Property and Equipment, Net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

4. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	March 31, 2024			December 31, 2023
Laboratory equipment	$	234		$	273
Software and computer equipment		311			349
Machinery and equipment		420			440
Furniture and fixtures		39			39
Vehicles		202			202
Leasehold improvements		1,584			1,590
Property and equipment, gross		2,790			2,893
Less: accumulated depreciation and amortization		(2,462	)		(2,509	)
Property and equipment, net	$	328		$	384

Depreciation expense was $51,000 and $71,000 for the three months ended March 31, 2024 and 2023, respectively

There was $0 and $10,000 of construction in progress included in property and equipment as of March 31, 2024 and 2023, respectively.

Property and equipment are considered assets held for sale when management approves and commits to a plan to dispose of a property or group of properties. The property and equipment held for sale prior to the sale date is separately presented, within current assets, on the condensed consolidated balance sheet as assets held for sale.

During the three months ended March 31, 2024, management sold property and equipment and realized a loss on sale of $2,000, which is recorded on the condensed consolidated statements of operations and comprehensive loss, with proceeds of $17,000. During the three months ended March 31, 2023, management sold property and equipment and realized a gain on sale of $19,000, which was recorded on the condensed consolidated statements of operations and comprehensive loss, with proceeds of $30,000.

Property and equipment related to Archipelago of $51,000 were classified as assets held for sale as of December 31, 2023. During the three months ended March 31, 2024, the Company recorded an impairment of $36,000 related to these assets. The fair value of assets held for sale as of March 31, 2024 was $15,000. The fair value has been estimated using publicly available prices for some of the assets, and business partners' estimates for assets with prices not readily available, due to the relatively small size of the industry in which they can be used.