Balance Sheet Components

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

4.Balance Sheet Components

Property and Equipment, net

The following table summarizes property and equipment, net, as of December 31, 2022 and 2021:

	December 31,			December 31,
	2022			2021
	(in thousands)
Computer hardware and software	$	1,771		$	1,391
Furniture and equipment		1,714			1,208
Leasehold improvements		5,508			5,390
		8,993			7,989
Less: Accumulated depreciation		(6,095	)		(4,973	)
	$	2,898		$	3,016

Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $1.1 million, $4.2 million and $2.6 million, respectively.

The useful life for computer hardware and software is three years, furniture and equipment is five years and leasehold improvements is the lesser of the useful life or the term of the respective lease.

Accrued Expenses

The following tables summarizes accrued expenses as of December 31, 2022 and 2021:

	December 31,		December 31,
	2022		2021
	(in thousands)
Accrued research and development costs	$	32,565	$	39,147
Employee-related		29,372		18,618
Professional services		10,172		8,893
Other		557		617
	$	72,666	$	67,275