PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2024

5.	PROPERTY AND EQUIPMENT

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

	September 30, 2024			December 31, 2023
	(In thousands)
Manufacturing and laboratory equipment	$	21,240		$	21,093
Office equipment and computer software		6,441			6,062
Furniture and fixtures		5,777			5,776
Construction in process		5,881			2,273
Leasehold improvements		21,051			20,811
Land		4,339			4,339
Buildings and building improvements		21,416			20,218
		86,145			80,572
Less: Accumulated depreciation		(32,451	)		(26,737	)
Total property and equipment, net	$	53,694		$	53,835

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, 2024 and 2023 of $1.9 million and for the nine months ended September 30, 2024 and 2023 of $5.7 million.