Property and equipment consisted of the following (in thousands):
December 31,
20252024
Furniture and fixtures$1,201 $1,463 
Office equipment620 729 
Software326 1,252 
Laboratory equipment5,593 6,222 
Leasehold improvements10,437 10,363 
Construction in progress— 97 
Total property and equipment18,177 20,126 
Less accumulated depreciation and amortization(9,394)(12,349)
Property and equipment, net$8,783 $7,777 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 25, 2025
2023Feb 27, 2024
2022Feb 27, 2023
2021Feb 28, 2022
2020Mar 1, 2021
2019Mar 13, 2020
2018Mar 14, 2019
2017Mar 12, 2018
2016Feb 27, 2017

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.