Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.23.1
Property and Equipment
 12 Months Ended
Dec. 31, 2022
Property Plant And Equipment [Abstract]  
Property and Equipment

NOTE 5—PROPERTY AND EQUIPMENT

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

 

 

December 31,

 

 

 

2022

 

 

2021

 

Laboratory equipment

 

$

21,831

 

 

$

19,211

 

Leasehold improvements

 

 

12,971

 

 

 

12,822

 

Furniture and fixtures

 

 

518

 

 

 

471

 

Computer and equipment

 

 

658

 

 

 

658

 

 

 

 

35,978

 

 

 

33,162

 

Less: Accumulated depreciation

 

 

(21,346

)

 

 

(13,853

)

Total property and equipment, net

 

$

14,632

 

 

$

19,309

 

 

Depreciation expense was $7.7 million and $6.6 million for the years ended December 31, 2022 and 2021, respectively.

 

In connection with the continued expansion of the Company’s facilities, at December 31, 2022 and 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. For the year ended December 31, 2022 and December 31, 2021, the Company recorded a non-cash adjustment related to the ARO assets of $0.2 million and zero million, respectively. See Note 9 “Leases” for further discussion.