Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

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 September 30, 2020, and December 31, 2019, property and equipment consists of (in thousands):

	September 30, 2020			December 31, 2019
Lab equipment	$	1,498		$	1,073
Finance lease right-of-use lab equipment obtained in exchange for finance lease liabilities		119			347
Computer and office equipment		120			92
Total property and equipment		1,737			1,512
Less: accumulated depreciation and amortization		(1,102	)		(1,081	)
Property and equipment, net	$	635		$	431

Total depreciation and amortization expense was $44,000 and $112,000 for the three and nine months ended September 30, 2020, which includes amortization expense of $6,000 and $38,000 related to finance lease right-of-use lab equipment, respectively. For additional finance leases information, refer to Note 9 – Commitments and Contingencies.