v3.26.1
Property and Equipment, Net
 3 Months Ended
Mar. 31, 2026
Property and Equipment, Net [Abstract]  
Property and Equipment, net

Note 8. Property and Equipment, net

 

The Company’s property and equipment, net, consist of (in thousands):

 

   March 31, 2026   December 31, 2025 
Computer and lab equipment  $17,463   $13,070 
Network equipment   47    35 
Furniture and fixtures   150    99 
Software   686    374 
Leasehold improvements   2,421    2,303 
Construction in progress   200    
-
 
Total cost of property and equipment   20,967    15,881 
Accumulated depreciation   (4,025)   (2,910)
Property and equipment, net  $16,942   $12,971 

The Company recorded depreciation expense of $1.1 million and $0.2 million during the three months ended March 31, 2026 and 2025, respectively, using useful lives of the Company’s long-lived assets as follows:

 

    Estimated
Useful
Life
(Years)		  
Computer and lab equipment   5  
Network equipment   4  
Furniture and fixtures   7  
Software   3  
Leasehold improvements   Lessor of lease term or 5  

 

Maintenance and repairs are charged to operations when incurred. When property and equipment are sold or otherwise disposed, the asset account and related accumulated depreciation and amortization accounts are relieved, and any gain or loss is included in other income or expense. There were no significant gains or losses in the three months ended March 31, 2026 or 2025.