipment	$	8,936		$	8,936
Computer equipment		2,686			2,437
Computer software		125			125
Furniture and fixtures		1,945			1,945
Leasehold improvements		2,925			2,870
Construction in progress		779			152
		17,396			16,465
Less: Accumulated depreciation		(9,610	)		(8,363	)
Property and equipment, net	$	7,786		$	8,102

Depreciation expense was $1.2 million and $1.3 million for the six months ended June 30, 2025 and 2024, respectively.

Accrued expenses and other current liabilities include the following:


	June 30,		December 31,
	2025		2024
	(in thousands)
Payroll and employee-related costs	$	5,595	$	8,951
Research and development costs		3,918		5,811
Other		1,997		1,735
Total accrued expenses and other current liabilities	$	11,510	$	16,497

As of June 30, 2025 and 2024, the Company maintained a restricted cash balance of $2.6 million and $2.6 million, respectively, all of which was related to a security deposit associated with the Company’s facility lease. The cash will remain restricted in accordance with the lease agreement absent the event of a lease termination or modification. The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the condensed consolidated statements of cash flows are as follows:


	June 30, 2025		June 30, 2024
	(in thousands)
Cash and cash equivalents	$	39,272	$	51,566
Restricted cash		2,567		2,567
Cash, cash equivalents and restricted cash	$	41,839	$	54,133