Property and Equipment

9 Months Ended

Sep. 30, 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:

	September 30,		December 31,
	2024		2023
Lab equipment	$	21,304,879	$	21,203,534
Leasehold improvements		2,325,999		2,827,289
Computers		886,037		850,211
Furniture and fixtures		277,882		277,882
Construction-in-process		206,061		9,414
Total		25,000,858		25,168,330
Accumulated depreciation		(10,940,924)		(7,580,993)
Property and equipment, net	$	14,059,934	$	17,587,337

Depreciation expense was $1.2 million and $3.7 million for the three and nine months ended September 30, 2024, respectively, and $1.2 million and $3.4 million for the three and nine months ended September 30, 2023.