Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.19.3.a.u2
Property and Equipment
 12 Months Ended
Dec. 31, 2019
Property Plant And Equipment [Abstract]  
Property and Equipment

7. Property and Equipment

Property and Equipment consist of the following as of December 31, 2019 and 2018 (in thousands):

 

 

 

Estimated useful life

 

 

 

 

 

 

 

 

 

 

(in years)

 

December 31, 2019

 

 

December 31, 2018

 

Construction-in-process

 

-

 

$

164

 

 

$

—

 

Laboratory equipment

 

5

 

 

5,401

 

 

 

4,926

 

Computer equipment

 

3

 

 

1,628

 

 

 

1,080

 

Furniture and fixtures

 

4

 

 

852

 

 

 

440

 

Leasehold improvements

 

*

 

 

11,607

 

 

 

2,717

 

 

 

 

 

$

19,652

 

 

$

9,163

 

Less: Accumulated depreciation

 

 

 

 

(4,442

)

 

 

(5,302

)

Total property and equipment, net

 

 

 

$

15,210

 

 

$

3,861

 

 

 

*

Leasehold improvements are depreciated over the shorter of the life of the asset and the term of the lease at 10.3 years and 5 years as of December 31, 2019 and 2018, respectively. The Company moved into its new corporate headquarters in November 2019 and 10.3 years represents the period until the 2019 Lease expires.

 

Depreciation expense, including depreciation expense for two immaterial capital leases, for the years ended December 31, 2019, 2018 and 2017 was $2.5 million, $1.6 million and $1.5 million, respectively. Prior to the adoption of ASC 842, office equipment included assets recorded under capital leases of approximately $0.1 million for the year ended December 31, 2018.