Property and equipment, net consists of the following:


	June 30,			December 31,
	2026			2025
	(in thousands)
Laboratory equipment	$	8,768		$	8,936
Computer equipment		2,599			2,599
Computer software		125			125
Furniture and fixtures		2,023			2,023
Leasehold improvements		3,724			3,723
Construction in progress		140			—
		17,379			17,406
Less: Accumulated depreciation		(11,285	)		(10,538	)
Property and equipment, net	$	6,094		$	6,868

Depreciation expense was $0.9 million and $1.2 million for the six months ended June 30, 2026 and 2025, respectively.

Accrued expenses and other current liabilities include the following:


	June 30,		December 31,
	2026		2025
	(in thousands)
Payroll and employee-related costs	$	5,698	$	9,046
Research and development costs		7,014		7,424
Other		2,834		1,289
Total accrued expenses and other current liabilities	$	15,546	$	17,759

As of June 30, 2026 and 2025, the Company maintained a restricted cash balance of $2.1 million and $2.6 million, respectively, all of which was related to a security deposit associated with the Company’s facility lease. In February 2026, $0.4 million of the security deposit was released to the Company, thus reducing the associated letter of credit. The cash will remain restricted in accordance with the lease agreement absent the event of a lease termination or modification. The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the condensed consolidated statements of cash flows are as follows:


	June 30, 2026		June 30, 2025
	(in thousands)
Cash and cash equivalents	$	345,558	$	39,272
Restricted cash		2,139		2,567
Cash, cash equivalents and restricted cash	$	347,697	$	41,839