Property and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

6. Property and Equipment

Property and equipment consists of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023			December 31, 2022
Lab and office equipment under finance right-of-use asset	$	5,475		$	5,475
Lab equipment		5,039			4,383
Computer equipment		440			357
Furniture & fixtures		1,064			1,064
Leasehold improvements		7,802			7,802
Assets not yet in service		16,365			1,146
Total property and equipment		36,185			20,227
Less accumulated depreciation		(8,691	)		(6,893	)
Property and equipment, net	$	27,494		$	13,334

Depreciation expense for the three months ended June 30, 2023 and 2022 was $0.9 million and $0.7 million, respectively. Depreciation expense for the six months ended June 30, 2023 and 2022 was $1.8 million and $1.4 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under finance leases with a cost basis of $5.5 million and $5.5 million and accumulated amortization expense of $3.4 million and $2.7 million as of June 30, 2023 and December 31, 2022, respectively.

Amortization expense related to right-of-use assets during the three months ended June 30, 2023 and 2022 was $0.4 million and $0.3 million, respectively. Amortization expense related to right-of-use assets during the six months ended June 30, 2023 and 2022 was $0.7 million and $0.6 million, respectively.