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Property and Equipment
 12 Months Ended
Dec. 31, 2020
Property Plant And Equipment [Abstract]  
Property and Equipment

NOTE 5—PROPERTY AND EQUIPMENT

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

 

 

December 31,

 

 

 

2020

 

 

2019

 

Laboratory equipment

 

$

16,159

 

 

$

10,587

 

Leasehold improvements

 

 

12,391

 

 

 

10,383

 

Furniture and fixtures

 

 

474

 

 

 

150

 

Computer and equipment

 

 

615

 

 

 

331

 

 

 

 

29,639

 

 

 

21,451

 

Less: Accumulated depreciation

 

 

(7,385

)

 

 

(3,293

)

Total property and equipment, net

 

$

22,254

 

 

$

18,158

 

 

 

 

Depreciation expense was $4.1 million and $2.0 million for the years ended December 31, 2020 and 2019, respectively.

 

In connection with the continued expansion of the Company’s facilities, at December 31, 2020 and 2019, the Company had net Asset Retirement Obligation (ARO) assets totaling $0.8 million and $1.0 million, respectively. The ARO assets are included in Leasehold improvements.