Annual report pursuant to Section 13 and 15(d)

Property and Equipment, net

v3.22.4
Property and Equipment, net
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Note 6. Property and Equipment, net

Property and equipment consist of the following:

 

(in thousands)

 

December 31,
2022

 

 

December 31,
2021

 

Machinery and equipment

 

$

9,954

 

 

$

6,091

 

Leasehold improvements

 

 

2,432

 

 

 

2,262

 

Computer equipment

 

 

3,532

 

 

 

1,764

 

Furniture and fixtures

 

 

429

 

 

 

367

 

Computer software

 

 

231

 

 

 

250

 

Construction in process

 

 

9,026

 

 

 

1,741

 

Property and equipment, gross

 

 

25,604

 

 

 

12,475

 

Less: Accumulated depreciation

 

 

(7,306

)

 

 

(6,126

)

Property and equipment, net

 

$

18,298

 

 

$

6,349

 

 

Depreciation expense for property and equipment was $2.3 million and $1.7 million for the years ended December 31, 2022 and 2021, respectively. Disposal of property and equipment amounted to $1.2 million of fully depreciated assets for the year ended December 31, 2022 and zero for the year ended December 31, 2021.

The December 31, 2022 construction in process balance is primarily related to leasehold improvements being made to the new Waltham headquarters.