v3.26.3
Property and Equipment, Net
 9 Months Ended 12 Months Ended
Sep. 30, 2026
Dec. 31, 2025
Property, Plant and Equipment [Abstract]    
Property and Equipment, Net
Note 4 – Property and Equipment, Net
As of September 30, 2026 and December 31, 2025, property and equipment, net, consisted of the following (in thousands):
 
     September 30,      December 31,  
     2026      2025  
Laptops and IT equipment
    $ 220      $ 217  
Lab equipment
      961        712  
Furniture and fixtures
      45        45  
Leasehold improvements
      261        208  
Construction in progress
      100        3  
  
 
 
     
 
 
  
Property and equipment, gross
      1,587        1,185  
Less: accumulated depreciation
      (566 )       (350 ) 
  
 
 
     
 
 
  
Property and equipment, net
    $ 1,021      $ 835  
  
 
 
     
 
 
  
Depreciation and amortization expense was $78 thousand and $217 thousand for the three and nine months ended September 30, 2026, respectively, and $98 thousand and $156 thousand for the three and nine months ended September 30, 2025, respectively.
No indicators of impairment were identified, and no impairment charges were recognized on property and equipment during the three and nine months ended September 30, 2026 and 2025.
Note 3 – Property and Equipment, Net
As of December 31, 2025 and 2024, property and equipment, net, was as follows:
 
     December 31,  
     2025      2024  
Laptops and IT equipment
    $ 216,535      $ 82,437  
Lab equipment
      711,930        618,314  
Furniture and fixtures
      45,370        42,375  
Leasehold improvements
      208,031        192,568  
Construction in progress
      3,058        —   
  
 
 
     
 
 
  
Property and equipment, gross
      1,184,924        935,694  
Less: accumulated depreciation
      (350,141 )       (132,587 ) 
  
 
 
     
 
 
  
Property and equipment, net
    $ 834,783      $ 803,107  
  
 
 
     
 
 
  
Depreciation expense for the years ended December 31, 2025 and 2024, was $0.2 million and $0.1 million, respectively.
The Company evaluates property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable, as described in Note 2. No indicators of impairment were identified, and no impairment charges were recognized on property and equipment during the years ended December 31, 2025 and 2024.