Property and equipment, net consists of the following (in thousands):


	December 31,
	2025			2024
Leasehold improvement	$	96,514		$	96,534
Machinery and equipment		40,671			40,326
Furniture and fixtures		2,042			2,042
Computer software and hardware		346			378
Construction in progress		5,157			4,204
Total property and equipment		144,730			143,484
Less: Accumulated depreciation		(59,472	)		(41,262	)
Total property and equipment, net	$	85,258		$	102,222

The Company's property and equipment are maintained in the United States and Switzerland with net book values of $32.1 million and $53.2 million, respectively, as of December 31, 2025 compared to $35.6 million and $66.6 million, respectively, as of December 31, 2024. Depreciation expense was $18.3 million and $18.7 million for the years ended December 31, 2025 and 2024, respectively.