Property and Equipment, Net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

. Property and Equipment, net

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


	Useful life (in years)	June 30, 2022			December 31, 2021
Laboratory equipment	3	$	5,990		$	5,502
Leasehold improvements	Lesser of useful life or lease term		17,852			1,614
Furniture and fixtures	3		375			303
Construction in progress	—		5,497			13,014
Computer equipment	3		166			216
Software	3		328			320
			30,208			20,969
Less: Accumulated depreciation and amortization			(7,041	)		(6,326	)
Property and equipment, net		$	23,167		$	14,643

Depreciation and amortization expense was $0.4 million and $0.5 million for the three months ended June 30, 2022 and 2021, respectively. Depreciation and amortization expense was $0.8 million and $0.8 million for the six months ended June 30, 2022 and 2021, respectively. Construction in progress has increased by $2.9 million during the three months ended June 30, 2022, compared to the three months ended June 30, 2021, due to building construction related to the Company's leased space in Redwood City, California. Construction in process is expected to continue to increase until completion of the construction in the third quarter of 2022.

On March 18, 2022, the Company's wholly-owned subsidiary Adicet Therapeutics entered into Change Order No. 3 (the Change Order No. 3) to a construction agreement between Adicet Therapeutics and CP Enterprises, Inc. d/b/a CP Construction (CP Construction) (the Construction Agreement). The Construction Agreement provides for pre-construction and construction services at the Company's office and laboratory space in Redwood City, California (1000 Bridge Parkway) for consideration of approximately $13.8 million to CP Construction, including previous change orders. The Change Order No. 3 increased the budget for the construction by approximately $5.3 million in order to build one good manufacturing practice (GMP) cell processing and one vector manufacturing suite in addition to controlled materials warehousing at 1000 Bridge Parkway. In June 2022, the Company moved its operations to 1000 Bridge Parkway which resulted in reclassifying $16.2 million from Construction in progress to Leasehold improvements for the three months ended June 30, 2022.