Property and Equipment

12 Months Ended

Dec. 31, 2022

Property and Equipment.

Property and Equipment

7. Property and Equipment

Property and equipment are held predominantly in the US and consisted of the following:

	December 31,
(In thousands)	2022		2021
Computer equipment	$	1,921	$	2,341
Software		1,088		2,063
Furniture and fixtures		1,674		3,605
Laboratory equipment		15,445		20,087
Leasehold improvements		24,583		24,053
Subtotal		44,711		52,149
Less: accumulated depreciation		(32,836)		(38,492)
Property and equipment, net	$	11,875	$	13,657

For the year ended December 31, 2022, 2021, and 2020, depreciation expense for property and equipment was $2.6 million, $3.5 million, and $3.3 million, respectively.

As a result of the Company’s corporate restructuring announcement in September 2021 (see “Note 16. Corporate Restructuring Completion”), the Company completed an auction of certain property and equipment in December 2021. In January 2022, the Company received net proceeds of $1.9 million from the auction, and the net realized loss from the sale of the property and equipment was not material.