Property and Equipment

12 Months Ended

Dec. 31, 2024

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)	2024		2023
Computer equipment	$	2,060	$	1,883
Software		762		762
Furniture and fixtures		1,642		1,738
Laboratory equipment		38		60
Leasehold improvements		25,317		26,207
Subtotal		29,819		30,650
Less: accumulated depreciation		(22,401)		(21,582)
Property and equipment, net	$	7,418	$	9,068

During the year ended December 31, 2024, the Company recognized a non-cash impairment charge of $0.3 million primarily related to leasehold improvements (see “Note 8. Leases” for more information). There were no impairment charges related to property and equipment for the year ended December 31, 2023.

For the year ended December 31, 2024 and 2023, depreciation expense for property and equipment was $1.6 million and $1.9 million, respectively.

As a result of strategic actions announced in February 2023 (see “Note 15. 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 for the year ended December 31, 2023.