Property and equipment, net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment, net

Property and equipment, net consists of the following:

As of December 31,	2020		2019
	(in thousands)
Capitalized software	$	693	$	—
Leasehold improvements	3,088		3,088
Office furniture and fixtures	29		29
Equipment	104		104
Property and equipment, gross	3,914		3,221
Less: accumulated depreciation and amortization	(1,836)		(1,281)
Property and equipment, net	$	2,078	$	1,940

Depreciation expense recorded by the Corporation was approximately $0.5 million and $0.6 million for the years ended December 31, 2020 and 2019, respectively. Amortization expense recorded by the Corporation was approximately $0.1 million and $0 million for the years ended December 31, 2020 and 2019, respectively.