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Leasehold Improvements and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Leasehold Improvements and Equipment, Net Leasehold Improvements and Equipment, Net
Leasehold improvements and equipment as of the periods indicated consisted of the following:
As of December 31,
(In thousands)20232022
Laboratory equipment$3,272 $3,268 
Leasehold improvements2,148 2,060 
Computer equipment665 602 
Implementation costs - cloud computing arrangements1,135 1,075 
Furniture and fixtures322 176 
Construction in progress5 172 
7,547 7,353 
Less: Accumulated depreciation(5,410)(4,554)
Leasehold improvements and equipment, net $2,137 $2,799 
Depreciation expense on leasehold improvements and equipment for the years ended December 31, 2023 and 2022 was approximately $870,000 and $869,000, respectively. Depreciation is computed using the straight-line method over the estimated useful lives of the depreciable assets (ranging from three to ten years). Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the remaining lease term.
During the years ended December 31, 2023 and 2022, the Company sold or disposed of certain leasehold improvements and equipment resulting in a gain of $5,000 and a loss of $7,000, respectively. At the time of sale or disposal, the related cost and accumulated depreciation were removed from the respective accounts.