Annual report pursuant to Section 13 and 15(d)

Property and Equipment

Property and Equipment

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

8. Property and Equipment

Property and Equipment consist of the following as of December 31, 2020 and 2019 (in thousands):

	Estimated useful life
	(in years)	December 31, 2020			December 31, 2019
Construction-in-process	-	$	6		$	164
Laboratory equipment	5		7,028			5,401
Computer equipment	3		1,841			1,628
Furniture and fixtures	4		897			852
Leasehold improvements	*		11,657			11,607
		$	21,429		$	19,652
Less: Accumulated depreciation			(7,216	)		(4,442	)
Total property and equipment, net		$	14,213		$	15,210

Leasehold improvements are depreciated over the shorter of the life of the asset and the term of the lease at 9.3 years and 10.3 years as of December 31, 2020 and 2019, respectively. The Company moved into its 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, 2020, 2019 and 2018 was $2.8 million, $2.5 million and $1.6 million, respectively.