| Balance Sheet Components |
Balance Sheet Components Property and Equipment, net Property and equipment, net consists of the following (in thousands). | | | | | | | | | | | | | | | | | | | Useful life
(in years) | | September 30,
2026 | | December 31,
2025 | | Leasehold improvements | 8 - 12 | | $ | 56,293 | | | $ | 56,180 | | | Laboratory equipment | 5 | | 41,216 | | | 40,961 | | | Furniture and fixtures | 5 | | 2,890 | | | 2,836 | | | Computer equipment | 3 | | 2,692 | | | 2,689 | | | Construction in progress | N/A | | — | | | 114 | | | Property and equipment, gross | | | 103,091 | | | 102,780 | | | Less: accumulated depreciation | | | (55,322) | | | (47,160) | | | Total property and equipment, net | | | $ | 47,769 | | | $ | 55,620 | |
Depreciation expenses were $2.7 million and $2.9 million for the three months ended September 30, 2026 and 2025, respectively, and $8.1 million and $8.6 million for the nine months ended September 30, 2026 and 2025, respectively. Accrued and Other Liabilities Accrued and other liabilities consist of the following (in thousands): | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | Research and development expenses | $ | 28,660 | | | $ | 35,299 | | | Payroll and related expenses | 17,850 | | | 28,724 | | | Operating lease liabilities, current | 9,316 | | | 8,798 | | | Other professional and consulting expenses | 5,216 | | | 3,327 | | | Excess funds payable under grant agreements | 1,836 | | | 1,825 | | | Other accrued expenses | 6,457 | | | 5,039 | | | Total accrued and other liabilities | $ | 69,335 | | | $ | 83,012 | |
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