Property and Equipment

6 Months Ended

Jun. 30, 2024

Property and Equipment

Property and Equipment

11. Property and Equipment

	June 30,		December 31,
	2024		2023
Machinery and office equipment	$	9,921	$	9,142
Furniture and equipment		224		224
Laboratory equipment		913		1,073
Leasehold improvements		1,982		1,953
Construction in progress		14,553		12,481
		27,593		24,873
Less: accumulated depreciation and amortization		(2,614)		(2,045)
Net property and equipment	$	24,979	$	22,828

Depreciation expense related to property and equipment is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation expense	$	351	$	176	$	685	$	340

During the three months ended June 30, 2024, in line with ASC 360, Property, Plant, and Equipment (“ASC 360”), the Company conducted a review of its property and equipment for recoverability. This assessment was prompted by broader reviews within our reporting units. It was concluded that the carrying values of our plant and equipment assets were fully recoverable, resulting in no impairment charge being recognized as of June 30, 2024.