Property and equipment consisted of the following, in thousands:

 

 

 

December 31,

 

 

2025

 

2024

Leasehold improvements

 

$6,919

 

$1,743

Laboratory and computer equipment

 

1,958

 

2,004

Furniture and fixtures

 

1,878

 

1,210

Property and equipment, gross

 

10,755

 

4,957

Less: accumulated depreciation

 

(2,900)

 

(3,275)

Property and equipment, net

 

$7,855

 

$1,682

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Feb 28, 2025
2023Feb 27, 2024
2018Mar 5, 2019
2017Mar 12, 2018
2016Mar 14, 2017
2015Mar 17, 2016

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.