Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

5. Property and Equipment

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

	December 31,
	2023			2022
Property and equipment:
Laboratory equipment	$	2,736		$	5,022
Computer software and equipment		105			675
Office furniture and fixtures		662			323
Leasehold improvements		461			397
	$	3,964		$	6,417
Accumulated depreciation		(1,921	)		(4,174	)
Property and equipment, net	$	2,043		$	2,243

The Company recognized approximately $0.3 million and $1.1 million of depreciation expense for the years ended December 31, 2023 and 2022, respectively.

In October of 2022, the Company terminated an agreement with a contract manufacturer organization, or CMO. Prior to termination, the Company had 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. Additionally, the Company recognized $1.6 million and $1.3 million related to loss on impairment of long-lived research and development assets for the periods ended December 31, 2023 and 2022, respectively, both related to the agreement termination referred to above based on specific facts and circumstances in the respective periods. This impairment evaluation related to the net book value of leasehold improvement and laboratory equipment assets held at the CMO.