Annual report pursuant to Section 13 and 15(d)

PROPERTY & EQUIPMENT

v3.20.1
PROPERTY & EQUIPMENT
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
PROPERTY & EQUIPMENT
PROPERTY & EQUIPMENT
Property and equipment, net, as of December 31, 2019 and 2018 were as follows (in thousands):
 
 
 
December 31,
 
Useful Lives
 
2019
 
2018
Office furniture and equipment
3 years
 
$
1,285

 
$
1,189

Tenant improvements
*
 
1,925

 
1,897

Laboratory and other equipment
5 years
 
691

 
641

Construction in progress
 
 
1,269

 
—

 
 
 
5,170

 
3,727

Less: accumulated depreciation
 
 
(1,555
)
 
(883
)
 
 
 
$
3,615

 
$
2,844

* 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, 2019 and 2018 was $0.7 million and $0.5 million, respectively.