Annual report pursuant to Section 13 and 15(d)

PROPERTY & EQUIPMENT

v3.20.4
PROPERTY & EQUIPMENT
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY & EQUIPMENT PROPERTY & EQUIPMENT
Property and equipment, net, as of December 31, 2020 and 2019 were as follows (in thousands):
December 31,
  Useful Lives 2020 2019
Office furniture and equipment
3 - 5 years
 $ 2,596  $ 1,285 
Tenant improvements * 1,967  1,925 
Laboratory and other equipment 5 years 691  691 
Construction in progress 15  1,269 
5,269  5,170 
Less: accumulated depreciation (2,392) (1,555)
$ 2,877  $ 3,615 
* Tenant improvements are amortized over the lesser of the remaining term of the related lease or the estimated useful life of the tenant improvements.
Depreciation expense for the years ended December 31, 2020 and 2019 was $0.8 million and $0.7 million, respectively.