Property and equipment consisted of the following (amounts in thousands):
December 31,
20252024
Lab equipment$15,267 $15,288 
Leasehold improvements6,877 7,097 
Furniture and fixtures452 452 
Office equipment192 192 
Property and equipment, gross22,788 23,029 
Less: Accumulated depreciation and amortization(16,674)(13,217)
Property and equipment, net$6,114 $9,812 

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 27, 2025
2023Feb 29, 2024
2022Feb 23, 2023
2021Mar 15, 2022
2020Mar 16, 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.