Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.22.1
Property and Equipment
 12 Months Ended
Dec. 31, 2021
Property Plant And Equipment [Abstract]  
Property and Equipment

NOTE 5—PROPERTY AND EQUIPMENT

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

 

 

December 31,

 

 

 

2021

 

 

2020

 

Laboratory equipment

 

$

19,211

 

 

$

16,159

 

Leasehold improvements

 

 

12,822

 

 

 

12,391

 

Furniture and fixtures

 

 

471

 

 

 

474

 

Computer and equipment

 

 

658

 

 

 

615

 

 

 

 

33,162

 

 

 

29,639

 

Less: Accumulated depreciation

 

 

(13,853

)

 

 

(7,385

)

Total property and equipment, net

 

$

19,309

 

 

$

22,254

 

 

 

Depreciation expense was $6.6 million and $4.1 million for the years ended December 31, 2021 and 2020, respectively.

 

 

In connection with the continued expansion of the Company’s facilities, at December 31, 2021 and 2020, the Company had net Asset Retirement Obligation (ARO) assets totaling $0.6 million and $0.8 million, respectively. The ARO assets are included in Leasehold improvements.