
(in thousands)	September 30, 2025		December 31, 2024
Raw materials	$	14,558	$	13,639
Work-in-process	15,801		10,743
Finished goods	7,273		2,126
Inventory	$	37,632	$	26,508


(in thousands)	September 30, 2025		December 31, 2024

Building and building improvements	$	109,242	$	111,444
Manufacturing equipment	29,470		27,161
Leasehold improvements	27,507		25,673
Laboratory equipment	3,640		3,183
Construction in progress	3,507		5,778
Computer equipment and software	2,522		2,032
Furniture and fixtures	2,155		1,816
Total property and equipment	178,043		177,087
Accumulated depreciation	(29,172)		(21,919)
Property and equipment, net	$	148,871	$	155,168

Depreciation expense was $1.4 million and $1.3 million for the three months ended September 30, 2025 and 2024, respectively, and $4.2 million and $4.6 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. Depreciation expense capitalized into inventory was $1.1 million and $1.0 million for the three months ended September 30, 2025 and 2024, respectively, and $3.1 million and $2.4 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.


(in thousands)	September 30, 2025		December 31, 2024
Accrued taxes	9,539		4,288
Accrued payroll and benefits	7,542		9,558
Accrued professional fees	6,354		2,659
Accrued preclinical and clinical expenses	3,423		2,537
Other current liabilities	3,284		2,403
Accrued inventory	994		1,217
Accrued construction in progress	568		5,077
Accrued litigation settlement	—		31,250

Accrued expenses and other current liabilities	$	31,704	$	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 the 2024 10-K for additional information.

The Company recorded litigation settlement expense of zero and $12.5 million for the three months ended September 30, 2025 and 2024, respectively, and zero and $37.5 million for the nine months ended September 30, 2025 and 2024, respectively, on the condensed consolidated statements of operations and comprehensive income. As of March 31, 2025, the Company has fully paid the $75.0 million of total consideration discussed above.