Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

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

	December 31,
	2023		2022
Lab equipment	$	3,144	$	3,088
Manufacturing equipment	6,142		5,955
Leasehold improvements	15,376		15,298
Office equipment	19		—
Software	268		289
Construction in progress	234		252
Total property and equipment, cost	25,183		24,882
Less accumulated depreciation and amortization	(8,009)		(4,767)
Property and equipment, net	$	17,174	$	20,115

Depreciation and amortization expense for the years ended December 31, 2023 and December 31, 2022 was approximately $3.3 million and $3.2 million, respectively.

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):

	September 30, 2024		December 31, 2023
Lab equipment	$	3,244	$	3,144
Manufacturing equipment	6,326		6,142
Office Equipment	19		19
Leasehold improvements	15,396		15,376
Software	268		268
Construction in progress	1,202		234
Total property and equipment, cost	26,455		25,183
Less accumulated depreciation	(10,387)		(8,009)
Property and equipment, net	$	16,068	$	17,174

The Company recorded depreciation and amortization expense of $0.8 million for each of the three months ended September 30, 2024 and 2023. The Company recorded depreciation and amortization expense of $2.4 million for each of the nine months ended September 30, 2024 and 2023.

Management has reviewed its property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset might not be recoverable. During the nine months ended September 30, 2024, the Company recorded impairment losses on idle equipment of $0.1 million, which was charged to research and development expenses in the condensed consolidated statement of operations. Fair value for the idle assets was determined by a quoted purchase price for the assets.