v3.25.2
Property and Equipment, net
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, net
6. Property and Equipment, net

Property and equipment, net consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands):

As of
June 30, 2025December 31, 2024
Leasehold improvements$55,523 $54,088 
Office furniture and fixtures4,649 4,445 
Computer software and hardware
9,536 9,363 
Internally developed software
1,154 545 
Equipment201 191 
Work in process
455 619 
Property and equipment, gross71,518 69,251 
Less: accumulated depreciation(36,719)(32,142)
Property and equipment, net$34,799 $37,109 

Depreciation expense totaled $2.2 million and $4.4 million for the three and six months ended June 30, 2025, respectively. Depreciation expense totaled $2.2 million and $4.2 million for the three and six months ended June 30, 2024, respectively. We had no disposals or retirements during the three and six months ended June 30, 2025. We disposed of $0.3 million worth of fully depreciated equipment during the three and six months ended June 30, 2024.