Property and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

6. Property and Equipment

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

	September 30, 2023			December 31, 2022
Lab and office equipment under finance right-of-use asset	$	5,438		$	5,475
Lab equipment		5,039			4,383
Computer equipment		478			357
Furniture & fixtures		1,064			1,064
Leasehold improvements		7,802			7,802
Assets not yet in service		25,873			1,146
Total property and equipment		45,694			20,227
Less accumulated depreciation		(9,549	)		(6,893	)
Property and equipment, net	$	36,145		$	13,334

Depreciation expense for the three months ended September 30, 2023 and 2022 was $0.9 million and $0.8 million, respectively. Depreciation expense for the nine months ended September 30, 2023 and 2022 was $2.7 million and $2.2 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under finance leases with a cost basis of $5.4 million and $5.5 million and accumulated amortization expense of $3.7 million and $2.7 million as of September 30, 2023 and December 31, 2022, respectively.

Amortization expense related to right-of-use assets during the three months ended September 30, 2023 and 2022 was $0.4 million and $0.3 million, respectively. Amortization expense related to right-of-use assets during the nine months ended September 30, 2023 and 2022 was $1.1 million and $0.9 million, respectively.