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Property, Plant and Equipment, Net
 9 Months Ended
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.