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Property, Plant and Equipment, Net | 9 Months Ended
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Sep. 30, 2024
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment, Net | Note 6. Property, Plant, and Equipment, Net Property, plant, and equipment consisted of the following (in thousands):
|  | As of September 30, 2024 |  |  | As of December 31, 2023 |
Machinery and equipment |  | $ | 29,765 |  |  | $ | 30,082 |
Office furniture and equipment |  |  | 842 |  |  |  | 842 |
Vehicles |  |  | 340 |  |  |  | 291 |
Leasehold improvements |  |  | 24,915 |  |  |  | 24,673 |
|  |  | 55,862 |  |  |  | 55,888 |
Less—Accumulated depreciation |  |  | (11,439 | ) |  |  | (7,528 | )
|  |  | 44,423 |  |  |  | 48,360 |
Construction in progress |  |  | 2,292 |  |  |  | 2,004 |
Total property, plant, and equipment, net |  | $ | 46,715 |  |  | $ | 50,364 |
For the three and nine months ended September 30, 2024, depreciation expense was $1.4 million and $4.1 million, respectively, and for the three and nine months ended September 30, 2023, depreciation expense was $1.3 million and $3.2 million, respectively. Teknova capitalizes interest on funds borrowed to finance certain of its capital expenditures. Capitalized interest is recorded as part of an asset’s cost and depreciated over the asset’s useful life. For each of the three and nine months ended September 30, 2024, capitalized interest costs were zero and for the three and nine months ended September 30, 2023, capitalized interest costs were not significant and $0.9 million, respectively.

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