Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.1
Property and Equipment
 3 Months Ended
Mar. 31, 2021
Property Plant And Equipment [Abstract]  
Property and Equipment

NOTE 7—PROPERTY AND EQUIPMENT

Property and equipment consists of the following (in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Laboratory equipment

 

$

16,604

 

 

$

16,159

 

Leasehold improvements

 

 

12,827

 

 

 

12,391

 

Furniture and fixtures

 

 

471

 

 

 

474

 

Computer and equipment

 

 

666

 

 

 

615

 

 

 

 

30,568

 

 

 

29,639

 

Less: Accumulated depreciation

 

 

(8,861

)

 

 

(7,385

)

Total property and equipment, net

 

$

21,707

 

 

$

22,254

 

 

Depreciation expense was $1.5 million and $0.7 million for the three months ended March 31, 2021 and March 31, 2020, respectively.

In connection with the continued expansion of the Company’s facilities, at March 31, 2021 and December 31, 2020, the Company had net Asset Retirement Obligation (ARO) assets totaling $0.7 million and $0.8 million, respectively. The ARO assets are included in leasehold improvements.