Property and Equipment

12 Months Ended

Dec. 31, 2023

Property and Equipment

Property and Equipment

4. Property and Equipment

Property and equipment consisted of the following (in thousands):

	December 31,		December 31,
	2023		2022
Laboratory equipment	$	4,330	$	4,277
Leasehold improvements		899		899
Office furniture and equipment		514		514
Total property and equipment		5,743		5,690
Less: accumulated depreciation		(1,900)		(1,454)
Total property and equipment, net	$	3,843	$	4,236

Depreciation expense was $0.5 million and $0.3 million for the years ended December 31, 2023 and 2022, respectively. In 2023 and 2022, we determined certain of our laboratory equipment was not required and held for sale or placed into storage, and as a result, write-downs of net equipment of approximately $0.1 million and $0.8 million, respectively, were recorded as a loss and included in Other income (expense), net on the consolidated statement of

operations for the years ended December 31, 2023 and 2022. We did not have any assets held for sale as of December 31, 2023. We had assets held for sale of approximately $0.7 million as of December 31, 2022, which was included in Other long-term assets on our consolidated balance sheets.