FIXED ASSETS

9 Months Ended

Sep. 30, 2023

FIXED ASSETS

PROPERTY AND EQUIPMENT

6.        FIXED ASSETS

Property, equipment, and leasehold improvements, net consisted of the following:

	September 30,		December 31,
(In thousands)	2023		2022
Computer hardware	$	15	$	67
Computer software		—		7
Leasehold improvements		—		66
Research and lab equipment		—		723
Property and equipment		15		863
Less accumulated depreciation		(6)		(636)
Property and equipment, net	$	9	$	227

Depreciation expense for the three and nine months ended September 30, 2023 was $4 thousand and $33 thousand, respectively. Depreciation expense for the three and nine months ended September 30, 2022 was $14 thousand and $40 thousand, respectively. Maintenance and repairs are charged to expense as incurred and any additions or improvements are capitalized. In connection with termination of the Cambridge Lease (see Note 5), the Company sold some of its Research and lab equipment, wrote off all of its computer software, leasehold improvements, and office equipment and wrote off the remaining research and lab equipment balances and recorded a loss of $116 thousand.