Asset:Estimated Useful life
Laboratory equipment5 years
Computer equipment and software3 years
Furniture and equipment5 years
Leasehold improvementsShorter of useful life or remaining lease term
Property and equipment, net consisted of the following (in thousands):
As of
December 31,
20252024
Laboratory equipment$21,558 $29,128 
Leasehold improvements8,403 11,749 
Construction-in-progress— 827 
Computer equipment1,399 1,490 
Furniture and office equipment191 264 
Software344 2,687 
Total property and equipment31,895 46,145 
Less: accumulated depreciation(28,353)(31,648)
Property and equipment, net$3,542 $14,497 
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Historical Timeline

Fiscal YearFiled
2025Mar 9, 2026Showing above
2024Mar 5, 2025
2023Feb 28, 2024
2022Feb 22, 2023
2021Feb 24, 2022
2020Feb 26, 2021

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.