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


	March 31, 2026			December 31, 2025
Lab equipment	$	25,909		$	25,909
Engineering equipment		14,843			14,843
Leasehold improvements		120,588			120,588
Motor vehicles		19			101
Furniture, fittings & office equipment		5,150			5,150
Computer equipment		13,062			12,970
Software		5,627			5,627
Construction in progress		963			624
		186,161			185,812
Less: accumulated depreciation		(48,094	)		(42,914	)
Total property and equipment, net	$	138,067		$	142,898

Depreciation expense was $5.2 million and $3.8 million for the three months ended March 31, 2026 and 2025, respectively. Disposals of property and equipment during the three months ended March 31, 2026 and 2025 were not material.

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued compensation expenses	$	11,207	$	24,868
Accrued clinical expenses		9,128		6,518
Accrued expenses related to purchase of IPR&D		102		102
Accrued vendor expenses		8,700		11,300
Current portion of early exercised options and restricted common stock liability		—		35
Other accrued expenses		182		1,475
Total accrued expenses and other current liabilities	$	29,319	$	44,298