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

5. Property and Equipment

Property and equipment consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2026

 

 

2025

 

Laboratory equipment

 

$

11,654

 

 

$

10,897

 

Office and computer equipment

 

 

2,912

 

 

 

2,548

 

Manufacturing equipment

 

 

2,944

 

 

 

—

 

Construction in process

 

 

—

 

 

 

19,305

 

Property and equipment—at cost

 

 

17,510

 

 

 

32,750

 

Less accumulated depreciation and amortization

 

 

(10,369

)

 

 

(8,721

)

Property and equipment—net

 

$

7,141

 

 

$

24,029

 

 

As of December 31, 2025, the Company was deemed to be the owner, for accounting purposes, of $18.8 million of long-lead equipment to be utilized for future manufacturing at a contract manufacturing organization ("CMO") facility recorded as Construction in process. During the third quarter of 2026, the Company entered into an amendment with the CMO that resulted in the Company no longer being the owner, for accounting purposes, of the long-lead equipment as of September 30, 2026, and the $18.8 million being recorded as other non-current assets. That sum is anticipated to be credited towards future batch manufacturing fees at the CMO to occur more than one year from the balance sheet date. Additionally, as of September 30, 2026, the Company was deemed to be the owner, for accounting purposes, of $2.9 million of manufacturing equipment currently utilized at a CMO facility recorded as Manufacturing equipment.

 

Depreciation expense for the three and nine months ended September 30, 2026 was $0.6 million and $1.8 million, respectively. Depreciation expense for the three and nine months ended September 30, 2025 was $0.5 million and $1.5 million, respectively.