Property and Equipment

3 Months Ended

Mar. 31, 2024

Property and Equipment

Property and Equipment

7. 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:

	March 31,		December 31,
	2024		2023
Lab equipment	$	21,276,431	$	21,203,534
Leasehold improvements		2,827,289		2,827,289
Computers		850,211		850,211
Furniture and fixtures		277,882		277,882
Construction-in-process		429,418		9,414
Total		25,661,231		25,168,330
Accumulated depreciation		(8,809,059)		(7,580,993)
Property and equipment, net	$	16,852,172	$	17,587,337

Depreciation expense was $1.2 million for the three months ended March 31, 2024, and $1.1 million for the three months ended March 31, 2023.