Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

5. Property and Equipment

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

	December 31,
	2022			2021
Property and equipment:
Laboratory equipment	$	5,022		$	5,293
Computer software and equipment		675			675
Office furniture and fixtures		323			301
Leasehold improvements		397			2,113
	$	6,417		$	8,382
Accumulated depreciation		(4,174	)		(3,879	)
Property and equipment, net	$	2,243		$	4,503

The Company recognized approximately $1.1 million and $1.0 million of depreciation expense for the years ended December 31, 2022 and 2021, respectively.

Additionally, the Company recognized $1.3 million related to loss on impairment of long-lived research and development assets. In October of 2022, the Company terminated an agreement with a contract manufacturer. The Company has funded certain leasehold improvements at the CMO’s facility that the Company does not anticipate receiving the benefit of in the future and has accordingly impaired the respective assets.