Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

3 Months Ended

Mar. 31, 2023

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 March 31, 2023, and December 31, 2022, property and equipment consists of (in thousands):

Schedule of Property and Equipment

	March 31, 2023		December 31, 2022
Lab equipment	$	1,675	$	1,631
Finance lease right-of-use lab equipment		194		194
Computer and office equipment		131		131
Total property and equipment		2,000		1,956
Less: accumulated depreciation and amortization		1,662		(1,614	)
Property and equipment, net	$	338	$	342

Total depreciation and amortization expense were approximately $49,000 and $46,000 for the three months ended March 31, 2023 and 2022, which includes amortization expense of $1,000 and $4,000 for the three months ended March 31, 2023 and 2022, respectively, related to assets under finance lease. For additional finance leases information, refer to Note 9 – Commitments and Contingencies.