Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.23.1
Property and Equipment
 3 Months Ended
Mar. 31, 2023
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,

 

 

 

2023

 

 

2022

 

Laboratory equipment

 

$

22,023

 

 

$

21,831

 

Leasehold improvements

 

 

12,974

 

 

 

12,971

 

Furniture and fixtures

 

 

518

 

 

 

518

 

Computer and equipment

 

 

658

 

 

 

658

 

 

 

 

36,173

 

 

 

35,978

 

Less: Accumulated depreciation

 

 

(23,359

)

 

 

(21,346

)

Total property and equipment, net

 

$

12,814

 

 

$

14,632

 

 

Depreciation expense was $2.0 million and $1.8 million for the three months ended March 31, 2023 and March 31, 2022, respectively.

In connection with the continued expansion of the Company’s facilities, at both March 31, 2023 and December 31, 2022, the Company had net Asset Retirement Obligation (ARO) assets totaling $0.3 million. The ARO assets are included in leasehold improvements.