PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

The following table reflects property and equipment, net as of September 30, 2021 and December 31, 2020 (in thousands):


	September 30, 2021		December 31, 2020
Furniture and office equipment	$	2,680	$	2,680
Laboratory equipment	20		20
Leasehold improvements	10,522		10,523
	13,222		13,223
Less: Accumulated depreciation and amortization	(11,544)		(10,786)
Property and equipment, net	$	1,678	$	2,437

Depreciation expense was $0.2 million and $0.8 million for the three and nine months ended September 30, 2021, respectively, and $0.6 million and $1.2 million for the three and nine months ended September 30, 2020, respectively. Depreciation expense is recognized in Selling, general and administrative expense in the Company’s Condensed Consolidated Statements of Comprehensive Income.