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Property and Equipment, Net
12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

3. Property and equipment, net

Property and equipment consist of the following (in thousands):

 

 

December 31,
2024

 

 

December 31,
2023

 

Leasehold improvements

 

$

101,195

 

 

$

100,186

 

Lab equipment

 

 

71,788

 

 

 

61,674

 

Furniture and fixtures

 

 

4,836

 

 

 

4,836

 

Computer equipment

 

 

3,170

 

 

 

3,163

 

Construction in process

 

 

2,530

 

 

 

5,283

 

Total property and equipment

 

 

183,519

 

 

 

175,142

 

Less accumulated depreciation

 

 

(72,107

)

 

 

(50,182

)

Property and equipment, net

 

$

111,412

 

 

$

124,960

 

The following table summarizes depreciation expense incurred (in thousands):

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Depreciation expense

 

$

21,925

 

 

$

20,012

 

 

$

14,097