Property and Equipment

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Property and Equipment

7. Property and Equipment

Property and Equipment consist of the following as of December 31, 2019 and 2018 (in thousands):

	Estimated useful life
	(in years)	December 31, 2019			December 31, 2018
Construction-in-process	-	$	164		$	—
Laboratory equipment	5		5,401			4,926
Computer equipment	3		1,628			1,080
Furniture and fixtures	4		852			440
Leasehold improvements	*		11,607			2,717
		$	19,652		$	9,163
Less: Accumulated depreciation			(4,442	)		(5,302	)
Total property and equipment, net		$	15,210		$	3,861

* Leasehold improvements are depreciated over the shorter of the life of the asset and the term of the lease at 10.3 years and 5 years as of December 31, 2019 and 2018, respectively. The Company moved into its new corporate headquarters in November 2019 and 10.3 years represents the period until the 2019 Lease expires.

Depreciation expense, including depreciation expense for two immaterial capital leases, for the years ended December 31, 2019, 2018 and 2017 was $2.5 million, $1.6 million and $1.5 million, respectively. Prior to the adoption of ASC 842, office equipment included assets recorded under capital leases of approximately $0.1 million for the year ended December 31, 2018.