v3.26.1
Property and Equipment
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment

5. Property and Equipment

Property and equipment consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2026

 

 

2025

 

Laboratory equipment

 

$

11,439

 

 

$

10,897

 

Office and computer equipment

 

 

2,912

 

 

 

2,548

 

Manufacturing equipment

 

 

1,146

 

 

 

—

 

Construction in process

 

 

18,790

 

 

 

19,305

 

Property and equipment—at cost

 

 

34,287

 

 

 

32,750

 

Less accumulated depreciation and amortization

 

 

(9,728

)

 

 

(8,721

)

Property and equipment—net

 

$

24,559

 

 

$

24,029

 

 

As of June 30, 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 recorded as Construction in process and $1.1 million of manufacturing equipment currently utilized at a CMO facility recorded as Manufacturing equipment.

 

Depreciation expense for the three and six months ended June 30, 2026 was $0.6 million and $1.1 million, respectively. Depreciation expense for the three and six months ended June 30, 2025 was $0.5 million and $1.0 million, respectively.