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Property and Equipment, Net | 12 Months Ended
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Dec. 31, 2025
Property, Plant and Equipment [Abstract] |
Property and Equipment, Net | 5. Property and Equipment, Net Property and equipment consist of the following (in thousands):
| As of,
| December 31, 2025 |  | December 31, 2024
Capitalized internal-use software | $ | 49,430 |  |  | $ | 26,698 |
Office equipment | 7,630 |  |  | 4,841 |
Computer equipment | 11,385 |  |  | 7,027 |
Furniture and fixtures | 14,144 |  |  | 8,052 |
Leasehold improvements | 50,488 |  |  | 46,062 |
Construction-in-progress | 9,109 |  |  | 124 |
Asset retirement cost | — |  |  | 643 |
Total property and equipment | 142,186 |  |  | 93,447 |
Less accumulated depreciation and amortization | (61,845) |  |  | (45,247) |
Total property and equipment, net | $ | 80,341 |  |  | $ | 48,200 |
In the years ended December 31, 2025, 2024, and 2023, depreciation and amortization expense related to property and equipment was approximately $18.6 million, $17.7 million, and $13.7 million, respectively. On January 31, 2025, the Company amended the lease agreement for its corporate headquarters located in Boston, Massachusetts which, among other things, extended the term of the lease to March 2033. Under the Company’s accounting policy, the useful life of leasehold improvements is the lesser of the lease term and the useful life of the asset. As such, the extension of the lease represents a change in estimate of the useful life of the leasehold improvements within the corporate headquarters. The Company accounted for this change in the useful lives as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections, which were recorded prospectively upon execution of the lease amendment. This change in estimate resulted in a reduction of $5.7 million in depreciation and amortization expense for the year ended December 31, 2025, respectively, and an immaterial impact on basic and diluted net loss per share attributable to Series A and Series B common stockholders. During the years ended December 31, 2025, 2024 and 2023, the Company capitalized $23.2 million, $14.9 million, and $7.0 million of internal-use software development costs, respectively. Of the $23.2 million internal-use software development costs that were capitalized during the year ended December 31, 2025, $5.2 million relates to software that is not yet in service. The Company recorded amortization expense associated with its capitalized internal-use software development costs of $9.5 million, $4.6 million, and $1.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. Amortization expense is included in cost of revenue in the Consolidated Statements of Operations and Comprehensive Loss. During fiscal year 2020, on the commencement date of the lease for the Company’s Boston corporate headquarters, the Company established an ARO based on the present value of contractually required estimated future costs to remove long-lived assets at the termination or expiration of the lease and to return the space to its original condition. As of December 31, 2024, the ARO was included in other non-current liabilities on the Consolidated Balance Sheets. On January 31, 2025, the Company amended the lease agreement for its Boston corporate headquarters and, under the terms of the amendment, the Company was relieved of the obligation to return the space to its original condition. During the year ended December 31, 2025, the Company derecognized the ARO and recorded an immaterial gain for the difference between the Company’s estimate of the ARO and the carrying value of the asset retirement cost, which is included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. ARO activity is as follows (in thousands):
| Year Ended December 31, |
| 2025 |  | 2024 |
Beginning balance | $ | 802 |  |  | $ | 761 |  |
Additions | — |  |  | — |  |
Accretion | — |  |  | 41 |  |
Derecognition | (802) |  |  | — |  |
Ending balance | $ | — |  |  | $ | 802 |  |

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