Property and Equipment

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Computer equipment	$	1,883	$	1,921
Software		762		1,088
Furniture and fixtures		1,738		1,674
Laboratory equipment		60		15,445
Leasehold improvements		26,207		24,583
Subtotal		30,650		44,711
Less: accumulated depreciation		(21,582)		(32,836)
Property and equipment, net	$	9,068	$	11,875

For the year ended December 31, 2023 and 2022, depreciation expense for property and equipment was $1.9 million and $2.6 million, respectively.

As a result of strategic actions announced in February 2023 (see “Note 16. 2021 Restructuring and 2023 Strategic Actions”), the Company completed an auction of certain R&D laboratory equipment in 2023 with a carrying value of $2.7 million. The Company received net proceeds of $1.5 million and recognized a non-cash loss of $1.2 million resulting from the auction.