| Property and Equipment, Net |
Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2022 |
|
December 31,
2021 |
| Furniture and equipment |
$ |
5,408 |
|
|
$ |
5,100 |
|
| Leasehold improvements |
15,569 |
|
|
14,952 |
|
| Processing equipment |
4,229 |
|
|
3,984 |
|
| Land |
731 |
|
|
731 |
|
| Projects in process |
58,595 |
|
|
45,660 |
|
| Finance lease right-of-use assets |
131 |
|
|
110 |
|
| Property and equipment, at cost |
84,663 |
|
|
70,537 |
|
| Less: accumulated depreciation and amortization |
(9,796) |
|
|
(7,614) |
|
| Property and equipment, net |
$ |
74,867 |
|
|
$ |
62,923 |
|
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."
Depreciation expense consisted of following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
| Depreciation expense |
$ |
764 |
|
|
$ |
654 |
|
|
$ |
2,182 |
|
|
$ |
2,059 |
|
|