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Property and Equipment , Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

7. Property and Equipment, Net

Property and equipment, net, as of December 31, 2023 and 2022 was comprised as follows (in thousands):

 

 

 

 

December 31,

 

 

Estimated Useful Life (in Years)

 

2023

 

 

2022

 

Laboratory equipment

 

5

 

$

11,187

 

 

$

8,441

 

Furniture and office equipment

 

4

 

 

481

 

 

 

477

 

Computer equipment

 

3

 

 

241

 

 

 

213

 

Leasehold improvements

 

Shorter of useful life or remaining lease term

 

 

3,356

 

 

 

2,941

 

Construction in progress

 

 

 

 

8,242

 

 

 

2,049

 

Total property and equipment, gross

 

 

 

 

23,507

 

 

 

14,121

 

Less: accumulated depreciation

 

 

 

 

(7,842

)

 

 

(4,255

)

Total property and equipment, net

 

 

 

$

15,665

 

 

$

9,866

 

 

As of December 31, 2023 and 2022, the Company had construction in progress of $8.2 million and $2.0 million, predominately related to laboratory equipment received but not yet installed and capitalizable costs related to the Company’s future corporate headquarters.

Depreciation expense for the years ended December 31, 2023 and 2022 was $3.6 million and $2.5 million, respectively.