The following table provides the range of estimated useful lives used for each asset type:
Office equipment
3 years
Lab equipment
5 to 10 years
Furniture and fittings
5 years
Leasehold improvements
shorter of the lease term or the estimated useful life of the asset
Property and equipment, net consisted of the following (in thousands):
December 31,
20252024
Lab equipment$55,586 $41,728 
Office equipment6,883 6,330 
Furniture and fittings2,651 2,359 
Leasehold improvements15,762 14,116 
Assets under construction27,075 19,638 
Less: accumulated depreciation(44,394)(34,618)
Total Property and Equipment, Net$63,563 $49,553 

Historical Timeline

Fiscal YearFiled
2025Mar 27, 2026Showing above
2024Mar 20, 2025
2023Mar 21, 2024

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.