v3.26.3
Property and Equipment
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment

6. Property and Equipment

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

 

 

 

September 30,
2026

 

 

December 31,
2025

 

Lab and office equipment under finance right-of-use asset

 

$

6,543

 

 

$

6,543

 

Lab equipment

 

 

11,986

 

 

 

11,388

 

Computer equipment

 

 

966

 

 

 

966

 

Furniture & fixtures

 

 

3,598

 

 

 

3,414

 

Leasehold improvements

 

 

43,258

 

 

 

42,991

 

Total property and equipment

 

 

66,351

 

 

 

65,302

 

Less accumulated depreciation

 

 

(28,109

)

 

 

(22,127

)

Property and equipment, net

 

$

38,242

 

 

$

43,175

 

 

Depreciation expense for the three months ended September 30, 2026 and 2025 was $1.6 million and $1.7 million, respectively. Depreciation expense for the nine months ended September 30, 2026 and 2025 was $4.8 million and $5.1 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under finance leases with a cost basis of $6.5 million and $6.5 million and accumulated amortization expense of $4.7 million and $3.5 million as of September 30, 2026 and December 31, 2025, respectively.

Amortization expense related to right-of-use assets during the three months ended September 30, 2026 and 2025 was $0.4 million and $0.4 million, respectively. Amortization expense related to right-of-use assets during the nine months ended September 30, 2026 and 2025 was $1.3 million and $1.2 million, respectively.