Property and Equipment

9 Months Ended

Sep. 30, 2022

Property and Equipment

Property and Equipment

6. Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives, 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 at:

	September 30,		December 31,
	2022		2021
Lab equipment	$	17,530,993	$	3,178,855
Construction-in-process		2,291,007		309,620
Furniture and fixtures		235,346		66,106
Computers		453,822		85,071
Leasehold improvements		2,427,797		22,563
Vehicles		44,562		—
Total		22,983,527		3,662,215
Accumulated depreciation		(2,253,010)		(1,503,736)
Property and equipment, net	$	20,730,517	$	2,158,479

Depreciation expense was $442,497 and $749,274 for the three and nine months ended September 30, 2022, respectively, and $115,251 and $292,960 for the three and nine months ended September 30, 2021, respectively.