PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

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

	December 31,
	2022		2021
Furniture and office equipment	$	1,712	$	2,733
Laboratory equipment	20		20
Leasehold improvements	2,945		10,523
	4,677		13,276
Less: Accumulated depreciation	(3,933)		(11,749)
Property and equipment, net	$	744	$	1,527

Depreciation expense was $0.8 million and $1.0 million for the years ended December 31, 2022 and 2021, respectively. Depreciation expense is recognized in Selling, general and administrative expenses in the Company’s Consolidated Statements of Comprehensive Income (Loss).