Property and equipment consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026			December 31, 2025
Lab and office equipment under finance right-of-use asset	$	6,543		$	6,543
Lab equipment		11,623			11,388
Computer equipment		966			966
Furniture & fixtures		3,414			3,414
Leasehold improvements		43,128			42,991
Total property and equipment		65,674			65,302
Less accumulated depreciation		(24,057	)		(22,127	)
Property and equipment, net	$	41,617		$	43,175

Depreciation expense for the three months ended March 31, 2026 and 2025 was $1.6 million and $1.6 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under finance leases with a cost basis of $6.5 million and $6.5 million and accumulated amortization expense of $3.9 million and $3.5 million as of March 31, 2026 and December 31, 2025, respectively.

Amortization expense related to right-of-use assets during the three months ended March 31, 2026 and 2025 was $0.4 million and $0.4 million, respectively.