Property and Equipment

12 Months Ended

Dec. 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 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,
	2024		2023
Lab equipment	$	13,037,975	$	21,203,534
Leasehold improvements		1,335,655		2,827,289
Computers		688,512		850,211
Furniture and fixtures		196,613		277,882
Construction-in-process		57,521		9,414
Total		15,316,276		25,168,330
Accumulated depreciation		(3,000,816)		(7,580,993)
Property and equipment, net	$	12,315,460	$	17,587,337

Depreciation expense totaled $4.9 million and $4.6 million for the years ended December 31, 2024 and 2023, respectively.