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Property and Equipment , Net
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

6. Property and Equipment, Net

Property and equipment, net, as of June 30, 2024 and December 31, 2023 was comprised as follows (in thousands):

 

 

Estimated Useful Life (in Years)

 

June 30,
2024

 

 

December 31,
2023

 

Laboratory equipment

 

5

 

$

11,560

 

 

$

11,187

 

Furniture and office equipment

 

4

 

 

477

 

 

 

481

 

Computer equipment

 

3

 

 

241

 

 

 

241

 

Leasehold improvements

 

Shorter of useful life or remaining lease term

 

 

3,356

 

 

 

3,356

 

Construction in progress

 

 

 

 

18,345

 

 

 

8,242

 

Total property and equipment, gross

 

 

 

 

33,979

 

 

 

23,507

 

Less: accumulated depreciation

 

 

 

 

(9,275

)

 

 

(7,842

)

Total property and equipment, net

 

 

 

$

24,704

 

 

$

15,665

 

 

As of June 30, 2024 and December 31, 2023, the Company had construction in progress of $18.3 million and $8.2 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 six months ended June 30, 2024 and 2023 was $1.4 million and $1.7 million, respectively.