Annual report pursuant to Section 13 and 15(d)

Property and Equipment

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Property and Equipment
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment, Net
Property and equipment, net consist of the following:
(in thousands) December 31,
2021		 December 31,
2020
Furniture and equipment $ 5,100  $ 2,334 
Leasehold improvements 14,952  12,983 
Processing equipment 3,984  2,634 
Land 731  731 
Projects in process 45,660  24,541 
Property and equipment, at cost 70,427  43,223 
Less: accumulated depreciation and amortization (7,546) (4,825)
Property and equipment, net $ 62,881  $ 38,398 
Depreciation expense was $2,721, $1,507 and $933 for the years ended December 31, 2021, 2020 and 2019, respectively. The significant increase in projects in process is related to the Company's Axogen Processing Center ("APC Facility") (See "Note 14 - Commitments and Contingencies").