Property and Equipment

12 Months Ended

Dec. 31, 2023

Property and Equipment

Property and Equipment

8.        Property and Equipment

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

Property and equipment consisted of the following at:

	December 31,		December 31,
	2023		2022
Lab equipment	$	21,203,534	$	18,060,058
Leasehold improvements		2,827,289		2,486,329
Computers		850,211		502,084
Furniture and fixtures		277,882		245,770
Construction-in-process		9,414		2,053,335
Vehicles		—		44,562
Total		25,168,330		23,392,138
Accumulated depreciation		(7,580,993)		(2,953,617)
Property and equipment, net	$	17,587,337	$	20,438,521

Depreciation expense totaled $4.6 million and $1.8 million for the years ended December 31, 2023 and 2022, respectively.