Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.23.3
Property, Plant and Equipment
9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment  
Property, Plant and Equipment

Note 6 – Property, Plant and Equipment

At September 30, 2023, and December 31, 2022, property, plant and equipment consisted of the following:

    

Estimated Useful

    

September 30, 

    

December 31, 

($ in thousands)

Life (in years)

2023

2022

Computer equipment

 

3

$

$

145

Furniture and fixtures

 

5

 

 

370

Machinery and equipment

 

5

 

 

8,632

Leasehold improvements

 

9

 

7,694

 

7,694

Construction in process

 

N/A

 

 

951

Total property, plant and equipment

 

7,694

 

17,792

Less: accumulated depreciation

 

(4,192)

 

(8,401)

Property, plant and equipment, net

$

3,502

$

9,391

Depreciation expense for the three months ended September 30, 2023, and 2022, was approximately $0.3 million and $0.7 million, respectively, and was recorded in research and development expense in the Unaudited Statements of Operations.

Depreciation expense for the nine months ended September 30, 2023, and 2022, was approximately $1.6 million and $2.0 million, respectively, and was recorded in research and development expense in the Unaudited Statements of Operations.