Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.22.1
Property and Equipment
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, Net
Property and equipment consist of the following:
(In thousands) March 31,
2022		 December 31,
2021
Furniture and equipment $ 5,107  $ 5,100 
Leasehold improvements 14,952  14,952 
Processing equipment 4,058  3,984 
Land 731  731 
Projects in process 50,314  45,660 
Finance lease right-of-use assets 110  110 
Property and equipment, at cost 75,272  70,537 
Less: accumulated depreciation and amortization (8,318) (7,614)
Property and equipment, net $ 66,954  $ 62,923 
Depreciation expense for the three months ended March 31, 2022 and 2021 was $704 and $772, respectively. The Company further added to its projects in process total which is related to our Axogen Processing Center (“APC Facility”). See "Note 12 - Commitments and Contingencies."