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v3.25.3

Property and Equipment | 9 Months Ended
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Sep. 30, 2025
Property, Plant and Equipment [Abstract] |
Property and Equipment | 6. Property and Equipment Property and equipment consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Lab and office equipment under finance right-of-use asset |  | $ | 8,802 |  |  | $ | 7,773 |
Lab equipment |  |  | 11,388 |  |  |  | 10,526 |
Computer equipment |  |  | 966 |  |  |  | 966 |
Furniture & fixtures |  |  | 3,414 |  |  |  | 3,255 |
Leasehold improvements |  |  | 42,913 |  |  |  | 44,010 |
Assets not yet in service |  |  | — |  |  |  | — |
Total property and equipment |  |  | 67,483 |  |  |  | 66,530 |
Less accumulated depreciation |  |  | (22,355 | ) |  |  | (16,073 | )
Property and equipment, net |  | $ | 45,128 |  |  | $ | 50,457 |
Depreciation expense for the three months ended September 30, 2025 and 2024 was $2.1 million and $2.0 million, respectively. Depreciation expense for the nine months ended September 30, 2025 and 2024 was $5.4 million and $5.4 million, respectively. Included in property and equipment is lab and office equipment right-of-use assets under finance leases with a cost basis of $8.8 million and $7.8 million and accumulated amortization expense of $5.3 million and $4.1 million as of September 30, 2025 and December 31, 2024, respectively. Amortization expense related to right-of-use assets during the three months ended September 30, 2025 and 2024 was $0.4 million and $0.3 million, respectively. Amortization expense related to right-of-use assets during the nine months ended September 30, 2025 and 2024 was $1.2 million and $1.1 million, 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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