4. Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following (in thousands):


	December 31,
	2019		2018
Laboratory equipment	$	16,079	$	7,122
Land		1,300		1,300
Leasehold improvements		445		117
Computer equipment		1,051		276
Furniture and fixtures		1,228		—
Construction-in-progress		41,262		55,828
		61,365		64,643
Less: Accumulated depreciation and amortization		(4,441)		(1,847)
	$	56,924	$	62,796

On January 1, 2019, in connection with the adoption of ASU 2016-02, the existing construction-in-progress balance within property and equipment, and the corresponding build-to-suit facility lease financing obligation balance were derecognized, resulting in a reduction to construction-in-progress of $45.1 million (see Note 2).

Manufacturing Facility

On July 31, 2018, the Company completed its purchase of a 135,000 square foot manufacturing facility located in Smithfield, Rhode Island for a purchase price of $8.0 million. In August 2018, the Company began renovations to customize this facility to manufacture clinical supply of its product candidates. Of the total purchase price, $1.3 million was allocated to the value of land acquired based on the value of comparable assets, and $6.7 million was allocated to construction in progress, as the building was not ready for its intended use. During the year ended December 31, 2019, the Company capitalized approximately $26.3 million in construction-in-progress for design, demolition and construction costs related to the renovation project and $28.4 million has been capitalized to construction-in-progress to date. During the year ended December 31, 2019 and to date, the Company capitalized $5.9 million in construction-in-progress for manufacturing equipment to be used in the facility. In addition, the Company capitalized interest of $0.7 million during the year ended December 31, 2019 and to date during the construction period. As of December 31, 2019, the manufacturing facility was not ready for its intended use and continued to be included in construction in progress. In January 2020, after achieving the qualifications required to bring it to its intended use, the Company placed the manufacturing facility into service.

Depreciation and amortization expense was $3.0 million, $1.3 million and $0.4 million for the years ended December 31, 2019, 2018 and 2017, respectively.