Annual report pursuant to Section 13 and 15(d)

Property and Equipment, net

v3.24.0.1
Property and Equipment, net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Note 5. Property and Equipment, net

Property and equipment consist of the following:

 

(in thousands)

 

December 31,
2023

 

 

December 31,
2022

 

Machinery and equipment

 

$

11,249

 

 

$

9,954

 

Leasehold improvements

 

 

12,613

 

 

 

2,432

 

Computer equipment

 

 

3,481

 

 

 

3,532

 

Furniture and fixtures

 

 

438

 

 

 

429

 

Computer software

 

 

242

 

 

 

231

 

Construction in process

 

 

523

 

 

 

9,026

 

Property and equipment, gross

 

 

28,546

 

 

 

25,604

 

Less: Accumulated depreciation

 

 

(10,833

)

 

 

(7,306

)

Property and equipment, net

 

$

17,713

 

 

$

18,298

 

 

Depreciation expense for property and equipment was $4.2 million and $2.3 million for the years ended December 31, 2023 and 2022, respectively. Disposal of property and equipment amounted to $0.8 million of fully depreciated assets for the year ended December 31, 2023 and $1.2 million for the year ended December 31, 2022.