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


	September 30, 2025			December 31, 2024
Lab and office equipment under finance right-of-use asset	$	8,802		$	7,773
Lab equipment		11,388			10,526
Computer equipment		966			966
Furniture & fixtures		3,414			3,255
Leasehold improvements		42,913			44,010
Assets not yet in service		—			—
Total property and equipment		67,483			66,530
Less accumulated depreciation		(22,355	)		(16,073	)
Property and equipment, net	$	45,128		$	50,457

Depreciation expense for the three months ended September 30, 2025 and 2024 was $2.1 million and $2.0 million, respectively. Depreciation expense for the nine months ended September 30, 2025 and 2024 was $5.4 million and $5.4 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under finance leases with a cost basis of $8.8 million and $7.8 million and accumulated amortization expense of $5.3 million and $4.1 million as of September 30, 2025 and December 31, 2024, respectively.

Amortization expense related to right-of-use assets during the three months ended September 30, 2025 and 2024 was $0.4 million and $0.3 million, respectively. Amortization expense related to right-of-use assets during the nine months ended September 30, 2025 and 2024 was $1.2 million and $1.1 million, respectively.