Property and Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

6. Property and Equipment

Property and equipment consists of the following as of June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022			December 31, 2021
Lab and office equipment under finance right-of-use asset	$	3,969		$	3,969
Lab equipment		3,327			2,805
Computer equipment		324			273
Furniture & fixtures		1,064			943
Leasehold improvements		7,760			7,741
Assets not yet in service		1,611			66
Total property and equipment		18,055			15,797
Less accumulated depreciation		(5,307	)		(3,916	)
Property and equipment, net	$	12,748		$	11,881

Depreciation expense for the three months ended June 30, 2022 and 2021 was $0.7 million and $0.6 million, respectively. Depreciation expense for the six months ended June 30, 2022 and 2021 was $1.4 million and $1.0 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under finance leases with a cost basis of $4.0 million (exclusive of $0.3 million which has yet to be placed into service) and $4.0 million and accumulated amortization expense of $2.0 million and $1.5 million as of June 30, 2022 and December 31, 2021, respectively.

Amortization expense related to right-of-use assets during the three months ended June 30, 2022 and 2021 was $0.3 million and $0.2 million, respectively. Amortization expense related to right-of-use assets during the six months ended June 30, 2022 and 2021 was $0.6 million and $0.4 million, respectively.