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

8. Property and equipment, net

Property and equipment, net consists of the following:

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

(in thousands)

 

Laboratory equipment

 

$

41,314

 

 

$

38,462

 

Leasehold improvements

 

 

39,061

 

 

 

39,061

 

Computer equipment, software, and other

 

 

4,171

 

 

 

4,138

 

Total property and equipment, at cost

 

 

84,546

 

 

 

81,661

 

Less: Accumulated depreciation

 

 

(59,382

)

 

 

(54,755

)

Property and equipment, net

 

$

25,164

 

 

$

26,906

 

 

Depreciation expense was $2.2 million and $2.9 million for the three months ended June 30, 2026 and 2025, respectively, and $4.6 million and $6.5 million for the six months ended June 30, 2026 and 2025, respectively. In the second quarter of 2025, the Company recognized non-cash impairment losses related to construction in progress, laboratory equipment, and leasehold improvements for the Company's manufacturing facility in Bothell, Washington (the Bothell facility) and a portion of the Company's laboratory and office space in Seattle, Washington (the Seattle facility). Refer to Note 11, Impairment of long-lived assets for further information.