Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 6. Property and equipment

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

	December 31, 2023			December 31, 2022
Lab and office equipment under finance right-of-use asset	$	6,725		$	5,475
Lab equipment		5,098			4,383
Computer equipment		582			357
Furniture & fixtures		1,064			1,064
Leasehold improvements		7,802			7,802
Assets not yet in service		37,303			1,146
Total property and equipment		58,574			20,227
Less accumulated depreciation		(10,440	)		(6,893	)
Property and equipment, net	$	48,134		$	13,334

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $3.6 million, $3.0 million and $2.4 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under financing leases with a cost basis of $6.7 million and $5.5 million and accumulated amortization expense of $4.1 million and $2.7 million as of December 31, 2023 and 2022, respectively.

Amortization expense related to right-of-use assets was $1.5 million, $1.2 million and $0.9 million the years ended December 31, 2023, 2022 and 2021 and is included in depreciation expense.