Property and Equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and Equipment, Net

Property and equipment consist of the following:

(In thousands)	March 31, 2022		December 31, 2021
Furniture and equipment	$	5,107	$	5,100
Leasehold improvements	14,952		14,952
Processing equipment	4,058		3,984
Land	731		731
Projects in process	50,314		45,660
Finance lease right-of-use assets	110		110
Property and equipment, at cost	75,272		70,537
Less: accumulated depreciation and amortization	(8,318)		(7,614)
Property and equipment, net	$	66,954	$	62,923

Depreciation expense for the three months ended March 31, 2022 and 2021 was $704 and $772, respectively. The Company further added to its projects in process total which is related to our Axogen Processing Center (“APC Facility”). See "Note 12 - Commitments and Contingencies."