Balance Sheet Components

9 Months Ended

Sep. 30, 2020

Balance Sheet Components [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

	September 30,		December 31,
	2020		2019
Leasehold improvements	$	2,834	$	2,248
Laboratory equipment		792		677
Furniture, fixtures, and equipment		481		466
Software		117		118
Construction in progress		134		543
		4,358		4,052
Less: Accumulated depreciation		(1,796)		(1,486)
	$	2,562	$	2,566

Depreciation expense was $0.1 million for each of the three-month periods ended September 30, 2020 and 2019. Depreciation expense was $0.3 million for each of the nine-month periods ended September 30, 2020 and 2019. 

Intangible Assets, Net

Intangible assets primarily consist of acquired licenses to utilize certain patents, know-how and technology relating to the Company’s NPS technology for biomedical applications acquired from Old Dominion University Research Foundation (ODURF), Eastern Virginia Medical School, and the University of Southern California. In addition, the Company entered into a Sponsored Research Agreement with Old Dominion University’s Frank Reidy Research Center for Bioelectrics, which includes certain intellectual property rights arising from the research. The Company is amortizing the intangible assets over an estimated useful life of 12 years.

Intangible assets, net consisted of the following (in thousands):

	September 30,		December 31,
	2020		2019
Acquired patents and licenses	$	7,985	$	7,985
Less: Accumulated amortization		(3,937)		(3,438)
	$	4,048	$	4,547

A schedule of the amortization of intangible assets for the remainder of 2020 and the succeeding five fiscal years and thereafter is as follows (in thousands):

Year Ending December 31:
2020 (remaining 3 months)	$	166
2021		665
2022		665
2023		665
2024		665
2025		665
Thereafter		557
	$	4,048

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	September 30,		December 31,
	2020		2019
Compensation	$	2,276	$	1,699
Accrued clinical		268		262
Professional fees		8		51
Property and equipment		262		234
Director and officer liability insurance		938		—
Other		359		250
	$	4,111	$	2,496