v3.25.3
Property and Equipment, Net
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
The following table presents the components of the Company’s property and equipment, net ($ in thousands):
September 30, 2025December 31, 2024
Office equipment1,242 1,230 
Electronic equipment10,225 9,211 
Vehicle198 196 
Laboratory equipment20,405 20,516 
Manufacturing equipment17,637 17,493 
Leasehold improvements14,671 11,306 
Building24,330 — 
Construction in progress748 25,129 
89,456 85,081 
Less: accumulated depreciation(40,588)(37,120)
Property and equipment, net48,868 47,961 
Depreciation expense was $2.4 million and $6.7 million in the three and nine months ended September 30, 2025, respectively, and $2.1 million and $6.6 million in the three and nine months ended September 30, 2024, respectively.