PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2023

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, 2023 and December 31, 2022 (in thousands): 

	September 30, 2023		December 31, 2022
Furniture and office equipment	$	1,808	$	1,712
Laboratory equipment	20		20
Leasehold improvements	2,945		2,945
Construction in progress	528		—
	5,301		4,677
Less: Accumulated depreciation	(4,497)		(3,933)
Property and equipment, net	$	804	$	744

Depreciation expense was $0.2 million and $0.6 million for the three and nine months ended September 30, 2023 and 2022, respectively. Depreciation expense is recognized in Selling, general and administrative expense in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income.