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

Property and equipment, net consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):

As of
June 30, 2026December 31, 2025
Leasehold improvements$55,558 $55,465 
Office furniture and fixtures4,644 4,616 
Computer software and hardware
10,111 10,504 
Internally developed software
1,341 1,341 
Equipment218 218 
Work in process
1,728 690 
Property and equipment, gross73,600 72,834 
Less: accumulated depreciation(42,933)(40,747)
Property and equipment, net$30,667 $32,087 
Depreciation expense totaled $2.2 million and $4.1 million for the three and six months ended June 30, 2026, respectively. Depreciation expense totaled $2.2 million and $4.4 million for the three and six months ended June 30, 2025, respectively. We disposed of $0.2 million and $0.7 million worth of fully depreciated equipment during the three and six months ended June 30, 2026. We had no disposals or retirements during the three and six months ended June 30, 2025.