Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.24.1
Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment

9. Property and Equipment

Property and Equipment consist of the following as of December 31, 2023 and 2022 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Estimated useful life
(in years)

 

December 31, 2023

 

 

December 31, 2022

 

Laboratory equipment

 

5

 

$

—

 

 

$

9,140

 

Computer equipment

 

3

 

 

2,200

 

 

 

2,036

 

Furniture and fixtures

 

4

 

 

1,075

 

 

 

1,075

 

Leasehold improvements

 

*

 

 

11,657

 

 

 

11,657

 

 

 

 

 

14,932

 

 

 

23,908

 

Less: Accumulated depreciation

 

 

 

 

(7,634

)

 

 

(12,555

)

Total property and equipment, net

 

 

 

$

7,298

 

 

$

11,353

 

* Leasehold improvements are depreciated over the shorter of the life of the asset and the term of the lease at 6.2 years and 7.2 years as of December 31, 2023 and 2022, respectively.

 

Depreciation expense for the years ended December 31, 2023 and 2022 was $2.3 million and $2.7 million, respectively.