PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2023

5.	PROPERTY AND EQUIPMENT

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

	September 30, 2023			December 31, 2022
Manufacturing and laboratory equipment	$	20,748,582		$	18,767,807
Office equipment and computer software		6,260,749			5,318,669
Furniture and fixtures		5,704,638			5,109,898
Construction in process		1,870,317			6,726,995
Leasehold improvements		20,808,155			17,930,905
Land		4,339,441			4,339,441
Buildings and building improvements		20,198,724			19,544,307
		79,930,606			77,738,022
Less: Accumulated depreciation		(25,115,999	)		(19,476,541	)
Total property, plant and equipment, net	$	54,814,607		$	58,261,481

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, 2023 and 2022 of $1.9 million and $1.7 million, respectively, and for the nine months ended September 30, 2023 and 2022 of $5.7 million and $4.6 million, respectively.