Property and Equipment

9 Months Ended

Sep. 30, 2025

Property and Equipment

Property and Equipment

5. Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method over the shorter of their estimated useful lives or remaining lease term, ranging generally from three to eight years. Expenditures for maintenance and repairs are charged to expense as incurred.

Property and equipment consist of the following:

	September 30,		December 31,
	2025		2024
Lab equipment	$	10,841,455	$	13,037,975
Leasehold improvements		1,335,655		1,335,655
Computers		528,808		688,512
Furniture and fixtures		71,311		196,613
Construction-in-process		103,461		57,521
Total		12,880,690		15,316,276
Accumulated depreciation		(4,477,093)		(3,000,816)
Property and equipment, net	$	8,403,597	$	12,315,460

Depreciation expense was $1.0 million and $1.2 million, respectively, for the three months ended September 30, 2025 and 2024 and $3.2 million and $3.7 million, respectively, for nine months ended September 30, 2025 and 2024. See Note 12 Leases for details of the loss on sale of certain furniture, fixtures, and equipment of $721,564 for the nine months ended September 30, 2025.