Balance Sheet Components

12 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Property and Equipment, net

The following table summarizes property and equipment, net, as of December 31, 2023 and 2022:


	December 31,			December 31,
	2023			2022
	(in thousands)
Computer hardware and software	$	2,114		$	1,771
Furniture and equipment		1,786			1,714
Leasehold improvements		5,509			5,508
		9,409			8,993
Less: Accumulated depreciation		(7,488	)		(6,095	)
	$	1,921		$	2,898

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $1.4 million, $1.1 million and $4.2 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 table summarizes accrued expenses as of December 31, 2023 and 2022:


	December 31,		December 31,
	2023		2022
	(in thousands)
Accrued research and development costs	$	26,040	$	32,565
Restructuring		10,589		—
Employee-related		21,339		29,372
Professional services		8,589		10,172
Other		707		557
	$	67,264	$	72,666

As of December 31, 2023, accrued research and development costs includes $4.3 million of accrued expenses related to cancelling excess purchase commitments for manufacturing as a result of the CRL received from the FDA for zuranolone for the treatment of MDD. During the year ended December 31, 2023, $28.9 million of expenses related to the cancellation of excess purchase commitments were recorded as research and development expense in the consolidated statements of operations and comprehensive loss, net of amounts subject to reimbursement under the Biogen Collaboration Agreement of $14.5 million.