Property, plant and equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

(6) Property, plant and equipment

As of September 30, 2023 and December 31, 2022, the Company’s property, plant and equipment was as follows:


	September 30, 2023			December 31, 2022
Laboratory equipment	$	9,979,077		$	9,000,114
Animal facility leasehold improvements		8,357,667			8,357,667
Animal facility equipment		1,137,666			1,141,213
Construction-in-progress		—			308,317
Leasehold improvements		9,296,344			9,296,343
Vehicles		208,453			192,683
Office furniture and equipment		631,910			1,233,038
Total Property, plant and equipment, gross		29,611,117			29,529,375
Less: accumulated depreciation and amortization		(8,989,368	)		(6,278,522	)
Property, plant and equipment, net	$	20,621,749		$	23,250,853

Depreciation and amortization expense was $0.96 million and $0.89 million, respectively, for the three months ended September 30, 2023 and 2022, and $2.73 million and $2.27 million, respectively, for the nine months ended September 30, 2023 and 2022.

All tangible personal property with a useful life of at least three years and a unit acquisition cost of $5 thousand or more will be capitalized and depreciated over its useful life using the straight-line method of depreciation. The Company will expense the full acquisition cost of tangible personal property below these thresholds in the year of purchase. The basis of accounting for depreciable fixed assets is acquisition cost and any additional expenditures required to make the asset ready for use. The carrying amount at the balance sheet date of long-lived assets under construction-in-progress includes assets purchased, constructed, or being developed internally that are not yet in service. Depreciation commences when the assets are placed in service.

As of September 30, 2023 and December 31, 2022, the Company’s construction-in-progress was as follows:


	September 30, 2023		December 31, 2022
New office space at Headquarters	$	—	$	85,767
IT equipment at Headquarters		—		84,739
Software		—		137,811
Total construction-in-progress	$	—	$	308,317