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Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net are recorded at cost less accumulated depreciation and consisted of the following:
 As of December 31, 
 20242023
 $$
Land65,485 65,485 
Building607,857 231,656 
Manufacturing equipment244,255 186,856 
Laboratory equipment240,885 205,349 
Software, electronics and office equipment100,348 83,281 
Leasehold improvements64,680 60,124 
Property and equipment, at cost1,323,510 832,751 
Less: Accumulated depreciation(399,105)(249,212)
Construction in progress654,018 740,615 
Property, plant and equipment, net1,578,423 1,324,154 
The Company has made a significant investment in its newly opened manufacturing and R&D center in Hopewell, New Jersey. In the year ended December 31, 2024, $272,670 of assets were placed into service. As of December 31, 2024, the Company had construction in progress of $500,900 related to the Hopewell facility, the majority of which will be put into service in 2025.
In March 2024, the Company acquired a land use right and the facility currently being constructed on the land for $73,054. The Company plans to complete the construction of the facility and build a research and development center on the land. Based on the relative fair values of the land use right and construction in progress, $29,431 of the total purchase price was allocated to the land use right and $43,623 was allocated to the construction in progress. In May 2024, the Company acquired additional construction in progress in connection with the properties for $22,538.
Construction in progress (“CIP”) as of December 31, 2024 and 2023 primarily related to the Hopewell facility, the new research and development facility acquired in 2024, a new building for Beijing Innerway Bio-tech Co., Ltd., and additional capacity at the Guangzhou and Suzhou manufacturing facilities. CIP by fixed asset class are summarized as follows:
As of December 31,
20242023
$$
Building528,629 579,649 
Manufacturing equipment89,897 119,380 
Laboratory equipment9,805 16,135 
Other25,687 25,451 
Total654,018 740,615 
Depreciation expense for the years ended December 31, 2024, 2023 and 2022 were $166,938, $80,436 and $62,302, respectively. Included within depreciation expense for the year ended December 31, 2024 is $59,792 of accelerated depreciation expense resulting from the move of production to more efficient, larger scale equipment for tislelizumab.