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Property and Equipment, net | 9 Months Ended
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Sep. 30, 2025
Property, Plant and Equipment [Abstract] |
Property and Equipment, net | 6. Property and Equipment, net Property and equipment, net consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):
| As of
| September 30, 2025 |  | December 31, 2024
Leasehold improvements | $ | 55,449 |  |  | $ | 54,088 |
Office furniture and fixtures | 4,621 |  |  | 4,445 |
Computer software and hardware | 9,878 |  |  | 9,363 |
Internally developed software | 1,341 |  |  | 545 |
Equipment | 210 |  |  | 191 |
Work in process | 458 |  |  | 619 |
Property and equipment, gross | 71,957 |  |  | 69,251 |
Less: accumulated depreciation | (38,789) |  |  | (32,142) |
Property and equipment, net | $ | 33,168 |  |  | $ | 37,109 |
Depreciation expense totaled $2.1 million and $6.5 million for the three and nine months ended September 30, 2025, respectively. Depreciation expense totaled $2.2 million and $6.4 million for the three and nine months ended September 30, 2024, respectively. We had no disposals or retirements during the three and nine months ended September 30, 2025. We disposed of $1.0 million and $1.3 million worth of fully depreciated equipment during the three and nine months ended September 30, 2024, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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