Annual report pursuant to Section 13 and 15(d)

Property, Plant, and Equipment

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Property, Plant, and Equipment
12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment are as follows:
(in thousands) Estimated Useful Life
(in years)
December 31, 2021 December 31, 2020
Construction in progress $ 393  $ 4,467 
Leasehold improvements Shorter of term of the lease or estimated useful life 2,978  34 
Office equipment 5 645  83 
Furniture 7 976  — 
Computer equipment 3 262  381 
5,254  4,965 
Less accumulated depreciation (836) (179)
Property and equipment, net $ 4,418  $ 4,786 
Construction in progress assets during 2021 relate primarily to the design of the proposed new corporate headquarters in Victoria, British Columbia. Construction in progress assets during 2020 were related to leasehold improvements and office equipment and furniture for the Company's Rockville, MD office, which were placed into service upon occupancy in January 2021. Depreciation expense for the years ended December 31, 2021, 2020 and 2019, was $663 thousand, $82 thousand and $33 thousand, respectively, which is included in SG&A expenses on the consolidated statements of operations.