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Property and Equipment, Net
12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
7.
Property and Equipment, Net

Property and equipment, net as of December 31, 2024 and 2023 consisted of the following (in thousands):

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Laboratory equipment

 

$

46,950

 

 

$

49,567

 

Computer equipment

 

 

8,337

 

 

 

7,970

 

Furniture and office equipment

 

 

4,040

 

 

 

3,820

 

Computer software

 

 

1,258

 

 

 

1,965

 

Construction in progress

 

 

2,571

 

 

 

3,405

 

Leasehold improvements

 

 

73,277

 

 

 

74,734

 

Total property and equipment, at cost

 

 

136,433

 

 

 

141,461

 

Less: Accumulated depreciation

 

 

(87,817

)

 

 

(73,234

)

Property and equipment, net

 

$

48,616

 

 

$

68,227

 

 

Depreciation expense was $17.6 million, $20.5 million and $19.2 million for the year ended December 31, 2024, 2023 and 2022, respectively. See Note 15, Restructurings and Note 10, Leases for more information regarding the impairment losses recognized during the year ended December 31, 2024 and 2023, respectively.