Property and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

6. Property and Equipment

Property and equipment consists of the following as of September 30, 2022 and December 31, 2021 (in thousands):

	September 30, 2022			December 31, 2021
Lab and office equipment under finance right-of-use asset	$	4,309		$	3,969
Lab equipment		4,093			2,805
Computer equipment		355			273
Furniture & fixtures		1,064			943
Leasehold improvements		7,803			7,741
Assets not yet in service		1,020			66
Total property and equipment		18,644			15,797
Less accumulated depreciation		(6,075	)		(3,916	)
Property and equipment, net	$	12,569		$	11,881

Depreciation expense for the three months ended September 30, 2022 and 2021 was $0.8 million and $0.7 million, respectively. Depreciation expense for the nine months ended September 30, 2022 and 2021 was $2.2 million and $1.7 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under finance leases with a cost basis of $4.3 million and accumulated amortization expense of $2.3 million and $1.5 million as of September 30, 2022 and December 31, 2021, respectively.

Amortization expense related to right-of-use assets during the three months ended September 30, 2022 and 2021 was $0.3 million and $0.3 million, respectively. Amortization expense related to right-of-use assets during the nine months ended September 30, 2022 and 2021 was $0.9 million and $0.7 million, respectively.