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PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

NOTE 6:    PROPERTY AND EQUIPMENT

Property and equipment consist of the following as of December 31, 2022 and 2021, respectively:

​

​	​	​	​	​	​	​	​	​
​	​	​	​	December 31,		​	December 31,
​		Estimated Useful Lives		2022			2021
Lab and manufacturing equipment	​	5 Years	​	$	11,824,000	​	$	7,851,000
Computers, equipment and software		3-5 Years	​	​	899,000	​	​	1,020,000
Office furniture		5 Years	​		924,000	​		793,000
Leasehold improvements	​	Lesser of lease term or estimated useful life	​	​	3,950,000	​	​	3,173,000
Total			​	​	17,597,000	​	​	12,837,000
Less: accumulated depreciation			​		(5,274,000)	​		(2,740,000)
Construction in progress	​	​	​	​	—	​	​	2,226,000
Total fixed assets, net			​	$	12,323,000	​	$	12,323,000

​

Depreciation expense for the years ended December 31, 2022 and 2021 was approximately $2.8 million and $2.1 million, respectively.

In June 2020, the Company entered into a lease for a manufacturing facility in Houston, Texas. The Company incurred costs pursuant to an agreement with a vendor to design, engineer, build and eventually install modular cleanrooms in the manufacturing facility. $6.8 million was recorded in fixed assets – construction in progress on the balance sheet as of December 31, 2020.  The completion of the facility’s construction occurred during December 2020 and the Company received its certificate of occupancy in January 2021, and as such was placed into service in January 2021.  During January 2021, all costs associated with the buildout were recorded as either manufacturing equipment and/or leasehold improvements and amortized over the estimated useful life of the asset and/or leasehold lease.

During the year ended December 31, 2021, and in connection with the opening of the Company’s manufacturing facility in Houston, Texas, the Company incurred $2.2 million of costs pursuant to an agreement with a vendor to build and eventually install a second modular cleanroom. Such costs were recorded in fixed assets – construction in progress on the balance sheet as of December 31, 2021. The Company incurred another $1.9 million in related costs in 2022. Upon completion and installation of the second modular cleanroom during the year ended December 31, 2022, all costs associated with the buildout were recorded as manufacturing equipment and leasehold improvements and amortized over the estimated useful life.

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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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI https://asc.fasb.org/topic&trid=2155823

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916

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- References

No definition available.

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