Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Estimated Ranges of Useful Lives of Property and Equipment

Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization calculated using the straight-line method over their estimated useful lives as follows:


			Asset classification			Estimated useful life
			Laboratory equipment			5 years
			Computer equipment and software			3 years
			Office equipment and furniture			5 years
			Leasehold improvements			Lesser of useful life or lease term

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2024		2023
Laboratory equipment(1)	$	35,949	$	37,216
Leasehold improvements	12,159		11,912
Computer equipment	2,459		2,565
Office furniture and equipment	1,124		1,469
Construction in progress(2)	3,441		1,636
Property and Equipment	55,132		54,798
Less: accumulated depreciation	(40,935)		(39,311)
Property and equipment, net	$	14,197	$	15,487

(1) Fully depreciated property and equipment with a cost of $2.6 million and $3.0 million were retired during the years ended December 31, 2024 and 2023, respectively.

(2) Construction in progress includes equipment received but not yet placed into service pending installation.

Depreciation expense included in both research and development expenses and selling, general and administrative expenses in the consolidated statements of operations was as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Research and development	$	3,964	$	4,594	$	4,556
Selling, general and administrative	881		924		846
Total depreciation expense	$	4,845	$	5,518	$	5,402