Property and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

5. Property and Equipment

Property and equipment consisted of the following:


	March 31,			December 31,
(in thousands)	2026			2025
Laboratory equipment	$	11,071		$	10,897
Office and computer equipment		2,912			2,548
Construction in process		18,867			19,305
Property and equipment—at cost		32,850			32,750
Less accumulated depreciation and amortization		(9,168	)		(8,721	)
Property and equipment—net	$	23,682		$	24,029

As of March 31, 2026, the Company was deemed to be the owner, for accounting purposes, of $18.8 million of long-lead equipment to be utilized for future manufacturing at a contract manufacturing organization ("CMO") facility.

Depreciation expense for the three months ended March 31, 2026 was $0.6 million. Depreciation expense for the three months ended March 31, 2025 was $0.5 million.