Balance Sheet Components

9 Months Ended

Sep. 30, 2020

Balance Sheet Related Disclosures [Abstract]

8.	Balance Sheet Components

Property and Equipment, net

Property and equipment, net consists of the following:

	September 30, 2020			December 31, 2019
	(in thousands)
Laboratory equipment	$	14,174		$	11,986
Computer equipment		556			540
Furniture and fixtures		1,444			1,351
Leasehold improvements		7,274			7,121
Construction in progress		1,517			142
Property and equipment, gross		24,965			21,140
Less accumulated depreciation and amortization		(8,017	)		(4,832	)
Total property and equipment, net	$	16,948		$	16,308

Depreciation and amortization expenses was $1.1 million and $3.2 million for the three and nine months ended September 30, 2020, respectively, and $0.9 million and $2.4 million for the three and nine months ended September 30, 2019, respectively.

Sale-Leaseback Transaction

In August 2019, the Company entered into a lease agreement whereby the Company sold various laboratory instruments, furniture, and other equipment for gross proceeds of $1.2 million to a bank and leased them back for a five-year term, collateralized by the underlying equipment. The Company determined it did not relinquish control of the assets to the buyer-lessor. Therefore, the Company accounted for the transaction as a failed sale-leaseback whereby the Company continues to depreciate the assets and recorded a financing obligation for the consideration received from the buyer-lessor. As of September 30, 2020, the current and long-term portions of the financing obligation were $0.3 million and $0.7 million, respectively.

Accrued and Other Liabilities

Accrued and other liabilities consist of the following:

	September 30, 2020		December 31, 2019
	(in thousands)
Research and development expenses	$	23,227	$	12,530
Payroll and related expenses		9,607		9,410
Excess funds payable under grant agreements		3,893		94
Operating lease liabilities, current		3,459		—
Restricted stock liability		119		1,434
Financing lease obligation, current		253		237
Other professional and consulting expenses		2,894		1,634
Other accrued expenses		887		1,156
Total accrued and other liabilities	$	44,339	$	26,495