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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

5. Property and Equipment, net

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

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Lab equipment

 

$

8,707

 

 

$

7,505

 

Leasehold improvements

 

 

8,929

 

 

 

7,021

 

Office equipment and computers

 

 

1,577

 

 

 

1,561

 

Fixtures and fittings

 

 

1,040

 

 

 

757

 

Assets under construction

 

 

—

 

 

 

5,351

 

 

 

 

20,253

 

 

 

22,195

 

Less: Accumulated depreciation

 

 

(7,854

)

 

 

(4,452

)

 

 

$

12,399

 

 

$

17,743

 

 

Depreciation expense was $3.7 million, $3.3 million and $0.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. For the year ended December 31, 2022, the Company recognized an impairment loss of $6.7 million in assets under construction primarily related to costs associated with the detailed design of a flexible GMP modular facility in west London. Due to challenging economic and market conditions, the Company has mothballed the construction of the facility and project.