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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
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,

 

 

2023

 

 

2022

 

Lab equipment

 

$

9,914

 

 

$

8,707

 

Leasehold improvements

 

 

9,451

 

 

 

8,929

 

Office equipment and computers

 

 

1,636

 

 

 

1,577

 

Fixtures and fittings

 

 

1,085

 

 

 

1,040

 

 

 

22,086

 

 

 

20,253

 

Less: Accumulated depreciation

 

 

(12,915

)

 

 

(7,854

)

 

$

9,171

 

 

$

12,399

 

 

Depreciation expense was $4.7 million, $3.7 million and $3.3 million for the years ended December 31, 2023, 2022 and 2021, 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. Following a review of manufacturing plans, the Company had mothballed the construction of the facility and project in 2022 and terminated the West London lease in October 2023. See Note 9, "Leases", for details of the West London lease.