PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

The following table reflects property and equipment, net as of September 30, 2022 and December 31, 2021 (in thousands): 

	September 30, 2022		December 31, 2021
Furniture and office equipment	$	2,353	$	2,733
Laboratory equipment	20		20
Leasehold improvements	9,787		10,523
	12,160		13,276
Less: Accumulated depreciation	(11,225)		(11,749)
Property and equipment, net	$	935	$	1,527

Depreciation expense was $0.2 million and $0.6 million for the three and nine months ended September 30, 2022, respectively and $0.2 million and $0.8 million for the three and nine months ended September 30, 2021, respectively. Depreciation expense is recognized in Selling, general and administrative expense in the Company’s Condensed Consolidated Statements of Comprehensive Income.