Property and equipment, net consisted of the following:


	September 30, 2023		December 31, 2022
	(in thousands)
Laboratory equipment	$	—	$	779
Computer and software		67		73
Leasehold improvements		14		14
Total property and equipment		81		866
Less: Accumulated depreciation and amortization		78		617
Total property and equipment, net	$	3	$	249

Depreciation and amortization expense was $1,000 for the three months ended September 30, 2023 and $5,000 for the nine months ended September 30, 2023. Depreciation and amortization expense was $15,000 for the three months ended September 30, 2022 and $39,000 for the nine months ended September 30, 2022. The Company has acquired certain laboratory equipment under agreements that are classified as finance leases. The carrying value of the equipment under finance leases included in the balance sheet as property and equipment was zero as of September 30, 2023 and $125,000 as of December 31, 2022, net of accumulated depreciation. During the three months ended September 30, 2023, the Company disposed of assets with a net carrying value of $29,000 and received proceeds of $28,000. During the nine months ended September 30, 2023, the Company disposed of assets with a net carrying value of $241,000 and received proceeds of $331,000.The Company recorded a gain on disposal of fixed assets, which is recorded in other income (expense) in the Statement of Operations.

In connection and concurrently with the execution of the Merger Agreement, the Company entered into the Securities Purchase Agreement to sell shares of the Company’s common stock in the Private Placement. The first closing of the Private Placement occurred on December 16, 2022, and the Company issued 649,346 shares of its common stock and received net proceeds of $7.4 million. The second closing of the Private Placement for an aggregate purchase price of $22.5 million is expected to occur on April 15, 2024. With respect to the second closing, the Company is obligated to sell and issue a number of shares of its common stock and the investors are obligated to buy such shares by the specified date and price equal to the volume-weighted average price of Company common stock for the five trading days prior to April 15, 2024 (“VWAP”) plus 10% of the VWAP; provided, however, that the share purchase price shall be at least equal to the closing price of the Company’s common stock on March 29, 2023. The Company has recorded a $2.1 million rights from Private Placement asset as of September 30, 2023 for the future right associated with the second closing.

Accrued expenses and other current liabilities consisted of the following as of the periods presented:


	September 30, 2023		December 31, 2022
	(in thousands)
Compensation and benefits	$	980	$	745
Accrued clinical trial and preclinical costs		304		404
Accrued interest		158		132
Professional services		64		2,176
Other		351		70
Total accrued expenses and other current liabilities	$	1,857	$	3,527