Depreciation and amortization expense was zero for the three and six months ended June 30, 2024. Depreciation and amortization expense was $2,000 for the three months ended June 30, 2023 and $4,000 for the six months ended June 30, 2023. During the three months ended June 30, 2023, the Company disposed of assets with a net carrying value of $36,000 and received proceeds of $17,000. During the six months ended June 30, 2023, the Company disposed of assets with a net carrying value of $211,000 and received proceeds of $303,000. 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 was expected to occur on April 15, 2024, however, the investors failed to fulfill their contractual obligation to consummate the Private Placement and the second closing did not occur.

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


	June 30,		December 31,
	2024		2023
	(in thousands)
Accrued interest	$	471	$	417
Compensation and benefits		419		1,312
Accrued clinical trial and preclinical costs		104		251
Professional services		77		97
Other		113		134
Total accrued expenses and other current liabilities	$	1,184	$	2,211