Balance Sheet Components

12 Months Ended

Dec. 31, 2021

Note 5: Balance Sheet Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31,
	2021		2020
Prepaid expenses	$	333	$	274
Prepaid insurance		1,144		964
Prepaid research and development expenses		1,899		2,110
Australia research and development refundable tax credit		1,128		—
Other current assets		367		694
Total prepaid expenses and other current assets	$	4,871	$	4,042

Cortexyme Australia, Pty, Ltd, is eligible to obtain a cash refund from the Australian Taxation Office for eligible R&D expenditures under the Australian R&D Tax Incentive Program (the “Australian Tax Incentive”). The Australian Tax Incentive is recognized as a reduction to R&D expense when there is reasonable assurance that the relevant expenditure has been incurred, the amount can be reliably measured and that the Australian Tax Incentive will be received. The Company recognized reductions to R&D expense of $1.1 million, $0 million, and $0 million for the years ended December 31, 2021, 2020, and 2019 respectively.

Property and equipment, net

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


	December 31,
	2021			2020
Computer equipment	$	53		$	33
Lab equipment		528			405
Finance lease right of use assets		557			557
Leasehold improvement		58			21
Office furniture		26			26
Less: accumulated amortization and depreciation		(959	)		(615	)
Property and equipment, net	$	263		$	427

Depreciation expense for property and equipment was $344,000, $332,000 and $188,000 for the years ended December 31, 2021, 2020, and 2019, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expense and other current liabilities consisted of the following (in thousands):


	December 31,
	2021		2020
Personnel expenses	$	820	$	2,415
Professional fees		462		141
Research and development expenses		7,108		10,603
Current portion of operating lease liabilities		741		238
Other		180		44
Total accrued expenses and other current liabilities	$	9,311	$	13,441