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Property and equipment, net
 12 Months Ended
Dec. 31, 2015
Property and equipment, net  
Property and equipment, net

5. Property and Equipment, net

Property and equipment, net consists of the following:

 

 

 

 

 

 

 

 

 

 

As of December 31, 

 

 

    

2015

    

2014

 

 

 

(in thousands)

 

Laboratory equipment

 

$
2,183

    

$
1,223

 

Furniture and office equipment

 

 
499

 

 
441

 

Leasehold improvements

 

 
1,336

 

 
1,324

 

 

 

 
4,018

 

 
2,988

 

Less: accumulated depreciation

 

 
(784)

 

 
(184)

 

Property and equipment, net

 

$
3,234

 

$
2,804

 

The Company recorded $600,000 and $184,000 in depreciation expense during the years ended December 31, 2015 and 2014, respectively. The Company did not have depreciation expense for the period from June 19, 2013 (Inception) to December 31, 2013.