Property and Equipment, net

6 Months Ended

Jun. 30, 2026

Property, Plant and Equipment [Abstract]

4. Property and Equipment, net

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


	As of
	June 30,			December 31,
	2026			2025
Computer equipment	$	4,152		$	4,152
Furniture, fixtures and other		8,554			8,554
Laboratory equipment		44,950			43,575
Leasehold improvements		146,788			146,667
Construction work in process		3,217			3,955
Total property and equipment, gross		207,661			206,903
Accumulated depreciation		(99,593	)		(91,052	)
Total property and equipment, net	$	108,068		$	115,851

Depreciation expense for the three and six months ended June 30, 2026 was $4.3 million and $8.6 million, respectively. Depreciation expense for the three and six months ended June 30, 2025 was $4.6 million and $9.3 million, respectively.