Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

6 Months Ended

Jun. 30, 2024

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 June 30, 2024, and December 31, 2023, property and equipment consists of (table in thousands):

Schedule of Property and Equipment

	June 30, 2024			December 31, 2023
Lab equipment (excluding equipment under finance leases)	$	1,765		$	1,757
Finance lease right-of-use lab equipment obtained in exchange for finance lease liabilities, net		162			162
Computer and office equipment		155			155
Total property and equipment		2,082			2,074
Less: accumulated depreciation and amortization		(1,871	)		(1,803	)
Property and equipment, net	$	211		$	271

Total depreciation and amortization expense were approximately $68,000 and $96,000 for the six months ended June 30, 2024 and 2023, which includes amortization expense of $0 and $7,164 for the six months ended June 30, 2024 and 2023, respectively, related to assets under finance lease. For additional finance leases information, refer to Note 9 – Commitments and Contingencies.