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

 

 

December 31,
2025

 

 

December 31,
2024

 

Laboratory equipment

 

$

27,022

 

 

$

25,041

 

Computer hardware and software

 

 

1,388

 

 

 

1,256

 

Furniture and fixtures

 

 

1,402

 

 

 

1,099

 

Leasehold improvements

 

 

23,669

 

 

 

22,387

 

Construction in process

 

 

118

 

 

 

64

 

Total property and equipment, at cost

 

$

53,599

 

 

$

49,847

 

Less: accumulated depreciation

 

 

(27,613

)

 

 

(20,364

)

Property and equipment, net

 

$

25,986

 

 

$

29,483

 

Historical Timeline

Fiscal YearFiled
2025Mar 17, 2026Showing above
2024Mar 20, 2025
2023Mar 14, 2024
2022Mar 16, 2023
2021Mar 29, 2022

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.