Property and Equipment, Net

Depreciation and amortization expense for the three months ended June 30, 2026 and 2025 was $1.7 million and $2.1 million, respectively. Depreciation and amortization expense for the six months ended June 30, 2026 and 2025 was $3.5 million and $4.7 million, respectively.

In connection with the early termination of the Union City lease for the Company's Genetic Medicine Manufacturing Center (the GMMC Facility) (see Note 5, Commitments and Contingencies), the Company recorded an impairment loss of $21.8 million during the three and six months ended June 30, 2026. The impairment loss primarily reflects the write-down to zero of leasehold improvements and certain manufacturing and laboratory equipment that, pursuant to the lease termination agreement, are required to remain at the GMMC Facility and be surrendered to the landlord without consideration. Certain other equipment will be removed from the GMMC Facility and retained for continued use or repurposing and will continue to be depreciated over its remaining useful life. The impairment charge is presented as impairment loss in the accompanying condensed statements of operations and comprehensive loss.

Accrued and Other Current Liabilities

Prepaid Expenses and Other Current Assets