Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
6 Months Ended
Jun. 30, 2024
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 June 30, 2024, and December 31, 2023, property and equipment consists of (table in thousands):

 

    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.