Property and Equipment, net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

6. Property and Equipment, net

Property and equipment, net consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	As of
	September 30, 2024		December 31, 2023
Leasehold improvements	$	54,660	$	53,313
Office furniture and fixtures	4,484		3,825
Computer software and hardware	9,424		10,491
Internally developed software	758		—
Equipment	193		194
Property and equipment, gross	69,519		67,823
Less: accumulated depreciation	(30,329)		(25,141)
Property and equipment, net	$	39,190	$	42,682

Depreciation expense totaled $2.2 million and $6.4 million for the three and nine months ended September 30, 2024, respectively. Depreciation expense totaled $2.0 million and $5.9 million for the three and nine months ended September 30, 2023, respectively. We disposed of $1.0 million and $1.3 million worth of fully depreciated equipment during the three and nine months ended September 30, 2024, respectively. We had no disposals or retirements during the three months ended September 30, 2023 and disposed of $1.4 million worth of fully depreciated property and equipment during the nine months ended September 30, 2023.