Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.22.2.2
Property and Equipment
 9 Months Ended
Sep. 30, 2022
Property Plant And Equipment [Abstract]  
Property and Equipment

NOTE 7—PROPERTY AND EQUIPMENT

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

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Laboratory equipment

 

$

21,797

 

 

$

19,211

 

Leasehold improvements

 

 

12,808

 

 

 

12,822

 

Furniture and fixtures

 

 

545

 

 

 

471

 

Computer and equipment

 

 

693

 

 

 

658

 

 

 

 

35,843

 

 

 

33,162

 

Less: Accumulated depreciation

 

 

(19,496

)

 

 

(13,853

)

Total property and equipment, net

 

$

16,347

 

 

$

19,309

 

 

Depreciation expense was $2.0 million and $1.7 million for the three months ended September 30, 2022 and September 30, 2021, respectively and $5.7 million and $4.8 million for the nine months ended September 30, 2022 and September 30, 2021.

In connection with the continued expansion of the Company’s facilities, at September 30, 2022 and December 31, 2021, the Company had net Asset Retirement Obligation (ARO) assets totaling $0.3 million and $0.6 million, respectively. The ARO assets are included in leasehold improvements.