PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2022

5.	PROPERTY AND EQUIPMENT

Property and equipment and related accumulated depreciation are summarized as follows:

	September 30, 2022			December 31, 2021
Manufacturing and laboratory equipment	$	18,245,894		$	16,702,991
Office equipment and computer software		5,251,818			4,082,462
Furniture and fixtures		4,680,870			3,389,140
Construction in process		5,537,520			5,496,222
Leasehold improvements		17,520,132			11,129,639
Land		4,339,441			4,339,441
Buildings and building improvements		19,266,803			19,067,032
		74,842,478			64,206,927
Less: Accumulated depreciation		(17,896,388	)		(13,271,853	)
Total property, plant and equipment, net	$	56,946,090		$	50,935,074

Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings were assigned a useful life of 30 years. Property and equipment other than land and buildings have useful lives ranging from three to 10 years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives.

The Company recorded depreciation expense on property and equipment for the three months ended September 30, 2022 and 2021 of $1.7 million and $1.2 million, respectively, and for the nine months ended September 30, 2022 and 2021 of $4.6 million and $3.4 million, respectively.