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Property and Equipment | 9 Months Ended
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Sep. 30, 2024
Property Plant And Equipment [Abstract] |
Property and Equipment | 6. Property and Equipment Property and equipment consisted of the following (dollars in thousands):
|  | Estimated Useful |  |  |  |
|  | Life (Years) |  |  | September 30, 2024 |  |  | December 31, 2023 |
Land |  |  | — |  |  | $ | 875 |  |  | $ | 875 |
Buildings |  | 39-40 |  |  |  | 17,389 |  |  |  | 17,389 |
Building improvements(1) |  | 5-40 |  |  |  | 90,573 |  |  |  | 46,357 |
Machinery and equipment |  | 3-15 |  |  |  | 65,733 |  |  |  | 60,410 |
Furniture, fixtures and office equipment |  | 5-10 |  |  |  | 3,350 |  |  |  | 3,070 |
Computer equipment and software |  |  | 3 |  |  |  | 8,811 |  |  |  | 8,658 |
Construction in progress(1) |  |  | — |  |  |  | 5,242 |  |  |  | 48,997 |
Total property and equipment |  |  |  |  |  | 191,973 |  |  |  | 185,756 |
Less accumulated depreciation |  |  |  |  |  | (106,634 | ) |  |  | (101,536 | )
Total property and equipment, net |  |  |  |  | $ | 85,339 |  |  | $ | 84,220 |
___________________________ (1) During the nine months ended September 30, 2024, the Company transferred $43.5 million from construction in progress to building improvements for assets placed in service related to the expansion of the Company's manufacturing facility. Depreciation expense related to property and equipment was as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Depreciation Expense |  | $ | 2,099 |  |  | $ | 1,117 |  |  | $ | 5,151 |  |  | $ | 3,250 |
During each of the three and nine months ended September 30, 2024, the Company retired $0.1 million of manufacturing equipment as it was no longer in service. The net book value for the disposed assets was de minimis. There were no asset retirements during the three and nine months ended September 30, 2023.

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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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