Property and equipment, net, consisted of the following (in thousands):
December 31,
2025
2024
Leasehold improvements
$
79,739 
$
79,613 
Laboratory equipment
26,372 
36,106 
Computer equipment and software
1,672 
1,805 
Furniture and fixtures
814 
1,114 
Construction in progress
452 
241 
Property and equipment, at cost
109,049 
118,879 
Less: Accumulated depreciation and amortization
(74,278)
(70,679)
Total property and equipment, net
$
34,771 
$
48,200 
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Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 11, 2025
2023Feb 28, 2024
2022Feb 28, 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.