Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

9 Months Ended

Sep. 30, 2022

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, 2022, and December 31, 2021, property and equipment consists of (in thousands):

Schedule of Property and Equipment

	September 30, 2022			December 31, 2021
Lab equipment	$	1,618		$	1,557
Finance lease right-of-use lab equipment		194			194
Computer and office equipment		131			131
Total property and equipment		1,943			1,882
Less: accumulated depreciation and amortization		(1,565	)		(1,429	)
Property and equipment, net	$	378		$	453

Total depreciation and amortization expense were approximately $47,000 and $137,000 for the three and nine months ended September 30, 2022, which includes amortization expense of $7,000 and $20,000 for the three and nine months ended September 30, 2022, respectively, related to assets under finance lease. For additional finance leases information, refer to Note 9 – Commitments and Contingencies.