v3.26.1
Balance Sheet Accounts
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Accounts Balance Sheet Accounts
Property and Equipment
The following table summarizes the Company’s major classes of property and equipment:
June 30,
2026		December 31,
2025
(in thousands)
Lab equipment$43,954 $43,749 
Computer, software and office equipment2,064 2,003 
Furniture and fixtures128 128 
Leasehold improvements52,492 52,270 
Construction in progress7,168 6,630 
Total gross carrying amount105,806 104,780 
Less: accumulated depreciation and amortization(55,793)(51,472)
Property and equipment, net$50,013 $53,308 
Depreciation and amortization expense for property and equipment for the three months ended June 30, 2026 and 2025 was $2.3 million and $2.4 million, respectively. Depreciation and amortization expense for property and equipment for the six months ended June 30, 2026 and 2025 was $4.6 million and $4.8 million, respectively.
Patents, Licenses, and Other Intangible Assets
The following table summarizes the Company’s patents, licenses, and other intangible assets:
June 30,
2026		December 31,
2025
(in thousands)
Patents$10,826 $10,784 
Licenses and other intangible assets— 972 
Total finite-lived assets10,826 11,756 
Indefinite-lived assets3,057 4,147 
Total gross carrying amount13,883 15,903 
Accumulated amortization(7,359)(7,518)
Total patents, licenses, and other intangible assets, net$6,524 $8,385 
Patents, licenses and other intangible assets with definite useful lives are amortized on a straight-line basis over their useful lives. Amortization expense was $0.2 million and $0.3 million for the three months ended June 30, 2026 and 2025, respectively. Amortization expense was $0.4 million and $0.5 million for the six months ended June 30, 2026 and 2025, respectively. None of these assets with definite useful lives are anticipated to have a residual value.
Patents, licenses and other intangible assets are reviewed annually for impairment or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. During the three and six months ended June 30, 2026, the Company recorded asset impairment charges of $0.8 million related to the discontinuation of development programs, as management determined the associated intangible assets were no longer expected to provide future economic benefit. During the three and six months ended June 30, 2025, the Company recorded asset impairment charges of $1.9 million and $6.7 million, respectively, following its decision to pause development of certain programs and prioritize other pipeline assets, resulting in a write-down of the associated patents to their estimated fair value.
The following table presents the estimated future amortization expense related to definite-lived assets as of June 30, 2026:
Amortization Expense
Year ending December 31,
(in thousands)
For the remainder of 2026$120 
2027667 
2028555 
2029328 
2030305 
2031 and thereafter1,492 
Total$3,467 
Accrued Expense
Accrued expenses consist of the following:
June 30,
2026		December 31,
2025
(in thousands)
Accrued R&D expenses$19,595 $12,858 
Accrued payroll and benefits13,764 20,209 
Other
3,087 1,893 
Total accrued expenses
$36,446 $34,960