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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net PROPERTY AND EQUIPMENT, NET
Property and equipment consist of the following (in thousands):
December 31,
20232022
Laboratory equipment$46 $46 
Office equipment and furniture2,433 2,089 
Leasehold improvements8,731 8,745 
Property and equipment, gross11,210 10,880 
Less: accumulated depreciation(10,201)(9,657)
Total property and equipment, net$1,009 $1,223 
We recognized depreciation expense in the amount of $0.6 million, $0.7 million, and $1.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.
During the year ended December 31, 2022, following the elimination of our internal research organization in the fourth quarter of 2021, we sold laboratory equipment with total net carrying value of $0.5 million and received cash proceeds of $1.8 million, resulting in a gain of $1.3 million which has been reported within other income, net on our statement of operations and comprehensive loss.