Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.20.1
Property and Equipment
3 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment

3. Property and Equipment

 

Property and equipment are recorded at cost and depreciated over the estimated useful lives of the underlying assets (three to five years) using the straight-line method. As of March 31, 2020, and December 31, 2019, property and equipment consists of (in thousands):

 

    March 31, 2020     December 31, 2019  
Lab equipment (excluding equipment under finance leases)   $ 1,138     $ 1,073  
Finance lease right-of-use lab equipment obtained in exchange for finance lease liabilities     347       347  
Computer and office equipment     120       92  
Total property and equipment     1,605       1,512  
Less: accumulated depreciation and amortization     (1,111 )     (1,081 )
Property and equipment, net   $ 494     $ 431  

 

Total depreciation and amortization expense were $30,000 and $23,000 for the three months ended March 31, 2020 and 2019 respectively, which includes amortization expense of $17,000 for both years. For additional finance leases information, refer to Note 9 – Commitments and Contingencies.