Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

9 Months Ended

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

Schedule of Property and Equipment

	September 30, 2024			December 31, 2023
Lab equipment	$	1,765		$	1,757
Finance lease right-of-use lab equipment		162			162
Computer and office equipment		155			155
Total property and equipment		2,082			2,074
Less: accumulated depreciation and amortization		(1,901	)		(1,803	)
Property and equipment, net	$	181		$	271

Total depreciation and amortization expense were approximately $98,000 and $149,000 for the nine months ended September 30, 2024 and 2023, which includes amortization expense of $0 and $7,164 for the nine months ended September 30, 2024 and 2023, respectively, related to assets under finance lease. For additional finance leases information, refer to Note 8 – Commitments and Contingencies.