Property and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

6. Property and Equipment, net

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


	Useful life (in years)	March 31, 2022			December 31, 2021
Laboratory equipment	3	$	5,641		$	5,502
Leasehold improvements	Lesser of useful life or lease term		1,606			1,614
Furniture and fixtures	3		303			303
Construction in progress	—		16,328			13,014
Computer equipment	3		166			216
Software	3		328			320
			24,372			20,969
Less: Accumulated depreciation and amortization			(6,636	)		(6,326	)
Property and equipment, net		$	17,736		$	14,643

Depreciation and amortization expense was $0.4 million and $0.3 million for the three months ended March 31, 2022 and 2021, respectively. Construction in progress has increased by $3.3 million during the three months ended March 31, 2022 due to building construction related to the Company's leased space in Redwood City, California. Construction in process is expected to continue to increase through the first half of 2022, until completion of the construction in the third quarter of 2022.

On March 18, 2022, the Company's wholly-owned subsidiary Adicet Therapeutics entered into Change Order No. 3 (the Change Order No. 3) to a construction agreement between Adicet Therapeutics and CP Enterprises, Inc. d/b/a CP Construction (CP Construction) (the Construction Agreement). The Construction Agreement provides for pre-construction and construction services at the Company's office and laboratory space in Redwood City, California (1000 Bridge Parkway) for consideration of approximately $13.8 million to CP Construction, including previous change orders. The Change Order No. 3 increased the budget for the construction by approximately $5.3 million in order to build one GMP cell processing and one vector manufacturing suite in addition to controlled materials warehousing at 1000 Bridge Parkway.