Property and Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and Equipment, Net

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

	June 30, 2022		December 31, 2021
Furniture and equipment	$	5,192	$	5,100
Leasehold improvements	15,490		14,952
Processing equipment	4,156		3,984
Land	731		731
Projects in process	54,341		45,660
Finance lease right-of-use assets	110		110
Property and equipment, at cost	80,020		70,537
Less: accumulated depreciation and amortization	(9,032)		(7,614)
Property and equipment, net	$	70,988	$	62,923

The Company further added to its projects in process total which is related to our Axogen Processing Center (“APC Facility”). See "Note 12 - Commitments and Contingencies."

Depreciation expense consisted of following (in thousands):

	Three Months Ended June, 30				Six Months Ended June 30,
	2022		2021		2022		2021
Depreciation expense	$	713	$	633	$	1,418	$	1,405

Depreciation expense is allocated among cost of sales, sales and marketing, research and development, and general and administrative expense on the condensed consolidated statements of operations.