PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 (in thousands):

	December 31,
	2023		2022
Furniture and office equipment	$	1,908	$	1,712
Laboratory equipment	20		20
Leasehold improvements	2,945		2,945
Construction in progress	528		—
	5,401		4,677
Less: Accumulated depreciation	(4,631)		(3,933)
Property and equipment, net	$	770	$	744

Depreciation expense was $0.7 million and $0.8 million for the years ended December 31, 2023 and 2022, respectively. Depreciation expense is recognized in Selling, general and administrative expenses in the Company’s Consolidated Statements of Comprehensive (Loss) Income.