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Property and Equipment, Net
 9 Months Ended
Sep. 30, 2025
Property and Equipment, Net [Abstract]  
Property and Equipment, net

Note 7. Property and Equipment, net

 

The Company’s property and equipment are primarily located at the Company’s leased facilities in Hoboken, NJ and Tempe, AZ and consist of (in thousands):

 

   September 30,
2025		   December 31,
2024		 
Computer and lab equipment  $12,123   $8,438 
Network equipment   32    29 
Furniture and fixtures   98    37 
Software   276    77 
Leasehold improvements   2,171    597 
Total cost of property and equipment   14,700    9,178 
Accumulated depreciation   (2,025)   (966)
Property and equipment, net  $12,675   $8,212 

 

The Company recorded depreciation expense of $671 thousand and $75 thousand during the three months ended September 30, 2025 and 2024, respectively, and $1.1 million and $214 thousand during the nine months ended September 30, 2025 and 2024, respectively, using useful lives of the Company’s long-lived assets as follows:

 

   Estimated
Useful
   Life (Years)
Computer and lab equipment  5
Network equipment  4
Furniture and fixtures  7
Software  3
Leasehold improvements 
Lesser of lease term or 5

 

Maintenance and repairs are charged to operations when incurred. When property and equipment are sold or otherwise disposed, the asset account and related accumulated depreciation and amortization accounts are relieved, and any gain or loss is included in other income or expense. There were no significant gains or losses in the three and nine months ended September 30, 2025 or 2024.