Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

v3.23.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and equipment, net, as of December 31, 2022 and 2021 were as follows (in thousands):
December 31,
  Useful Lives 2022 2021
Office furniture and IT equipment
3 - 5 years
 $ 1,392  $ 2,592 
Tenant improvements * —  1,967 
Laboratory and other equipment 5 years —  691 
1,392  5,250 
Less: accumulated depreciation (817) (3,533)
$ 575  $ 1,717 
* Tenant improvements were 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, 2022 and 2021 was $1.0 million and $1.2 million, respectively. During the year ended December 31, 2022, the Company sold or disposed of property and equipment with original cost of $3.9 million and recognized a loss on disposal of $0.2 million. During the years ended December 31, 2022 and 2021, the Company recorded accelerated depreciation for tenant improvements associated with the lease termination agreement for its main facility.