Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

13. Property and Equipment, Net

Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization expense is recorded using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful economic lives of the related assets. Expenditures for maintenance and repairs are charged to expense while the costs of significant improvements are capitalized. Upon retirement or sale, the costs of the assets disposed of and the related accumulated depreciation or amortization is removed from the

consolidated balance sheets and any related gains or losses are reflected on the consolidated statements of operations. Property and equipment, net consisted of the following (in thousands):


		As of December 31,
	Estimated Useful Life (In Years)	2023			2022
Laboratory equipment	4	$	830		$	870
Furniture and fixtures	5		654			654
Office and computer equipment	3		809			809
Leasehold improvements	Lesser of useful life or lease term		4,878			5,451
Total property and equipment			7,171			7,784
Less accumulated depreciation and amortization			(6,565	)		(6,645	)
Total property and equipment, net		$	606		$	1,139