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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2019
Property Plant And Equipment [Abstract]  
Property and Equipment, Net

7. Property and Equipment, Net

Property and equipment, net as of December 31, 2019 and 2018 consisted of the following:

 

 

 

December 31,

 

(in thousands)

 

2019

 

 

2018

 

Lab equipment

 

$

—

 

 

$

13,304

 

IT equipment

 

 

—

 

 

 

3,781

 

Leasehold improvements

 

 

—

 

 

 

19,392

 

Furniture and fixtures

 

 

—

 

 

 

306

 

Total property and equipment, gross

 

 

—

 

 

 

36,783

 

Less: Accumulated depreciation

 

 

—

 

 

 

(34,514

)

Total property and equipment, net

 

$

—

 

 

$

2,269

 

 

Depreciation expense was $2.2 million and $4.1 million for the years ended December 31, 2019 and 2018, respectively.

During the years ended December 31, 2019 and 2018, the Company recognized a gain on sale of property and equipment of $2.0 million and a loss of $0.2 million loss related to the disposal of property and equipment, respectively.