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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property and Equipment, Net [Abstract]  
Property and Equipment, net

Note 8 – Property and Equipment, net

 

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

 

   December 31, 
Classification  2025   2024 
Computer and laboratory equipment  $13,070   $8,438 
Network equipment   35    29 
Furniture and fixtures   99    37 
Software   374    77 
Leasehold improvements   2,303    597 
Total cost of property and equipment   15,881    9,178 
Accumulated depreciation   (2,910)   (966)
Property and equipment, net  $12,971   $8,212 

 

The Company recorded depreciation expense of $1.9 million, $694 thousand and $203 thousand during the years ended December 31, 2025, 2024 and 2023, respectively, using useful lives of the Company’s long-lived assets as follows:

 

   Estimated
Useful Life
(Years)
Computer and laboratory equipment  5
Network equipment  4
Furniture and fixtures  7
Software  3
Leasehold improvements 
Lessor 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 during the years ended December 31, 2025, 2024 and 2023, respectively.