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v3.26.1

Balance Sheet Components | 3 Months Ended
--- | ---
Mar. 31, 2026
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Components | Note 5. Balance Sheet Components Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands):
|  | March 31, 2026 |  |  | December 31, 2025 |
Lab equipment |  | $ | 25,909 |  |  | $ | 25,909 |
Engineering equipment |  |  | 14,843 |  |  |  | 14,843 |
Leasehold improvements |  |  | 120,588 |  |  |  | 120,588 |
Motor vehicles |  |  | 19 |  |  |  | 101 |
Furniture, fittings & office equipment |  |  | 5,150 |  |  |  | 5,150 |
Computer equipment |  |  | 13,062 |  |  |  | 12,970 |
Software |  |  | 5,627 |  |  |  | 5,627 |
Construction in progress |  |  | 963 |  |  |  | 624 |
|  |  | 186,161 |  |  |  | 185,812 |
Less: accumulated depreciation |  |  | (48,094 | ) |  |  | (42,914 | )
Total property and equipment, net |  | $ | 138,067 |  |  | $ | 142,898 |
Depreciation expense was $5.2 million and $3.8 million for the three months ended March 31, 2026 and 2025, respectively. Disposals of property and equipment during the three months ended March 31, 2026 and 2025 were not material. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands):
|  | March 31, 2026 |  |  | December 31, 2025 |
Accrued compensation expenses |  | $ | 11,207 |  |  | $ | 24,868 |
Accrued clinical expenses |  |  | 9,128 |  |  |  | 6,518 |
Accrued expenses related to purchase of IPR&D |  |  | 102 |  |  |  | 102 |
Accrued vendor expenses |  |  | 8,700 |  |  |  | 11,300 |
Current portion of early exercised options and restricted common stock liability |  |  | — |  |  |  | 35 |
Other accrued expenses |  |  | 182 |  |  |  | 1,475 |
Total accrued expenses and other current liabilities |  | $ | 29,319 |  |  | $ | 44,298 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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