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PROPERTY AND EQUIPMENT | 9 Months Ended
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Sep. 30, 2024
PROPERTY AND EQUIPMENT [Abstract] |
PROPERTY AND EQUIPMENT |
5. | PROPERTY AND EQUIPMENT
Property and equipment and related accumulated depreciation are summarized as follows:
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | (In thousands) |
Manufacturing and laboratory equipment |  | $ | 21,240 |  |  | $ | 21,093 |
Office equipment and computer software |  |  | 6,441 |  |  |  | 6,062 |
Furniture and fixtures |  |  | 5,777 |  |  |  | 5,776 |
Construction in process |  |  | 5,881 |  |  |  | 2,273 |
Leasehold improvements |  |  | 21,051 |  |  |  | 20,811 |
Land |  |  | 4,339 |  |  |  | 4,339 |
Buildings and building improvements |  |  | 21,416 |  |  |  | 20,218 |
|  |  | 86,145 |  |  |  | 80,572 |
Less: Accumulated depreciation |  |  | (32,451 | ) |  |  | (26,737 | )
Total property and equipment, net |  | $ | 53,694 |  |  | $ | 53,835 |
Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings were assigned a useful life of 30 years. Property and equipment other than land and buildings have useful lives ranging from three to 10 years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives. The Company recorded depreciation expense on property and equipment for the three months ended September 30, 2024 and 2023 of $1.9 million and for the nine months ended September 30, 2024 and 2023 of $5.7 million.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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