Annual report pursuant to Section 13 and 15(d)

PROPERTY & EQUIPMENT

v3.22.1
PROPERTY & EQUIPMENT
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY & EQUIPMENT PROPERTY & EQUIPMENT
Property and equipment, net, as of December 31, 2021 and 2020 were as follows (in thousands):
December 31,
  Useful Lives 2021 2020
Office furniture and equipment
3 - 5 years
 $ 2,592  $ 2,596 
Tenant improvements * 1,967  1,967 
Laboratory and other equipment 5 years 691  691 
Construction in progress —  15 
5,250  5,269 
Less: accumulated depreciation (3,533) (2,392)
$ 1,717  $ 2,877 
* 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, 2021 and 2020 was $1.2 million and $0.8 million, respectively. During the year ended December 31, 2021, the Company recorded accelerated depreciation for tenant improvements associated with the lease termination agreement for its main facility.