Annual report pursuant to Section 13 and 15(d)

Property and Equipment

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

9. Property and Equipment

Property and Equipment consist of the following as of December 31, 2022 and 2021 (in thousands):



	Estimated useful life (in years)	December 31, 2022			December 31, 2021
Laboratory equipment	5	$	9,140		$	7,989
Computer equipment	3		2,036			1,979
Furniture and fixtures	4		1,075			1,075
Leasehold improvements	*		11,657			11,657
			23,908			22,700
Less: Accumulated depreciation			(12,555	)		(9,856	)
Total property and equipment, net		$	11,353		$	12,844

* Leasehold improvements are depreciated over the shorter of the life of the asset and the term of the lease at 7.2 years and 8.2 years as of December 31, 2022 and 2021, respectively. The Company moved into its corporate headquarters in November 2019 and the HQ Lease term ends in February 2030.

Depreciation expense, including depreciation expense for two immaterial capital leases, for the years ended December 31, 2022, 2021 and 2020 was $2.7 million, $2.8 million and $2.8 million, respectively.