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Property and Equipment | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property and Equipment | 7. Property and Equipment Property and equipment consist of the following (in thousands):
|  | Estimated Useful |  |  |  |
|  | Life (Years) |  |  | December 31, 2023 |  |  | December 31, 2022 |
Land |  |  | — |  |  | $ | 875 |  |  | $ | 875 |
Buildings |  | 39-40 |  |  |  | 17,389 |  |  |  | 17,389 |
Building improvements |  | 5-40 |  |  |  | 46,357 |  |  |  | 38,952 |
Machinery and equipment |  | 3-15 |  |  |  | 60,410 |  |  |  | 58,542 |
Furniture, fixtures and office equipment |  | 5-10 |  |  |  | 3,070 |  |  |  | 2,976 |
Computer equipment and software |  |  | 3 |  |  |  | 8,658 |  |  |  | 8,246 |
Construction in progress |  |  | — |  |  |  | 48,997 |  |  |  | 16,706 |
Total property and equipment |  |  |  |  |  | 185,756 |  |  |  | 143,686 |
Less accumulated depreciation |  |  |  |  |  | (101,536 | ) |  |  | (98,560 | )
Total property and equipment, net |  |  |  |  | $ | 84,220 |  |  | $ | 45,126 |
Depreciation expense related to property and equipment for the years ended December 31, 2023, 2022 and 2021 was $4.5 million, $3.3 million and $2.0 million, respectively. During the years ended December 31, 2023 and 2022, the Company retired $2.1 million and $2.4 million, respectively of manufacturing equipment, computer hardware and software, computer equipment, lab equipment, and building improvements, as it was no longer in service. The net book value for the disposed assets during the years ended December 31, 2023 and 2022 was $0.6 million and de minimis, respectively. In November 2021, the Company sold certain land, building and improvements located in Danbury, CT (the “Property”) to an affiliate of Creative Manufacturing Properties (the “Purchaser”) for a sales price of $102.3 million, subject to terms and conditions contained in a purchase and sale agreement. Effective with the closing of this transaction, the Company entered into a 20-year lease agreement with the Purchaser (the “Sale-Leaseback Transaction”). The sale of the Property and subsequent lease did not result in the transfer of control of the Property to the Purchaser; therefore, the Sale-Leaseback Transaction qualified as a failed sale leaseback transaction whereby the lease is accounted for as a finance lease and the Property remains as a long-lived asset of the Company and is depreciated at its remaining useful life of 20 years or less. See Note 16 – Commitments and Contingencies.

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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//1943274/2147480321/958-360-50-6 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//1943274/2147480321/958-360-50-1 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//1943274/2147480321/958-360-50-7 + Details
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