Balance Sheet Components

3 Months Ended

Mar. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Property and Equipment, net

Property and equipment, net consists of the following:

	March 31,			December 31,
	2022			2021
	(in thousands)
Computer hardware and software	$	1,437		$	1,391
Furniture and equipment		1,261			1,208
Leasehold improvements		5,390			5,390
		8,088			7,989
Less: Accumulated depreciation		(5,248	)		(4,973	)
	$	2,840		$	3,016

Depreciation expense for the three months ended March 31, 2022 and 2021 was $0.3 million and $2.6 million, respectively. During the three months ended March 31, 2021, $2.1 million of the depreciation expense was related to the early termination by the Company of an operating lease for office space in Cambridge, Massachusetts.

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

Accrued expenses consist of the following:

	March 31,		December 31,
	2022		2021
	(in thousands)
Accrued research and development costs	$	43,939	$	39,147
Employee-related		7,393		18,618
Professional services		11,201		8,893
Other		518		617
	$	63,051	$	67,275