PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

3. PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following:

(In thousands)	2019		2018
Computer software and hardware	$	131	$	131
Research and lab equipment		520		508
Leasehold improvements		66		66
Property and equipment		717		705
Less accumulated depreciation and amortization		(644)		(605)
Property and equipment, net	$	73	$	100

Depreciation expense for the years ended December 31, 2019 and 2018, was $39 thousand, and $74 thousand, respectively. Maintenance and repairs are charged to expense as incurred and any additions or improvements are capitalized.

On May 3, 2018, the Company assigned the Cambridge Lease to a third party who assumed all of the Company’s remaining rights and obligations under the Cambridge Lease and as a result wrote off $1.3 million of fully depreciated assets and also recorded an impairment loss of $48 thousand related to certain fixed assets in connection with the reassignment.